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: Orderly against Phoenix−1.048%66s7-day average −0.122% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Phoenix Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days−0.261%−$26 on $10k

Price spread, last 3 days (all we have)+1.030%+$103 · spread now −1.048%, 7d avg −0.122%

Together, before fees+0.768%+$77 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 Orderly is 0.926% cheaper against Phoenix than usual: you would sell low and buy high (−$93 if the spread goes back to its 7-day average of −0.122%). Swap the legs. The two prices were read 66 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	308.30	0.0234	pay 0.0029% / 1h	28m 22s	$327K	$462K	5x
Short	Orderly PERP_TAO_USDC	305.07	0.0100	get 0.0050% / 4h	2h 28m	$58K	$276K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −1.048%Rate

Funding earned: −$28.19
Price spread: −1.048% → −0.122%: −$92.6
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$133.79
Costs to cover: 0.130%
Break-even: never at this rate

Slippage unknown: Phoenix: live order book, 57 min ago; Orderly: no order-book sample. Net counts fees only.

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, 57 min ago	3.22 bp	16.5 bp −$16	28.0 bp −$280	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	305.80	−0.812%	$128K	$84K	5x	as long as short
Deribit TAO_USDC-PERPETUAL	0.0000%	1h	305.09	−1.041%	$15K	$1.3M	25x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	304.87	−1.113%	$19K	—	150x	as long as short
Popdex TAOUSDT	+0.0096%	1h	305.15	−1.022%	$41K	$526K	20x	as long as short
Pacifica TAO	+0.0100%	1h	305.95	−0.762%	$361K	$401K	10x	as long as short
Binance TAOUSDT	+0.0100%	4h	305.07	−1.049%	$85.3M	$403.1M	75x	as long as short
Bybit TAOUSDT	+0.0100%	4h	305.36	−0.954%	$58.9M	$118.2M	50x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	305.20	−1.006%	$24.9M	$92.3M	50x	as long as short
Arcus TAO-USD	+0.0100%	1h	306.08	−0.720%	$136K	$595K	5x	as long as short
Bulk TAO-USD	+0.0100%	1h	307.07	−0.399%	$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	304.80	−1.135%	$12.2M	$48.0M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	305.01	−1.067%	$112.7M	$123.5M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	305.13	−1.028%	$18.4M	$26.4M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	304.89	−1.106%	$34.2M	$44.4M	50x	as long as short
BingX TAO-USDT	+0.0100%	4h	305.02	−1.064%	—	$30.4M	—	as long as short
Variational Omni TAO	+0.0100%	4h	307.53	−0.249%	$3.6M	$6.5M	—	as long as short
edgeX TAOUSDC	+0.0100%	4h	307.34	−0.312%	$40K	$278K	10x	as long as short
GRVT TAO_USDT_Perp	+0.0100%	4h	307.77	−0.173%	$539K	$967K	10x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	307.19	−0.360%	$46K	$267K	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	305.68	−0.850%	$86K	$668K	5x	as long as short
Bullet TAO-USD	+0.0100%	1h	305.00	−1.070%	$12K	$18K	20x	as long as short
Orderly PERP_TAO_USDCshort	+0.0100%	4h	305.07	−1.048%	$58K	$276K	10x
SunX TAO-USDT	+0.0100%	4h	304.89	−1.106%	$1K	$1.8M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	304.97	−1.080%	$120K	$352K	20x	as long as short
Phemex TAOUSDT	+0.0100%	4h	304.93	−1.093%	$3.2M	$7.9M	50x	as long as short
Aevo TAO-PERP	+0.0104%	1h	305.17	−1.015%	$168K	$998	3x	as long as short
Katana Perps TAO-USD	+0.0112%	8h	305.28	−0.980%	$3K	$434K	5x	as long as short
Aster TAOUSDT	+0.0147%	4h	305.05	−1.054%	$1.1M	$7.5M	50x	as long as short
Paradex TAO-USD-PERP	+0.0163%	8h	305.79	−0.814%	$14K	$1K	10x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0174% / S +0.0069%	1h	304.77	−1.144%	$435K	—	100x	as long as short
Phoenix TAOlong	+0.0234%	1h	308.30	long leg	$327K	$462K	5x
Nado TAO-PERP	+0.0307%	1h	305.31	−0.971%	$834K	$1.9M	10x	as long as short
BloFin TAO-USDT	+0.0340%	4h	306.14	−0.701%	$4.2M	$9.4M	100x	as long as short
01 Exchange TAOUSD	+0.0520%	1h	305.57	−0.886%	$3K	$4K	5x	as long as short
Reya TAORUSDPERP	+0.0694%	1h	305.01	−1.068%	$351	—	20x	as long as short
Extended TAO-USD	+0.0696%	1h	305.09	−1.040%	$897K	$2.0M	25x	as long as short
Lighter TAO	+0.0928%	1h	305.62	−0.869%	$1.6M	$4.8M	5x	as long as short
Coinbase International TAO-PERP-INTX	+0.0960%	1h	306.30	−0.649%	$1.5M	$5.3M	50x	as long as short
Kraken Futures PF_TAOUSD	+0.1032%	1h	305.33	−0.964%	$6.3M	$19.5M	50x	as long as short
RISEx TAO/USDC	+0.1053%	1h	305.60	−0.874%	$409K	$535K	5x	as long as short
Backpack TAO_USDC_PERP	+0.1262%	1h	305.88	−0.785%	$442K	$712K	10x	as long as short
Hyperliquid TAO	+0.1701%	1h	305.62	−0.869%	$93.4M	$75.9M	5x	as long as short
Injective TAO/USDC PERP	+0.4876%	1h	305.96	−0.759%	$22K	$171	12x	as long as short