Funding arb · Price arb /

TAO

all TAO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC+0.0134%/8h= +14.7% APRpaid last 24h +0.084%

Price spread now: Phoenix against Phemex+0.143%47s7-day average +0.120% · you sell dearer than you buy

Net, funding: paid 7d − costs$0as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$660.664% of the position

Long on Phemex Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.664%+$66 on $10k

Price spread, last 3 days (all we have)−0.151%−$15 · spread now +0.143%, 7d avg +0.120%

Together, before fees+0.512%+$51 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$4 a day on $10k at the current rate, and Phoenix is 0.023% dearer against Phemex than usual: you sell high and buy low: +$2 more if the spread goes back to its 7-day average of +0.120%. The two prices were read 47 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex TAOUSDT	307.46	0.0100	pay 0.0050% / 4h	2h 21m	$3.3M	$7.9M	50x
Short	Phoenix TAO	307.90	0.0234	get 0.0029% / 1h	21m 25s	$326K	$462K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now +0.143%Rate

Funding earned: $28.19
Price spread: +0.143% → +0.120%: $2.33
Slippage, 4 orders: −$47.38
Fee Phemex: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$35.87
Costs to cover: 0.664%
Break-even: 15.9 days

Slippage from Phemex: live order book, 2 min ago; Phoenix: live order book, 64 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	3.41 bp	16.6 bp −$17	doesn't fit	doesn't fit	doesn't fit
Sell Phoenix live order book, 64 min ago	3.22 bp	15.0 bp −$15	20.2 bp −$202	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
dYdX TAO-USD	0.0000%	1h	308.50	+0.338%	$130K	$84K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0007%	1h	307.58	+0.039%	$26K	—	150x	as long as short
Bulk TAO-USD	+0.0052%	1h	305.44	−0.657%	$200K	$57K	10x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0065%	1h	307.79	+0.106%	$15K	$1.3M	25x	as long as short
Popdex TAOUSDT	+0.0096%	1h	308.37	+0.296%	$41K	$530K	20x	as long as short
Pacifica TAO	+0.0100%	1h	308.72	+0.410%	$365K	$401K	10x	as long as short
Binance TAOUSDT	+0.0100%	4h	308.26	+0.261%	$86.1M	$404.1M	75x	as long as short
Bybit TAOUSDT	+0.0100%	4h	308.24	+0.254%	$59.5M	$118.4M	50x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	308.20	+0.241%	$25.4M	$93.4M	50x	as long as short
Arcus TAO-USD	+0.0100%	1h	308.85	+0.452%	$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	308.40	+0.306%	$12.3M	$48.2M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	308.59	+0.368%	$115.2M	$124.2M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	308.67	+0.394%	$18.6M	$26.4M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	307.65	+0.062%	$34.4M	$44.5M	50x	as long as short
BingX TAO-USDT	+0.0100%	4h	308.54	+0.351%	—	$30.4M	—	as long as short
Variational Omni TAO	+0.0100%	4h	305.90	−0.508%	$3.6M	$6.5M	—	as long as short
edgeX TAOUSDC	+0.0100%	4h	307.92	+0.149%	$40K	$277K	10x	as long as short
GRVT TAO_USDT_Perp	+0.0100%	4h	307.12	−0.111%	$538K	$967K	10x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	307.95	+0.159%	$46K	$268K	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	308.45	+0.322%	$78K	$675K	5x	as long as short
Bullet TAO-USD	+0.0100%	1h	308.16	+0.228%	$11K	$18K	20x	as long as short
Orderly PERP_TAO_USDC	+0.0100%	4h	307.72	+0.085%	$59K	$276K	10x	as long as short
SunX TAO-USDT	+0.0100%	4h	307.60	+0.046%	$2K	$1.8M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	307.77	+0.101%	$121K	$353K	20x	as long as short
Phemex TAOUSDTlong	+0.0100%	4h	307.46	long leg	$3.3M	$7.9M	50x
Aevo TAO-PERP	+0.0104%	1h	307.87	+0.132%	$169K	$998	3x	as long as short
Katana Perps TAO-USD	+0.0112%	8h	308.50	+0.338%	$882	$438K	5x	as long as short
Aster TAOUSDT	+0.0162%	4h	308.44	+0.320%	$1.1M	$7.5M	50x	as long as short
Paradex TAO-USD-PERP	+0.0164%	8h	308.71	+0.406%	$14K	$1K	10x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0174% / S +0.0069%	1h	307.54	+0.027%	$439K	—	100x	as long as short
Phoenix TAOshort	+0.0234%	1h	307.90	+0.143%	$326K	$462K	5x
Nado TAO-PERP	+0.0290%	1h	308.33	+0.284%	$846K	$1.9M	10x	as long as short
BloFin TAO-USDT	+0.0340%	4h	307.69	+0.075%	$4.3M	$9.4M	100x	as long as short
01 Exchange TAOUSD	+0.0520%	1h	308.78	+0.429%	$3K	$4K	5x	as long as short
Reya TAORUSDPERP	+0.0694%	1h	307.72	+0.084%	$354	—	20x	as long as short
Extended TAO-USD	+0.0704%	1h	308.47	+0.329%	$906K	$2.0M	25x	as long as short
Lighter TAO	+0.0928%	1h	309.00	+0.501%	$1.7M	$4.8M	5x	as long as short
Coinbase International TAO-PERP-INTX	+0.0960%	1h	308.55	+0.355%	$1.5M	$5.4M	50x	as long as short
Kraken Futures PF_TAOUSD	+0.1024%	1h	307.99	+0.173%	$6.3M	$19.2M	50x	as long as short
RISEx TAO/USDC	+0.1053%	1h	308.67	+0.392%	$413K	$539K	5x	as long as short
Backpack TAO_USDC_PERP	+0.1094%	1h	308.20	+0.241%	$445K	$715K	10x	as long as short
Hyperliquid TAO	+0.1741%	1h	308.37	+0.296%	$94.4M	$75.7M	5x	as long as short
Injective TAO/USDC PERP	+0.4876%	1h	305.96	−0.488%	$22K	$171	12x	as long as short