Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0250%/8h= −27.4% APRpaid last 24h −0.066%

Price spread now: Binance against Backpack−0.250%55s7-day average −0.048% · you buy dearer than you sell

Net, funding: paid 7d − costs−$45as 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−$320.317% of the position

Long on Backpack Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−0.133%−$13 on $10k

Price spread, last 4 days (all we have)+0.034%+$3 · spread now −0.250%, 7d avg −0.048%

Together, before fees−0.099%−$10 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$8 a day on $10k at the current rate, and Binance is 0.202% cheaper against Backpack than usual: you would sell low and buy high (−$20 if the spread goes back to its 7-day average of −0.048%). Swap the legs. The two prices were read 55 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.133% in total (about -6.9% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack TAO_USDC_PERP	315.95	0.0350	pay 0.0044% / 1h	22m 21s	$316K	$913K	10x
Short	Binance TAOUSDT	315.16	0.0100	get 0.0050% / 4h	22m 21s	$91.0M	$494.2M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Backpack. 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 BackpackbpFee BinancebpOrdersPrice spread, now −0.250%Rate

Funding earned: −$52.57
Price spread: −0.250% → −0.048%: −$20.22
Slippage, 4 orders: −$11.69
Fee Backpack: 5 bp × 2 orders: −$10
Fee Binance: 5 bp × 2 orders: −$10
Net: −$104.48
Costs to cover: 0.317%
Break-even: never at this rate

Slippage from Backpack: live order book, 37 min ago; Binance: live order book, 6 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 Backpack live order book, 37 min ago	2.85 bp	8.4 bp −$8	doesn't fit	doesn't fit	doesn't fit
Sell Binance live order book, 6 min ago	0.16 bp	7.4 bp −$7	14.9 bp −$149	30.3 bp −$3,030	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
dYdX TAO-USD	0.0000%	1h	315.24	−0.225%	$126K	$85K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	315.12	−0.262%	$20K	—	150x	as long as short
Kraken Futures PF_TAOUSD	+0.0056%	1h	315.22	−0.230%	$5.5M	$20.7M	50x	as long as short
Popdex TAOUSDT	+0.0096%	1h	315.55	−0.127%	$43K	$668K	20x	as long as short
Katana Perps TAO-USD	+0.0098%	8h	315.40	−0.174%	$646	$799K	5x	as long as short
Binance TAOUSDTshort	+0.0100%	4h	315.16	−0.250%	$91.0M	$494.2M	75x
Bybit TAOUSDT	+0.0100%	4h	315.13	−0.260%	$68.0M	$148.5M	50x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	315.00	−0.301%	$26.0M	$120.4M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	315.20	−0.237%	$13.0M	$50.0M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	315.40	−0.174%	$110.7M	$144.0M	300x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin TAOUSDTM	+0.0100%	4h	315.31	−0.203%	$17.7M	$31.7M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	315.12	−0.263%	$35.2M	$56.4M	50x	as long as short
BingX TAO-USDT	+0.0100%	4h	315.34	−0.193%	—	$32.9M	—	as long as short
edgeX TAOUSDC	+0.0100%	4h	314.91	−0.330%	$42K	$311K	10x	as long as short
GRVT TAO_USDT_Perp	+0.0100%	4h	314.20	−0.554%	$520K	$955K	10x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	315.16	−0.250%	$46K	$254K	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	315.28	−0.212%	$77K	$859K	5x	as long as short
Bullet TAO-USD	+0.0100%	1h	315.35	−0.191%	$12K	$18K	20x	as long as short
SunX TAO-USDT	+0.0100%	4h	315.22	−0.231%	$2K	$1.9M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	314.91	−0.329%	$110K	$535K	20x	as long as short
Phemex TAOUSDT	+0.0100%	4h	315.04	−0.288%	$3.2M	$8.1M	50x	as long as short
Aevo TAO-PERP	+0.0104%	1h	315.37	−0.184%	$173K	$998	3x	as long as short
Orderly PERP_TAO_USDC	+0.0132%	4h	315.30	−0.206%	$57K	$265K	10x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0147% / S +0.0126%	1h	315.09	−0.272%	$420K	—	100x	as long as short
Paradex TAO-USD-PERP	+0.0164%	8h	315.47	−0.151%	$14K	$1K	10x	as long as short
Nado TAO-PERP	+0.0194%	1h	315.41	−0.172%	$802K	$2.2M	10x	as long as short
Aster TAOUSDT	+0.0199%	4h	315.33	−0.197%	$1.2M	$10.3M	50x	as long as short
Extended TAO-USD	+0.0208%	1h	315.23	−0.229%	$922K	$2.4M	25x	as long as short
Hyperliquid TAO	+0.0256%	1h	315.57	−0.120%	$92.8M	$106.4M	5x	as long as short
01 Exchange TAOUSD	+0.0304%	1h	315.79	−0.051%	$3K	$4K	5x	as long as short
Lighter TAO	+0.0312%	1h	315.52	−0.136%	$1.5M	$6.5M	5x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0329%	1h	315.36	−0.188%	$30K	$1.7M	25x	as long as short
BloFin TAO-USDT	+0.0340%	4h	316.00	+0.016%	$4.5M	$10.9M	100x	as long as short
Arcus TAO-USD	+0.0345%	1h	315.80	−0.047%	$100K	$438K	5x	as long as short
Backpack TAO_USDC_PERPlong	+0.0350%	1h	315.95	long leg	$316K	$913K	10x
Pacifica TAO	+0.0365%	1h	315.48	−0.150%	$360K	$412K	10x	as long as short
Variational Omni TAO	+0.0526%	4h	314.38	−0.498%	$5.7M	$9.9M	—	as long as short
Phoenix TAO	+0.0581%	1h	315.50	−0.142%	$314K	$697K	5x	as long as short
Reya TAORUSDPERP	+0.0697%	1h	315.34	−0.194%	$363	—	20x	as long as short
Bulk TAO-USD	+0.0933%	1h	314.34	−0.510%	$167K	$2K	10x	as long as short
RISEx TAO/USDC	+0.0991%	1h	315.61	−0.108%	$435K	$651K	5x	as long as short
Coinbase International TAO-PERP-INTX	+0.1008%	1h	316.02	+0.022%	$1.5M	$6.7M	50x	as long as short
Injective TAO/USDC PERP	+0.4222%	1h	318.85	+0.918%	$23K	$2K	12x	as long as short