Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0577%/8h= −63.2% APRpaid last 24h −0.125%

Price spread now: Phemex against RISEx−0.097%7-day average −0.006% · 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−$62as in the Price arb table

costs, in and out, $10k−$530.533% of the position

Long on RISEx Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.444%−$44 on $10k

Price spread, last 3 days (all we have)+0.093%+$9 · spread now −0.097%, 7d avg −0.006%

Together, before fees−0.351%−$35 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$17 a day on $10k at the current rate, and Phemex 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 −0.006%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	RISEx TAO/USDC	308.29	0.1132	pay 0.0142% / 1h	40m 41s	$410K	$604K	5x
Short	Phemex TAOUSDT	307.99	0.0555	get 0.0277% / 4h	2h 40m	$3.3M	$8.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now −0.097%Rate

Funding earned: −$121.26
Price spread: −0.097% → −0.006%: −$9.11
Slippage, 4 orders: −$35.34
Fee RISEx: 3 bp × 2 orders: −$6
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$183.71
Costs to cover: 0.533%
Break-even: never at this rate

Slippage from RISEx: live order book, 28 min ago; Phemex: 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 RISEx live order book, 28 min ago	1.26 bp	4.3 bp −$4	21.5 bp −$215	doesn't fit	doesn't fit
Sell Phemex live order book, 3 min ago	10.84 bp	26.6 bp −$27	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
dYdX TAO-USD	0.0000%	1h	307.32	−0.314%	$123K	$87K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0003%	1h	307.63	−0.213%	$12K	—	150x	as long as short
Popdex TAOUSDT	+0.0096%	1h	308.08	−0.068%	$45K	$606K	20x	as long as short
Binance TAOUSDT	+0.0100%	4h	307.45	−0.271%	$88.7M	$460.0M	75x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	307.30	−0.321%	$25.1M	$107.8M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	307.80	−0.159%	$12.5M	$49.6M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	308.24	−0.016%	$102.6M	$137.4M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	308.23	−0.019%	$17.9M	$30.0M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	307.24	−0.341%	$34.3M	$52.8M	50x	as long as short
edgeX TAOUSDC	+0.0100%	4h	309.15	+0.278%	$34K	$298K	10x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT TAO_USDT_Perp	+0.0100%	4h	309.02	+0.237%	$515K	$967K	10x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	309.11	+0.266%	$46K	$268K	50x	as long as short
Orderly PERP_TAO_USDC	+0.0100%	4h	308.00	−0.094%	$56K	$283K	10x	as long as short
SunX TAO-USDT	+0.0100%	4h	307.79	−0.162%	$2K	$1.9M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	307.15	−0.370%	$126K	$471K	20x	as long as short
Aevo TAO-PERP	+0.0104%	1h	308.01	−0.091%	$169K	$998	3x	as long as short
Katana Perps TAO-USD	+0.0116%	8h	308.10	−0.062%	$630	$678K	5x	as long as short
Aster TAOUSDT	+0.0170%	4h	307.96	−0.107%	$1.2M	$9.2M	50x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0170% / S +0.0099%	1h	307.65	−0.208%	$417K	—	100x	as long as short
Kraken Futures PF_TAOUSD	+0.0171%	1h	307.96	−0.107%	$5.5M	$20.3M	50x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0184%	1h	307.94	−0.114%	$15K	$1.5M	25x	as long as short
Bullet TAO-USD	+0.0229%	1h	307.93	−0.117%	$12K	$17K	20x	as long as short
Polymarket Perps TAO-USD	+0.0240%	1h	308.16	−0.042%	$77K	$643K	5x	as long as short
Paradex TAO-USD-PERP	+0.0275%	8h	308.19	−0.033%	$14K	$1K	10x	as long as short
Pacifica TAO	+0.0285%	1h	307.43	−0.278%	$363K	$378K	10x	as long as short
Arcus TAO-USD	+0.0337%	1h	308.40	+0.036%	$81K	$551K	5x	as long as short
BloFin TAO-USDT	+0.0340%	4h	311.16	+0.931%	$4.4M	$10.7M	100x	as long as short
Injective TAO/USDC PERP	+0.0470%	1h	315.63	+2.381%	$23K	$2K	12x	as long as short
Phemex TAOUSDTshort	+0.0555%	4h	307.99	−0.097%	$3.3M	$8.0M	50x
Nado TAO-PERP	+0.0583%	1h	308.23	−0.020%	$752K	$2.1M	10x	as long as short
Phoenix TAO	+0.0588%	1h	308.80	+0.165%	$323K	$681K	5x	as long as short
01 Exchange TAOUSD	+0.0648%	1h	308.42	+0.042%	$3K	$4K	5x	as long as short
Reya TAORUSDPERP	+0.0696%	1h	308.09	−0.063%	$354	—	20x	as long as short
Variational Omni TAO	+0.0734%	4h	308.15	−0.046%	$5.3M	$8.9M	—	as long as short
BingX TAO-USDT	+0.0736%	4h	307.98	−0.101%	—	$31.0M	—	as long as short
Bybit TAOUSDT	+0.0774%	4h	307.53	−0.247%	$62.8M	$135.6M	50x	as long as short
Backpack TAO_USDC_PERP	+0.0855%	1h	308.38	+0.029%	$312K	$814K	10x	as long as short
Extended TAO-USD	+0.0968%	1h	308.19	−0.033%	$885K	$2.4M	25x	as long as short
Coinbase International TAO-PERP-INTX	+0.1024%	1h	308.15	−0.045%	$1.4M	$6.3M	50x	as long as short
RISEx TAO/USDClong	+0.1132%	1h	308.29	long leg	$410K	$604K	5x
Hyperliquid TAO	+0.1250%	1h	308.17	−0.041%	$97.6M	$93.2M	5x	as long as short
Lighter TAO	+0.1384%	1h	307.78	−0.165%	$1.6M	$6.0M	5x	as long as short
Bulk TAO-USD	+0.3743%	1h	312.40	+1.333%	$166K	$40K	10x	as long as short