Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0382%/8h= −41.8% APRpaid last 24h −0.178%

Price spread now: Phemex against Reya+0.076%7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Reya Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropReya: Active · farm boardneeds both histories

The price spread pays, funding is against you. Phemex is 0.076% dearer against Reya than usual: you sell high and buy low (spread +0.076% now, against zero (this spread has no 7-day history yet)): +$8 on $10k if it goes back. Holding the pair costs −$11 a day in funding at the current rate, which eats that in about 16 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Reya TAORUSDPERP	310.71	0.0697	pay 0.0087% / 1h	25m 40s	$357	—	20x
Short	Phemex TAOUSDT	310.95	0.0315	get 0.0158% / 4h	3h 25m	$3.2M	$8.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Reya. 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 ReyabpFee PhemexbpOrdersPrice spread, now +0.076%Rate

Funding earned: −$80.12
Price spread: +0.076% → 0.000%: $7.59
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$90.53
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: Reya: no order-book sample; Phemex: live order book, 3 min ago. Net counts fees only.

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 Reya no order-book sample	—	—	—	—	—
Sell Phemex live order book, 3 min ago	2.88 bp	21.9 bp −$22	35.0 bp −$350	doesn't fit	doesn't fit

Reya: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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
Kraken Futures PF_TAOUSD	−0.0349%	1h	310.92	+0.066%	$5.5M	$20.6M	50x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	310.78	+0.021%	$20K	—	150x	as long as short
dYdX TAO-USD	+0.0014%	1h	310.67	−0.016%	$124K	$85K	5x	as long as short
Popdex TAOUSDT	+0.0096%	1h	311.02	+0.098%	$46K	$656K	20x	as long as short
Katana Perps TAO-USD	+0.0099%	8h	310.94	+0.073%	$636	$842K	5x	as long as short
Pacifica TAO	+0.0100%	1h	311.15	+0.141%	$354K	$414K	10x	as long as short
Binance TAOUSDT	+0.0100%	4h	311.07	+0.116%	$89.1M	$500.6M	75x	as long as short
Bybit TAOUSDT	+0.0100%	4h	311.19	+0.153%	$67.0M	$150.2M	50x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	311.20	+0.156%	$25.9M	$120.4M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	310.80	+0.028%	$13.2M	$50.1M	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	311.08	+0.118%	$101.9M	$145.0M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	311.04	+0.105%	$17.7M	$31.3M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	310.72	+0.002%	$34.7M	$56.4M	50x	as long as short
BingX TAO-USDT	+0.0100%	4h	311.11	+0.127%	—	$33.4M	—	as long as short
edgeX TAOUSDC	+0.0100%	4h	312.06	+0.432%	$41K	$312K	10x	as long as short
GRVT TAO_USDT_Perp	+0.0100%	4h	311.97	+0.403%	$530K	$956K	10x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	312.03	+0.424%	$46K	$254K	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	310.66	−0.017%	$78K	$899K	5x	as long as short
Bullet TAO-USD	+0.0100%	1h	311.07	+0.115%	$11K	$18K	20x	as long as short
SunX TAO-USDT	+0.0100%	4h	310.80	+0.028%	$1K	$1.9M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	310.53	−0.059%	$110K	$541K	20x	as long as short
Aevo TAO-PERP	+0.0104%	1h	311.00	+0.091%	$171K	$998	3x	as long as short
Aster TAOUSDT	+0.0110%	4h	310.98	+0.086%	$1.3M	$10.5M	50x	as long as short
Orderly PERP_TAO_USDC	+0.0117%	4h	310.92	+0.066%	$51K	$291K	10x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0138% / S +0.0134%	1h	310.81	+0.032%	$412K	—	100x	as long as short
Paradex TAO-USD-PERP	+0.0139%	8h	311.06	+0.110%	$14K	$1K	10x	as long as short
Arcus TAO-USD	+0.0231%	1h	311.32	+0.195%	$101K	$397K	5x	as long as short
Bulk TAO-USD	+0.0264%	1h	312.41	+0.546%	$166K	$333	10x	as long as short
Variational Omni TAO	+0.0294%	4h	311.14	+0.136%	$5.5M	$10.1M	—	as long as short
Extended TAO-USD	+0.0296%	1h	310.96	+0.079%	$909K	$2.4M	25x	as long as short
Phemex TAOUSDTshort	+0.0315%	4h	310.95	+0.076%	$3.2M	$8.0M	50x
BloFin TAO-USDT	+0.0340%	4h	310.89	+0.057%	$4.5M	$10.7M	100x	as long as short
Nado TAO-PERP	+0.0358%	1h	310.68	−0.010%	$782K	$2.2M	10x	as long as short
Phoenix TAO	+0.0457%	1h	312.60	+0.607%	$311K	$711K	5x	as long as short
Hyperliquid TAO	+0.0459%	1h	311.24	+0.169%	$91.5M	$107.7M	5x	as long as short
01 Exchange TAOUSD	+0.0480%	1h	311.19	+0.153%	$3K	$4K	5x	as long as short
Backpack TAO_USDC_PERP	+0.0490%	1h	311.14	+0.137%	$309K	$885K	10x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0496%	1h	310.99	+0.088%	$16K	$1.8M	25x	as long as short
Lighter TAO	+0.0568%	1h	311.34	+0.202%	$1.5M	$6.5M	5x	as long as short
Reya TAORUSDPERPlong	+0.0697%	1h	310.71	long leg	$357	—	20x
RISEx TAO/USDC	+0.0816%	1h	311.08	+0.119%	$442K	$657K	5x	as long as short
Coinbase International TAO-PERP-INTX	+0.0952%	1h	311.86	+0.369%	$1.5M	$6.8M	50x	as long as short
Injective TAO/USDC PERP	+0.4092%	1h	315.24	+1.457%	$23K	$2K	12x	as long as short