Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0348%/8h= −38.1% APRpaid last 24h −0.004%

Price spread now: Phemex against Pacifica+0.213%7-day average +0.001% · you sell dearer than you buy

Net, funding: paid 7d − costs−$124as in the Funding arb table

Net, price: spread back to 7d avg − costs−$51as in the Price arb table

costs, in and out, $10k−$720.718% of the position

Long on Pacifica Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.525%−$52 on $10k

Price spread, last 4 days (all we have)−0.118%−$12 · spread now +0.213%, 7d avg +0.001%

Together, before fees−0.643%+ Points / potential airdropPacifica: Active · farm board−$64 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phemex is 0.212% dearer against Pacifica than usual: you sell high and buy low (spread +0.213% now, against its 7-day average of +0.001%): +$21 on $10k if it goes back. Holding the pair costs −$10 a day in funding at the current rate, which eats that in about 2.0 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Pacifica TAO	319.48	0.0448	pay 0.0056% / 1h	39m 28s	$377K	$396K	10x
Short	Phemex TAOUSDT	320.16	0.0100	get 0.0050% / 4h	1h 39m	$3.4M	$7.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now +0.213%Rate

Funding earned: −$73.06
Price spread: +0.213% → +0.001%: $21.2
Slippage, 4 orders: −$51.82
Fee Pacifica: 4 bp × 2 orders: −$8
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$123.68
Costs to cover: 0.718%
Break-even: never at this rate

Slippage from Pacifica: live order book, 24 min ago; Phemex: live order book, 4 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, 24 min ago	3.77 bp	8.6 bp −$9	doesn't fit	doesn't fit	doesn't fit
Sell Phemex live order book, 4 min ago	9.10 bp	31.8 bp −$32	doesn't fit	doesn't fit	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
Bulk TAO-USD	−0.3652%	1h	316.49	−0.935%	$168K	$1K	10x	as long as short
dYdX TAO-USD	0.0000%	1h	319.31	−0.053%	$128K	$84K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	318.31	−0.366%	$21K	—	150x	as long as short
Popdex TAOUSDT	+0.0096%	1h	319.20	−0.087%	$44K	$655K	20x	as long as short
Binance TAOUSDT	+0.0100%	4h	319.17	−0.096%	$92.5M	$472.3M	75x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	319.10	−0.118%	$26.3M	$116.7M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	319.10	−0.118%	$13.0M	$49.4M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	318.12	−0.425%	$106.5M	$139.4M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	318.59	−0.278%	$18.0M	$30.9M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	318.96	−0.162%	$35.6M	$53.9M	50x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
edgeX TAOUSDC	+0.0100%	4h	319.73	+0.079%	$36K	$300K	10x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	319.01	−0.147%	$72K	$771K	5x	as long as short
SunX TAO-USDT	+0.0100%	4h	319.92	+0.138%	$1K	$1.9M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	320.49	+0.317%	$131K	$478K	20x	as long as short
Phemex TAOUSDTshort	+0.0100%	4h	320.16	+0.213%	$3.4M	$7.8M	50x
Orderly PERP_TAO_USDC	+0.0101%	4h	320.18	+0.220%	$58K	$282K	10x	as long as short
Aevo TAO-PERP	+0.0104%	1h	320.26	+0.243%	$176K	$998	3x	as long as short
Katana Perps TAO-USD	+0.0117%	8h	319.23	−0.078%	$2K	$754K	5x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0163% / S +0.0106%	1h	318.26	−0.380%	$433K	—	100x	as long as short
GRVT TAO_USDT_Perp	+0.0224%	4h	318.95	−0.165%	$526K	$955K	10x	as long as short
Kraken Futures PF_TAOUSD	+0.0245%	1h	320.19	+0.221%	$5.6M	$20.5M	50x	as long as short
Bullet TAO-USD	+0.0303%	1h	318.38	−0.345%	$12K	$18K	20x	as long as short
Paradex TAO-USD-PERP	+0.0328%	8h	319.24	−0.075%	$14K	$1K	10x	as long as short
Aster TAOUSDT	+0.0330%	4h	319.12	−0.112%	$1.2M	$9.3M	50x	as long as short
BloFin TAO-USDT	+0.0340%	4h	320.59	+0.348%	$4.5M	$10.7M	100x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0343%	1h	319.91	+0.134%	$17K	$1.6M	25x	as long as short
Pacifica TAOlong	+0.0448%	1h	319.48	long leg	$377K	$396K	10x
Phoenix TAO	+0.0504%	1h	318.90	−0.181%	$333K	$707K	5x	as long as short
Arcus TAO-USD	+0.0509%	1h	319.67	+0.060%	$101K	$489K	5x	as long as short
Nado TAO-PERP	+0.0558%	1h	319.25	−0.072%	$771K	$2.1M	10x	as long as short
Bybit TAOUSDT	+0.0640%	4h	319.12	−0.112%	$68.0M	$140.2M	50x	as long as short
BingX TAO-USDT	+0.0642%	4h	318.54	−0.294%	—	$30.3M	—	as long as short
Reya TAORUSDPERP	+0.0696%	1h	319.11	−0.116%	$367	—	20x	as long as short
01 Exchange TAOUSD	+0.0792%	1h	319.48	+0.001%	$3K	$4K	5x	as long as short
Variational Omni TAO	+0.0878%	4h	320.22	+0.231%	$5.9M	$9.7M	—	as long as short
ApeX Omni TAOUSDT	+0.0883%	1h	318.78	−0.219%	$47K	$253K	50x	as long as short
Lighter TAO	+0.0904%	1h	319.41	−0.022%	$1.6M	$6.3M	5x	as long as short
Extended TAO-USD	+0.0920%	1h	319.21	−0.082%	$937K	$2.3M	25x	as long as short
Backpack TAO_USDC_PERP	+0.1005%	1h	320.57	+0.342%	$441K	$860K	10x	as long as short
Coinbase International TAO-PERP-INTX	+0.1024%	1h	320.58	+0.345%	$1.5M	$6.5M	50x	as long as short
RISEx TAO/USDC	+0.1159%	1h	319.31	−0.053%	$454K	$627K	5x	as long as short
Hyperliquid TAO	+0.1386%	1h	319.48	+0.001%	$100.3M	$98.4M	5x	as long as short
Injective TAO/USDC PERP	+0.4172%	1h	319.69	+0.066%	$23K	$2K	12x	as long as short