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: KuCoin against Phoenix+0.366%93s7-day average −0.136% · you sell dearer than you buy

Net, funding: paid 7d − costs−$95as 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−$780.781% of the position

Long on Phoenix Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.167%−$17 on $10k

Price spread, last 3 days (all we have)−0.886%−$89 · spread now +0.366%, 7d avg −0.136%

Together, before fees−1.054%−$105 on $10k · with fees, hour by hour

The price spread pays, funding is against you. KuCoin is 0.502% dearer against Phoenix than usual: you sell high and buy low (spread +0.366% now, against its 7-day average of −0.136%): +$50 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 12 days. The two prices were read 93 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	308.80	0.0234	pay 0.0029% / 1h	7m 48s	$327K	$462K	5x
Short	KuCoin TAOUSDTM	309.93	0.0100	get 0.0050% / 4h	2h 07m	$18.9M	$26.5M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now +0.366%Rate

Funding earned: −$28.19
Price spread: +0.366% → −0.136%: $50.24
Slippage, 4 orders: −$59.12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$56.07
Costs to cover: 0.781%
Break-even: never at this rate

Slippage from Phoenix: live order book, 14 min ago; KuCoin: live order book, 11 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, 14 min ago	3.24 bp	12.2 bp −$12	21.1 bp −$211	doesn't fit	doesn't fit
Sell KuCoin live order book, 11 min ago	1.78 bp	20.7 bp −$21	43.0 bp −$430	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	−0.0601%	1h	309.73	+0.301%	$203K	$57K	10x	as long as short
dYdX TAO-USD	0.0000%	1h	310.21	+0.457%	$130K	$84K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0007%	1h	310.56	+0.572%	$27K	—	150x	as long as short
Popdex TAOUSDT	+0.0096%	1h	310.34	+0.499%	$43K	$530K	20x	as long as short
Pacifica TAO	+0.0100%	1h	310.40	+0.518%	$366K	$368K	10x	as long as short
Binance TAOUSDT	+0.0100%	4h	309.99	+0.385%	$86.9M	$405.6M	75x	as long as short
Bybit TAOUSDT	+0.0100%	4h	310.07	+0.411%	$60.2M	$119.4M	50x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	310.00	+0.389%	$25.6M	$94.3M	50x	as long as short
Arcus TAO-USD	+0.0100%	1h	310.45	+0.534%	$139K	$604K	5x	as long as short
Gate TAO_USDT	+0.0100%	4h	310.00	+0.389%	$12.3M	$48.7M	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	310.07	+0.411%	$119.8M	$126.4M	300x	as long as short
KuCoin TAOUSDTMshort	+0.0100%	4h	309.93	+0.366%	$18.9M	$26.5M	75x
Bitget TAOUSDT	+0.0100%	4h	309.74	+0.304%	$34.6M	$44.6M	50x	as long as short
BingX TAO-USDT	+0.0100%	4h	310.02	+0.395%	—	$30.4M	—	as long as short
Variational Omni TAO	+0.0100%	4h	307.99	−0.263%	$3.7M	$6.6M	—	as long as short
edgeX TAOUSDC	+0.0100%	4h	308.08	−0.234%	$40K	$276K	10x	as long as short
GRVT TAO_USDT_Perp	+0.0100%	4h	308.51	−0.094%	$549K	$965K	10x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	307.80	−0.324%	$46K	$268K	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	310.62	+0.589%	$78K	$675K	5x	as long as short
Bullet TAO-USD	+0.0100%	1h	310.77	+0.638%	$11K	$18K	20x	as long as short
Orderly PERP_TAO_USDC	+0.0100%	4h	310.65	+0.599%	$60K	$276K	10x	as long as short
SunX TAO-USDT	+0.0100%	4h	310.48	+0.544%	$2K	$1.8M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	310.36	+0.505%	$122K	$353K	20x	as long as short
Phemex TAOUSDT	+0.0100%	4h	310.10	+0.421%	$3.3M	$7.9M	50x	as long as short
Aevo TAO-PERP	+0.0104%	1h	310.74	+0.628%	$171K	$998	3x	as long as short
Katana Perps TAO-USD	+0.0111%	8h	310.54	+0.563%	$1K	$451K	5x	as long as short
Aster TAOUSDT	+0.0152%	4h	310.05	+0.405%	$1.1M	$7.6M	50x	as long as short
Paradex TAO-USD-PERP	+0.0161%	8h	310.30	+0.485%	$14K	$1K	10x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0174% / S +0.0069%	1h	310.53	+0.559%	$443K	—	100x	as long as short
Phoenix TAOlong	+0.0234%	1h	308.80	long leg	$327K	$462K	5x
Deribit TAO_USDC-PERPETUAL	+0.0287%	1h	310.53	+0.559%	$12K	$1.3M	25x	as long as short
Nado TAO-PERP	+0.0288%	1h	310.65	+0.598%	$858K	$1.9M	10x	as long as short
BloFin TAO-USDT	+0.0340%	4h	308.69	−0.036%	$4.3M	$9.5M	100x	as long as short
01 Exchange TAOUSD	+0.0536%	1h	310.85	+0.664%	$3K	$4K	5x	as long as short
Reya TAORUSDPERP	+0.0694%	1h	310.75	+0.632%	$357	—	20x	as long as short
Extended TAO-USD	+0.0752%	1h	309.97	+0.379%	$912K	$2.0M	25x	as long as short
Backpack TAO_USDC_PERP	+0.0923%	1h	310.31	+0.489%	$386K	$754K	10x	as long as short
Coinbase International TAO-PERP-INTX	+0.0960%	1h	311.63	+0.916%	$1.5M	$5.5M	50x	as long as short
Lighter TAO	+0.0968%	1h	310.95	+0.697%	$1.7M	$4.8M	5x	as long as short
Kraken Futures PF_TAOUSD	+0.1014%	1h	310.73	+0.625%	$6.4M	$19.1M	50x	as long as short
RISEx TAO/USDC	+0.1053%	1h	310.46	+0.539%	$415K	$542K	5x	as long as short
Hyperliquid TAO	+0.1846%	1h	310.79	+0.644%	$97.4M	$77.6M	5x	as long as short
Injective TAO/USDC PERP	+0.4876%	1h	308.73	−0.023%	$22K	$271	12x	as long as short