Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC+0.0075%/8h= +8.2% APRpaid last 24h +0.042%

Price spread now: Phoenix against Aster+0.312%65s7-day average +0.100% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

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

costs, in and out, $10k−$500.500% of the position

Long on Aster Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)+0.019%+$2 on $10k

Price spread, last 3 days (all we have)+0.163%+$16 · spread now +0.312%, 7d avg +0.100%

Together, before fees+0.182%+ Points / potential airdropAster: Stage 5 · farm board+$18 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Phoenix is 0.212% dearer against Aster than usual: you sell high and buy low: +$21 more if the spread goes back to its 7-day average of +0.100%. The two prices were read 65 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	Aster TAOUSDT	308.14	0.0160	pay 0.0080% / 4h	2h 00m	$1.1M	$7.6M	50x
Short	Phoenix TAO	309.10	0.0234	get 0.0029% / 1h	0m 21s	$327K	$462K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Aster. 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 AsterbpFee PhoenixbpOrdersPrice spread, now +0.312%Rate

Funding earned: $15.65
Price spread: +0.312% → +0.100%: $21.19
Slippage, 4 orders: −$35.01
Fee Aster: 4 bp × 2 orders: −$8
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$13.18
Costs to cover: 0.500%
Break-even: 12.9 days

Slippage from Aster: live order book, 3 min ago; Phoenix: live order book, 22 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 Aster live order book, 3 min ago	1.45 bp	9.0 bp −$9	23.6 bp −$236	177.7 bp −$17.8K	doesn't fit
Sell Phoenix live order book, 22 min ago	3.24 bp	18.8 bp −$19	26.2 bp −$262	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	−0.0306%	1h	307.82	−0.103%	$202K	$57K	10x	as long as short
dYdX TAO-USD	0.0000%	1h	308.46	+0.105%	$130K	$84K	5x	as long as short
Deribit TAO_USDC-PERPETUAL	0.0000%	1h	307.39	−0.242%	$11K	$1.3M	25x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0007%	1h	307.77	−0.121%	$26K	—	150x	as long as short
Popdex TAOUSDT	+0.0096%	1h	308.24	+0.033%	$43K	$532K	20x	as long as short
Pacifica TAO	+0.0100%	1h	308.71	+0.186%	$364K	$368K	10x	as long as short
Binance TAOUSDT	+0.0100%	4h	307.87	−0.086%	$86.4M	$406.5M	75x	as long as short
Bybit TAOUSDT	+0.0100%	4h	307.40	−0.239%	$59.8M	$119.9M	50x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	307.40	−0.239%	$25.3M	$94.7M	50x	as long as short
Arcus TAO-USD	+0.0100%	1h	308.67	+0.173%	$138K	$584K	5x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate TAO_USDT	+0.0100%	4h	308.00	−0.045%	$12.3M	$49.0M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	308.13	−0.002%	$120.2M	$127.1M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	307.98	−0.051%	$18.9M	$26.8M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	307.28	−0.278%	$34.3M	$45.3M	50x	as long as short
BingX TAO-USDT	+0.0100%	4h	307.97	−0.054%	—	$30.4M	—	as long as short
Variational Omni TAO	+0.0100%	4h	308.90	+0.249%	$3.7M	$6.6M	—	as long as short
edgeX TAOUSDC	+0.0100%	4h	309.38	+0.403%	$40K	$278K	10x	as long as short
GRVT TAO_USDT_Perp	+0.0100%	4h	308.67	+0.172%	$549K	$949K	10x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	308.31	+0.056%	$46K	$268K	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	308.35	+0.069%	$78K	$651K	5x	as long as short
Bullet TAO-USD	+0.0100%	1h	308.21	+0.023%	$11K	$18K	20x	as long as short
Orderly PERP_TAO_USDC	+0.0100%	4h	307.42	−0.233%	$59K	$276K	10x	as long as short
SunX TAO-USDT	+0.0100%	4h	308.06	−0.025%	$1K	$1.8M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	307.23	−0.295%	$121K	$354K	20x	as long as short
Phemex TAOUSDT	+0.0100%	4h	307.52	−0.200%	$3.3M	$7.9M	50x	as long as short
Aevo TAO-PERP	+0.0104%	1h	307.53	−0.197%	$169K	$998	3x	as long as short
Katana Perps TAO-USD	+0.0113%	8h	308.43	+0.095%	$631	$469K	5x	as long as short
Aster TAOUSDTlong	+0.0160%	4h	308.14	long leg	$1.1M	$7.6M	50x
Paradex TAO-USD-PERP	+0.0161%	8h	308.53	+0.129%	$14K	$1K	10x	as long as short
Phoenix TAOshort	+0.0234%	1h	309.10	+0.312%	$327K	$462K	5x
Nado TAO-PERP	+0.0319%	1h	308.24	+0.034%	$847K	$1.9M	10x	as long as short
BloFin TAO-USDT	+0.0340%	4h	308.79	+0.212%	$4.3M	$9.5M	100x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0485% / S −0.0184%	1h	307.73	−0.132%	$452K	—	100x	as long as short
01 Exchange TAOUSD	+0.0552%	1h	308.55	+0.134%	$3K	$4K	5x	as long as short
Reya TAORUSDPERP	+0.0694%	1h	308.17	+0.011%	$354	—	20x	as long as short
Extended TAO-USD	+0.0824%	1h	307.44	−0.226%	$898K	$2.0M	25x	as long as short
Backpack TAO_USDC_PERP	+0.0881%	1h	308.89	+0.244%	$384K	$754K	10x	as long as short
Coinbase International TAO-PERP-INTX	+0.0960%	1h	308.31	+0.056%	$1.5M	$5.4M	50x	as long as short
Lighter TAO	+0.0968%	1h	308.97	+0.271%	$1.7M	$4.9M	5x	as long as short
Kraken Futures PF_TAOUSD	+0.1025%	1h	307.59	−0.178%	$6.3M	$19.1M	50x	as long as short
RISEx TAO/USDC	+0.1053%	1h	308.44	+0.100%	$415K	$544K	5x	as long as short
Hyperliquid TAO	+0.1880%	1h	308.86	+0.234%	$96.7M	$77.8M	5x	as long as short
Injective TAO/USDC PERP	+0.4876%	1h	308.73	+0.192%	$22K	$271	12x	as long as short