Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0450%/8h= +49.3% APRpaid last 24h +0.179%

Price spread now: RISEx against Phemex−0.038%7-day average +0.007% · you buy dearer than you sell

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

Net, price: spread back to 7d avg − costs−$45as in the Price arb table

costs, in and out, $10k−$400.402% of the position

Long on Phemex Short on RISEx

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.503%+$50 on $10k

Price spread, last 4 days (all we have)+0.027%+$3 · spread now −0.038%, 7d avg +0.007%

Together, before fees+0.529%+$53 on $10k · with fees, hour by hour

Funding pays, the price is against you. RISEx is 0.045% cheaper against Phemex than usual: you would sell low and buy high (spread −0.038% now, against its 7-day average of +0.007%). If the spread goes back, that is −$5 on $10k: about 8 hours of funding at the current rate (+$13 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex TAOUSDT	317.72	0.0627	pay 0.0314% / 4h	1h 00m	$3.2M	$8.2M	50x
Short	RISEx TAO/USDC	317.60	0.1077	get 0.0135% / 1h	0m 14s	$438K	$677K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

RISEx 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 RISExbpOrdersPrice spread, now −0.038%Rate

Funding earned: $94.46
Price spread: −0.038% → +0.007%: −$4.51
Slippage, 4 orders: −$22.25
Fee Phemex: 6 bp × 2 orders: −$12
Fee RISEx: 3 bp × 2 orders: −$6
Net: $49.7
Costs to cover: 0.402%
Break-even: 3.3 days

Slippage from Phemex: live order book, 4 min ago; RISEx: live order book, 43 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, 4 min ago	1.89 bp	12.8 bp −$13	34.2 bp −$342	doesn't fit	doesn't fit
Sell RISEx live order book, 43 min ago	1.09 bp	4.1 bp −$4	25.6 bp −$256	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	317.01	−0.223%	$126K	$85K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0005%	1h	317.43	−0.091%	$22K	—	150x	as long as short
Popdex TAOUSDT	+0.0096%	1h	317.57	−0.047%	$43K	$706K	20x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	317.60	−0.038%	$26.6M	$129.7M	50x	as long as short
Bulk TAO-USD	+0.0100%	1h	317.85	+0.041%	$169K	$333	10x	as long as short
Gate TAO_USDT	+0.0100%	4h	317.40	−0.101%	$14.3M	$52.5M	50x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	317.54	−0.057%	$17.8M	$32.4M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	317.40	−0.101%	$35.7M	$58.0M	50x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	319.23	+0.475%	$46K	$260K	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	317.54	−0.057%	$84K	$1.2M	5x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX TAO-USDT	+0.0100%	4h	317.17	−0.173%	$1K	$2.0M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	317.25	−0.148%	$116K	$602K	20x	as long as short
Katana Perps TAO-USD	+0.0108%	8h	317.51	−0.066%	$983	$1.1M	5x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0112% / S +0.0155%	1h	317.39	−0.103%	$424K	—	100x	as long as short
Aevo TAO-PERP	+0.0128%	1h	317.64	−0.025%	$174K	$998	3x	as long as short
Orderly PERP_TAO_USDC	+0.0134%	4h	317.62	−0.031%	$53K	$293K	10x	as long as short
Binance TAOUSDT	+0.0169%	4h	317.71	−0.004%	$92.2M	$528.8M	75x	as long as short
MEXC TAO_USDT	+0.0170%	4h	317.68	−0.013%	$107.2M	$152.0M	300x	as long as short
edgeX TAOUSDC	+0.0185%	4h	317.44	−0.087%	$42K	$319K	10x	as long as short
Paradex TAO-USD-PERP	+0.0231%	8h	317.87	+0.046%	$14K	$1K	10x	as long as short
Bybit TAOUSDT	+0.0253%	4h	317.85	+0.041%	$69.6M	$156.1M	50x	as long as short
BingX TAO-USDT	+0.0256%	4h	317.66	−0.019%	—	$36.7M	—	as long as short
Bullet TAO-USD	+0.0297%	1h	317.70	−0.006%	$12K	$17K	20x	as long as short
Aster TAOUSDT	+0.0329%	4h	317.45	−0.086%	$1.3M	$11.0M	50x	as long as short
Extended TAO-USD	+0.0336%	1h	317.55	−0.055%	$904K	$2.4M	25x	as long as short
GRVT TAO_USDT_Perp	+0.0336%	4h	316.65	−0.338%	$540K	$926K	10x	as long as short
BloFin TAO-USDT	+0.0412%	4h	317.47	−0.079%	$4.7M	$11.0M	100x	as long as short
Variational Omni TAO	+0.0502%	4h	317.43	−0.091%	$5.6M	$10.2M	—	as long as short
Nado TAO-PERP	+0.0509%	1h	317.67	−0.015%	$787K	$2.0M	10x	as long as short
Pacifica TAO	+0.0525%	1h	317.42	−0.094%	$360K	$429K	10x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0525%	1h	317.76	+0.011%	$15K	$2.0M	25x	as long as short
Lighter TAO	+0.0560%	1h	317.80	+0.025%	$1.6M	$6.9M	5x	as long as short
Phoenix TAO	+0.0567%	1h	317.40	−0.101%	$316K	$709K	5x	as long as short
Hyperliquid TAO	+0.0582%	1h	317.81	+0.028%	$94.0M	$110.1M	5x	as long as short
01 Exchange TAOUSD	+0.0608%	1h	317.91	+0.060%	$3K	$4K	5x	as long as short
Phemex TAOUSDTlong	+0.0627%	4h	317.72	long leg	$3.2M	$8.2M	50x
Arcus TAO-USD	+0.0641%	1h	317.93	+0.066%	$102K	$389K	5x	as long as short
Backpack TAO_USDC_PERP	+0.0666%	1h	317.46	−0.082%	$296K	$905K	10x	as long as short
Reya TAORUSDPERP	+0.0698%	1h	317.61	−0.036%	$365	—	20x	as long as short
Coinbase International TAO-PERP-INTX	+0.0944%	1h	318.45	+0.230%	$1.5M	$6.8M	50x	as long as short
RISEx TAO/USDCshort	+0.1077%	1h	317.60	−0.038%	$438K	$677K	5x
Kraken Futures PF_TAOUSD	+0.1162%	1h	317.75	+0.008%	$5.9M	$21.7M	50x	as long as short
Injective TAO/USDC PERP	+0.4723%	1h	323.52	+1.826%	$24K	$2K	12x	as long as short