Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0569%/8h= +62.3% APRpaid last 24h +0.036%

Price spread now: Backpack against Paradex+0.123%7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Paradex Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropParadex: Active · farm boardneeds both histories

Both sides work for this trade now. Funding pays +$17 a day on $10k at the current rate, and Backpack is 0.123% dearer against Paradex than usual: you sell high and buy low: +$12 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Paradex TAO-USD-PERP	312.76	0.0315	pay 0.0315% / 8h	6h 28m	$14K	$1K	10x
Short	Backpack TAO_USDC_PERP	313.14	0.0884	get 0.0110% / 1h	28m 21s	$316K	$814K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Paradex. 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 ParadexbpFee BackpackbpOrdersPrice spread, now +0.123%Rate

Funding earned: $119.39
Price spread: +0.123% → 0.000%: $12.25
Slippage, 4 orders: no order book: not counted
Fee Paradex: 2 bp × 2 orders: −$4
Fee Backpack: 5 bp × 2 orders: −$10
Net: $117.64
Costs to cover: 0.140%
Break-even: 0.1 days

Slippage unknown: Paradex: no order-book sample; Backpack: live order book, 41 min ago. Net counts fees only.

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 Paradex no order-book sample	—	—	—	—	—
Sell Backpack live order book, 41 min ago	0.16 bp	13.4 bp −$13	26.0 bp −$260	doesn't fit	doesn't fit

Paradex: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

TAO on 42 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
dYdX TAO-USD	0.0000%	1h	312.45	−0.098%	$125K	$84K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0002%	1h	313.84	+0.345%	$12K	—	150x	as long as short
Popdex TAOUSDT	+0.0096%	1h	313.03	+0.087%	$38K	$627K	20x	as long as short
Binance TAOUSDT	+0.0100%	4h	314.06	+0.418%	$90.1M	$463.7M	75x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	314.50	+0.557%	$25.7M	$111.8M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	313.80	+0.334%	$12.8M	$50.1M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	313.80	+0.334%	$108.3M	$138.5M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	313.05	+0.094%	$18.0M	$30.1M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	314.05	+0.413%	$35.0M	$53.3M	50x	as long as short
edgeX TAOUSDC	+0.0100%	4h	311.73	−0.329%	$34K	$300K	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT TAO_USDT_Perp	+0.0100%	4h	310.29	−0.790%	$511K	$966K	10x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	311.54	−0.389%	$47K	$256K	50x	as long as short
Orderly PERP_TAO_USDC	+0.0100%	4h	314.42	+0.532%	$57K	$282K	10x	as long as short
SunX TAO-USDT	+0.0100%	4h	314.08	+0.423%	$2K	$1.9M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	312.94	+0.059%	$128K	$471K	20x	as long as short
Phemex TAOUSDT	+0.0100%	4h	312.82	+0.020%	$3.4M	$8.0M	50x	as long as short
Aevo TAO-PERP	+0.0104%	1h	314.23	+0.470%	$173K	$998	3x	as long as short
Katana Perps TAO-USD	+0.0122%	8h	312.92	+0.052%	$726	$698K	5x	as long as short
Polymarket Perps TAO-USD	+0.0144%	1h	313.37	+0.196%	$81K	$679K	5x	as long as short
Kraken Futures PF_TAOUSD	+0.0168%	1h	314.06	+0.416%	$5.5M	$20.5M	50x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0169% / S +0.0090%	1h	313.73	+0.312%	$437K	—	100x	as long as short
Aster TAOUSDT	+0.0220%	4h	312.98	+0.070%	$1.3M	$9.4M	50x	as long as short
Bullet TAO-USD	+0.0222%	1h	314.11	+0.434%	$12K	$17K	20x	as long as short
Pacifica TAO	+0.0285%	1h	312.98	+0.071%	$368K	$381K	10x	as long as short
Paradex TAO-USD-PERPlong	+0.0315%	8h	312.76	long leg	$14K	$1K	10x
Arcus TAO-USD	+0.0337%	1h	313.22	+0.148%	$98K	$529K	5x	as long as short
Injective TAO/USDC PERP	+0.0470%	1h	312.28	−0.152%	$23K	$2K	12x	as long as short
Nado TAO-PERP	+0.0530%	1h	314.11	+0.433%	$779K	$2.1M	10x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0567%	1h	314.17	+0.453%	$24K	$1.5M	25x	as long as short
Phoenix TAO	+0.0588%	1h	312.30	−0.146%	$326K	$681K	5x	as long as short
01 Exchange TAOUSD	+0.0648%	1h	313.39	+0.202%	$3K	$4K	5x	as long as short
Reya TAORUSDPERP	+0.0696%	1h	314.02	+0.404%	$361	—	20x	as long as short
BingX TAO-USDT	+0.0708%	4h	314.12	+0.436%	—	$31.0M	—	as long as short
Variational Omni TAO	+0.0774%	4h	311.95	−0.259%	$5.4M	$8.8M	—	as long as short
Bybit TAOUSDT	+0.0813%	4h	314.72	+0.628%	$65.6M	$137.5M	50x	as long as short
Backpack TAO_USDC_PERPshort	+0.0884%	1h	313.14	+0.123%	$316K	$814K	10x
Extended TAO-USD	+0.0904%	1h	314.20	+0.462%	$898K	$2.3M	25x	as long as short
Coinbase International TAO-PERP-INTX	+0.1024%	1h	313.92	+0.372%	$1.5M	$6.4M	50x	as long as short
RISEx TAO/USDC	+0.1132%	1h	313.19	+0.139%	$448K	$630K	5x	as long as short
Hyperliquid TAO	+0.1221%	1h	313.53	+0.247%	$99.0M	$94.6M	5x	as long as short
Lighter TAO	+0.1408%	1h	313.13	+0.118%	$1.6M	$6.0M	5x	as long as short
Bulk TAO-USD	+0.4286%	1h	309.11	−1.167%	$164K	$40K	10x	as long as short