Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC−0.0134%/8h= −14.7% APRpaid last 24h −0.084%

Price spread now: edgeX against Phoenix−0.155%7-day average −0.128% · you buy dearer than you sell

Net, funding: paid 7d − costs−$74as in the Funding arb table

Net, price: spread back to 7d avg − costs−$56as in the Price arb table

costs, in and out, $10k−$530.534% of the position

Long on Phoenix Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.202%−$20 on $10k

Price spread, last 3 days (all we have)+0.163%+$16 · spread now −0.155%, 7d avg −0.128%

Together, before fees−0.040%+ Points / potential airdropedgeX: Active · farm board−$4 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and edgeX is 0.027% cheaper against Phoenix than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of −0.128%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix TAO	305.60	0.0234	pay 0.0029% / 1h	23m 35s	$324K	$462K	5x
Short	edgeX TAOUSDC	305.13	0.0100	get 0.0050% / 4h	2h 23m	$39K	$276K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX 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 edgeXbpOrdersPrice spread, now −0.155%Rate

Funding earned: −$28.19
Price spread: −0.155% → −0.128%: −$2.73
Slippage, 4 orders: −$37.35
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$84.27
Costs to cover: 0.534%
Break-even: never at this rate

Slippage from Phoenix: live order book, 62 min ago; edgeX: live order book, 64 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, 62 min ago	3.22 bp	16.5 bp −$16	28.0 bp −$280	doesn't fit	doesn't fit
Sell edgeX live order book, 64 min ago	6.41 bp	10.9 bp −$11	26.1 bp −$261	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	307.80	+0.719%	$129K	$84K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0006%	1h	307.17	+0.512%	$26K	—	150x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0007%	1h	307.32	+0.564%	$15K	$1.3M	25x	as long as short
Popdex TAOUSDT	+0.0096%	1h	308.15	+0.834%	$41K	$526K	20x	as long as short
Pacifica TAO	+0.0100%	1h	308.21	+0.854%	$364K	$401K	10x	as long as short
Binance TAOUSDT	+0.0100%	4h	308.13	+0.828%	$86.1M	$403.9M	75x	as long as short
Bybit TAOUSDT	+0.0100%	4h	308.27	+0.874%	$59.5M	$118.3M	50x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	308.20	+0.851%	$25.4M	$93.4M	50x	as long as short
Arcus TAO-USD	+0.0100%	1h	308.26	+0.870%	$137K	$598K	5x	as long as short
Bulk TAO-USD	+0.0100%	1h	307.07	+0.481%	$201K	$57K	10x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate TAO_USDT	+0.0100%	4h	308.10	+0.818%	$12.3M	$48.2M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	308.12	+0.825%	$114.5M	$123.9M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	308.11	+0.821%	$18.6M	$26.4M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	308.00	+0.785%	$34.5M	$44.5M	50x	as long as short
BingX TAO-USDT	+0.0100%	4h	308.12	+0.825%	—	$30.4M	—	as long as short
Variational Omni TAO	+0.0100%	4h	305.90	+0.098%	$3.6M	$6.5M	—	as long as short
edgeX TAOUSDCshort	+0.0100%	4h	305.13	−0.155%	$39K	$276K	10x
GRVT TAO_USDT_Perp	+0.0100%	4h	305.16	−0.145%	$535K	$967K	10x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	304.90	−0.229%	$46K	$267K	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	307.37	+0.579%	$77K	$675K	5x	as long as short
Bullet TAO-USD	+0.0100%	1h	307.22	+0.530%	$11K	$18K	20x	as long as short
Orderly PERP_TAO_USDC	+0.0100%	4h	307.22	+0.530%	$59K	$276K	10x	as long as short
SunX TAO-USDT	+0.0100%	4h	307.15	+0.507%	$1K	$1.8M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	307.30	+0.556%	$121K	$353K	20x	as long as short
Phemex TAOUSDT	+0.0100%	4h	307.29	+0.553%	$3.3M	$7.9M	50x	as long as short
Aevo TAO-PERP	+0.0104%	1h	307.72	+0.693%	$169K	$998	3x	as long as short
Katana Perps TAO-USD	+0.0112%	8h	308.21	+0.854%	$1K	$437K	5x	as long as short
Paradex TAO-USD-PERP	+0.0164%	8h	308.10	+0.819%	$14K	$1K	10x	as long as short
Aster TAOUSDT	+0.0166%	4h	307.84	+0.732%	$1.1M	$7.5M	50x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0174% / S +0.0069%	1h	307.10	+0.492%	$438K	—	100x	as long as short
Phoenix TAOlong	+0.0234%	1h	305.60	long leg	$324K	$462K	5x
Nado TAO-PERP	+0.0297%	1h	307.02	+0.465%	$840K	$1.9M	10x	as long as short
BloFin TAO-USDT	+0.0340%	4h	306.84	+0.406%	$4.3M	$9.4M	100x	as long as short
01 Exchange TAOUSD	+0.0520%	1h	308.54	+0.962%	$3K	$4K	5x	as long as short
Reya TAORUSDPERP	+0.0694%	1h	307.32	+0.563%	$353	—	20x	as long as short
Extended TAO-USD	+0.0696%	1h	308.11	+0.822%	$906K	$2.0M	25x	as long as short
Lighter TAO	+0.0920%	1h	308.52	+0.957%	$1.7M	$4.8M	5x	as long as short
Coinbase International TAO-PERP-INTX	+0.0960%	1h	308.04	+0.798%	$1.5M	$5.4M	50x	as long as short
Kraken Futures PF_TAOUSD	+0.1025%	1h	307.54	+0.633%	$6.3M	$19.3M	50x	as long as short
RISEx TAO/USDC	+0.1053%	1h	308.32	+0.889%	$415K	$537K	5x	as long as short
Backpack TAO_USDC_PERP	+0.1135%	1h	307.53	+0.632%	$444K	$715K	10x	as long as short
Hyperliquid TAO	+0.1741%	1h	308.68	+1.008%	$94.4M	$75.7M	5x	as long as short
Injective TAO/USDC PERP	+0.4876%	1h	305.96	+0.118%	$22K	$171	12x	as long as short