Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0437%/8h= +47.8% APRpaid last 24h −0.002%

Price spread now: Phemex against Polymarket Perps+0.050%7-day average +0.020% · you sell dearer than you buy

Net, funding: paid 7d − costs−$85as in the Funding arb table

Net, price: spread back to 7d avg − costs−$46as in the Price arb table

costs, in and out, $10k−$490.495% of the position

Long on Polymarket Perps Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.353%−$35 on $10k

Price spread, last 4 days (all we have)−0.024%−$2 · spread now +0.050%, 7d avg +0.020%

Together, before fees−0.376%−$38 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$13 a day on $10k at the current rate, and Phemex is 0.030% dearer against Polymarket Perps than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of +0.020%. Mind the row above: over the last 7 days funding on this pair cost −0.353%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Polymarket Perps TAO-USD	317.04	0.0100	pay 0.0013% / 1h	39m 54s	$88K	$1.2M	5x
Short	Phemex TAOUSDT	317.20	0.0537	get 0.0268% / 4h	39m 54s	$3.2M	$8.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Polymarket Perps. 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 Polymarket PerpsbpFee PhemexbpOrdersPrice spread, now +0.050%Rate

Funding earned: $91.7
Price spread: +0.050% → +0.020%: $3.01
Slippage, 4 orders: −$29.48
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Phemex: 6 bp × 2 orders: −$12
Net: $45.23
Costs to cover: 0.495%
Break-even: 3.5 days

Slippage from Polymarket Perps: live order book, 3 min ago; Phemex: live order book, 4 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 Polymarket Perps live order book, 3 min ago	1.73 bp	6.0 bp −$6	6.4 bp −$64	doesn't fit	doesn't fit
Sell Phemex live order book, 4 min ago	4.86 bp	19.4 bp −$19	40.0 bp −$400	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
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0005%	1h	317.22	+0.057%	$22K	—	150x	as long as short
dYdX TAO-USD	+0.0047%	1h	317.86	+0.257%	$127K	$85K	5x	as long as short
Popdex TAOUSDT	+0.0096%	1h	317.17	+0.041%	$44K	$709K	20x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	317.20	+0.050%	$26.3M	$130.2M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	317.00	−0.013%	$14.4M	$51.2M	50x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	317.32	+0.088%	$17.8M	$32.4M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	317.10	+0.019%	$35.7M	$57.9M	50x	as long as short
Polymarket Perps TAO-USDlong	+0.0100%	1h	317.04	long leg	$88K	$1.2M	5x
SunX TAO-USDT	+0.0100%	4h	317.16	+0.038%	$2K	$2.0M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	316.95	−0.028%	$116K	$604K	20x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Katana Perps TAO-USD	+0.0107%	8h	317.02	−0.006%	$2K	$1.1M	5x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0108% / S +0.0133%	1h	317.16	+0.038%	$408K	—	100x	as long as short
Aevo TAO-PERP	+0.0128%	1h	317.50	+0.145%	$174K	$998	3x	as long as short
Orderly PERP_TAO_USDC	+0.0149%	4h	317.48	+0.139%	$52K	$294K	10x	as long as short
edgeX TAOUSDC	+0.0183%	4h	318.77	+0.547%	$42K	$318K	10x	as long as short
MEXC TAO_USDT	+0.0184%	4h	317.30	+0.082%	$100.0M	$151.3M	300x	as long as short
Binance TAOUSDT	+0.0185%	4h	317.09	+0.017%	$92.0M	$529.9M	75x	as long as short
Paradex TAO-USD-PERP	+0.0248%	8h	318.17	+0.357%	$14K	$1K	10x	as long as short
Bybit TAOUSDT	+0.0287%	4h	317.40	+0.114%	$69.5M	$156.7M	50x	as long as short
BingX TAO-USDT	+0.0298%	4h	317.23	+0.060%	—	$37.0M	—	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0306%	1h	317.41	+0.118%	$15K	$2.0M	25x	as long as short
ApeX Omni TAOUSDT	+0.0309%	1h	318.62	+0.498%	$46K	$260K	50x	as long as short
Pacifica TAO	+0.0313%	1h	317.76	+0.226%	$361K	$429K	10x	as long as short
Bulk TAO-USD	+0.0314%	1h	317.73	+0.218%	$169K	$333	10x	as long as short
Bullet TAO-USD	+0.0324%	1h	317.30	+0.082%	$12K	$17K	20x	as long as short
GRVT TAO_USDT_Perp	+0.0334%	4h	318.97	+0.610%	$544K	$926K	10x	as long as short
Aster TAOUSDT	+0.0342%	4h	317.31	+0.085%	$1.3M	$11.0M	50x	as long as short
Extended TAO-USD	+0.0352%	1h	317.26	+0.068%	$903K	$2.4M	25x	as long as short
BloFin TAO-USDT	+0.0424%	4h	318.98	+0.612%	$4.7M	$10.9M	100x	as long as short
Arcus TAO-USD	+0.0473%	1h	317.49	+0.142%	$102K	$381K	5x	as long as short
Nado TAO-PERP	+0.0530%	1h	317.13	+0.028%	$786K	$2.0M	10x	as long as short
Phemex TAOUSDTshort	+0.0537%	4h	317.20	+0.050%	$3.2M	$8.2M	50x
Variational Omni TAO	+0.0537%	4h	318.96	+0.606%	$5.6M	$10.2M	—	as long as short
Lighter TAO	+0.0584%	1h	317.49	+0.141%	$1.6M	$6.9M	5x	as long as short
Phoenix TAO	+0.0629%	1h	319.50	+0.776%	$318K	$703K	5x	as long as short
Reya TAORUSDPERP	+0.0698%	1h	317.24	+0.064%	$365	—	20x	as long as short
Backpack TAO_USDC_PERP	+0.0731%	1h	317.33	+0.091%	$292K	$906K	10x	as long as short
01 Exchange TAOUSD	+0.0752%	1h	317.27	+0.073%	$3K	$4K	5x	as long as short
Hyperliquid TAO	+0.0769%	1h	317.45	+0.129%	$93.9M	$110.2M	5x	as long as short
RISEx TAO/USDC	+0.0831%	1h	317.04	−0.001%	$447K	$670K	5x	as long as short
Kraken Futures PF_TAOUSD	+0.0835%	1h	317.39	+0.110%	$5.9M	$21.7M	50x	as long as short
Coinbase International TAO-PERP-INTX	+0.0984%	1h	319.03	+0.628%	$1.5M	$6.9M	50x	as long as short
Injective TAO/USDC PERP	+0.4513%	1h	322.94	+1.861%	$23K	$2K	12x	as long as short