Funding arb · Price arb /

TAO

all TAO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0367%/8h= +40.2% APRpaid last 24h +0.248%

Price spread now: Coinbase International against Phemex+0.295%7-day average +0.176% · you sell dearer than you buy

Net, funding: paid 7d − costs+$33as in the Funding arb table

Net, price: spread back to 7d avg − costs−$59as in the Price arb table

costs, in and out, $10k−$710.709% of the position

Long on Phemex Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+1.042%+$104 on $10k

Price spread, last 4 days (all we have)−0.118%−$12 · spread now +0.295%, 7d avg +0.176%

Together, before fees+0.924%+$92 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$11 a day on $10k at the current rate, and Coinbase International is 0.119% dearer against Phemex than usual: you sell high and buy low: +$12 more if the spread goes back to its 7-day average of +0.176%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex TAOUSDT	311.96	0.0561	pay 0.0280% / 4h	2h 53m	$3.1M	$7.9M	50x
Short	Coinbase International TAO-PERP-INTX	312.88	0.0928	get 0.0116% / 1h	53m 43s	$1.5M	$6.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International 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 Coinbase InternationalbpOrdersPrice spread, now +0.295%Rate

Funding earned: $77.08
Price spread: +0.295% → +0.176%: $11.88
Slippage, 4 orders: −$48.88
Fee Phemex: 6 bp × 2 orders: −$12
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: $18.08
Costs to cover: 0.709%
Break-even: 5.4 days

Slippage from Phemex: live order book, 5 min ago; Coinbase International: live order book, 5 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, 5 min ago	9.45 bp	21.0 bp −$21	39.2 bp −$392	doesn't fit	doesn't fit
Sell Coinbase International live order book, 5 min ago	5.92 bp	15.4 bp −$15	15.7 bp −$157	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	311.75	−0.068%	$124K	$85K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	311.55	−0.132%	$20K	—	150x	as long as short
Katana Perps TAO-USD	+0.0100%	8h	311.83	−0.042%	$638	$877K	5x	as long as short
Binance TAOUSDT	+0.0100%	4h	312.05	+0.029%	$89.2M	$504.6M	75x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	311.80	−0.051%	$26.1M	$121.2M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	311.60	−0.115%	$13.4M	$50.0M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	312.05	+0.029%	$103.9M	$144.5M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	311.94	−0.006%	$17.4M	$31.4M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	311.66	−0.096%	$35.1M	$56.9M	50x	as long as short
edgeX TAOUSDC	+0.0100%	4h	312.84	+0.282%	$41K	$313K	10x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Polymarket Perps TAO-USD	+0.0100%	1h	311.39	−0.183%	$81K	$907K	5x	as long as short
SunX TAO-USDT	+0.0100%	4h	311.41	−0.176%	$1K	$1.9M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	311.22	−0.237%	$111K	$545K	20x	as long as short
Aevo TAO-PERP	+0.0104%	1h	311.85	−0.035%	$171K	$998	3x	as long as short
Orderly PERP_TAO_USDC	+0.0118%	4h	311.89	−0.022%	$52K	$290K	10x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0133% / S +0.0136%	1h	311.44	−0.166%	$417K	—	100x	as long as short
Aster TAOUSDT	+0.0134%	4h	311.98	+0.007%	$1.3M	$10.5M	50x	as long as short
Popdex TAOUSDT	+0.0192%	1h	311.52	−0.141%	$48K	$662K	20x	as long as short
GRVT TAO_USDT_Perp	+0.0204%	4h	313.11	+0.367%	$532K	$942K	10x	as long as short
Paradex TAO-USD-PERP	+0.0206%	8h	311.95	−0.002%	$14K	$1K	10x	as long as short
Pacifica TAO	+0.0233%	1h	312.12	+0.053%	$355K	$419K	10x	as long as short
Bulk TAO-USD	+0.0253%	1h	311.89	−0.023%	$166K	$333	10x	as long as short
Kraken Futures PF_TAOUSD	+0.0306%	1h	311.74	−0.069%	$5.5M	$20.7M	50x	as long as short
Bullet TAO-USD	+0.0314%	1h	311.86	−0.032%	$12K	$17K	20x	as long as short
BloFin TAO-USDT	+0.0340%	4h	311.87	−0.029%	$4.5M	$10.8M	100x	as long as short
Bybit TAOUSDT	+0.0345%	4h	312.00	+0.013%	$67.5M	$151.2M	50x	as long as short
BingX TAO-USDT	+0.0348%	4h	311.90	−0.019%	—	$33.7M	—	as long as short
Extended TAO-USD	+0.0368%	1h	311.79	−0.055%	$903K	$2.4M	25x	as long as short
Variational Omni TAO	+0.0371%	4h	312.91	+0.305%	$5.5M	$10.1M	—	as long as short
Nado TAO-PERP	+0.0384%	1h	311.45	−0.164%	$774K	$2.2M	10x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0418%	1h	311.84	−0.037%	$11K	$1.8M	25x	as long as short
Phoenix TAO	+0.0457%	1h	312.80	+0.269%	$311K	$713K	5x	as long as short
Arcus TAO-USD	+0.0483%	1h	312.05	+0.029%	$100K	$370K	5x	as long as short
Phemex TAOUSDTlong	+0.0561%	4h	311.96	long leg	$3.1M	$7.9M	50x
Hyperliquid TAO	+0.0663%	1h	312.26	+0.096%	$91.4M	$108.2M	5x	as long as short
Reya TAORUSDPERP	+0.0697%	1h	311.61	−0.112%	$358	—	20x	as long as short
01 Exchange TAOUSD	+0.0744%	1h	312.23	+0.087%	$3K	$4K	5x	as long as short
Lighter TAO	+0.0752%	1h	312.27	+0.101%	$1.5M	$6.5M	5x	as long as short
Backpack TAO_USDC_PERP	+0.0826%	1h	311.90	−0.019%	$310K	$885K	10x	as long as short
Coinbase International TAO-PERP-INTXshort	+0.0928%	1h	312.88	+0.295%	$1.5M	$6.7M	50x
RISEx TAO/USDC	+0.0948%	1h	311.97	+0.004%	$446K	$649K	5x	as long as short
ApeX Omni TAOUSDT	+0.1940%	1h	312.51	+0.176%	$46K	$254K	50x	as long as short
Injective TAO/USDC PERP	+0.3711%	1h	315.73	+1.208%	$23K	$2K	12x	as long as short