Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0368%/8h= −40.3% APRpaid last 24h −0.022%

Price spread now: Phemex against Arcus−0.117%7-day average −0.073% · 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−$75as in the Price arb table

costs, in and out, $10k−$700.703% of the position

Long on Arcus Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.032%−$3 on $10k

Price spread, last 4 days (all we have)+0.132%+$13 · spread now −0.117%, 7d avg −0.073%

Together, before fees+0.100%+$10 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$11 a day on $10k at the current rate, and Phemex is 0.045% cheaper against Arcus than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of −0.073%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.032% in total (about -3.0% 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	315.18	0.0610	pay 0.0076% / 1h	2m 30s	$99K	$287K	5x
Short	Phemex TAOUSDT	314.81	0.0242	get 0.0121% / 4h	1h 02m	$3.2M	$8.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now −0.117%Rate

Funding earned: −$77.26
Price spread: −0.117% → −0.073%: −$4.48
Slippage, 4 orders: −$53.81
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$152.05
Costs to cover: 0.703%
Break-even: never at this rate

Slippage from Arcus: live order book, 44 min ago; Phemex: live order book, 4 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, 44 min ago	5.06 bp	14.0 bp −$14	29.1 bp −$291	doesn't fit	doesn't fit
Sell Phemex live order book, 4 min ago	11.30 bp	25.5 bp −$25	46.4 bp −$464	doesn't fit	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	314.40	−0.249%	$19K	—	150x	as long as short
Popdex TAOUSDT	+0.0096%	1h	314.99	−0.060%	$54K	$634K	20x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	315.00	−0.057%	$26.9M	$126.5M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	314.50	−0.216%	$16.1M	$48.8M	50x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	314.58	−0.190%	$17.4M	$31.1M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	314.68	−0.159%	$35.6M	$55.1M	50x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	314.69	−0.155%	$45K	$255K	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	314.90	−0.089%	$69K	$1.1M	5x	as long as short
SunX TAO-USDT	+0.0100%	4h	314.58	−0.190%	$1K	$1.7M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	314.29	−0.282%	$112K	$547K	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	+0.0102%	8h	314.68	−0.159%	$1K	$1.3M	5x	as long as short
Extended TAO-USD	+0.0104%	1h	314.88	−0.094%	$947K	$2.0M	25x	as long as short
Aevo TAO-PERP	+0.0120%	1h	314.96	−0.071%	$173K	$998	3x	as long as short
edgeX TAOUSDC	+0.0153%	4h	314.61	−0.181%	$42K	$325K	10x	as long as short
MEXC TAO_USDT	+0.0158%	4h	314.78	−0.127%	$110.9M	$150.8M	300x	as long as short
Binance TAOUSDT	+0.0161%	4h	314.99	−0.060%	$93.4M	$508.6M	75x	as long as short
Pacifica TAO	+0.0240%	1h	314.84	−0.108%	$372K	$455K	10x	as long as short
Phemex TAOUSDTshort	+0.0242%	4h	314.81	−0.117%	$3.2M	$8.2M	50x
Lighter TAO	+0.0256%	1h	314.89	−0.093%	$1.5M	$6.8M	5x	as long as short
GRVT TAO_USDT_Perp	+0.0266%	4h	314.86	−0.101%	$535K	$786K	10x	as long as short
Orderly PERP_TAO_USDC	+0.0272%	4h	314.83	−0.111%	$53K	$262K	10x	as long as short
Paradex TAO-USD-PERP	+0.0284%	8h	314.84	−0.109%	$14K	$769	10x	as long as short
BingX TAO-USDT	+0.0310%	4h	314.84	−0.108%	—	$37.7M	—	as long as short
Bullet TAO-USD	+0.0315%	1h	314.93	−0.079%	$12K	$16K	20x	as long as short
Aster TAOUSDT	+0.0327%	4h	315.02	−0.050%	$1.2M	$11.3M	50x	as long as short
Bybit TAOUSDT	+0.0339%	4h	315.08	−0.032%	$69.4M	$154.4M	50x	as long as short
Nado TAO-PERP	+0.0350%	1h	314.99	−0.059%	$670K	$2.0M	10x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0359% / S −0.0107%	1h	314.52	−0.210%	$369K	—	100x	as long as short
dYdX TAO-USD	+0.0386%	1h	314.41	−0.244%	$265K	$230K	5x	as long as short
BloFin TAO-USDT	+0.0398%	4h	314.93	−0.079%	$4.9M	$10.5M	100x	as long as short
Variational Omni TAO	+0.0539%	4h	314.94	−0.076%	$5.8M	$9.9M	—	as long as short
Hyperliquid TAO	+0.0549%	1h	315.09	−0.029%	$94.5M	$105.0M	5x	as long as short
Arcus TAO-USDlong	+0.0610%	1h	315.18	long leg	$99K	$287K	5x
01 Exchange TAOUSD	+0.0624%	1h	315.49	+0.098%	$3K	$2K	5x	as long as short
Phoenix TAO	+0.0650%	1h	315.20	+0.006%	$317K	$710K	5x	as long as short
RISEx TAO/USDC	+0.0666%	1h	314.78	−0.128%	$440K	$656K	5x	as long as short
Coinbase International TAO-PERP-INTX	+0.0688%	1h	315.16	−0.006%	$1.1M	$7.5M	50x	as long as short
Reya TAORUSDPERP	+0.0699%	1h	314.86	−0.102%	$362	—	20x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0706%	1h	314.81	−0.117%	$30K	$1.9M	25x	as long as short
Backpack TAO_USDC_PERP	+0.0768%	1h	314.88	−0.095%	$296K	$1.1M	10x	as long as short
Bulk TAO-USD	+0.0916%	1h	314.85	−0.106%	$167K	$662	10x	as long as short
Kraken Futures PF_TAOUSD	+0.0936%	1h	314.94	−0.077%	$6.3M	$19.5M	50x	as long as short
Injective TAO/USDC PERP	+0.4405%	1h	318.16	+0.945%	$23K	$2K	12x	as long as short