Funding arb · Price arb /

TAO

all TAO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h −0.001%

Price spread now: Phemex against Aevo−0.091%7-day average −0.031% · you buy dearer than you sell

Net, funding: paid 7d − costs−$331as in the Funding arb table

Net, price: spread back to 7d avg − costs−$286as in the Price arb table

costs, in and out, $10k−$2802.798% of the position

Long on Aevo Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.512%−$51 on $10k

Price spread, last 4 days (all we have)+0.117%+$12 · spread now −0.091%, 7d avg −0.031%

Together, before fees−0.394%−$39 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 0.060% cheaper against Aevo than usual: you would sell low and buy high, −$6 on $10k if it goes back to its 7-day average of −0.031%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aevo TAO-PERP	323.50	0.0104	pay 0.0013% / 1h	28m 27s	$178K	$998	3x
Short	Phemex TAOUSDT	323.20	0.0100	get 0.0050% / 4h	1h 28m	$3.5M	$7.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Aevo. 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 AevobpFee PhemexbpOrdersPrice spread, now −0.091%Rate

Funding earned: −$0.84
Price spread: −0.091% → −0.031%: −$6.02
Slippage, 4 orders: −$251.78
Fee Aevo: 8 bp × 2 orders: −$16
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$286.64
Costs to cover: 2.798%
Break-even: never at this rate

Slippage from Aevo: live order book, 35 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 Aevo live order book, 35 min ago	80.37 bp	106.9 bp −$107	640.0 bp −$6,400	doesn't fit	doesn't fit
Sell Phemex live order book, 5 min ago	20.79 bp	36.1 bp −$36	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	−0.5583%	1h	316.49	−2.165%	$168K	$1K	10x	as long as short
dYdX TAO-USD	0.0000%	1h	323.51	+0.005%	$129K	$85K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	322.61	−0.274%	$21K	—	150x	as long as short
Popdex TAOUSDT	+0.0096%	1h	324.14	+0.199%	$34K	$675K	20x	as long as short
Binance TAOUSDT	+0.0100%	4h	324.05	+0.172%	$94.7M	$479.7M	75x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	323.90	+0.125%	$26.6M	$120.0M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	323.70	+0.063%	$13.3M	$49.7M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	323.78	+0.088%	$99.9M	$141.3M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	323.84	+0.107%	$18.1M	$31.2M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	323.76	+0.082%	$36.2M	$54.6M	50x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
edgeX TAOUSDC	+0.0100%	4h	324.24	+0.231%	$37K	$302K	10x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	323.90	+0.125%	$87K	$791K	5x	as long as short
SunX TAO-USDT	+0.0100%	4h	322.93	−0.175%	$2K	$1.9M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	323.29	−0.063%	$131K	$482K	20x	as long as short
Phemex TAOUSDTshort	+0.0100%	4h	323.20	−0.091%	$3.5M	$7.9M	50x
Aevo TAO-PERPlong	+0.0104%	1h	323.50	long leg	$178K	$998	3x
Orderly PERP_TAO_USDC	+0.0112%	4h	323.12	−0.116%	$58K	$282K	10x	as long as short
Katana Perps TAO-USD	+0.0116%	8h	324.21	+0.221%	$689	$776K	5x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0161% / S +0.0125%	1h	322.57	−0.287%	$449K	—	100x	as long as short
Kraken Futures PF_TAOUSD	+0.0243%	1h	322.90	−0.183%	$5.7M	$20.6M	50x	as long as short
GRVT TAO_USDT_Perp	+0.0264%	4h	323.95	+0.140%	$537K	$964K	10x	as long as short
Bullet TAO-USD	+0.0294%	1h	322.97	−0.162%	$12K	$18K	20x	as long as short
Paradex TAO-USD-PERP	+0.0308%	8h	324.01	+0.160%	$15K	$1K	10x	as long as short
BloFin TAO-USDT	+0.0340%	4h	322.64	−0.264%	$4.6M	$11.2M	100x	as long as short
Aster TAOUSDT	+0.0364%	4h	323.58	+0.026%	$1.1M	$9.6M	50x	as long as short
Pacifica TAO	+0.0448%	1h	323.81	+0.097%	$383K	$402K	10x	as long as short
Phoenix TAO	+0.0504%	1h	324.60	+0.342%	$339K	$707K	5x	as long as short
Arcus TAO-USD	+0.0509%	1h	324.27	+0.240%	$101K	$487K	5x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0529%	1h	323.28	−0.067%	$21K	$1.6M	25x	as long as short
BingX TAO-USDT	+0.0566%	4h	324.01	+0.159%	—	$30.2M	—	as long as short
Nado TAO-PERP	+0.0572%	1h	323.90	+0.125%	$793K	$2.2M	10x	as long as short
Bybit TAOUSDT	+0.0572%	4h	324.07	+0.178%	$71.0M	$143.6M	50x	as long as short
Reya TAORUSDPERP	+0.0696%	1h	323.95	+0.141%	$373	—	20x	as long as short
ApeX Omni TAOUSDT	+0.0723%	1h	323.82	+0.100%	$48K	$253K	50x	as long as short
01 Exchange TAOUSD	+0.0776%	1h	324.40	+0.280%	$3K	$4K	5x	as long as short
Extended TAO-USD	+0.0864%	1h	324.03	+0.164%	$949K	$2.3M	25x	as long as short
Variational Omni TAO	+0.0868%	4h	323.85	+0.109%	$6.0M	$9.8M	—	as long as short
Lighter TAO	+0.0896%	1h	324.21	+0.222%	$1.6M	$6.3M	5x	as long as short
Coinbase International TAO-PERP-INTX	+0.1024%	1h	323.38	−0.036%	$1.5M	$6.7M	50x	as long as short
Backpack TAO_USDC_PERP	+0.1060%	1h	322.97	−0.162%	$444K	$860K	10x	as long as short
RISEx TAO/USDC	+0.1159%	1h	324.07	+0.179%	$458K	$640K	5x	as long as short
Hyperliquid TAO	+0.1276%	1h	324.38	+0.274%	$102.0M	$99.0M	5x	as long as short
Injective TAO/USDC PERP	+0.4172%	1h	323.37	−0.039%	$24K	$2K	12x	as long as short