Funding arb · Price arb /

TAO

all TAO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0386%/8h= −42.3% APRpaid last 24h 0.000%

Price spread now: dYdX against Phemex−0.076%7-day average −0.051% · you buy dearer than you sell

Net, funding: paid 7d − costs−$37as in the Funding arb table

Net, price: spread back to 7d avg − costs−$95as in the Price arb table

costs, in and out, $10k−$920.922% of the position

Long on Phemex Short on dYdX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.555%+$56 on $10k

Price spread, last 4 days (all we have)−0.018%−$2 · spread now −0.076%, 7d avg −0.051%

Together, before fees+0.537%+$54 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$12 a day on $10k at the current rate, and dYdX is 0.025% cheaper against Phemex than usual: you would sell low and buy high (−$2 if the spread goes back to its 7-day average of −0.051%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.555%, 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	315.60	0.0442	pay 0.0221% / 4h	21m 34s	$3.2M	$8.2M	50x
Short	dYdX TAO-USD	315.36	0.0056	get 0.0007% / 1h	21m 34s	$126K	$85K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX 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 dYdXbpOrdersPrice spread, now −0.076%Rate

Funding earned: −$81.11
Price spread: −0.076% → −0.051%: −$2.49
Slippage, 4 orders: −$70.24
Fee Phemex: 6 bp × 2 orders: −$12
Fee dYdX: 5 bp × 2 orders: −$10
Net: −$175.84
Costs to cover: 0.922%
Break-even: never at this rate

Slippage from Phemex: live order book, 2 min ago; dYdX: live order book, 17 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	2.06 bp	12.2 bp −$12	31.8 bp −$318	doesn't fit	doesn't fit
Sell dYdX live order book, 17 min ago	27.37 bp	33.3 bp −$33	54.5 bp −$545	143.9 bp −$14.4K	571.4 bp −$285.7K

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
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0005%	1h	315.32	−0.089%	$22K	—	150x	as long as short
dYdX TAO-USDshort	+0.0056%	1h	315.36	−0.076%	$126K	$85K	5x
Popdex TAOUSDT	+0.0096%	1h	315.84	+0.076%	$45K	$714K	20x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	315.60	0.000%	$26.3M	$130.0M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	315.30	−0.095%	$14.5M	$51.8M	50x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	315.50	−0.032%	$17.8M	$32.4M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	315.33	−0.086%	$35.4M	$57.9M	50x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	315.26	−0.108%	$45K	$260K	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	315.48	−0.038%	$87K	$1.2M	5x	as long as short
SunX TAO-USDT	+0.0100%	4h	315.55	−0.016%	$2K	$2.0M	20x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX TAO-USDT	+0.0100%	4h	315.64	+0.013%	$116K	$603K	20x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0105% / S +0.0138%	1h	315.34	−0.082%	$402K	—	100x	as long as short
Katana Perps TAO-USD	+0.0106%	8h	315.50	−0.032%	$828	$1.1M	5x	as long as short
Aevo TAO-PERP	+0.0120%	1h	315.80	+0.062%	$173K	$998	3x	as long as short
Orderly PERP_TAO_USDC	+0.0161%	4h	315.50	−0.032%	$52K	$294K	10x	as long as short
edgeX TAOUSDC	+0.0167%	4h	315.31	−0.092%	$42K	$319K	10x	as long as short
MEXC TAO_USDT	+0.0170%	4h	315.48	−0.038%	$102.3M	$152.2M	300x	as long as short
Binance TAOUSDT	+0.0171%	4h	315.57	−0.008%	$91.4M	$530.8M	75x	as long as short
Paradex TAO-USD-PERP	+0.0240%	8h	315.50	−0.030%	$14K	$1K	10x	as long as short
BingX TAO-USDT	+0.0250%	4h	315.60	0.000%	—	$37.3M	—	as long as short
Bybit TAOUSDT	+0.0256%	4h	315.65	+0.016%	$69.1M	$156.8M	50x	as long as short
Bullet TAO-USD	+0.0268%	1h	315.76	+0.051%	$12K	$17K	20x	as long as short
GRVT TAO_USDT_Perp	+0.0302%	4h	315.30	−0.094%	$536K	$921K	10x	as long as short
Pacifica TAO	+0.0313%	1h	315.61	+0.003%	$370K	$462K	10x	as long as short
Aster TAOUSDT	+0.0334%	4h	315.61	+0.003%	$1.3M	$11.0M	50x	as long as short
Extended TAO-USD	+0.0352%	1h	315.56	−0.011%	$899K	$2.4M	25x	as long as short
BloFin TAO-USDT	+0.0405%	4h	316.28	+0.215%	$4.7M	$10.9M	100x	as long as short
Phemex TAOUSDTlong	+0.0442%	4h	315.60	long leg	$3.2M	$8.2M	50x
Nado TAO-PERP	+0.0470%	1h	315.51	−0.028%	$780K	$2.0M	10x	as long as short
Arcus TAO-USD	+0.0473%	1h	315.98	+0.120%	$99K	$384K	5x	as long as short
Lighter TAO	+0.0512%	1h	315.74	+0.043%	$1.6M	$6.9M	5x	as long as short
Variational Omni TAO	+0.0561%	4h	315.37	−0.074%	$5.5M	$10.2M	—	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0575%	1h	315.59	−0.003%	$15K	$1.9M	25x	as long as short
Phoenix TAO	+0.0629%	1h	315.60	0.000%	$317K	$703K	5x	as long as short
Backpack TAO_USDC_PERP	+0.0659%	1h	315.52	−0.025%	$292K	$904K	10x	as long as short
01 Exchange TAOUSD	+0.0664%	1h	316.21	+0.193%	$3K	$4K	5x	as long as short
Reya TAORUSDPERP	+0.0698%	1h	315.64	+0.011%	$363	—	20x	as long as short
Hyperliquid TAO	+0.0709%	1h	315.64	+0.013%	$93.2M	$110.4M	5x	as long as short
RISEx TAO/USDC	+0.0831%	1h	315.69	+0.027%	$446K	$658K	5x	as long as short
Kraken Futures PF_TAOUSD	+0.0840%	1h	315.60	0.000%	$5.9M	$21.7M	50x	as long as short
Bulk TAO-USD	+0.0951%	1h	316.68	+0.342%	$168K	$0	10x	as long as short
Coinbase International TAO-PERP-INTX	+0.0984%	1h	316.41	+0.257%	$1.4M	$6.9M	50x	as long as short
Injective TAO/USDC PERP	+0.4513%	1h	319.54	+1.248%	$23K	$2K	12x	as long as short