Funding arb · Price arb /

TAO

all TAO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0197%/8h= −21.6% APRpaid last 24h −0.010%

Price spread now: BloFin against Phoenix+0.438%7-day average −0.106% · you sell dearer than you buy

Net, funding: paid 7d − costs−$26as in the Funding arb table

Net, price: spread back to 7d avg − costs+$4as in the Price arb table

costs, in and out, $10k−$500.504% of the position

Long on Phoenix Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.247%+$25 on $10k

Price spread, last 3 days (all we have)−0.414%−$41 · spread now +0.438%, 7d avg −0.106%

Together, before fees−0.167%−$17 on $10k · with fees, hour by hour

The price spread pays, funding is against you. BloFin is 0.544% dearer against Phoenix than usual: you sell high and buy low (spread +0.438% now, against its 7-day average of −0.106%): +$54 on $10k if it goes back. Holding the pair costs −$6 a day in funding at the current rate, which eats that in about 9.2 days. Mind the row above: over the last 7 days funding on this pair paid +0.247%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix TAO	312.70	0.0537	pay 0.0067% / 1h	47m 52s	$334K	$521K	5x
Short	BloFin TAO-USDT	314.07	0.0340	get 0.0170% / 4h	47m 52s	$4.3M	$9.8M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now +0.438%Rate

Funding earned: −$41.42
Price spread: +0.438% → −0.106%: $54.41
Slippage, 4 orders: −$31.45
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$37.46
Costs to cover: 0.504%
Break-even: from the start

Slippage from Phoenix: live order book, 30 min ago; BloFin: live order book, 6 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, 30 min ago	3.27 bp	12.3 bp −$12	23.0 bp −$230	doesn't fit	doesn't fit
Sell BloFin live order book, 6 min ago	0.96 bp	8.7 bp −$9	22.7 bp −$227	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	−0.4722%	1h	314.01	+0.420%	$168K	$48K	10x	as long as short
dYdX TAO-USD	0.0000%	1h	313.68	+0.313%	$125K	$88K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	313.44	+0.238%	$21K	—	150x	as long as short
Injective TAO/USDC PERP	+0.0033%	1h	314.39	+0.540%	$23K	$260	12x	as long as short
Popdex TAOUSDT	+0.0096%	1h	313.67	+0.310%	$40K	$549K	20x	as long as short
Pacifica TAO	+0.0100%	1h	313.65	+0.304%	$371K	$372K	10x	as long as short
Binance TAOUSDT	+0.0100%	4h	313.61	+0.291%	$88.8M	$421.7M	75x	as long as short
Bybit TAOUSDT	+0.0100%	4h	313.98	+0.409%	$61.4M	$123.3M	50x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	313.90	+0.384%	$25.1M	$100.1M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	313.30	+0.192%	$12.5M	$48.9M	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	313.63	+0.297%	$121.0M	$126.3M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	313.60	+0.288%	$19.1M	$27.6M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	314.26	+0.499%	$35.1M	$46.2M	50x	as long as short
BingX TAO-USDT	+0.0100%	4h	313.55	+0.272%	—	$30.2M	—	as long as short
edgeX TAOUSDC	+0.0100%	4h	313.44	+0.236%	$41K	$280K	10x	as long as short
GRVT TAO_USDT_Perp	+0.0100%	4h	314.12	+0.453%	$519K	$950K	10x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	313.37	+0.214%	$47K	$269K	50x	as long as short
Orderly PERP_TAO_USDC	+0.0100%	4h	313.53	+0.265%	$60K	$276K	10x	as long as short
SunX TAO-USDT	+0.0100%	4h	313.43	+0.233%	$1K	$1.8M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	313.28	+0.185%	$128K	$394K	20x	as long as short
Phemex TAOUSDT	+0.0100%	4h	313.25	+0.176%	$3.3M	$7.9M	50x	as long as short
Aevo TAO-PERP	+0.0104%	1h	313.76	+0.337%	$172K	$998	3x	as long as short
Katana Perps TAO-USD	+0.0110%	8h	313.66	+0.307%	$2K	$538K	5x	as long as short
Polymarket Perps TAO-USD	+0.0117%	1h	313.81	+0.355%	$77K	$522K	5x	as long as short
Bullet TAO-USD	+0.0141%	1h	313.71	+0.323%	$11K	$17K	20x	as long as short
Variational Omni TAO	+0.0173%	4h	313.59	+0.283%	$3.8M	$6.9M	—	as long as short
Paradex TAO-USD-PERP	+0.0186%	8h	313.51	+0.258%	$14K	$1K	10x	as long as short
Arcus TAO-USD	+0.0186%	1h	313.92	+0.390%	$83K	$626K	5x	as long as short
Aster TAOUSDT	+0.0212%	4h	313.66	+0.307%	$1.1M	$7.8M	50x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0327%	1h	313.60	+0.286%	$19K	$1.4M	25x	as long as short
BloFin TAO-USDTshort	+0.0340%	4h	314.07	+0.438%	$4.3M	$9.8M	100x
Kraken Futures PF_TAOUSD	+0.0448%	1h	313.59	+0.285%	$5.8M	$19.8M	50x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0476% / S −0.0175%	1h	313.41	+0.226%	$449K	—	100x	as long as short
Nado TAO-PERP	+0.0502%	1h	313.65	+0.305%	$843K	$2.0M	10x	as long as short
Phoenix TAOlong	+0.0537%	1h	312.70	long leg	$334K	$521K	5x
Backpack TAO_USDC_PERP	+0.0576%	1h	313.55	+0.272%	$300K	$798K	10x	as long as short
Reya TAORUSDPERP	+0.0695%	1h	313.66	+0.307%	$361	—	20x	as long as short
01 Exchange TAOUSD	+0.0832%	1h	313.91	+0.387%	$3K	$4K	5x	as long as short
Extended TAO-USD	+0.0840%	1h	313.39	+0.219%	$864K	$2.1M	25x	as long as short
Coinbase International TAO-PERP-INTX	+0.0960%	1h	314.20	+0.480%	$1.5M	$5.7M	50x	as long as short
RISEx TAO/USDC	+0.1238%	1h	313.68	+0.314%	$432K	$536K	5x	as long as short
Lighter TAO	+0.1544%	1h	314.00	+0.417%	$1.6M	$5.8M	5x	as long as short
Hyperliquid TAO	+0.2174%	1h	314.79	+0.668%	$98.5M	$82.8M	5x	as long as short