Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0295%/8h= −32.2% APRpaid last 24h 0.000%

Price spread now: ApeX Omni against Phemex+0.530%7-day average +0.005% · you sell dearer than you buy

Net, funding: paid 7d − costs−$22as in the Funding arb table

Net, price: spread back to 7d avg − costs−$21as in the Price arb table

costs, in and out, $10k−$740.737% of the position

Long on Phemex Short on ApeX Omni

What this pair did over the last

the charts below follow

Funding, last 7 days+0.516%+$52 on $10k

Price spread, last 3 days (all we have)−0.645%−$64 · spread now +0.530%, 7d avg +0.005%

Together, before fees−0.128%−$13 on $10k · with fees, hour by hour

The price spread pays, funding is against you. ApeX Omni is 0.525% dearer against Phemex than usual: you sell high and buy low (spread +0.530% now, against its 7-day average of +0.005%): +$52 on $10k if it goes back. Holding the pair costs −$9 a day in funding at the current rate, which eats that in about 5.9 days. Mind the row above: over the last 7 days funding on this pair paid +0.516%, 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	309.32	0.0585	pay 0.0292% / 4h	2h 46m	$3.3M	$7.9M	50x
Short	ApeX Omni TAOUSDT	310.96	0.0290	get 0.0036% / 1h	46m 33s	$47K	$268K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

ApeX Omni 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 ApeX OmnibpOrdersPrice spread, now +0.530%Rate

Funding earned: −$61.85
Price spread: +0.530% → +0.005%: $52.47
Slippage, 4 orders: −$51.7
Fee Phemex: 6 bp × 2 orders: −$12
Fee ApeX Omni: 5 bp × 2 orders: −$10
Net: −$83.08
Costs to cover: 0.737%
Break-even: never at this rate

Slippage from Phemex: live order book, 2 min ago; ApeX Omni: live order book, 20 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, 2 min ago	11.11 bp	24.3 bp −$24	doesn't fit	doesn't fit	doesn't fit
Sell ApeX Omni live order book, 20 min ago	5.51 bp	16.5 bp −$17	129.1 bp −$1,291	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
dYdX TAO-USD	0.0000%	1h	308.79	−0.171%	$123K	$87K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0002%	1h	309.09	−0.074%	$12K	—	150x	as long as short
Popdex TAOUSDT	+0.0096%	1h	308.88	−0.142%	$46K	$604K	20x	as long as short
Binance TAOUSDT	+0.0100%	4h	308.73	−0.191%	$88.6M	$458.1M	75x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	308.70	−0.200%	$25.1M	$107.9M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	308.70	−0.200%	$12.5M	$49.5M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	308.94	−0.123%	$100.7M	$136.6M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	309.24	−0.026%	$18.0M	$30.1M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	308.61	−0.230%	$34.4M	$52.4M	50x	as long as short
edgeX TAOUSDC	+0.0100%	4h	311.23	+0.618%	$34K	$299K	10x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT TAO_USDT_Perp	+0.0100%	4h	311.49	+0.700%	$519K	$964K	10x	as long as short
Orderly PERP_TAO_USDC	+0.0100%	4h	309.35	+0.010%	$56K	$318K	10x	as long as short
SunX TAO-USDT	+0.0100%	4h	309.24	−0.026%	$1K	$1.9M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	309.06	−0.084%	$126K	$471K	20x	as long as short
Aevo TAO-PERP	+0.0104%	1h	309.77	+0.144%	$170K	$998	3x	as long as short
Katana Perps TAO-USD	+0.0118%	8h	308.92	−0.129%	$632	$673K	5x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0170% / S +0.0092%	1h	309.12	−0.066%	$427K	—	100x	as long as short
Kraken Futures PF_TAOUSD	+0.0171%	1h	309.30	−0.008%	$5.5M	$20.3M	50x	as long as short
Aster TAOUSDT	+0.0177%	4h	309.26	−0.018%	$1.3M	$9.1M	50x	as long as short
Bullet TAO-USD	+0.0223%	1h	309.64	+0.103%	$12K	$17K	20x	as long as short
Paradex TAO-USD-PERP	+0.0265%	8h	309.11	−0.066%	$14K	$1K	10x	as long as short
Polymarket Perps TAO-USD	+0.0274%	1h	309.01	−0.100%	$78K	$656K	5x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0282%	1h	309.23	−0.029%	$15K	$1.5M	25x	as long as short
Pacifica TAO	+0.0285%	1h	309.14	−0.058%	$365K	$378K	10x	as long as short
ApeX Omni TAOUSDTshort	+0.0290%	1h	310.96	+0.530%	$47K	$268K	50x
Arcus TAO-USD	+0.0337%	1h	309.18	−0.045%	$82K	$551K	5x	as long as short
BloFin TAO-USDT	+0.0340%	4h	311.16	+0.595%	$4.4M	$10.7M	100x	as long as short
Injective TAO/USDC PERP	+0.0470%	1h	315.63	+2.040%	$23K	$2K	12x	as long as short
Nado TAO-PERP	+0.0562%	1h	308.74	−0.187%	$758K	$2.1M	10x	as long as short
Phemex TAOUSDTlong	+0.0585%	4h	309.32	long leg	$3.3M	$7.9M	50x
Phoenix TAO	+0.0588%	1h	311.70	+0.769%	$326K	$681K	5x	as long as short
01 Exchange TAOUSD	+0.0672%	1h	309.17	−0.048%	$3K	$4K	5x	as long as short
Variational Omni TAO	+0.0682%	4h	311.59	+0.733%	$5.4M	$8.8M	—	as long as short
Reya TAORUSDPERP	+0.0696%	1h	308.82	−0.160%	$355	—	20x	as long as short
BingX TAO-USDT	+0.0740%	4h	309.01	−0.100%	—	$31.0M	—	as long as short
Bybit TAOUSDT	+0.0790%	4h	308.91	−0.133%	$63.1M	$135.2M	50x	as long as short
Backpack TAO_USDC_PERP	+0.0875%	1h	309.41	+0.029%	$313K	$816K	10x	as long as short
Extended TAO-USD	+0.0984%	1h	308.77	−0.178%	$890K	$2.4M	25x	as long as short
Coinbase International TAO-PERP-INTX	+0.1024%	1h	310.00	+0.220%	$1.5M	$6.4M	50x	as long as short
RISEx TAO/USDC	+0.1132%	1h	308.96	−0.116%	$410K	$605K	5x	as long as short
Hyperliquid TAO	+0.1301%	1h	309.16	−0.052%	$98.1M	$92.7M	5x	as long as short
Lighter TAO	+0.1432%	1h	309.34	+0.005%	$1.6M	$6.0M	5x	as long as short
Bulk TAO-USD	+0.3743%	1h	312.40	+0.996%	$166K	$40K	10x	as long as short