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: Phemex against Phoenix+0.094%7-day average −0.120% · you sell dearer than you buy

Net, funding: paid 7d − costs−$133as in the Funding arb table

Net, price: spread back to 7d avg − costs−$45as in the Price arb table

costs, in and out, $10k−$660.664% of the position

Long on Phoenix Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.664%−$66 on $10k

Price spread, last 3 days (all we have)−0.086%−$9 · spread now +0.094%, 7d avg −0.120%

Together, before fees−0.750%−$75 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phemex is 0.214% dearer against Phoenix than usual: you sell high and buy low (spread +0.094% now, against its 7-day average of −0.120%): +$21 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 5.3 days. At the pace of the last 7 days (−0.664% in total) that is about 2.3 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix TAO	307.90	0.0234	pay 0.0029% / 1h	20m 44s	$326K	$462K	5x
Short	Phemex TAOUSDT	308.19	0.0100	get 0.0050% / 4h	2h 20m	$3.3M	$7.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now +0.094%Rate

Funding earned: −$28.19
Price spread: +0.094% → −0.120%: $21.4
Slippage, 4 orders: −$47.38
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$73.17
Costs to cover: 0.664%
Break-even: never at this rate

Slippage from Phoenix: live order book, 65 min ago; Phemex: live order book, 3 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, 65 min ago	3.22 bp	16.5 bp −$16	28.0 bp −$280	doesn't fit	doesn't fit
Sell Phemex live order book, 3 min ago	3.41 bp	18.2 bp −$18	doesn't fit	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	308.50	+0.195%	$130K	$84K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0007%	1h	307.94	+0.012%	$26K	—	150x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0034%	1h	308.35	+0.146%	$16K	$1.3M	25x	as long as short
Bulk TAO-USD	+0.0052%	1h	305.44	−0.799%	$200K	$57K	10x	as long as short
Popdex TAOUSDT	+0.0096%	1h	308.37	+0.153%	$41K	$530K	20x	as long as short
Pacifica TAO	+0.0100%	1h	308.72	+0.266%	$365K	$401K	10x	as long as short
Binance TAOUSDT	+0.0100%	4h	307.57	−0.108%	$85.9M	$404.3M	75x	as long as short
Bybit TAOUSDT	+0.0100%	4h	307.57	−0.107%	$59.3M	$118.5M	50x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	307.50	−0.130%	$25.4M	$93.2M	50x	as long as short
Arcus TAO-USD	+0.0100%	1h	308.85	+0.309%	$137K	$599K	5x	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	307.60	−0.097%	$12.2M	$48.2M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	307.60	−0.097%	$115.5M	$124.4M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	307.88	−0.006%	$18.6M	$26.4M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	307.23	−0.218%	$34.4M	$44.5M	50x	as long as short
BingX TAO-USDT	+0.0100%	4h	307.62	−0.091%	—	$30.4M	—	as long as short
Variational Omni TAO	+0.0100%	4h	305.90	−0.650%	$3.6M	$6.5M	—	as long as short
edgeX TAOUSDC	+0.0100%	4h	307.92	+0.006%	$40K	$277K	10x	as long as short
GRVT TAO_USDT_Perp	+0.0100%	4h	307.12	−0.253%	$538K	$967K	10x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	307.95	+0.016%	$46K	$268K	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	308.45	+0.179%	$78K	$675K	5x	as long as short
Bullet TAO-USD	+0.0100%	1h	308.16	+0.084%	$11K	$18K	20x	as long as short
Orderly PERP_TAO_USDC	+0.0100%	4h	308.28	+0.123%	$59K	$276K	10x	as long as short
SunX TAO-USDT	+0.0100%	4h	308.23	+0.107%	$2K	$1.8M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	308.36	+0.149%	$121K	$353K	20x	as long as short
Phemex TAOUSDTshort	+0.0100%	4h	308.19	+0.094%	$3.3M	$7.9M	50x
Aevo TAO-PERP	+0.0104%	1h	308.48	+0.190%	$169K	$998	3x	as long as short
Katana Perps TAO-USD	+0.0112%	8h	308.50	+0.195%	$882	$438K	5x	as long as short
Aster TAOUSDT	+0.0162%	4h	308.08	+0.060%	$1.1M	$7.5M	50x	as long as short
Paradex TAO-USD-PERP	+0.0164%	8h	308.71	+0.262%	$14K	$1K	10x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0174% / S +0.0069%	1h	307.98	+0.025%	$440K	—	100x	as long as short
Phoenix TAOlong	+0.0234%	1h	307.90	long leg	$326K	$462K	5x
Nado TAO-PERP	+0.0290%	1h	308.33	+0.140%	$846K	$1.9M	10x	as long as short
BloFin TAO-USDT	+0.0340%	4h	308.32	+0.136%	$4.3M	$9.4M	100x	as long as short
01 Exchange TAOUSD	+0.0520%	1h	308.78	+0.286%	$3K	$4K	5x	as long as short
Reya TAORUSDPERP	+0.0694%	1h	307.72	−0.059%	$354	—	20x	as long as short
Extended TAO-USD	+0.0712%	1h	307.83	−0.024%	$906K	$2.0M	25x	as long as short
Lighter TAO	+0.0912%	1h	307.06	−0.274%	$1.6M	$4.8M	5x	as long as short
Coinbase International TAO-PERP-INTX	+0.0960%	1h	309.18	+0.416%	$1.5M	$5.4M	50x	as long as short
Kraken Futures PF_TAOUSD	+0.1022%	1h	308.52	+0.201%	$6.3M	$19.2M	50x	as long as short
RISEx TAO/USDC	+0.1053%	1h	308.67	+0.248%	$413K	$539K	5x	as long as short
Backpack TAO_USDC_PERP	+0.1081%	1h	308.30	+0.130%	$445K	$715K	10x	as long as short
Hyperliquid TAO	+0.1735%	1h	308.09	+0.062%	$94.3M	$75.7M	5x	as long as short
Injective TAO/USDC PERP	+0.4876%	1h	305.96	−0.630%	$22K	$171	12x	as long as short