Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0459%/8h= −50.3% APRpaid last 24h +0.001%

Price spread now: Aevo against Phemex−0.026%7-day average +0.031% · you buy dearer than you sell

Net, funding: paid 7d − costs−$308as in the Funding arb table

Net, price: spread back to 7d avg − costs−$361as in the Price arb table

costs, in and out, $10k−$3563.557% of the position

Long on Phemex Short on Aevo

What this pair did over the last

the charts below follow

Funding, last 7 days+0.476%+$48 on $10k

Price spread, last 4 days (all we have)+0.006%+$1 · spread now −0.026%, 7d avg +0.031%

Together, before fees+0.482%+$48 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$14 a day on $10k at the current rate, and Aevo is 0.057% cheaper against Phemex than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of +0.031%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.476%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex TAOUSDT	314.60	0.0563	pay 0.0282% / 4h	3h 53m	$3.2M	$8.1M	50x
Short	Aevo TAO-PERP	314.52	0.0104	get 0.0013% / 1h	53m 10s	$173K	$998	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aevo against Phemex. 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 PhemexbpFee AevobpOrdersPrice spread, now −0.026%Rate

Funding earned: −$96.43
Price spread: −0.026% → +0.031%: −$5.68
Slippage, 4 orders: −$327.65
Fee Phemex: 6 bp × 2 orders: −$12
Fee Aevo: 8 bp × 2 orders: −$16
Net: −$457.76
Costs to cover: 3.557%
Break-even: never at this rate

Slippage from Phemex: live order book, 6 min ago; Aevo: 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 Phemex live order book, 6 min ago	5.24 bp	16.2 bp −$16	36.0 bp −$360	doesn't fit	doesn't fit
Sell Aevo live order book, 1 min ago	76.45 bp	226.3 bp −$226	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
Kraken Futures PF_TAOUSD	−0.0345%	1h	314.41	−0.061%	$5.5M	$20.6M	50x	as long as short
dYdX TAO-USD	0.0000%	1h	314.02	−0.184%	$125K	$85K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	314.10	−0.160%	$20K	—	150x	as long as short
Popdex TAOUSDT	+0.0096%	1h	314.05	−0.175%	$43K	$653K	20x	as long as short
Katana Perps TAO-USD	+0.0098%	8h	313.83	−0.245%	$1K	$807K	5x	as long as short
Pacifica TAO	+0.0100%	1h	314.26	−0.110%	$359K	$412K	10x	as long as short
Binance TAOUSDT	+0.0100%	4h	314.52	−0.026%	$90.6M	$496.1M	75x	as long as short
Bybit TAOUSDT	+0.0100%	4h	314.54	−0.019%	$67.7M	$149.2M	50x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	314.50	−0.032%	$26.0M	$120.8M	50x	as long as short
Bulk TAO-USD	+0.0100%	1h	315.10	+0.159%	$167K	$2K	10x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate TAO_USDT	+0.0100%	4h	313.90	−0.223%	$13.0M	$49.3M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	314.40	−0.064%	$101.0M	$143.6M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	314.26	−0.108%	$17.8M	$31.7M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	314.23	−0.118%	$35.1M	$56.5M	50x	as long as short
BingX TAO-USDT	+0.0100%	4h	314.42	−0.057%	—	$33.0M	—	as long as short
edgeX TAOUSDC	+0.0100%	4h	314.34	−0.084%	$42K	$312K	10x	as long as short
GRVT TAO_USDT_Perp	+0.0100%	4h	313.64	−0.306%	$532K	$955K	10x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	314.29	−0.099%	$46K	$255K	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	314.05	−0.175%	$78K	$863K	5x	as long as short
Bullet TAO-USD	+0.0100%	1h	314.42	−0.058%	$11K	$18K	20x	as long as short
SunX TAO-USDT	+0.0100%	4h	314.28	−0.102%	$1K	$1.9M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	313.84	−0.242%	$109K	$535K	20x	as long as short
Aevo TAO-PERPshort	+0.0104%	1h	314.52	−0.026%	$173K	$998	3x
Orderly PERP_TAO_USDC	+0.0123%	4h	314.29	−0.099%	$52K	$270K	10x	as long as short
Aster TAOUSDT	+0.0137%	4h	314.00	−0.191%	$1.2M	$10.4M	50x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0143% / S +0.0124%	1h	314.09	−0.163%	$426K	—	100x	as long as short
Paradex TAO-USD-PERP	+0.0144%	8h	314.15	−0.144%	$14K	$1K	10x	as long as short
Hyperliquid TAO	+0.0151%	1h	314.40	−0.064%	$92.2M	$106.6M	5x	as long as short
Extended TAO-USD	+0.0184%	1h	314.33	−0.084%	$918K	$2.4M	25x	as long as short
Nado TAO-PERP	+0.0197%	1h	314.09	−0.161%	$798K	$2.2M	10x	as long as short
Arcus TAO-USD	+0.0231%	1h	314.17	−0.137%	$102K	$441K	5x	as long as short
BloFin TAO-USDT	+0.0340%	4h	314.49	−0.035%	$4.6M	$10.8M	100x	as long as short
Variational Omni TAO	+0.0362%	4h	313.70	−0.286%	$5.6M	$9.9M	—	as long as short
01 Exchange TAOUSD	+0.0376%	1h	314.18	−0.134%	$3K	$4K	5x	as long as short
Lighter TAO	+0.0384%	1h	314.67	+0.024%	$1.5M	$6.4M	5x	as long as short
Backpack TAO_USDC_PERP	+0.0390%	1h	314.60	0.000%	$313K	$914K	10x	as long as short
Phoenix TAO	+0.0457%	1h	313.90	−0.223%	$312K	$711K	5x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0560%	1h	314.51	−0.030%	$21K	$1.7M	25x	as long as short
Phemex TAOUSDTlong	+0.0563%	4h	314.60	long leg	$3.2M	$8.1M	50x
Reya TAORUSDPERP	+0.0697%	1h	314.24	−0.116%	$361	—	20x	as long as short
RISEx TAO/USDC	+0.0816%	1h	313.98	−0.196%	$434K	$653K	5x	as long as short
Coinbase International TAO-PERP-INTX	+0.0952%	1h	314.92	+0.102%	$1.5M	$6.7M	50x	as long as short
Injective TAO/USDC PERP	+0.4092%	1h	317.67	+0.976%	$23K	$2K	12x	as long as short