Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Bullet against BingX+0.389%47s7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on BingX Short on Bullet

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Bullet is 0.389% dearer against BingX than usual: you sell high and buy low, +$39 on $10k if it goes back to zero (this spread has no 7-day history yet). The two prices were read 47 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	BingX TAO-USDT	313.31	0.0100	pay 0.0050% / 4h	3h 32m	—	$29.9M	—
Short	Bullet TAO-USD	314.53	0.0100	get 0.0013% / 1h	32m 34s	$12K	$18K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bullet against BingX. 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 BingXbpFee BulletbpOrdersPrice spread, now +0.389%Rate

Funding earned: $0
Price spread: +0.389% → 0.000%: $38.94
Slippage, 4 orders: no order book: not counted
Fee BingX: 5 bp × 2 orders: −$10
Fee Bullet: 4 bp × 2 orders: −$8
Net: $20.94
Costs to cover: 0.180%
Break-even: from the start

Slippage unknown: BingX: live order book, 16 min ago; Bullet: no order-book sample. Net counts fees only.

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 BingX live order book, 16 min ago	0.81 bp	7.4 bp −$7	13.3 bp −$133	27.0 bp −$2,700	82.1 bp −$41.0K
Sell Bullet no order-book sample	—	—	—	—	—

Bullet: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−1.0220%	1h	313.13	−0.056%	$209K	$54K	10x	as long as short
dYdX TAO-USD	0.0000%	1h	313.15	−0.051%	$131K	$95K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0007%	1h	314.31	+0.320%	$28K	—	150x	as long as short
Phemex TAOUSDT	+0.0025%	4h	314.22	+0.290%	$3.3M	$7.9M	50x	as long as short
Popdex TAOUSDT	+0.0096%	1h	313.31	0.000%	$36K	$507K	20x	as long as short
Pacifica TAO	+0.0100%	1h	313.56	+0.080%	$365K	$396K	10x	as long as short
Binance TAOUSDT	+0.0100%	4h	313.16	−0.047%	$88.6M	$380.7M	75x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	313.20	−0.035%	$25.8M	$88.8M	50x	as long as short
Arcus TAO-USD	+0.0100%	1h	313.84	+0.169%	$141K	$585K	5x	as long as short
Gate TAO_USDT	+0.0100%	4h	313.10	−0.067%	$12.4M	$47.2M	50x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC TAO_USDT	+0.0100%	4h	313.33	+0.006%	$105.8M	$115.1M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	313.49	+0.057%	$20.2M	$24.9M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	313.18	−0.041%	$35.3M	$42.0M	50x	as long as short
BingX TAO-USDTlong	+0.0100%	4h	313.31	long leg	—	$29.9M	—
Variational Omni TAO	+0.0100%	4h	313.60	+0.092%	$3.5M	$6.2M	—	as long as short
edgeX TAOUSDC	+0.0100%	4h	312.30	−0.323%	$40K	$274K	10x	as long as short
GRVT TAO_USDT_Perp	+0.0100%	4h	313.48	+0.054%	$551K	$933K	10x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	312.28	−0.329%	$48K	$268K	50x	as long as short
Bullet TAO-USDshort	+0.0100%	1h	314.53	+0.389%	$12K	$18K	20x
Orderly PERP_TAO_USDC	+0.0100%	4h	314.59	+0.409%	$61K	$277K	10x	as long as short
SunX TAO-USDT	+0.0100%	4h	314.22	+0.290%	$1K	$1.7M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	313.25	−0.019%	$125K	$354K	20x	as long as short
Aevo TAO-PERP	+0.0104%	1h	314.56	+0.397%	$173K	$998	3x	as long as short
Bybit TAOUSDT	+0.0106%	4h	313.23	−0.026%	$60.1M	$111.9M	50x	as long as short
Polymarket Perps TAO-USD	+0.0109%	1h	314.37	+0.338%	$90K	$636K	5x	as long as short
Katana Perps TAO-USD	+0.0121%	8h	313.44	+0.041%	$896	$378K	5x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0154%	1h	314.36	+0.336%	$16K	$1.3M	25x	as long as short
Paradex TAO-USD-PERP	+0.0196%	8h	313.29	−0.008%	$15K	$992	10x	as long as short
Aster TAOUSDT	+0.0215%	4h	313.32	+0.003%	$1.7M	$7.1M	50x	as long as short
BloFin TAO-USDT	+0.0340%	4h	314.14	+0.265%	$4.3M	$9.4M	100x	as long as short
Phoenix TAO	+0.0365%	1h	313.20	−0.035%	$332K	$326K	5x	as long as short
Kraken Futures PF_TAOUSD	+0.0392%	1h	314.72	+0.449%	$6.6M	$17.4M	50x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0491% / S −0.0188%	1h	314.27	+0.306%	$464K	—	100x	as long as short
Backpack TAO_USDC_PERP	+0.0581%	1h	314.84	+0.488%	$386K	$546K	10x	as long as short
Extended TAO-USD	+0.0584%	1h	313.19	−0.037%	$937K	$1.8M	25x	as long as short
01 Exchange TAOUSD	+0.0616%	1h	313.84	+0.169%	$3K	$4K	5x	as long as short
RISEx TAO/USDC	+0.0688%	1h	313.54	+0.073%	$411K	$526K	5x	as long as short
Nado TAO-PERP	+0.0690%	1h	314.50	+0.381%	$1.1M	$1.5M	10x	as long as short
Reya TAORUSDPERP	+0.0694%	1h	314.40	+0.347%	$362	—	20x	as long as short
Coinbase International TAO-PERP-INTX	+0.0936%	1h	315.61	+0.734%	$1.5M	$5.4M	50x	as long as short
Lighter TAO	+0.2016%	1h	314.09	+0.249%	$2.0M	$3.5M	5x	as long as short
Hyperliquid TAO	+0.2496%	1h	314.69	+0.440%	$95.7M	$66.8M	5x	as long as short
Injective TAO/USDC PERP	+0.3384%	1h	316.14	+0.903%	$23K	$137	12x	as long as short