Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.4776%/8h= +523.0% APRpaid last 24h +0.620%

Price spread now: Injective against Phemex−0.724%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 Injective

What this pair did over the last

the charts below follow

Funding, last 7 days+3.876%+$388 on $10k

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

Together, before fees—needs both histories

Funding pays, the price is against you. Injective is 0.724% cheaper against Phemex than usual: you would sell low and buy high (spread −0.724% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$72 on $10k: about 12 hours of funding at the current rate (+$143 a day). At the pace of the last 7 days (+3.876% in total) that is about 31 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex TAOUSDT	308.19	0.0100	pay 0.0050% / 4h	2h 20m	$3.3M	$7.9M	50x
Short	Injective TAO/USDC PERP	305.96	0.4876	get 0.0610% / 1h	20m 31s	$22K	$171	12x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now −0.724%Rate

Funding earned: $1,003
Price spread: −0.724% → 0.000%: −$72.36
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: $918.62
Costs to cover: 0.120%
Break-even: 0.6 days

Slippage unknown: Phemex: live order book, 3 min ago; Injective: 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, 3 min ago	3.41 bp	16.6 bp −$17	doesn't fit	doesn't fit	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

Injective: 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
dYdX TAO-USD	0.0000%	1h	306.68	−0.489%	$129K	$84K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0007%	1h	307.17	−0.332%	$26K	—	150x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0034%	1h	308.35	+0.052%	$16K	$1.3M	25x	as long as short
Bulk TAO-USD	+0.0052%	1h	305.44	−0.892%	$200K	$57K	10x	as long as short
Popdex TAOUSDT	+0.0096%	1h	306.91	−0.415%	$41K	$530K	20x	as long as short
Pacifica TAO	+0.0100%	1h	307.12	−0.347%	$363K	$401K	10x	as long as short
Binance TAOUSDT	+0.0100%	4h	307.25	−0.303%	$85.9M	$404.3M	75x	as long as short
Bybit TAOUSDT	+0.0100%	4h	307.45	−0.240%	$59.4M	$118.6M	50x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	307.40	−0.256%	$25.3M	$93.2M	50x	as long as short
Arcus TAO-USD	+0.0100%	1h	307.42	−0.250%	$137K	$599K	5x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate TAO_USDT	+0.0100%	4h	306.70	−0.483%	$12.2M	$48.2M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	307.29	−0.292%	$115.3M	$124.5M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	307.17	−0.331%	$18.5M	$26.4M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	307.07	−0.363%	$34.4M	$44.5M	50x	as long as short
BingX TAO-USDT	+0.0100%	4h	307.30	−0.289%	—	$30.4M	—	as long as short
Variational Omni TAO	+0.0100%	4h	305.90	−0.743%	$3.6M	$6.5M	—	as long as short
edgeX TAOUSDC	+0.0100%	4h	307.92	−0.088%	$40K	$277K	10x	as long as short
GRVT TAO_USDT_Perp	+0.0100%	4h	307.12	−0.347%	$538K	$967K	10x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	307.95	−0.078%	$46K	$268K	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	307.41	−0.253%	$77K	$675K	5x	as long as short
Bullet TAO-USD	+0.0100%	1h	307.31	−0.285%	$11K	$18K	20x	as long as short
Orderly PERP_TAO_USDC	+0.0100%	4h	308.28	+0.029%	$59K	$276K	10x	as long as short
SunX TAO-USDT	+0.0100%	4h	308.23	+0.013%	$2K	$1.8M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	308.36	+0.055%	$121K	$353K	20x	as long as short
Phemex TAOUSDTlong	+0.0100%	4h	308.19	long leg	$3.3M	$7.9M	50x
Aevo TAO-PERP	+0.0104%	1h	308.48	+0.096%	$169K	$998	3x	as long as short
Katana Perps TAO-USD	+0.0112%	8h	306.91	−0.415%	$877	$438K	5x	as long as short
Paradex TAO-USD-PERP	+0.0163%	8h	306.89	−0.422%	$14K	$1K	10x	as long as short
Aster TAOUSDT	+0.0169%	4h	307.01	−0.382%	$1.1M	$7.5M	50x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0174% / S +0.0069%	1h	307.17	−0.331%	$438K	—	100x	as long as short
Phoenix TAO	+0.0234%	1h	307.90	−0.094%	$326K	$462K	5x	as long as short
Nado TAO-PERP	+0.0314%	1h	307.35	−0.273%	$843K	$1.9M	10x	as long as short
BloFin TAO-USDT	+0.0340%	4h	308.32	+0.042%	$4.3M	$9.4M	100x	as long as short
01 Exchange TAOUSD	+0.0512%	1h	307.21	−0.318%	$3K	$4K	5x	as long as short
Reya TAORUSDPERP	+0.0694%	1h	307.30	−0.289%	$353	—	20x	as long as short
Extended TAO-USD	+0.0712%	1h	306.87	−0.430%	$902K	$2.0M	25x	as long as short
Lighter TAO	+0.0912%	1h	307.06	−0.368%	$1.6M	$4.8M	5x	as long as short
Coinbase International TAO-PERP-INTX	+0.0960%	1h	309.18	+0.321%	$1.5M	$5.4M	50x	as long as short
Kraken Futures PF_TAOUSD	+0.1022%	1h	308.52	+0.107%	$6.3M	$19.2M	50x	as long as short
RISEx TAO/USDC	+0.1053%	1h	307.09	−0.357%	$411K	$539K	5x	as long as short
Backpack TAO_USDC_PERP	+0.1081%	1h	308.30	+0.036%	$445K	$715K	10x	as long as short
Hyperliquid TAO	+0.1733%	1h	307.93	−0.084%	$94.3M	$75.8M	5x	as long as short
Injective TAO/USDC PERPshort	+0.4876%	1h	305.96	−0.724%	$22K	$171	12x