Funding arb · Price arb /

TAO

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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: Phemex against Popdex−0.451%7-day average +0.009% · 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−$93as in the Price arb table

costs, in and out, $10k−$470.474% of the position

Long on Popdex Short on Phemex

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 3 days (all we have)+0.539%+$54 · spread now −0.451%, 7d avg +0.009%

Together, before fees+0.544%+$54 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: Phemex is 0.460% cheaper against Popdex than usual: you would sell low and buy high, −$46 on $10k if it goes back to its 7-day average of +0.009%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Popdex TAOUSDT	310.34	0.0096	pay 0.0012% / 1h	8m 30s	$43K	$530K	20x
Short	Phemex TAOUSDT	308.94	0.0100	get 0.0050% / 4h	2h 08m	$3.3M	$7.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now −0.451%Rate

Funding earned: $0.84
Price spread: −0.451% → +0.009%: −$46
Slippage, 4 orders: −$29.02
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$92.57
Costs to cover: 0.474%
Break-even: 778.5 days

Slippage from Popdex: live order book, 15 min ago; Phemex: live order book, 5 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, 15 min ago	1.78 bp	11.2 bp −$11	91.6 bp −$916	doesn't fit	doesn't fit
Sell Phemex live order book, 5 min ago	1.62 bp	14.3 bp −$14	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
Bulk TAO-USD	−0.0601%	1h	309.73	−0.197%	$203K	$57K	10x	as long as short
dYdX TAO-USD	0.0000%	1h	310.21	−0.042%	$130K	$84K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0007%	1h	310.56	+0.073%	$27K	—	150x	as long as short
Popdex TAOUSDTlong	+0.0096%	1h	310.34	long leg	$43K	$530K	20x
Pacifica TAO	+0.0100%	1h	310.40	+0.019%	$366K	$368K	10x	as long as short
Binance TAOUSDT	+0.0100%	4h	310.79	+0.144%	$87.1M	$405.5M	75x	as long as short
Bybit TAOUSDT	+0.0100%	4h	310.84	+0.161%	$60.5M	$119.4M	50x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	310.80	+0.148%	$25.6M	$94.5M	50x	as long as short
Arcus TAO-USD	+0.0100%	1h	310.45	+0.035%	$139K	$604K	5x	as long as short
Gate TAO_USDT	+0.0100%	4h	310.70	+0.116%	$12.4M	$48.7M	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	310.76	+0.135%	$119.7M	$126.2M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	310.83	+0.158%	$18.9M	$26.5M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	310.46	+0.039%	$34.8M	$44.6M	50x	as long as short
BingX TAO-USDT	+0.0100%	4h	310.77	+0.139%	—	$30.4M	—	as long as short
Variational Omni TAO	+0.0100%	4h	307.99	−0.758%	$3.7M	$6.6M	—	as long as short
edgeX TAOUSDC	+0.0100%	4h	308.08	−0.729%	$40K	$276K	10x	as long as short
GRVT TAO_USDT_Perp	+0.0100%	4h	308.51	−0.590%	$549K	$965K	10x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	307.80	−0.818%	$46K	$268K	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	310.62	+0.090%	$78K	$675K	5x	as long as short
Bullet TAO-USD	+0.0100%	1h	310.77	+0.139%	$11K	$18K	20x	as long as short
Orderly PERP_TAO_USDC	+0.0100%	4h	310.65	+0.100%	$60K	$276K	10x	as long as short
SunX TAO-USDT	+0.0100%	4h	308.12	−0.715%	$2K	$1.8M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	308.44	−0.612%	$122K	$353K	20x	as long as short
Phemex TAOUSDTshort	+0.0100%	4h	308.94	−0.451%	$3.3M	$7.9M	50x
Aevo TAO-PERP	+0.0104%	1h	308.60	−0.560%	$169K	$998	3x	as long as short
Katana Perps TAO-USD	+0.0111%	8h	310.54	+0.064%	$1K	$451K	5x	as long as short
Aster TAOUSDT	+0.0152%	4h	310.41	+0.021%	$1.1M	$7.6M	50x	as long as short
Paradex TAO-USD-PERP	+0.0161%	8h	310.30	−0.014%	$14K	$1K	10x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0174% / S +0.0069%	1h	310.53	+0.060%	$443K	—	100x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0231%	1h	308.93	−0.454%	$14K	$1.3M	25x	as long as short
Phoenix TAO	+0.0234%	1h	308.80	−0.496%	$327K	$462K	5x	as long as short
Nado TAO-PERP	+0.0288%	1h	310.65	+0.099%	$858K	$1.9M	10x	as long as short
BloFin TAO-USDT	+0.0340%	4h	308.69	−0.532%	$4.3M	$9.5M	100x	as long as short
01 Exchange TAOUSD	+0.0536%	1h	310.85	+0.164%	$3K	$4K	5x	as long as short
Reya TAORUSDPERP	+0.0694%	1h	310.75	+0.132%	$357	—	20x	as long as short
Extended TAO-USD	+0.0744%	1h	310.25	−0.028%	$912K	$2.0M	25x	as long as short
Backpack TAO_USDC_PERP	+0.0925%	1h	309.32	−0.329%	$385K	$754K	10x	as long as short
Lighter TAO	+0.0944%	1h	310.44	+0.031%	$1.7M	$4.8M	5x	as long as short
Coinbase International TAO-PERP-INTX	+0.0960%	1h	310.12	−0.071%	$1.5M	$5.4M	50x	as long as short
Kraken Futures PF_TAOUSD	+0.1019%	1h	309.22	−0.361%	$6.4M	$19.1M	50x	as long as short
RISEx TAO/USDC	+0.1053%	1h	310.46	+0.040%	$415K	$542K	5x	as long as short
Hyperliquid TAO	+0.1844%	1h	311.26	+0.296%	$97.5M	$77.6M	5x	as long as short
Injective TAO/USDC PERP	+0.4876%	1h	308.73	−0.519%	$22K	$271	12x	as long as short