Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0532%/8h= +58.3% APRpaid last 24h +0.001%

Price spread now: BingX against Popdex−0.063%7-day average −0.003% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

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

costs, in and out, $10k−$400.398% of the position

Long on Popdex Short on BingX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.007%+$1 on $10k

Price spread, last 4 days (all we have)+0.069%+$7 · spread now −0.063%, 7d avg −0.003%

Together, before fees+0.075%+$8 on $10k · with fees, hour by hour

Funding pays, the price is against you. BingX is 0.060% cheaper against Popdex than usual: you would sell low and buy high (spread −0.063% now, against its 7-day average of −0.003%). If the spread goes back, that is −$6 on $10k: about 9 hours of funding at the current rate (+$16 a day). At the pace of the last 3 days (+0.007% in total) that is about 32 days.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid 0.007% in total (about 0.7% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Popdex TAOUSDT	316.37	0.0096	pay 0.0012% / 1h	8m 51s	$42K	$598K	20x
Short	BingX TAO-USDT	316.17	0.0628	get 0.0314% / 4h	3h 08m	—	$30.7M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Popdex. 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 PopdexbpFee BingXbpOrdersPrice spread, now −0.063%Rate

Funding earned: $111.72
Price spread: −0.063% → −0.003%: −$6.04
Slippage, 4 orders: −$23.44
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Fee BingX: 5 bp × 2 orders: −$10
Net: $65.84
Costs to cover: 0.398%
Break-even: 2.9 days

Slippage from Popdex: live order book, 65 min ago; BingX: live order book, 15 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 Popdex live order book, 65 min ago	1.12 bp	11.8 bp −$12	103.9 bp −$1,039	doesn't fit	doesn't fit
Sell BingX live order book, 15 min ago	1.25 bp	9.6 bp −$10	15.9 bp −$159	34.0 bp −$3,404	77.7 bp −$38.9K

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	−0.1821%	1h	318.67	+0.727%	$169K	$40K	10x	as long as short
dYdX TAO-USD	0.0000%	1h	315.65	−0.228%	$126K	$88K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	315.83	−0.171%	$21K	—	150x	as long as short
Popdex TAOUSDTlong	+0.0096%	1h	316.37	long leg	$42K	$598K	20x
Binance TAOUSDT	+0.0100%	4h	316.09	−0.090%	$90.6M	$450.2M	75x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	316.10	−0.085%	$25.7M	$108.9M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	315.90	−0.149%	$12.8M	$51.2M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	316.21	−0.051%	$99.0M	$136.5M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	315.72	−0.205%	$17.9M	$29.3M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	315.92	−0.142%	$35.2M	$51.4M	50x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
edgeX TAOUSDC	+0.0100%	4h	316.43	+0.017%	$40K	$293K	10x	as long as short
GRVT TAO_USDT_Perp	+0.0100%	4h	316.09	−0.088%	$524K	$958K	10x	as long as short
Orderly PERP_TAO_USDC	+0.0100%	4h	315.92	−0.142%	$57K	$316K	10x	as long as short
SunX TAO-USDT	+0.0100%	4h	315.66	−0.224%	$2K	$1.9M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	316.28	−0.028%	$126K	$422K	20x	as long as short
Bullet TAO-USD	+0.0102%	1h	316.22	−0.046%	$12K	$17K	20x	as long as short
Aevo TAO-PERP	+0.0104%	1h	316.17	−0.063%	$174K	$998	3x	as long as short
Katana Perps TAO-USD	+0.0119%	8h	316.36	−0.003%	$1K	$643K	5x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0172% / S +0.0101%	1h	315.81	−0.176%	$448K	—	100x	as long as short
Pacifica TAO	+0.0185%	1h	315.97	−0.128%	$374K	$376K	10x	as long as short
ApeX Omni TAOUSDT	+0.0185%	1h	316.14	−0.073%	$48K	$267K	50x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0194%	1h	315.79	−0.183%	$17K	$1.5M	25x	as long as short
Arcus TAO-USD	+0.0201%	1h	316.52	+0.047%	$84K	$550K	5x	as long as short
Aster TAOUSDT	+0.0204%	4h	315.85	−0.165%	$1.2M	$8.8M	50x	as long as short
Paradex TAO-USD-PERP	+0.0235%	8h	315.99	−0.120%	$14K	$1K	10x	as long as short
Polymarket Perps TAO-USD	+0.0272%	1h	316.47	+0.032%	$93K	$633K	5x	as long as short
BloFin TAO-USDT	+0.0340%	4h	316.05	−0.101%	$4.4M	$10.7M	100x	as long as short
Phemex TAOUSDT	+0.0347%	4h	316.22	−0.047%	$3.4M	$7.8M	50x	as long as short
Kraken Futures PF_TAOUSD	+0.0486%	1h	315.69	−0.216%	$5.7M	$20.3M	50x	as long as short
Phoenix TAO	+0.0525%	1h	316.60	+0.073%	$331K	$624K	5x	as long as short
Variational Omni TAO	+0.0546%	4h	316.94	+0.181%	$5.5M	$8.7M	—	as long as short
01 Exchange TAOUSD	+0.0560%	1h	316.46	+0.028%	$3K	$4K	5x	as long as short
Injective TAO/USDC PERP	+0.0571%	1h	317.77	+0.443%	$23K	$802	12x	as long as short
BingX TAO-USDTshort	+0.0628%	4h	316.17	−0.063%	—	$30.7M	—
Reya TAORUSDPERP	+0.0696%	1h	316.16	−0.067%	$364	—	20x	as long as short
Bybit TAOUSDT	+0.0738%	4h	316.41	+0.013%	$65.1M	$133.4M	50x	as long as short
Nado TAO-PERP	+0.0759%	1h	316.33	−0.012%	$876K	$2.0M	10x	as long as short
Backpack TAO_USDC_PERP	+0.0804%	1h	315.97	−0.126%	$319K	$816K	10x	as long as short
Coinbase International TAO-PERP-INTX	+0.0984%	1h	317.15	+0.247%	$1.5M	$6.4M	50x	as long as short
Extended TAO-USD	+0.1120%	1h	316.12	−0.079%	$886K	$2.3M	25x	as long as short
RISEx TAO/USDC	+0.1141%	1h	316.40	+0.011%	$420K	$593K	5x	as long as short
Lighter TAO	+0.1424%	1h	316.37	0.000%	$1.7M	$6.1M	5x	as long as short
Hyperliquid TAO	+0.1812%	1h	316.14	−0.073%	$101.2M	$91.5M	5x	as long as short