Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0123%/8h= −13.4% APRpaid last 24h −0.001%

Price spread now: Popdex against Phemex+0.139%7-day average −0.012% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

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

costs, in and out, $10k−$1021.019% of the position

Long on Phemex Short on Popdex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.004%$0 on $10k

Price spread, last 4 days (all we have)−0.327%−$33 · spread now +0.139%, 7d avg −0.012%

Together, before fees−0.331%−$33 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Popdex is 0.151% dearer against Phemex than usual: you sell high and buy low (spread +0.139% now, against its 7-day average of −0.012%): +$15 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 4.1 days. At the pace of the last 4 days (−0.004% in total) that is about 4 months.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex TAOUSDT	315.93	0.0219	pay 0.0109% / 4h	1h 11m	$3.4M	$7.9M	50x
Short	Popdex TAOUSDT	316.37	0.0096	get 0.0012% / 1h	11m 54s	$40K	$686K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Popdex 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 PopdexbpOrdersPrice spread, now +0.139%Rate

Funding earned: −$25.73
Price spread: +0.139% → −0.012%: $15.11
Slippage, 4 orders: −$83.49
Fee Phemex: 6 bp × 2 orders: −$12
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Net: −$112.51
Costs to cover: 1.019%
Break-even: never at this rate

Slippage from Phemex: live order book, 2 min ago; Popdex: live order book, 52 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	24.14 bp	42.4 bp −$42	doesn't fit	doesn't fit	doesn't fit
Sell Popdex live order book, 52 min ago	2.04 bp	10.2 bp −$10	81.2 bp −$812	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	−0.1916%	1h	325.17	+2.925%	$172K	$1K	10x	as long as short
dYdX TAO-USD	0.0000%	1h	316.15	+0.070%	$126K	$85K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	315.32	−0.194%	$20K	—	150x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0057%	1h	315.57	−0.114%	$16K	$1.6M	25x	as long as short
Popdex TAOUSDTshort	+0.0096%	1h	316.37	+0.139%	$40K	$686K	20x
Binance TAOUSDT	+0.0100%	4h	315.79	−0.045%	$91.8M	$489.2M	75x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	316.00	+0.022%	$26.0M	$119.6M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	315.50	−0.136%	$12.9M	$50.3M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	315.97	+0.013%	$101.2M	$143.5M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	315.88	−0.016%	$17.6M	$31.6M	75x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget TAOUSDT	+0.0100%	4h	315.67	−0.082%	$35.2M	$55.6M	50x	as long as short
edgeX TAOUSDC	+0.0100%	4h	323.66	+2.447%	$36K	$303K	10x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	316.11	+0.057%	$87K	$794K	5x	as long as short
SunX TAO-USDT	+0.0100%	4h	315.20	−0.231%	$2K	$1.9M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	315.57	−0.114%	$128K	$482K	20x	as long as short
Aevo TAO-PERP	+0.0104%	1h	315.46	−0.149%	$173K	$998	3x	as long as short
Katana Perps TAO-USD	+0.0113%	8h	316.04	+0.035%	$672	$776K	5x	as long as short
Orderly PERP_TAO_USDC	+0.0125%	4h	315.27	−0.209%	$57K	$282K	10x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0157% / S +0.0112%	1h	315.32	−0.192%	$429K	—	100x	as long as short
Bullet TAO-USD	+0.0199%	1h	315.43	−0.159%	$12K	$18K	20x	as long as short
Phemex TAOUSDTlong	+0.0219%	4h	315.93	long leg	$3.4M	$7.9M	50x
GRVT TAO_USDT_Perp	+0.0224%	4h	321.44	+1.744%	$533K	$965K	10x	as long as short
Kraken Futures PF_TAOUSD	+0.0249%	1h	315.46	−0.147%	$5.6M	$20.8M	50x	as long as short
Paradex TAO-USD-PERP	+0.0260%	8h	316.36	+0.137%	$14K	$1K	10x	as long as short
Aster TAOUSDT	+0.0290%	4h	315.47	−0.145%	$1.2M	$10.0M	50x	as long as short
BloFin TAO-USDT	+0.0340%	4h	316.00	+0.022%	$3.8M	$11.3M	100x	as long as short
Bybit TAOUSDT	+0.0442%	4h	316.17	+0.076%	$69.3M	$146.0M	50x	as long as short
Pacifica TAO	+0.0448%	1h	316.36	+0.136%	$374K	$405K	10x	as long as short
BingX TAO-USDT	+0.0448%	4h	315.70	−0.073%	—	$30.4M	—	as long as short
Phoenix TAO	+0.0504%	1h	324.80	+2.808%	$340K	$707K	5x	as long as short
Arcus TAO-USD	+0.0509%	1h	316.72	+0.250%	$100K	$488K	5x	as long as short
ApeX Omni TAOUSDT	+0.0524%	1h	324.14	+2.599%	$48K	$253K	50x	as long as short
Nado TAO-PERP	+0.0619%	1h	315.87	−0.020%	$790K	$2.2M	10x	as long as short
Reya TAORUSDPERP	+0.0696%	1h	315.93	0.000%	$363	—	20x	as long as short
Extended TAO-USD	+0.0704%	1h	315.99	+0.018%	$927K	$2.4M	25x	as long as short
01 Exchange TAOUSD	+0.0720%	1h	316.35	+0.133%	$3K	$4K	5x	as long as short
Lighter TAO	+0.0744%	1h	315.90	−0.010%	$1.6M	$6.4M	5x	as long as short
Variational Omni TAO	+0.0831%	4h	317.31	+0.438%	$5.9M	$9.8M	—	as long as short
Backpack TAO_USDC_PERP	+0.0909%	1h	315.75	−0.057%	$314K	$923K	10x	as long as short
Coinbase International TAO-PERP-INTX	+0.1024%	1h	316.00	+0.022%	$1.5M	$6.8M	50x	as long as short
Hyperliquid TAO	+0.1068%	1h	315.84	−0.028%	$95.7M	$104.5M	5x	as long as short
RISEx TAO/USDC	+0.1159%	1h	316.36	+0.135%	$444K	$657K	5x	as long as short
Injective TAO/USDC PERP	+0.4172%	1h	321.62	+1.801%	$23K	$2K	12x	as long as short