Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0920%/8h= +100.7% APRpaid last 24h +0.142%

Price spread now: Kraken Futures against Phemex+0.042%7-day average +0.041% · you sell dearer than you buy

Net, funding: paid 7d − costs−$17as in the Funding arb table

Net, price: spread back to 7d avg − costs−$87as in the Price arb table

costs, in and out, $10k−$870.870% of the position

Long on Phemex Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.702%+$70 on $10k

Price spread, last 3 days (all we have)−0.012%−$1 · spread now +0.042%, 7d avg +0.041%

Together, before fees+0.689%+$69 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.041%, so right now this pair is about funding alone: +$28 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex TAOUSDT	308.93	0.0100	pay 0.0050% / 4h	2h 01m	$3.3M	$7.9M	50x
Short	Kraken Futures PF_TAOUSD	309.06	0.1020	get 0.0127% / 1h	1m 14s	$6.4M	$19.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now +0.042%Rate

Funding earned: $193.19
Price spread: +0.042% → +0.041%: $0.07
Slippage, 4 orders: −$64.98
Fee Phemex: 6 bp × 2 orders: −$12
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: $106.28
Costs to cover: 0.870%
Break-even: 3.1 days

Slippage from Phemex: live order book, 3 min ago; Kraken Futures: live order book, 3 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, 3 min ago	11.65 bp	20.0 bp −$20	doesn't fit	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 3 min ago	11.65 bp	17.1 bp −$17	30.9 bp −$309	216.3 bp −$21.6K	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
Bulk TAO-USD	−0.0306%	1h	307.82	−0.359%	$202K	$57K	10x	as long as short
dYdX TAO-USD	0.0000%	1h	308.46	−0.152%	$130K	$84K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0007%	1h	308.57	−0.117%	$26K	—	150x	as long as short
Popdex TAOUSDT	+0.0096%	1h	308.80	−0.042%	$43K	$530K	20x	as long as short
Pacifica TAO	+0.0100%	1h	308.85	−0.026%	$365K	$368K	10x	as long as short
Binance TAOUSDT	+0.0100%	4h	308.79	−0.045%	$86.7M	$406.4M	75x	as long as short
Bybit TAOUSDT	+0.0100%	4h	308.88	−0.016%	$60.1M	$119.7M	50x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	308.90	−0.010%	$25.4M	$94.2M	50x	as long as short
Arcus TAO-USD	+0.0100%	1h	309.05	+0.039%	$138K	$584K	5x	as long as short
Gate TAO_USDT	+0.0100%	4h	308.70	−0.074%	$12.3M	$48.9M	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	308.76	−0.055%	$120.4M	$127.1M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	308.70	−0.074%	$18.9M	$26.8M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	308.58	−0.113%	$34.5M	$44.7M	50x	as long as short
BingX TAO-USDT	+0.0100%	4h	308.78	−0.049%	—	$30.4M	—	as long as short
Variational Omni TAO	+0.0100%	4h	308.45	−0.155%	$3.7M	$6.6M	—	as long as short
edgeX TAOUSDC	+0.0100%	4h	309.38	+0.145%	$40K	$278K	10x	as long as short
GRVT TAO_USDT_Perp	+0.0100%	4h	308.67	−0.085%	$549K	$949K	10x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	308.31	−0.201%	$46K	$268K	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	308.92	−0.003%	$78K	$651K	5x	as long as short
Bullet TAO-USD	+0.0100%	1h	308.82	−0.036%	$11K	$18K	20x	as long as short
Orderly PERP_TAO_USDC	+0.0100%	4h	308.78	−0.049%	$59K	$276K	10x	as long as short
SunX TAO-USDT	+0.0100%	4h	308.68	−0.081%	$2K	$1.8M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	308.82	−0.036%	$122K	$354K	20x	as long as short
Phemex TAOUSDTlong	+0.0100%	4h	308.93	long leg	$3.3M	$7.9M	50x
Aevo TAO-PERP	+0.0104%	1h	308.96	+0.010%	$170K	$998	3x	as long as short
Katana Perps TAO-USD	+0.0113%	8h	308.81	−0.039%	$632	$469K	5x	as long as short
Aster TAOUSDT	+0.0160%	4h	308.74	−0.062%	$1.1M	$7.6M	50x	as long as short
Paradex TAO-USD-PERP	+0.0162%	8h	308.64	−0.094%	$14K	$1K	10x	as long as short
Phoenix TAO	+0.0234%	1h	309.10	+0.055%	$327K	$462K	5x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0261%	1h	308.82	−0.035%	$11K	$1.3M	25x	as long as short
Nado TAO-PERP	+0.0313%	1h	308.76	−0.056%	$853K	$1.9M	10x	as long as short
BloFin TAO-USDT	+0.0340%	4h	308.79	−0.045%	$4.3M	$9.5M	100x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0486% / S −0.0184%	1h	308.56	−0.121%	$453K	—	100x	as long as short
01 Exchange TAOUSD	+0.0552%	1h	309.11	+0.058%	$3K	$4K	5x	as long as short
Reya TAORUSDPERP	+0.0694%	1h	308.84	−0.030%	$355	—	20x	as long as short
Extended TAO-USD	+0.0824%	1h	308.82	−0.037%	$898K	$2.0M	25x	as long as short
Backpack TAO_USDC_PERP	+0.0881%	1h	308.89	−0.013%	$384K	$754K	10x	as long as short
Coinbase International TAO-PERP-INTX	+0.0960%	1h	309.87	+0.304%	$1.5M	$5.5M	50x	as long as short
Lighter TAO	+0.0968%	1h	309.19	+0.085%	$1.7M	$4.9M	5x	as long as short
Kraken Futures PF_TAOUSDshort	+0.1020%	1h	309.06	+0.042%	$6.4M	$19.1M	50x
RISEx TAO/USDC	+0.1053%	1h	308.94	+0.002%	$416K	$544K	5x	as long as short
Hyperliquid TAO	+0.1880%	1h	309.41	+0.155%	$97.0M	$77.7M	5x	as long as short
Injective TAO/USDC PERP	+0.4876%	1h	308.73	−0.065%	$22K	$271	12x	as long as short