Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0093%/8h= −10.2% APRpaid last 24h −0.028%

Price spread now: gTrade (Gains Network) against Phemex−0.084%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Phemex Short on gTrade (Gains Network)

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and gTrade (Gains Network) is 0.084% cheaper against Phemex than usual: you would sell low and buy high (−$8 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex TAOUSDT	308.10	0.0100	pay 0.0050% / 4h	2h 04m	$3.3M	$7.9M	50x
Short	gTrade (Gains Network) TAO/USD	307.84	L +0.0004% / S −0.0007%	get 0.0001% / 1h	4m 45s	$26K	—	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

gTrade (Gains Network) 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 gTrade (Gains Network)bpOrdersPrice spread, now −0.084%Rate

Funding earned: −$19.63
Price spread: −0.084% → 0.000%: −$8.41
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee gTrade (Gains Network): 5 bp × 2 orders: −$10
Net: −$50.04
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: Phemex: live order book, 4 min ago; gTrade (Gains Network): no order-book sample. Net counts fees only.

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, 4 min ago	18.22 bp	31.1 bp −$31	doesn't fit	doesn't fit	doesn't fit
Sell gTrade (Gains Network) no order-book sample	—	—	—	—	—

gTrade (Gains Network): no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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-USD	−0.0601%	1h	309.73	+0.529%	$203K	$57K	10x	as long as short
dYdX TAO-USD	0.0000%	1h	308.01	−0.029%	$129K	$84K	5x	as long as short
gTrade (Gains Network) TAO/USDshort	L +0.0004% / S −0.0007%	1h	307.84	−0.084%	$26K	—	150x
Popdex TAOUSDT	+0.0096%	1h	308.20	+0.032%	$43K	$531K	20x	as long as short
Pacifica TAO	+0.0100%	1h	308.45	+0.115%	$364K	$368K	10x	as long as short
Binance TAOUSDT	+0.0100%	4h	308.23	+0.042%	$86.4M	$406.0M	75x	as long as short
Bybit TAOUSDT	+0.0100%	4h	308.26	+0.052%	$59.9M	$119.6M	50x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	307.90	−0.065%	$25.4M	$93.7M	50x	as long as short
Arcus TAO-USD	+0.0100%	1h	308.62	+0.169%	$138K	$584K	5x	as long as short
Gate TAO_USDT	+0.0100%	4h	308.10	0.000%	$12.3M	$48.8M	50x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC TAO_USDT	+0.0100%	4h	308.24	+0.045%	$119.3M	$126.7M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	308.18	+0.026%	$18.8M	$26.8M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	307.63	−0.153%	$34.4M	$44.7M	50x	as long as short
BingX TAO-USDT	+0.0100%	4h	308.20	+0.032%	—	$30.4M	—	as long as short
Variational Omni TAO	+0.0100%	4h	308.45	+0.114%	$3.7M	$6.6M	—	as long as short
edgeX TAOUSDC	+0.0100%	4h	308.32	+0.073%	$40K	$277K	10x	as long as short
GRVT TAO_USDT_Perp	+0.0100%	4h	309.18	+0.350%	$550K	$965K	10x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	309.59	+0.484%	$46K	$268K	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	308.14	+0.013%	$78K	$662K	5x	as long as short
Bullet TAO-USD	+0.0100%	1h	308.11	+0.003%	$11K	$18K	20x	as long as short
Orderly PERP_TAO_USDC	+0.0100%	4h	307.95	−0.049%	$59K	$276K	10x	as long as short
SunX TAO-USDT	+0.0100%	4h	307.94	−0.052%	$2K	$1.8M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	308.33	+0.075%	$121K	$353K	20x	as long as short
Phemex TAOUSDTlong	+0.0100%	4h	308.10	long leg	$3.3M	$7.9M	50x
Aevo TAO-PERP	+0.0104%	1h	308.15	+0.016%	$169K	$998	3x	as long as short
Katana Perps TAO-USD	+0.0111%	8h	308.29	+0.062%	$2K	$461K	5x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0111%	1h	308.02	−0.025%	$11K	$1.3M	25x	as long as short
Aster TAOUSDT	+0.0156%	4h	308.17	+0.023%	$1.1M	$7.6M	50x	as long as short
Paradex TAO-USD-PERP	+0.0159%	8h	308.24	+0.045%	$14K	$1K	10x	as long as short
Phoenix TAO	+0.0234%	1h	309.10	+0.325%	$327K	$462K	5x	as long as short
Nado TAO-PERP	+0.0304%	1h	308.13	+0.008%	$850K	$1.9M	10x	as long as short
BloFin TAO-USDT	+0.0340%	4h	308.38	+0.091%	$4.3M	$9.5M	100x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0485% / S −0.0184%	1h	307.80	−0.098%	$452K	—	100x	as long as short
01 Exchange TAOUSD	+0.0544%	1h	308.65	+0.179%	$3K	$4K	5x	as long as short
Reya TAORUSDPERP	+0.0694%	1h	308.04	−0.018%	$354	—	20x	as long as short
Extended TAO-USD	+0.0784%	1h	308.22	+0.039%	$907K	$2.0M	25x	as long as short
Backpack TAO_USDC_PERP	+0.0898%	1h	308.19	+0.029%	$383K	$754K	10x	as long as short
Coinbase International TAO-PERP-INTX	+0.0960%	1h	309.50	+0.454%	$1.5M	$5.5M	50x	as long as short
Lighter TAO	+0.0976%	1h	308.24	+0.044%	$1.7M	$4.9M	5x	as long as short
Kraken Futures PF_TAOUSD	+0.1022%	1h	308.38	+0.092%	$6.4M	$19.1M	50x	as long as short
RISEx TAO/USDC	+0.1053%	1h	308.39	+0.093%	$412K	$542K	5x	as long as short
Hyperliquid TAO	+0.1861%	1h	308.46	+0.117%	$96.7M	$77.6M	5x	as long as short
Injective TAO/USDC PERP	+0.4876%	1h	308.73	+0.204%	$22K	$271	12x	as long as short