Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0716%/8h= −78.4% APRpaid last 24h −0.161%

Price spread now: Bybit against RISEx−0.084%7-day average +0.007% · 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−$39as in the Price arb table

costs, in and out, $10k−$300.296% of the position

Long on RISEx Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.473%−$47 on $10k

Price spread, last 4 days (all we have)−0.190%−$19 · spread now −0.084%, 7d avg +0.007%

Together, before fees−0.663%−$66 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$21 a day on $10k at the current rate, and Bybit is 0.091% cheaper against RISEx than usual: you would sell low and buy high (−$9 if the spread goes back to its 7-day average of +0.007%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	RISEx TAO/USDC	314.27	0.0816	pay 0.0102% / 1h	52m 01s	$435K	$653K	5x
Short	Bybit TAOUSDT	314.01	0.0100	get 0.0050% / 4h	3h 52m	$67.6M	$149.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against RISEx. 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 RISExbpFee BybitbpOrdersPrice spread, now −0.084%Rate

Funding earned: −$150.37
Price spread: −0.084% → +0.007%: −$9.1
Slippage, 4 orders: −$12.59
Fee RISEx: 3 bp × 2 orders: −$6
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$189.06
Costs to cover: 0.296%
Break-even: never at this rate

Slippage from RISEx: live order book, 2 min ago; Bybit: live order book, 2 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 RISEx live order book, 2 min ago	1.59 bp	4.6 bp −$5	25.8 bp −$258	doesn't fit	doesn't fit
Sell Bybit live order book, 2 min ago	0.16 bp	10.2 bp −$10	19.5 bp −$195	40.9 bp −$4,092	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
Kraken Futures PF_TAOUSD	−0.0346%	1h	313.91	−0.116%	$5.5M	$20.6M	50x	as long as short
dYdX TAO-USD	0.0000%	1h	313.91	−0.116%	$125K	$85K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	313.92	−0.114%	$20K	—	150x	as long as short
Popdex TAOUSDT	+0.0096%	1h	314.19	−0.027%	$43K	$653K	20x	as long as short
Katana Perps TAO-USD	+0.0098%	8h	314.04	−0.075%	$1K	$807K	5x	as long as short
Pacifica TAO	+0.0100%	1h	314.14	−0.043%	$358K	$412K	10x	as long as short
Binance TAOUSDT	+0.0100%	4h	313.75	−0.167%	$90.4M	$496.1M	75x	as long as short
Bybit TAOUSDTshort	+0.0100%	4h	314.01	−0.084%	$67.6M	$149.3M	50x
OKX TAO-USDT-SWAP	+0.0100%	8h	313.80	−0.151%	$26.0M	$120.5M	50x	as long as short
Bulk TAO-USD	+0.0100%	1h	315.10	+0.263%	$167K	$2K	10x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate TAO_USDT	+0.0100%	4h	313.50	−0.247%	$13.0M	$49.3M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	313.69	−0.186%	$100.8M	$143.6M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	313.99	−0.091%	$17.8M	$31.2M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	313.56	−0.228%	$35.0M	$56.4M	50x	as long as short
BingX TAO-USDT	+0.0100%	4h	313.74	−0.170%	—	$33.0M	—	as long as short
edgeX TAOUSDC	+0.0100%	4h	314.34	+0.020%	$42K	$312K	10x	as long as short
GRVT TAO_USDT_Perp	+0.0100%	4h	313.64	−0.203%	$532K	$955K	10x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	314.29	+0.005%	$46K	$255K	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	313.95	−0.103%	$81K	$866K	5x	as long as short
Bullet TAO-USD	+0.0100%	1h	314.13	−0.045%	$11K	$18K	20x	as long as short
SunX TAO-USDT	+0.0100%	4h	313.93	−0.110%	$1K	$1.9M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	314.02	−0.081%	$109K	$535K	20x	as long as short
Aevo TAO-PERP	+0.0104%	1h	314.11	−0.052%	$172K	$998	3x	as long as short
Orderly PERP_TAO_USDC	+0.0122%	4h	313.96	−0.100%	$52K	$270K	10x	as long as short
Aster TAOUSDT	+0.0137%	4h	314.01	−0.085%	$1.2M	$10.4M	50x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0142% / S +0.0124%	1h	313.85	−0.134%	$427K	—	100x	as long as short
Paradex TAO-USD-PERP	+0.0144%	8h	314.23	−0.015%	$14K	$1K	10x	as long as short
Hyperliquid TAO	+0.0161%	1h	313.93	−0.110%	$92.1M	$106.7M	5x	as long as short
Phemex TAOUSDT	+0.0172%	4h	314.19	−0.027%	$3.2M	$8.1M	50x	as long as short
Extended TAO-USD	+0.0184%	1h	313.93	−0.108%	$918K	$2.4M	25x	as long as short
Nado TAO-PERP	+0.0202%	1h	314.26	−0.004%	$798K	$2.2M	10x	as long as short
Arcus TAO-USD	+0.0231%	1h	314.54	+0.084%	$102K	$441K	5x	as long as short
BloFin TAO-USDT	+0.0340%	4h	314.49	+0.068%	$4.6M	$10.8M	100x	as long as short
Lighter TAO	+0.0360%	1h	314.23	−0.015%	$1.5M	$6.4M	5x	as long as short
Variational Omni TAO	+0.0362%	4h	313.70	−0.183%	$5.6M	$9.9M	—	as long as short
01 Exchange TAOUSD	+0.0392%	1h	314.61	+0.107%	$3K	$4K	5x	as long as short
Backpack TAO_USDC_PERP	+0.0414%	1h	313.82	−0.145%	$312K	$914K	10x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0431%	1h	314.06	−0.067%	$21K	$1.7M	25x	as long as short
Phoenix TAO	+0.0457%	1h	313.90	−0.119%	$312K	$711K	5x	as long as short
Reya TAORUSDPERP	+0.0697%	1h	314.10	−0.057%	$361	—	20x	as long as short
RISEx TAO/USDClong	+0.0816%	1h	314.27	long leg	$435K	$653K	5x
Coinbase International TAO-PERP-INTX	+0.0952%	1h	314.97	+0.221%	$1.5M	$6.7M	50x	as long as short
Injective TAO/USDC PERP	+0.4092%	1h	317.67	+1.080%	$23K	$2K	12x	as long as short