Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0280%/8h= +30.6% APRpaid last 24h +0.028%

Price spread now: Backpack against SunX+0.082%7-day average +0.048% · you sell dearer than you buy

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

Long on SunX Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.016%−$2 on $10k

Price spread, last 3 days (all we have)−0.050%−$5 · spread now +0.082%, 7d avg +0.048%

Together, before fees−0.067%−$7 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$8 a day on $10k at the current rate, and Backpack is 0.034% dearer against SunX than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of +0.048%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.016% in total (about -0.9% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX TAO-USDT	304.66	0.0100	pay 0.0050% / 4h	1h 51m	$1K	$1.8M	20x
Short	Backpack TAO_USDC_PERP	304.91	0.0380	get 0.0047% / 1h	51m 03s	$377K	$756K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against SunX. 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 SunXbpFee BackpackbpOrdersPrice spread, now +0.082%Rate

Funding earned: $58.76
Price spread: +0.082% → +0.048%: $3.38
Slippage, 4 orders: no order book: not counted
Fee SunX: 4 bp × 2 orders: −$8
Fee Backpack: 5 bp × 2 orders: −$10
Net: $44.14
Costs to cover: 0.180%
Break-even: 1.7 days

Slippage unknown: SunX: live order book, 4 min ago; Backpack: live order book, 33 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 SunX live order book, 4 min ago	500.12 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell Backpack live order book, 33 min ago	0.16 bp	8.2 bp −$8	13.5 bp −$135	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	−0.0466%	1h	307.38	+0.893%	$202K	$17K	10x	as long as short
dYdX TAO-USD	0.0000%	1h	304.71	+0.017%	$125K	$87K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0007%	1h	304.65	−0.004%	$26K	—	150x	as long as short
Popdex TAOUSDT	+0.0096%	1h	304.89	+0.075%	$42K	$532K	20x	as long as short
Binance TAOUSDT	+0.0100%	4h	304.80	+0.046%	$85.6M	$409.1M	75x	as long as short
Bybit TAOUSDT	+0.0100%	4h	304.75	+0.030%	$59.2M	$120.3M	50x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	304.70	+0.013%	$24.6M	$94.4M	50x	as long as short
Arcus TAO-USD	+0.0100%	1h	305.19	+0.174%	$136K	$584K	5x	as long as short
Gate TAO_USDT	+0.0100%	4h	304.60	−0.020%	$12.1M	$48.1M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	304.80	+0.046%	$119.9M	$123.5M	300x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin TAOUSDTM	+0.0100%	4h	304.65	−0.003%	$18.3M	$26.8M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	304.61	−0.016%	$34.1M	$45.7M	50x	as long as short
BingX TAO-USDT	+0.0100%	4h	304.80	+0.046%	—	$30.4M	—	as long as short
Variational Omni TAO	+0.0100%	4h	308.27	+1.185%	$3.7M	$6.6M	—	as long as short
edgeX TAOUSDC	+0.0100%	4h	306.44	+0.583%	$40K	$278K	10x	as long as short
GRVT TAO_USDT_Perp	+0.0100%	4h	306.54	+0.618%	$545K	$937K	10x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	306.50	+0.604%	$46K	$269K	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	305.02	+0.118%	$78K	$608K	5x	as long as short
Bullet TAO-USD	+0.0100%	1h	304.75	+0.029%	$11K	$18K	20x	as long as short
Orderly PERP_TAO_USDC	+0.0100%	4h	304.61	−0.016%	$58K	$276K	10x	as long as short
SunX TAO-USDTlong	+0.0100%	4h	304.66	long leg	$1K	$1.8M	20x
HTX TAO-USDT	+0.0100%	4h	304.72	+0.020%	$120K	$354K	20x	as long as short
Phemex TAOUSDT	+0.0100%	4h	304.68	+0.007%	$3.2M	$7.9M	50x	as long as short
Aevo TAO-PERP	+0.0104%	1h	304.74	+0.026%	$167K	$998	3x	as long as short
Katana Perps TAO-USD	+0.0112%	8h	304.95	+0.095%	$2K	$485K	5x	as long as short
Aster TAOUSDT	+0.0137%	4h	304.78	+0.038%	$1.1M	$7.6M	50x	as long as short
Paradex TAO-USD-PERP	+0.0158%	8h	304.87	+0.068%	$14K	$1K	10x	as long as short
Pacifica TAO	+0.0164%	1h	305.07	+0.135%	$361K	$369K	10x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0174% / S +0.0069%	1h	304.60	−0.020%	$435K	—	100x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0301%	1h	304.71	+0.018%	$24K	$1.4M	25x	as long as short
BloFin TAO-USDT	+0.0340%	4h	304.89	+0.075%	$4.3M	$9.4M	100x	as long as short
Backpack TAO_USDC_PERPshort	+0.0380%	1h	304.91	+0.082%	$377K	$756K	10x
01 Exchange TAOUSD	+0.0448%	1h	305.01	+0.115%	$3K	$4K	5x	as long as short
Phoenix TAO	+0.0521%	1h	307.40	+0.899%	$326K	$491K	5x	as long as short
Nado TAO-PERP	+0.0544%	1h	304.80	+0.045%	$836K	$1.9M	10x	as long as short
Lighter TAO	+0.0656%	1h	305.06	+0.132%	$1.7M	$5.1M	5x	as long as short
Reya TAORUSDPERP	+0.0694%	1h	304.86	+0.064%	$351	—	20x	as long as short
Extended TAO-USD	+0.0848%	1h	304.62	−0.014%	$889K	$2.0M	25x	as long as short
Coinbase International TAO-PERP-INTX	+0.1008%	1h	305.39	+0.240%	$1.5M	$5.6M	50x	as long as short
Kraken Futures PF_TAOUSD	+0.1037%	1h	304.70	+0.013%	$5.9M	$19.7M	50x	as long as short
RISEx TAO/USDC	+0.1155%	1h	305.14	+0.159%	$411K	$545K	5x	as long as short
Hyperliquid TAO	+0.1544%	1h	305.13	+0.154%	$94.3M	$78.2M	5x	as long as short
Injective TAO/USDC PERP	+0.1621%	1h	308.73	+1.336%	$22K	$264	12x	as long as short