Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.002%

Price spread now: Polymarket Perps against Phemex−0.003%46s7-day average −0.021% · you buy dearer than you sell

Net, funding: paid 7d − costs−$16as 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−$510.514% of the position

Long on Phemex Short on Polymarket Perps

What this pair did over the last

the charts below follow

Funding, last 7 days+0.352%+$35 on $10k

Price spread, last 4 days (all we have)−0.038%−$4 · spread now −0.003%, 7d avg −0.021%

Together, before fees+0.314%+$31 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex TAOUSDT	318.23	0.0100	pay 0.0050% / 4h	2h 14m	$3.2M	$8.0M	50x
Short	Polymarket Perps TAO-USD	318.22	0.0100	get 0.0013% / 1h	14m 21s	$91K	$920K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Polymarket Perps 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 Polymarket PerpsbpOrdersPrice spread, now −0.003%Rate

Funding earned: $0
Price spread: −0.003% → −0.021%: $1.8
Slippage, 4 orders: −$31.4
Fee Phemex: 6 bp × 2 orders: −$12
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: −$49.6
Costs to cover: 0.514%
Break-even: never at this rate

Slippage from Phemex: live order book, 5 min ago; Polymarket Perps: live order book, 34 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, 5 min ago	9.10 bp	21.5 bp −$21	50.7 bp −$507	doesn't fit	doesn't fit
Sell Polymarket Perps live order book, 34 min ago	2.71 bp	6.7 bp −$7	8.2 bp −$82	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	−0.0038%	1h	313.74	−1.411%	$167K	$333	10x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	318.22	−0.003%	$21K	—	150x	as long as short
dYdX TAO-USD	+0.0034%	1h	318.18	−0.017%	$127K	$85K	5x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	318.50	+0.085%	$26.6M	$125.3M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	318.10	−0.041%	$14.2M	$51.6M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	318.39	+0.050%	$100.5M	$147.9M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	318.26	+0.009%	$17.5M	$31.5M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	318.32	+0.028%	$35.9M	$57.5M	50x	as long as short
edgeX TAOUSDC	+0.0100%	4h	318.26	+0.010%	$42K	$316K	10x	as long as short
Polymarket Perps TAO-USDshort	+0.0100%	1h	318.22	−0.003%	$91K	$920K	5x

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX TAO-USDT	+0.0100%	4h	318.13	−0.031%	$2K	$1.9M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	317.84	−0.123%	$116K	$565K	20x	as long as short
Phemex TAOUSDTlong	+0.0100%	4h	318.23	long leg	$3.2M	$8.0M	50x
Aevo TAO-PERP	+0.0104%	1h	318.63	+0.125%	$175K	$998	3x	as long as short
Binance TAOUSDT	+0.0104%	4h	318.56	+0.103%	$91.4M	$512.9M	75x	as long as short
Katana Perps TAO-USD	+0.0110%	8h	318.51	+0.088%	$652	$943K	5x	as long as short
Orderly PERP_TAO_USDC	+0.0118%	4h	318.58	+0.110%	$53K	$291K	10x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0127% / S +0.0142%	1h	318.18	−0.015%	$426K	—	100x	as long as short
Popdex TAOUSDT	+0.0128%	1h	318.30	+0.022%	$53K	$672K	20x	as long as short
Pacifica TAO	+0.0233%	1h	318.65	+0.133%	$363K	$420K	10x	as long as short
Aster TAOUSDT	+0.0265%	4h	318.42	+0.061%	$1.3M	$10.7M	50x	as long as short
Paradex TAO-USD-PERP	+0.0276%	8h	318.62	+0.122%	$14K	$1K	10x	as long as short
Nado TAO-PERP	+0.0283%	1h	318.20	−0.010%	$800K	$2.2M	10x	as long as short
Kraken Futures PF_TAOUSD	+0.0299%	1h	318.94	+0.223%	$6.0M	$21.6M	50x	as long as short
Bullet TAO-USD	+0.0326%	1h	318.61	+0.119%	$12K	$17K	20x	as long as short
BloFin TAO-USDT	+0.0340%	4h	318.52	+0.091%	$4.6M	$11.0M	100x	as long as short
Bybit TAOUSDT	+0.0387%	4h	318.68	+0.141%	$69.7M	$153.6M	50x	as long as short
BingX TAO-USDT	+0.0400%	4h	318.49	+0.082%	—	$33.8M	—	as long as short
GRVT TAO_USDT_Perp	+0.0448%	4h	318.95	+0.227%	$545K	$935K	10x	as long as short
Variational Omni TAO	+0.0467%	4h	317.98	−0.078%	$5.6M	$10.1M	—	as long as short
Arcus TAO-USD	+0.0483%	1h	318.90	+0.211%	$103K	$345K	5x	as long as short
ApeX Omni TAOUSDT	+0.0487%	1h	318.17	−0.019%	$45K	$256K	50x	as long as short
Extended TAO-USD	+0.0504%	1h	318.56	+0.103%	$906K	$2.4M	25x	as long as short
Phoenix TAO	+0.0513%	1h	319.50	+0.399%	$318K	$713K	5x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0683%	1h	318.65	+0.131%	$15K	$1.8M	25x	as long as short
Reya TAORUSDPERP	+0.0697%	1h	318.39	+0.051%	$366	—	20x	as long as short
01 Exchange TAOUSD	+0.0800%	1h	318.86	+0.198%	$3K	$4K	5x	as long as short
Hyperliquid TAO	+0.0813%	1h	318.56	+0.104%	$93.5M	$109.5M	5x	as long as short
Lighter TAO	+0.0816%	1h	318.69	+0.145%	$1.5M	$6.6M	5x	as long as short
Backpack TAO_USDC_PERP	+0.0834%	1h	318.59	+0.113%	$316K	$890K	10x	as long as short
Coinbase International TAO-PERP-INTX	+0.0928%	1h	318.73	+0.157%	$1.5M	$7.0M	50x	as long as short
RISEx TAO/USDC	+0.0948%	1h	318.59	+0.113%	$460K	$649K	5x	as long as short
Injective TAO/USDC PERP	+0.3711%	1h	322.94	+1.480%	$23K	$2K	12x	as long as short