Funding arb · Price arb /

TAO

all TAO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0154%/8h= −16.9% APRpaid last 24h −0.054%

Price spread now: Aster against Phoenix−1.978%65s7-day average −0.102% · 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—prices read too far apart to compare

costs, in and out, $10k−$350.350% of the position

Long on Phoenix Short on Aster

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)−0.040%−$4 on $10k

Price spread, last 4 days (all we have)+1.342%+$134 · spread now −1.978%, 7d avg −0.102%

Together, before fees+1.302%+ Points / potential airdropAster: Stage 5 · farm board+$130 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and Aster is 1.876% cheaper against Phoenix than usual: you would sell low and buy high (−$188 if the spread goes back to its 7-day average of −0.102%). Swap the legs. The two prices were read 65 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	Phoenix TAO	324.80	0.0504	pay 0.0063% / 1h	16m 24s	$340K	$707K	5x
Short	Aster TAOUSDT	318.38	0.0350	get 0.0175% / 4h	1h 16m	$1.2M	$9.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against Phoenix. 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 PhoenixbpFee AsterbpOrdersPrice spread, now −1.978%Rate

Funding earned: −$32.35
Price spread: −1.978% → −0.102%: −$187.58
Slippage, 4 orders: −$20.03
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Aster: 4 bp × 2 orders: −$8
Net: −$254.96
Costs to cover: 0.350%
Break-even: never at this rate

Slippage from Phoenix: live order book, 46 min ago; Aster: live order book, 2 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 Phoenix live order book, 46 min ago	1.57 bp	5.1 bp −$5	16.5 bp −$165	doesn't fit	doesn't fit
Sell Aster live order book, 2 min ago	0.15 bp	6.7 bp −$7	12.7 bp −$127	113.0 bp −$11.3K	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	−0.5148%	1h	323.99	−0.249%	$172K	$1K	10x	as long as short
dYdX TAO-USD	0.0000%	1h	319.07	−1.764%	$127K	$85K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	317.02	−2.396%	$21K	—	150x	as long as short
Popdex TAOUSDT	+0.0096%	1h	318.06	−2.075%	$39K	$682K	20x	as long as short
Binance TAOUSDT	+0.0100%	4h	317.39	−2.282%	$93.1M	$485.7M	75x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	317.10	−2.371%	$26.2M	$119.4M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	317.10	−2.371%	$13.0M	$50.1M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	317.50	−2.248%	$101.1M	$143.0M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	317.63	−2.208%	$17.8M	$31.4M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	317.61	−2.214%	$35.5M	$55.4M	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	324.20	−0.184%	$36K	$303K	10x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	317.85	−2.140%	$87K	$793K	5x	as long as short
SunX TAO-USDT	+0.0100%	4h	323.35	−0.446%	$1K	$1.9M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	322.68	−0.653%	$131K	$483K	20x	as long as short
Phemex TAOUSDT	+0.0100%	4h	323.32	−0.456%	$3.5M	$7.9M	50x	as long as short
Aevo TAO-PERP	+0.0104%	1h	317.37	−2.286%	$174K	$998	3x	as long as short
Katana Perps TAO-USD	+0.0116%	8h	319.45	−1.647%	$2K	$776K	5x	as long as short
Orderly PERP_TAO_USDC	+0.0123%	4h	317.12	−2.365%	$57K	$282K	10x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0158% / S +0.0128%	1h	317.16	−2.352%	$440K	—	100x	as long as short
GRVT TAO_USDT_Perp	+0.0232%	4h	324.16	−0.196%	$538K	$965K	10x	as long as short
Kraken Futures PF_TAOUSD	+0.0243%	1h	322.85	−0.599%	$5.7M	$20.7M	50x	as long as short
Bullet TAO-USD	+0.0246%	1h	317.47	−2.257%	$13K	$18K	20x	as long as short
Paradex TAO-USD-PERP	+0.0275%	8h	318.73	−1.868%	$14K	$1K	10x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0332%	1h	322.78	−0.622%	$19K	$1.6M	25x	as long as short
BloFin TAO-USDT	+0.0340%	4h	323.03	−0.545%	$3.8M	$11.5M	100x	as long as short
Aster TAOUSDTshort	+0.0350%	4h	318.38	−1.978%	$1.2M	$9.9M	50x
Pacifica TAO	+0.0448%	1h	319.42	−1.657%	$378K	$405K	10x	as long as short
BingX TAO-USDT	+0.0466%	4h	317.32	−2.303%	—	$30.3M	—	as long as short
Bybit TAOUSDT	+0.0488%	4h	317.17	−2.349%	$69.7M	$145.3M	50x	as long as short
Phoenix TAOlong	+0.0504%	1h	324.80	long leg	$340K	$707K	5x
Arcus TAO-USD	+0.0509%	1h	318.72	−1.872%	$100K	$488K	5x	as long as short
ApeX Omni TAOUSDT	+0.0557%	1h	324.92	+0.037%	$48K	$253K	50x	as long as short
Nado TAO-PERP	+0.0618%	1h	317.89	−2.128%	$760K	$2.1M	10x	as long as short
Reya TAORUSDPERP	+0.0696%	1h	317.81	−2.152%	$365	—	20x	as long as short
01 Exchange TAOUSD	+0.0768%	1h	317.64	−2.204%	$3K	$4K	5x	as long as short
Extended TAO-USD	+0.0808%	1h	317.50	−2.246%	$934K	$2.4M	25x	as long as short
Variational Omni TAO	+0.0824%	4h	324.49	−0.094%	$6.0M	$9.8M	—	as long as short
Lighter TAO	+0.0872%	1h	319.87	−1.518%	$1.6M	$6.4M	5x	as long as short
Coinbase International TAO-PERP-INTX	+0.1024%	1h	323.83	−0.299%	$1.5M	$6.8M	50x	as long as short
Backpack TAO_USDC_PERP	+0.1028%	1h	322.13	−0.822%	$329K	$913K	10x	as long as short
RISEx TAO/USDC	+0.1159%	1h	317.75	−2.170%	$458K	$651K	5x	as long as short
Hyperliquid TAO	+0.1176%	1h	317.87	−2.134%	$98.0M	$103.3M	5x	as long as short
Injective TAO/USDC PERP	+0.4172%	1h	326.77	+0.607%	$24K	$2K	12x	as long as short