Funding arb · Price arb /

TAO

all TAO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h +0.001%

Price spread now: Bybit against Popdex+0.796%52s7-day average +0.024% · you sell dearer than you buy

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

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$900.897% of the position

Long on Popdex Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.005%+$1 on $10k

Price spread, last 4 days (all we have)−1.006%−$101 · spread now +0.796%, 7d avg +0.024%

Together, before fees−1.001%−$100 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Bybit is 0.772% dearer against Popdex than usual: you sell high and buy low, +$77 on $10k if it goes back to its 7-day average of +0.024%. The two prices were read 52 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	Popdex TAOUSDT	305.13	0.0096	pay 0.0012% / 1h	25m 44s	$42K	$526K	20x
Short	Bybit TAOUSDT	307.56	0.0100	get 0.0050% / 4h	2h 25m	$59.4M	$118.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now +0.796%Rate

Funding earned: $0.84
Price spread: +0.796% → +0.024%: $77.23
Slippage, 4 orders: −$72.31
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$11.64
Costs to cover: 0.897%
Break-even: 104.0 days

Slippage from Popdex: live order book, 63 min ago; Bybit: 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 Popdex live order book, 63 min ago	25.63 bp	34.8 bp −$35	100.9 bp −$1,009	doesn't fit	doesn't fit
Sell Bybit live order book, 3 min ago	0.16 bp	11.7 bp −$12	24.2 bp −$242	57.7 bp −$5,766	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	307.19	+0.674%	$129K	$84K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0005%	1h	305.60	+0.154%	$22K	—	150x	as long as short
Popdex TAOUSDTlong	+0.0096%	1h	305.13	long leg	$42K	$526K	20x
Pacifica TAO	+0.0100%	1h	305.58	+0.147%	$361K	$401K	10x	as long as short
Binance TAOUSDT	+0.0100%	4h	307.40	+0.744%	$85.9M	$403.5M	75x	as long as short
Bybit TAOUSDTshort	+0.0100%	4h	307.56	+0.796%	$59.4M	$118.3M	50x
OKX TAO-USDT-SWAP	+0.0100%	8h	307.60	+0.809%	$25.3M	$93.2M	50x	as long as short
Arcus TAO-USD	+0.0100%	1h	305.69	+0.184%	$137K	$596K	5x	as long as short
Bulk TAO-USD	+0.0100%	1h	307.07	+0.636%	$201K	$57K	10x	as long as short
Gate TAO_USDT	+0.0100%	4h	306.80	+0.547%	$12.2M	$48.1M	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	306.62	+0.488%	$114.0M	$123.8M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	306.65	+0.498%	$18.5M	$26.4M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	307.28	+0.705%	$34.4M	$44.5M	50x	as long as short
BingX TAO-USDT	+0.0100%	4h	307.09	+0.642%	—	$30.4M	—	as long as short
Variational Omni TAO	+0.0100%	4h	307.53	+0.787%	$3.6M	$6.5M	—	as long as short
edgeX TAOUSDC	+0.0100%	4h	307.34	+0.724%	$40K	$278K	10x	as long as short
GRVT TAO_USDT_Perp	+0.0100%	4h	307.77	+0.864%	$539K	$967K	10x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	307.19	+0.675%	$46K	$267K	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	305.63	+0.164%	$86K	$667K	5x	as long as short
Bullet TAO-USD	+0.0100%	1h	305.77	+0.210%	$11K	$18K	20x	as long as short
Orderly PERP_TAO_USDC	+0.0100%	4h	305.81	+0.223%	$59K	$276K	10x	as long as short
SunX TAO-USDT	+0.0100%	4h	305.75	+0.203%	$1K	$1.8M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	305.72	+0.193%	$120K	$352K	20x	as long as short
Phemex TAOUSDT	+0.0100%	4h	305.94	+0.265%	$3.2M	$7.9M	50x	as long as short
Aevo TAO-PERP	+0.0104%	1h	305.77	+0.209%	$168K	$998	3x	as long as short
Katana Perps TAO-USD	+0.0112%	8h	305.35	+0.072%	$873	$434K	5x	as long as short
Aster TAOUSDT	+0.0149%	4h	306.63	+0.492%	$1.1M	$7.5M	50x	as long as short
Paradex TAO-USD-PERP	+0.0162%	8h	305.66	+0.174%	$14K	$1K	10x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0174%	1h	305.88	+0.245%	$15K	$1.3M	25x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0174% / S +0.0069%	1h	305.60	+0.155%	$436K	—	100x	as long as short
Phoenix TAO	+0.0234%	1h	305.60	+0.154%	$324K	$462K	5x	as long as short
Nado TAO-PERP	+0.0307%	1h	305.26	+0.043%	$833K	$1.9M	10x	as long as short
BloFin TAO-USDT	+0.0340%	4h	305.11	−0.007%	$4.3M	$9.4M	100x	as long as short
01 Exchange TAOUSD	+0.0512%	1h	305.41	+0.092%	$3K	$4K	5x	as long as short
Reya TAORUSDPERP	+0.0694%	1h	305.51	+0.125%	$351	—	20x	as long as short
Extended TAO-USD	+0.0696%	1h	306.70	+0.514%	$902K	$2.0M	25x	as long as short
Lighter TAO	+0.0912%	1h	307.77	+0.867%	$1.7M	$4.8M	5x	as long as short
Coinbase International TAO-PERP-INTX	+0.0960%	1h	306.79	+0.544%	$1.5M	$5.4M	50x	as long as short
Kraken Futures PF_TAOUSD	+0.1029%	1h	306.29	+0.379%	$6.3M	$19.5M	50x	as long as short
RISEx TAO/USDC	+0.1053%	1h	305.35	+0.072%	$408K	$535K	5x	as long as short
Backpack TAO_USDC_PERP	+0.1171%	1h	306.68	+0.508%	$443K	$715K	10x	as long as short
Hyperliquid TAO	+0.1726%	1h	307.99	+0.937%	$94.1M	$76.2M	5x	as long as short
Injective TAO/USDC PERP	+0.4876%	1h	305.96	+0.272%	$22K	$171	12x	as long as short