Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0348%/8h= +38.1% APRpaid last 24h +0.004%

Price spread now: Pacifica against Phemex+0.170%7-day average −0.001% · you sell dearer than you buy

Net, funding: paid 7d − costs−$19as in the Funding arb table

Net, price: spread back to 7d avg − costs−$55as in the Price arb table

costs, in and out, $10k−$720.718% of the position

Long on Phemex Short on Pacifica

What this pair did over the last

the charts below follow

Funding, last 7 days+0.525%+$52 on $10k

Price spread, last 4 days (all we have)−0.266%−$27 · spread now +0.170%, 7d avg −0.001%

Together, before fees+0.259%+ Points / potential airdropPacifica: Active · farm board+$26 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$10 a day on $10k at the current rate, and Pacifica is 0.171% dearer against Phemex than usual: you sell high and buy low: +$17 more if the spread goes back to its 7-day average of −0.001%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex TAOUSDT	319.59	0.0100	pay 0.0050% / 4h	1h 37m	$3.5M	$7.8M	50x
Short	Pacifica TAO	320.13	0.0448	get 0.0056% / 1h	37m 56s	$378K	$396K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Pacifica 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 PacificabpOrdersPrice spread, now +0.170%Rate

Funding earned: $73.06
Price spread: +0.170% → −0.001%: $17.12
Slippage, 4 orders: −$51.82
Fee Phemex: 6 bp × 2 orders: −$12
Fee Pacifica: 4 bp × 2 orders: −$8
Net: $18.37
Costs to cover: 0.718%
Break-even: 5.2 days

Slippage from Phemex: live order book, 6 min ago; Pacifica: live order book, 26 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, 6 min ago	9.10 bp	21.0 bp −$21	doesn't fit	doesn't fit	doesn't fit
Sell Pacifica live order book, 26 min ago	3.77 bp	10.5 bp −$11	doesn't fit	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
Bulk TAO-USD	−0.3652%	1h	316.49	−0.970%	$168K	$1K	10x	as long as short
dYdX TAO-USD	0.0000%	1h	319.53	−0.019%	$128K	$84K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	319.67	+0.025%	$21K	—	150x	as long as short
Popdex TAOUSDT	+0.0096%	1h	319.60	+0.003%	$45K	$657K	20x	as long as short
Binance TAOUSDT	+0.0100%	4h	320.62	+0.322%	$92.9M	$473.4M	75x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	320.50	+0.285%	$26.4M	$117.4M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	320.40	+0.253%	$13.1M	$49.4M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	320.53	+0.294%	$109.3M	$139.7M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	320.32	+0.228%	$18.1M	$30.9M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	320.24	+0.203%	$35.7M	$54.0M	50x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
edgeX TAOUSDC	+0.0100%	4h	319.73	+0.044%	$36K	$300K	10x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	319.82	+0.072%	$72K	$771K	5x	as long as short
SunX TAO-USDT	+0.0100%	4h	319.62	+0.009%	$2K	$1.9M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	320.11	+0.163%	$130K	$479K	20x	as long as short
Phemex TAOUSDTlong	+0.0100%	4h	319.59	long leg	$3.5M	$7.8M	50x
Aevo TAO-PERP	+0.0104%	1h	320.02	+0.133%	$176K	$998	3x	as long as short
Orderly PERP_TAO_USDC	+0.0104%	4h	319.98	+0.122%	$58K	$282K	10x	as long as short
Katana Perps TAO-USD	+0.0117%	8h	319.80	+0.066%	$680	$759K	5x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0163% / S +0.0106%	1h	319.62	+0.009%	$434K	—	100x	as long as short
GRVT TAO_USDT_Perp	+0.0224%	4h	318.95	−0.200%	$526K	$955K	10x	as long as short
Kraken Futures PF_TAOUSD	+0.0245%	1h	319.81	+0.070%	$5.6M	$20.5M	50x	as long as short
Bullet TAO-USD	+0.0306%	1h	319.99	+0.125%	$12K	$18K	20x	as long as short
Paradex TAO-USD-PERP	+0.0326%	8h	320.07	+0.149%	$15K	$1K	10x	as long as short
Aster TAOUSDT	+0.0328%	4h	319.85	+0.081%	$1.2M	$9.3M	50x	as long as short
BloFin TAO-USDT	+0.0340%	4h	319.17	−0.131%	$4.5M	$10.7M	100x	as long as short
Pacifica TAOshort	+0.0448%	1h	320.13	+0.170%	$378K	$396K	10x
Phoenix TAO	+0.0504%	1h	318.90	−0.216%	$333K	$707K	5x	as long as short
Arcus TAO-USD	+0.0509%	1h	320.42	+0.260%	$101K	$489K	5x	as long as short
Nado TAO-PERP	+0.0544%	1h	319.87	+0.088%	$775K	$2.1M	10x	as long as short
Bybit TAOUSDT	+0.0626%	4h	320.70	+0.347%	$68.4M	$140.4M	50x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0640%	1h	319.86	+0.086%	$17K	$1.6M	25x	as long as short
BingX TAO-USDT	+0.0642%	4h	320.63	+0.325%	—	$30.3M	—	as long as short
Reya TAORUSDPERP	+0.0696%	1h	319.94	+0.108%	$368	—	20x	as long as short
01 Exchange TAOUSD	+0.0784%	1h	320.26	+0.210%	$3K	$4K	5x	as long as short
Variational Omni TAO	+0.0878%	4h	320.22	+0.196%	$5.9M	$9.7M	—	as long as short
ApeX Omni TAOUSDT	+0.0883%	1h	318.78	−0.253%	$47K	$253K	50x	as long as short
Lighter TAO	+0.0896%	1h	320.24	+0.204%	$1.6M	$6.3M	5x	as long as short
Extended TAO-USD	+0.0920%	1h	320.41	+0.255%	$939K	$2.3M	25x	as long as short
Backpack TAO_USDC_PERP	+0.1008%	1h	319.89	+0.094%	$440K	$860K	10x	as long as short
Coinbase International TAO-PERP-INTX	+0.1024%	1h	320.65	+0.332%	$1.5M	$6.6M	50x	as long as short
RISEx TAO/USDC	+0.1159%	1h	320.01	+0.133%	$455K	$627K	5x	as long as short
Hyperliquid TAO	+0.1381%	1h	320.86	+0.397%	$100.8M	$98.5M	5x	as long as short
Injective TAO/USDC PERP	+0.4172%	1h	319.69	+0.031%	$23K	$2K	12x	as long as short