Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0472%/8h= −51.7% APRpaid last 24h −0.035%

Price spread now: Binance against Arcus−0.155%7-day average −0.077% · 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−$45as in the Price arb table

costs, in and out, $10k−$370.373% of the position

Long on Arcus Short on Binance

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.044%−$4 on $10k

Price spread, last 4 days (all we have)−0.054%−$5 · spread now −0.155%, 7d avg −0.077%

Together, before fees−0.098%−$10 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$14 a day on $10k at the current rate, and Binance is 0.078% cheaper against Arcus than usual: you would sell low and buy high (−$8 if the spread goes back to its 7-day average of −0.077%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.044% in total (about -4.2% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made; yellow are the hours one leg has not settled yet: what the other leg paid, plus the unsettled leg at its current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Arcus TAO-USD	316.38	0.0610	pay 0.0076% / 1h	49m 21s	$100K	$310K	5x
Short	Binance TAOUSDT	315.89	0.0138	get 0.0069% / 4h	1h 49m	$92.9M	$511.1M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Arcus. 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 ArcusbpFee BinancebpOrdersPrice spread, now −0.155%Rate

Funding earned: −$99.18
Price spread: −0.155% → −0.077%: −$7.8
Slippage, 4 orders: −$22.8
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Fee Binance: 5 bp × 2 orders: −$10
Net: −$144.28
Costs to cover: 0.373%
Break-even: never at this rate

Slippage from Arcus: live order book, 62 min ago; Binance: 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 Arcus live order book, 62 min ago	4.55 bp	15.1 bp −$15	26.3 bp −$263	doesn't fit	doesn't fit
Sell Binance live order book, 3 min ago	0.16 bp	7.3 bp −$7	11.0 bp −$110	30.2 bp −$3,022	doesn't fit

TAO on 43 exchanges

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 −0.0003%	1h	316.86	+0.151%	$20K	—	150x	as long as short
Popdex TAOUSDT	+0.0096%	1h	315.98	−0.126%	$50K	$632K	20x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	315.90	−0.152%	$26.8M	$128.1M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	315.60	−0.247%	$15.7M	$47.4M	50x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	315.74	−0.202%	$17.5M	$31.3M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	315.67	−0.224%	$35.8M	$56.0M	50x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	316.75	+0.117%	$45K	$253K	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	315.56	−0.259%	$81K	$1.1M	5x	as long as short
SunX TAO-USDT	+0.0100%	4h	315.86	−0.164%	$2K	$1.8M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	315.76	−0.196%	$112K	$563K	20x	as long as short

Show all 43 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Katana Perps TAO-USD	+0.0104%	8h	315.83	−0.174%	$3K	$1.3M	5x	as long as short
Bybit TAOUSDT	+0.0118%	4h	315.97	−0.130%	$69.1M	$155.6M	50x	as long as short
Aevo TAO-PERP	+0.0120%	1h	316.15	−0.071%	$174K	$998	3x	as long as short
Binance TAOUSDTshort	+0.0138%	4h	315.89	−0.155%	$92.9M	$511.1M	75x
MEXC TAO_USDT	+0.0138%	4h	315.99	−0.123%	$105.3M	$147.5M	300x	as long as short
edgeX TAOUSDC	+0.0141%	4h	316.70	+0.101%	$42K	$324K	10x	as long as short
BingX TAO-USDT	+0.0146%	4h	315.83	−0.174%	—	$38.0M	—	as long as short
Phemex TAOUSDT	+0.0168%	4h	316.16	−0.070%	$3.2M	$8.1M	50x	as long as short
Lighter TAO	+0.0192%	1h	316.07	−0.097%	$1.6M	$6.6M	5x	as long as short
Paradex TAO-USD-PERP	+0.0204%	8h	316.08	−0.094%	$14K	$876	10x	as long as short
Extended TAO-USD	+0.0216%	1h	315.95	−0.135%	$959K	$2.1M	25x	as long as short
Pacifica TAO	+0.0240%	1h	316.03	−0.111%	$374K	$456K	10x	as long as short
Orderly PERP_TAO_USDC	+0.0254%	4h	315.81	−0.180%	$53K	$262K	10x	as long as short
GRVT TAO_USDT_Perp	+0.0262%	4h	317.12	+0.234%	$541K	$805K	10x	as long as short
Bullet TAO-USD	+0.0264%	1h	315.92	−0.145%	$12K	$17K	20x	as long as short
Aster TAOUSDT	+0.0305%	4h	315.89	−0.155%	$1.2M	$11.2M	50x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0360% / S −0.0107%	1h	316.55	+0.053%	$372K	—	100x	as long as short
BloFin TAO-USDT	+0.0381%	4h	316.79	+0.130%	$4.9M	$10.4M	100x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0382%	1h	316.02	−0.114%	$15K	$1.9M	25x	as long as short
Nado TAO-PERP	+0.0392%	1h	315.98	−0.127%	$694K	$2.0M	10x	as long as short
Variational Omni TAO	+0.0444%	4h	316.43	+0.017%	$5.7M	$9.8M	—	as long as short
Hyperliquid TAO	+0.0473%	1h	316.02	−0.113%	$95.1M	$107.0M	5x	as long as short
Arcus TAO-USDlong	+0.0610%	1h	316.38	long leg	$100K	$310K	5x
01 Exchange TAOUSD	+0.0624%	1h	316.09	−0.092%	$3K	$2K	5x	as long as short
Phoenix TAO	+0.0650%	1h	316.90	+0.164%	$319K	$710K	5x	as long as short
Backpack TAO_USDC_PERP	+0.0663%	1h	316.17	−0.066%	$297K	$1.1M	10x	as long as short
RISEx TAO/USDC	+0.0666%	1h	315.98	−0.126%	$436K	$672K	5x	as long as short
dYdX TAO-USD	+0.0667%	1h	315.77	−0.193%	$266K	$230K	5x	as long as short
Coinbase International TAO-PERP-INTX	+0.0688%	1h	316.32	−0.019%	$1.1M	$7.6M	50x	as long as short
Reya TAORUSDPERP	+0.0699%	1h	316.25	−0.040%	$364	—	20x	as long as short
Bulk TAO-USD	+0.0807%	1h	318.75	+0.749%	$169K	$0	10x	as long as short
Kraken Futures PF_TAOUSD	+0.0932%	1h	316.10	−0.089%	$6.2M	$19.5M	50x	as long as short
Injective TAO/USDC PERP	+0.4405%	1h	322.67	+1.988%	$23K	$2K	12x	as long as short