Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0187%/8h= −20.4% APRpaid last 24h −0.048%

Price spread now: BingX against Backpack−0.050%7-day average −0.046% · you buy dearer than you sell

Net, funding: paid 7d − costs−$34as in the Funding arb table

Net, price: spread back to 7d avg − costs−$33as in the Price arb table

costs, in and out, $10k−$320.324% of the position

Long on Backpack Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.020%−$2 on $10k

Price spread, last 4 days (all we have)+0.056%+$6 · spread now −0.050%, 7d avg −0.046%

Together, before fees+0.036%+$4 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.046%, so right now this pair is about funding alone: −$6 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.020% in total (about -1.0% 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	316.94	0.0907	pay 0.0113% / 1h	0m 05s	$320K	$805K	10x
Short	BingX TAO-USDT	316.78	0.0720	get 0.0360% / 4h	2h 00m	—	$30.9M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX 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 BingXbpOrdersPrice spread, now −0.050%Rate

Funding earned: −$39.21
Price spread: −0.050% → −0.046%: −$0.49
Slippage, 4 orders: −$12.43
Fee Backpack: 5 bp × 2 orders: −$10
Fee BingX: 5 bp × 2 orders: −$10
Net: −$72.13
Costs to cover: 0.324%
Break-even: never at this rate

Slippage from Backpack: live order book, 4 min ago; BingX: live order book, 9 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, 4 min ago	2.19 bp	8.3 bp −$8	doesn't fit	doesn't fit	doesn't fit
Sell BingX live order book, 9 min ago	0.95 bp	7.4 bp −$7	12.7 bp −$127	28.9 bp −$2,890	59.3 bp −$29.7K

TAO on 42 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	−0.0185%	1h	315.28	−0.524%	$167K	$40K	10x	as long as short
dYdX TAO-USD	0.0000%	1h	316.91	−0.010%	$127K	$84K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	316.54	−0.125%	$10K	—	150x	as long as short
Popdex TAOUSDT	+0.0096%	1h	317.03	+0.028%	$43K	$645K	20x	as long as short
Binance TAOUSDT	+0.0100%	4h	316.85	−0.030%	$91.4M	$466.1M	75x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	317.10	+0.050%	$26.3M	$114.5M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	316.50	−0.139%	$12.9M	$51.0M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	316.76	−0.057%	$103.7M	$140.9M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	316.74	−0.063%	$18.0M	$30.4M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	316.85	−0.028%	$35.4M	$53.4M	50x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
edgeX TAOUSDC	+0.0100%	4h	318.38	+0.454%	$36K	$301K	10x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	316.71	−0.073%	$76K	$721K	5x	as long as short
Orderly PERP_TAO_USDC	+0.0100%	4h	316.61	−0.104%	$58K	$282K	10x	as long as short
SunX TAO-USDT	+0.0100%	4h	316.64	−0.095%	$1K	$1.9M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	316.73	−0.066%	$129K	$471K	20x	as long as short
Phemex TAOUSDT	+0.0100%	4h	316.67	−0.085%	$3.4M	$7.9M	50x	as long as short
Aevo TAO-PERP	+0.0104%	1h	317.03	+0.028%	$174K	$998	3x	as long as short
Katana Perps TAO-USD	+0.0115%	8h	317.03	+0.028%	$674	$727K	5x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0166% / S +0.0103%	1h	316.50	−0.139%	$430K	—	100x	as long as short
Kraken Futures PF_TAOUSD	+0.0167%	1h	316.68	−0.082%	$5.6M	$20.5M	50x	as long as short
ApeX Omni TAOUSDT	+0.0188%	1h	318.70	+0.555%	$48K	$252K	50x	as long as short
GRVT TAO_USDT_Perp	+0.0198%	4h	317.41	+0.149%	$528K	$957K	10x	as long as short
Bullet TAO-USD	+0.0218%	1h	316.81	−0.041%	$12K	$18K	20x	as long as short
Aster TAOUSDT	+0.0277%	4h	316.77	−0.054%	$1.2M	$9.3M	50x	as long as short
Pacifica TAO	+0.0285%	1h	317.15	+0.065%	$369K	$396K	10x	as long as short
Arcus TAO-USD	+0.0337%	1h	317.35	+0.129%	$100K	$489K	5x	as long as short
Paradex TAO-USD-PERP	+0.0350%	8h	316.89	−0.014%	$14K	$1K	10x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0436%	1h	316.73	−0.068%	$14K	$1.6M	25x	as long as short
Injective TAO/USDC PERP	+0.0470%	1h	321.23	+1.354%	$23K	$2K	12x	as long as short
Nado TAO-PERP	+0.0541%	1h	316.96	+0.008%	$759K	$2.1M	10x	as long as short
Phoenix TAO	+0.0588%	1h	318.30	+0.429%	$334K	$681K	5x	as long as short
01 Exchange TAOUSD	+0.0648%	1h	317.10	+0.050%	$3K	$4K	5x	as long as short
Reya TAORUSDPERP	+0.0696%	1h	316.73	−0.066%	$364	—	20x	as long as short
Bybit TAOUSDT	+0.0703%	4h	317.15	+0.066%	$67.3M	$138.1M	50x	as long as short
BingX TAO-USDTshort	+0.0720%	4h	316.78	−0.050%	—	$30.9M	—
Variational Omni TAO	+0.0848%	4h	316.96	+0.006%	$6.1M	$9.5M	—	as long as short
Extended TAO-USD	+0.0880%	1h	317.10	+0.051%	$896K	$2.3M	25x	as long as short
Backpack TAO_USDC_PERPlong	+0.0907%	1h	316.94	long leg	$320K	$805K	10x
Coinbase International TAO-PERP-INTX	+0.1024%	1h	317.89	+0.300%	$1.5M	$6.4M	50x	as long as short
RISEx TAO/USDC	+0.1132%	1h	317.02	+0.027%	$448K	$626K	5x	as long as short
Hyperliquid TAO	+0.1333%	1h	317.18	+0.076%	$99.9M	$97.3M	5x	as long as short
Lighter TAO	+0.1344%	1h	316.99	+0.016%	$1.6M	$6.1M	5x	as long as short