Funding arb · Price arb /

TAO

all TAO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0599%/8h= −65.6% APRpaid last 24h −0.317%

Price spread now: Bulk against Phemex−0.190%7-day average −0.110% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$55as in the Price arb table

costs, in and out, $10k−$470.470% of the position

Long on Phemex Short on Bulk

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.364%−$36 on $10k

Price spread, last 4 days (all we have)+0.056%+$6 · spread now −0.190%, 7d avg −0.110%

Together, before fees−0.308%−$31 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$18 a day on $10k at the current rate, and Bulk is 0.080% cheaper against Phemex than usual: you would sell low and buy high (−$8 if the spread goes back to its 7-day average of −0.110%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex TAOUSDT	315.75	0.0100	pay 0.0050% / 4h	47m 10s	$3.2M	$8.2M	50x
Short	Bulk TAO-USD	315.15	−0.0499	pay 0.0062% / 1h	47m 10s	$167K	$1K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bulk 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 BulkbpOrdersPrice spread, now −0.190%Rate

Funding earned: −$125.86
Price spread: −0.190% → −0.110%: −$8.01
Slippage, 4 orders: −$28.04
Fee Phemex: 6 bp × 2 orders: −$12
Fee Bulk: 3.5 bp × 2 orders: −$7
Net: −$180.92
Costs to cover: 0.470%
Break-even: never at this rate

Slippage from Phemex: live order book, 2 min ago; Bulk: live order book, 12 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	6.04 bp	19.6 bp −$20	doesn't fit	doesn't fit	doesn't fit
Sell Bulk live order book, 12 min ago	0.16 bp	4.8 bp −$5	9.4 bp −$94	21.9 bp −$2,186	33.1 bp −$16.6K

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-USDshort	−0.0499%	1h	315.15	−0.190%	$167K	$1K	10x
dYdX TAO-USD	0.0000%	1h	315.21	−0.170%	$126K	$85K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	315.81	+0.020%	$20K	—	150x	as long as short
Kraken Futures PF_TAOUSD	+0.0056%	1h	315.75	−0.001%	$5.6M	$20.6M	50x	as long as short
Popdex TAOUSDT	+0.0096%	1h	316.10	+0.111%	$42K	$685K	20x	as long as short
Binance TAOUSDT	+0.0100%	4h	315.94	+0.061%	$91.1M	$489.4M	75x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	315.90	+0.048%	$26.0M	$119.5M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	315.70	−0.016%	$12.9M	$49.4M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	315.95	+0.063%	$105.5M	$142.3M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	315.67	−0.025%	$17.5M	$31.6M	75x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget TAOUSDT	+0.0100%	4h	315.71	−0.013%	$35.3M	$55.8M	50x	as long as short
edgeX TAOUSDC	+0.0100%	4h	314.23	−0.481%	$35K	$303K	10x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	314.21	−0.488%	$46K	$252K	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	316.09	+0.108%	$89K	$790K	5x	as long as short
Bullet TAO-USD	+0.0100%	1h	316.03	+0.089%	$12K	$18K	20x	as long as short
SunX TAO-USDT	+0.0100%	4h	315.81	+0.019%	$1K	$1.9M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	315.73	−0.006%	$109K	$527K	20x	as long as short
Phemex TAOUSDTlong	+0.0100%	4h	315.75	long leg	$3.2M	$8.2M	50x
Aevo TAO-PERP	+0.0104%	1h	315.69	−0.017%	$173K	$998	3x	as long as short
Katana Perps TAO-USD	+0.0104%	8h	315.75	0.000%	$2K	$784K	5x	as long as short
GRVT TAO_USDT_Perp	+0.0106%	4h	314.83	−0.290%	$524K	$944K	10x	as long as short
Orderly PERP_TAO_USDC	+0.0124%	4h	315.60	−0.048%	$57K	$275K	10x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0152% / S +0.0116%	1h	315.75	+0.002%	$428K	—	100x	as long as short
Bybit TAOUSDT	+0.0159%	4h	316.03	+0.089%	$68.8M	$146.3M	50x	as long as short
BingX TAO-USDT	+0.0184%	4h	316.00	+0.079%	—	$30.1M	—	as long as short
01 Exchange TAOUSD	+0.0192%	1h	316.46	+0.225%	$3K	$4K	5x	as long as short
Paradex TAO-USD-PERP	+0.0196%	8h	315.71	−0.012%	$14K	$1K	10x	as long as short
Nado TAO-PERP	+0.0197%	1h	316.00	+0.080%	$808K	$2.2M	10x	as long as short
Aster TAOUSDT	+0.0214%	4h	315.89	+0.044%	$1.2M	$10.1M	50x	as long as short
Hyperliquid TAO	+0.0236%	1h	316.33	+0.184%	$94.4M	$104.8M	5x	as long as short
Backpack TAO_USDC_PERP	+0.0307%	1h	316.07	+0.101%	$317K	$910K	10x	as long as short
Extended TAO-USD	+0.0336%	1h	315.76	+0.003%	$922K	$2.4M	25x	as long as short
BloFin TAO-USDT	+0.0340%	4h	315.93	+0.057%	$4.5M	$10.9M	100x	as long as short
Arcus TAO-USD	+0.0345%	1h	316.47	+0.228%	$100K	$488K	5x	as long as short
Pacifica TAO	+0.0365%	1h	315.68	−0.023%	$362K	$409K	10x	as long as short
Lighter TAO	+0.0376%	1h	316.06	+0.097%	$1.5M	$6.4M	5x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0480%	1h	315.94	+0.059%	$12K	$1.6M	25x	as long as short
Phoenix TAO	+0.0581%	1h	314.50	−0.396%	$313K	$697K	5x	as long as short
Variational Omni TAO	+0.0651%	4h	314.33	−0.450%	$5.8M	$9.8M	—	as long as short
Reya TAORUSDPERP	+0.0696%	1h	316.16	+0.130%	$364	—	20x	as long as short
RISEx TAO/USDC	+0.0991%	1h	316.39	+0.203%	$437K	$658K	5x	as long as short
Coinbase International TAO-PERP-INTX	+0.1008%	1h	316.44	+0.219%	$1.5M	$6.6M	50x	as long as short
Injective TAO/USDC PERP	+0.4222%	1h	319.61	+1.222%	$23K	$2K	12x	as long as short