Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0079%/8h= +8.7% APRpaid last 24h −0.012%

Price spread now: Bybit against Pacifica+0.139%7-day average +0.019% · you sell dearer than you buy

Net, funding: paid 7d − costs−$38as in the Funding arb table

Net, price: spread back to 7d avg − costs−$23as in the Price arb table

costs, in and out, $10k−$350.351% of the position

Long on Pacifica Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.027%−$3 on $10k

Price spread, last 4 days (all we have)−0.211%−$21 · spread now +0.139%, 7d avg +0.019%

Together, before fees−0.238%+ Points / potential airdropPacifica: Active · farm board−$24 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Bybit is 0.120% dearer against Pacifica than usual: you sell high and buy low: +$12 more if the spread goes back to its 7-day average of +0.019%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Pacifica TAO	312.53	0.0100	pay 0.0013% / 1h	13m 01s	$356K	$416K	10x
Short	Bybit TAOUSDT	312.96	0.0179	get 0.0090% / 4h	3h 13m	$67.5M	$150.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Pacifica. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee PacificabpFee BybitbpOrdersPrice spread, now +0.139%Rate

Funding earned: $16.66
Price spread: +0.139% → +0.019%: $12.01
Slippage, 4 orders: −$16.09
Fee Pacifica: 4 bp × 2 orders: −$8
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$6.43
Costs to cover: 0.351%
Break-even: 9.7 days

Slippage from Pacifica: live order book, 40 min ago; Bybit: live order book, 1 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Pacifica live order book, 40 min ago	2.22 bp	6.7 bp −$7	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 1 min ago	0.16 bp	9.9 bp −$10	17.7 bp −$177	35.0 bp −$3,504	doesn't fit

TAO on 43 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kraken Futures PF_TAOUSD	−0.0347%	1h	312.76	+0.075%	$5.5M	$20.7M	50x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	312.31	−0.068%	$20K	—	150x	as long as short
dYdX TAO-USD	+0.0010%	1h	312.24	−0.092%	$125K	$85K	5x	as long as short
Popdex TAOUSDT	+0.0096%	1h	312.41	−0.037%	$46K	$657K	20x	as long as short
Katana Perps TAO-USD	+0.0099%	8h	312.34	−0.060%	$639	$851K	5x	as long as short
Pacifica TAOlong	+0.0100%	1h	312.53	long leg	$356K	$416K	10x
Binance TAOUSDT	+0.0100%	4h	312.77	+0.078%	$89.5M	$501.7M	75x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	312.80	+0.088%	$26.1M	$121.1M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	312.50	−0.008%	$13.3M	$50.4M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	312.78	+0.081%	$103.2M	$145.6M	300x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin TAOUSDTM	+0.0100%	4h	312.70	+0.056%	$17.8M	$31.3M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	312.56	+0.011%	$35.1M	$56.5M	50x	as long as short
edgeX TAOUSDC	+0.0100%	4h	312.81	+0.089%	$42K	$315K	10x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	313.61	+0.347%	$46K	$254K	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	312.41	−0.037%	$82K	$905K	5x	as long as short
Bullet TAO-USD	+0.0100%	1h	312.61	+0.027%	$12K	$17K	20x	as long as short
SunX TAO-USDT	+0.0100%	4h	312.28	−0.079%	$2K	$1.9M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	311.77	−0.242%	$110K	$542K	20x	as long as short
Phemex TAOUSDT	+0.0100%	4h	312.57	+0.014%	$3.1M	$8.0M	50x	as long as short
BingX TAO-USDT	+0.0104%	4h	312.73	+0.065%	—	$33.7M	—	as long as short
Aevo TAO-PERP	+0.0104%	1h	312.71	+0.060%	$172K	$998	3x	as long as short
GRVT TAO_USDT_Perp	+0.0112%	4h	312.64	+0.037%	$531K	$956K	10x	as long as short
Orderly PERP_TAO_USDC	+0.0113%	4h	312.49	−0.012%	$52K	$290K	10x	as long as short
Aster TAOUSDT	+0.0114%	4h	312.62	+0.031%	$1.3M	$10.5M	50x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0136% / S +0.0132%	1h	312.25	−0.089%	$421K	—	100x	as long as short
Paradex TAO-USD-PERP	+0.0163%	8h	312.44	−0.027%	$14K	$1K	10x	as long as short
Bybit TAOUSDTshort	+0.0179%	4h	312.96	+0.139%	$67.5M	$150.7M	50x
Arcus TAO-USD	+0.0231%	1h	312.82	+0.094%	$101K	$394K	5x	as long as short
Extended TAO-USD	+0.0320%	1h	312.69	+0.051%	$914K	$2.4M	25x	as long as short
Variational Omni TAO	+0.0323%	4h	312.65	+0.040%	$5.5M	$10.1M	—	as long as short
Nado TAO-PERP	+0.0330%	1h	312.49	−0.011%	$789K	$2.2M	10x	as long as short
BloFin TAO-USDT	+0.0340%	4h	312.64	+0.036%	$4.5M	$10.8M	100x	as long as short
Phoenix TAO	+0.0457%	1h	312.70	+0.056%	$311K	$711K	5x	as long as short
Hyperliquid TAO	+0.0481%	1h	313.05	+0.168%	$92.0M	$107.9M	5x	as long as short
01 Exchange TAOUSD	+0.0488%	1h	312.53	+0.001%	$3K	$4K	5x	as long as short
Backpack TAO_USDC_PERP	+0.0498%	1h	312.97	+0.142%	$311K	$885K	10x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0546%	1h	312.60	+0.023%	$13K	$1.8M	25x	as long as short
Lighter TAO	+0.0648%	1h	313.17	+0.206%	$1.5M	$6.5M	5x	as long as short
Reya TAORUSDPERP	+0.0697%	1h	312.58	+0.016%	$359	—	20x	as long as short
RISEx TAO/USDC	+0.0816%	1h	312.56	+0.012%	$443K	$647K	5x	as long as short
Bulk TAO-USD	+0.0817%	1h	310.92	−0.513%	$165K	$333	10x	as long as short
Coinbase International TAO-PERP-INTX	+0.0952%	1h	312.90	+0.120%	$1.5M	$6.7M	50x	as long as short
Injective TAO/USDC PERP	+0.4092%	1h	316.67	+1.326%	$23K	$2K	12x	as long as short