Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0421%/8h= −46.1% APRpaid last 24h −0.081%

Price spread now: Binance against Phoenix−0.647%55s7-day average −0.143% · you buy dearer than you sell

Net, funding: paid 7d − costs−$66as 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−$460.459% of the position

Long on Phoenix Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−0.205%−$20 on $10k

Price spread, last 3 days (all we have)+0.252%+$25 · spread now −0.647%, 7d avg −0.143%

Together, before fees+0.047%+$5 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$13 a day on $10k at the current rate, and Binance is 0.504% cheaper against Phoenix than usual: you would sell low and buy high (−$50 if the spread goes back to its 7-day average of −0.143%). Swap the legs. The two prices were read 55 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.205% in total (about -10.7% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix TAO	313.80	0.0521	pay 0.0065% / 1h	54m 39s	$328K	$521K	5x
Short	Binance TAOUSDT	311.77	0.0100	get 0.0050% / 4h	54m 39s	$88.3M	$419.8M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance 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 BinancebpOrdersPrice spread, now −0.647%Rate

Funding earned: −$88.34
Price spread: −0.647% → −0.143%: −$50.4
Slippage, 4 orders: −$28.87
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Binance: 5 bp × 2 orders: −$10
Net: −$184.61
Costs to cover: 0.459%
Break-even: never at this rate

Slippage from Phoenix: live order book, 23 min ago; Binance: live order book, 4 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, 23 min ago	3.27 bp	12.3 bp −$12	23.0 bp −$230	doesn't fit	doesn't fit
Sell Binance live order book, 4 min ago	0.16 bp	7.9 bp −$8	14.8 bp −$148	35.9 bp −$3,585	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	−0.1120%	1h	305.94	−2.505%	$164K	$52K	10x	as long as short
dYdX TAO-USD	0.0000%	1h	313.05	−0.239%	$125K	$88K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	313.95	+0.047%	$21K	—	150x	as long as short
Injective TAO/USDC PERP	+0.0033%	1h	308.73	−1.616%	$22K	$259	12x	as long as short
Popdex TAOUSDT	+0.0096%	1h	311.77	−0.647%	$40K	$555K	20x	as long as short
Pacifica TAO	+0.0100%	1h	313.43	−0.118%	$370K	$370K	10x	as long as short
Binance TAOUSDTshort	+0.0100%	4h	311.77	−0.647%	$88.3M	$419.8M	75x
Bybit TAOUSDT	+0.0100%	4h	311.73	−0.660%	$60.8M	$123.1M	50x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	311.70	−0.669%	$25.2M	$99.2M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	312.70	−0.351%	$12.5M	$48.5M	50x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC TAO_USDT	+0.0100%	4h	313.45	−0.112%	$120.0M	$125.5M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	313.82	+0.006%	$19.1M	$27.5M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	311.66	−0.682%	$34.8M	$45.9M	50x	as long as short
BingX TAO-USDT	+0.0100%	4h	312.69	−0.354%	—	$30.3M	—	as long as short
edgeX TAOUSDC	+0.0100%	4h	314.12	+0.101%	$41K	$278K	10x	as long as short
GRVT TAO_USDT_Perp	+0.0100%	4h	314.40	+0.192%	$520K	$950K	10x	as long as short
Orderly PERP_TAO_USDC	+0.0100%	4h	314.04	+0.076%	$60K	$276K	10x	as long as short
SunX TAO-USDT	+0.0100%	4h	313.93	+0.041%	$2K	$1.8M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	314.18	+0.121%	$128K	$389K	20x	as long as short
Phemex TAOUSDT	+0.0100%	4h	313.69	−0.035%	$3.3M	$7.9M	50x	as long as short
Aevo TAO-PERP	+0.0104%	1h	314.12	+0.104%	$173K	$998	3x	as long as short
Katana Perps TAO-USD	+0.0110%	8h	311.59	−0.704%	$824	$528K	5x	as long as short
Bullet TAO-USD	+0.0131%	1h	314.18	+0.121%	$12K	$17K	20x	as long as short
Variational Omni TAO	+0.0177%	4h	314.40	+0.192%	$3.9M	$6.9M	—	as long as short
Paradex TAO-USD-PERP	+0.0186%	8h	313.07	−0.232%	$14K	$1K	10x	as long as short
Arcus TAO-USD	+0.0186%	1h	312.22	−0.504%	$81K	$644K	5x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0211%	1h	314.05	+0.081%	$19K	$1.4M	25x	as long as short
Aster TAOUSDT	+0.0214%	4h	313.29	−0.163%	$1.1M	$7.8M	50x	as long as short
Polymarket Perps TAO-USD	+0.0265%	1h	314.43	+0.201%	$77K	$547K	5x	as long as short
BloFin TAO-USDT	+0.0340%	4h	314.05	+0.080%	$4.3M	$9.8M	100x	as long as short
ApeX Omni TAOUSDT	+0.0361%	1h	314.07	+0.086%	$47K	$269K	50x	as long as short
Kraken Futures PF_TAOUSD	+0.0447%	1h	314.06	+0.084%	$5.8M	$19.7M	50x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0477% / S −0.0175%	1h	313.91	+0.036%	$450K	—	100x	as long as short
Phoenix TAOlong	+0.0521%	1h	313.80	long leg	$328K	$521K	5x
Nado TAO-PERP	+0.0619%	1h	311.90	−0.606%	$835K	$2.0M	10x	as long as short
Backpack TAO_USDC_PERP	+0.0644%	1h	314.18	+0.121%	$301K	$798K	10x	as long as short
Reya TAORUSDPERP	+0.0695%	1h	314.26	+0.147%	$361	—	20x	as long as short
Extended TAO-USD	+0.0776%	1h	311.80	−0.636%	$864K	$2.1M	25x	as long as short
01 Exchange TAOUSD	+0.0936%	1h	312.29	−0.481%	$3K	$4K	5x	as long as short
Coinbase International TAO-PERP-INTX	+0.0960%	1h	314.52	+0.229%	$1.5M	$5.7M	50x	as long as short
RISEx TAO/USDC	+0.1238%	1h	311.89	−0.609%	$429K	$536K	5x	as long as short
Lighter TAO	+0.1384%	1h	313.69	−0.035%	$1.6M	$5.7M	5x	as long as short
Hyperliquid TAO	+0.2382%	1h	314.51	+0.226%	$98.4M	$82.6M	5x	as long as short