Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0154%/8h= −16.9% APRpaid last 24h −0.012%

Price spread now: Bitget against ApeX Omni−0.101%53s7-day average −0.066% · you buy dearer than you sell

Net, funding: paid 7d − costs−$49as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$480.476% of the position

Long on ApeX Omni Short on Bitget

What this pair did over the last

the charts below follow

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

Price spread, last 4 days (all we have)−0.742%−$74 · spread now −0.101%, 7d avg −0.066%

Together, before fees−0.758%−$76 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and Bitget is 0.035% cheaper against ApeX Omni than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of −0.066%). Swap the legs. The two prices were read 53 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	ApeX Omni TAOUSDT	316.32	0.0254	pay 0.0032% / 1h	42m 38s	$45K	$257K	50x
Short	Bitget TAOUSDT	316.00	0.0100	get 0.0050% / 4h	3h 42m	$35.6M	$57.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against ApeX Omni. 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 ApeX OmnibpFee BitgetbpOrdersPrice spread, now −0.101%Rate

Funding earned: −$32.41
Price spread: −0.101% → −0.066%: −$3.5
Slippage, 4 orders: −$25.62
Fee ApeX Omni: 5 bp × 2 orders: −$10
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$83.53
Costs to cover: 0.476%
Break-even: never at this rate

Slippage from ApeX Omni: live order book, 54 min ago; Bitget: live order book, 1 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 ApeX Omni live order book, 54 min ago	4.90 bp	12.2 bp −$12	126.9 bp −$1,269	doesn't fit	doesn't fit
Sell Bitget live order book, 1 min ago	0.95 bp	11.6 bp −$12	18.0 bp −$180	22.8 bp −$2,279	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
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0005%	1h	315.95	−0.116%	$22K	—	150x	as long as short
Popdex TAOUSDT	+0.0096%	1h	316.22	−0.032%	$50K	$714K	20x	as long as short
Katana Perps TAO-USD	+0.0100%	8h	315.91	−0.130%	$646	$1.2M	5x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	316.30	−0.006%	$26.3M	$130.7M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	315.80	−0.164%	$14.8M	$49.3M	50x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	316.00	−0.101%	$17.7M	$32.4M	75x	as long as short
Bitget TAOUSDTshort	+0.0100%	4h	316.00	−0.101%	$35.6M	$57.7M	50x
Polymarket Perps TAO-USD	+0.0100%	1h	316.00	−0.101%	$87K	$1.2M	5x	as long as short
SunX TAO-USDT	+0.0100%	4h	315.89	−0.136%	$1K	$1.9M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	315.72	−0.190%	$116K	$589K	20x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex TAOUSDT	+0.0100%	4h	316.23	−0.028%	$3.2M	$8.1M	50x	as long as short
Aevo TAO-PERP	+0.0120%	1h	316.31	−0.002%	$174K	$998	3x	as long as short
dYdX TAO-USD	+0.0123%	1h	315.84	−0.152%	$127K	$86K	5x	as long as short
Binance TAOUSDT	+0.0158%	4h	316.19	−0.042%	$92.3M	$530.3M	75x	as long as short
MEXC TAO_USDT	+0.0162%	4h	316.16	−0.051%	$104.3M	$151.6M	300x	as long as short
edgeX TAOUSDC	+0.0165%	4h	316.46	+0.044%	$42K	$322K	10x	as long as short
Orderly PERP_TAO_USDC	+0.0208%	4h	316.17	−0.047%	$54K	$299K	10x	as long as short
Bullet TAO-USD	+0.0209%	1h	316.29	−0.009%	$12K	$17K	20x	as long as short
Bybit TAOUSDT	+0.0232%	4h	316.36	+0.013%	$69.6M	$155.9M	50x	as long as short
Bulk TAO-USD	+0.0233%	1h	316.19	−0.041%	$168K	$0	10x	as long as short
Paradex TAO-USD-PERP	+0.0241%	8h	316.28	−0.011%	$14K	$876	10x	as long as short
ApeX Omni TAOUSDTlong	+0.0254%	1h	316.32	long leg	$45K	$257K	50x
GRVT TAO_USDT_Perp	+0.0286%	4h	316.28	−0.012%	$541K	$877K	10x	as long as short
Aster TAOUSDT	+0.0320%	4h	316.17	−0.047%	$1.2M	$11.1M	50x	as long as short
Pacifica TAO	+0.0349%	1h	316.20	−0.039%	$371K	$442K	10x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0361% / S −0.0107%	1h	315.93	−0.123%	$371K	—	100x	as long as short
Extended TAO-USD	+0.0376%	1h	316.17	−0.047%	$899K	$2.4M	25x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0386%	1h	316.19	−0.042%	$15K	$1.9M	25x	as long as short
BloFin TAO-USDT	+0.0402%	4h	316.30	−0.006%	$4.8M	$10.8M	100x	as long as short
Arcus TAO-USD	+0.0404%	1h	316.48	+0.051%	$100K	$371K	5x	as long as short
Hyperliquid TAO	+0.0479%	1h	316.22	−0.032%	$93.1M	$110.2M	5x	as long as short
Nado TAO-PERP	+0.0537%	1h	316.29	−0.009%	$768K	$2.0M	10x	as long as short
BingX TAO-USDT	+0.0568%	4h	316.21	−0.035%	—	$37.4M	—	as long as short
Phoenix TAO	+0.0578%	1h	316.80	+0.152%	$319K	$714K	5x	as long as short
Lighter TAO	+0.0584%	1h	316.32	−0.001%	$1.6M	$6.6M	5x	as long as short
Variational Omni TAO	+0.0622%	4h	316.65	+0.105%	$5.6M	$10.1M	—	as long as short
01 Exchange TAOUSD	+0.0624%	1h	316.49	+0.054%	$3K	$4K	5x	as long as short
Reya TAORUSDPERP	+0.0698%	1h	316.14	−0.056%	$364	—	20x	as long as short
Backpack TAO_USDC_PERP	+0.0739%	1h	316.29	−0.009%	$316K	$1.0M	10x	as long as short
Kraken Futures PF_TAOUSD	+0.0787%	1h	316.22	−0.031%	$6.0M	$21.3M	50x	as long as short
RISEx TAO/USDC	+0.0840%	1h	316.15	−0.054%	$437K	$682K	5x	as long as short
Coinbase International TAO-PERP-INTX	+0.0944%	1h	316.48	+0.051%	$1.2M	$7.2M	50x	as long as short
Injective TAO/USDC PERP	+0.3512%	1h	319.36	+0.961%	$23K	$2K	12x	as long as short