Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0286%/8h= −31.3% APRpaid last 24h +0.002%

Price spread now: Polymarket Perps against BingX−0.003%7-day average +0.007% · you buy dearer than you sell

Net, funding: paid 7d − costs−$40as in the Funding arb table

Net, price: spread back to 7d avg − costs−$27as in the Price arb table

costs, in and out, $10k−$260.263% of the position

Long on BingX Short on Polymarket Perps

What this pair did over the last

the charts below follow

Funding, last 7 days−0.134%−$13 on $10k

Price spread, last 4 days (all we have)+0.148%+$15 · spread now −0.003%, 7d avg +0.007%

Together, before fees+0.014%+$1 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.007%, so right now this pair is about funding alone: −$9 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 -0.134% in total (about -7.0% 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	BingX TAO-USDT	319.18	0.0386	pay 0.0193% / 4h	1h 46m	—	$34.4M	—
Short	Polymarket Perps TAO-USD	319.17	0.0100	get 0.0013% / 1h	46m 01s	$76K	$1.1M	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Polymarket Perps 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 Polymarket PerpsbpOrdersPrice spread, now −0.003%Rate

Funding earned: −$60.06
Price spread: −0.003% → +0.007%: −$1.03
Slippage, 4 orders: −$8.26
Fee BingX: 5 bp × 2 orders: −$10
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: −$87.35
Costs to cover: 0.263%
Break-even: never at this rate

Slippage from BingX: live order book, 8 min ago; Polymarket Perps: live order book, 2 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 BingX live order book, 8 min ago	1.09 bp	6.1 bp −$6	6.1 bp −$61	6.7 bp −$669	36.8 bp −$18.4K
Sell Polymarket Perps live order book, 2 min ago	1.72 bp	7.0 bp −$7	10.8 bp −$108	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	−0.2101%	1h	320.87	+0.529%	$170K	$333	10x	as long as short
dYdX TAO-USD	0.0000%	1h	319.14	−0.012%	$127K	$85K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	318.94	−0.076%	$21K	—	150x	as long as short
Popdex TAOUSDT	+0.0096%	1h	319.47	+0.091%	$41K	$695K	20x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	319.40	+0.069%	$26.5M	$128.9M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	318.80	−0.119%	$14.1M	$51.5M	50x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	319.21	+0.009%	$17.4M	$31.9M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	319.16	−0.006%	$35.9M	$58.3M	50x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	320.69	+0.473%	$45K	$259K	50x	as long as short
Polymarket Perps TAO-USDshort	+0.0100%	1h	319.17	−0.003%	$76K	$1.1M	5x

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX TAO-USDT	+0.0100%	4h	318.97	−0.066%	$2K	$2.0M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	318.94	−0.075%	$117K	$587K	20x	as long as short
Phemex TAOUSDT	+0.0100%	4h	319.30	+0.038%	$3.2M	$8.1M	50x	as long as short
Katana Perps TAO-USD	+0.0110%	8h	319.37	+0.060%	$1K	$992K	5x	as long as short
Aevo TAO-PERP	+0.0120%	1h	319.35	+0.054%	$175K	$998	3x	as long as short
Orderly PERP_TAO_USDC	+0.0121%	4h	319.20	+0.006%	$53K	$293K	10x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0122% / S +0.0156%	1h	318.88	−0.094%	$431K	—	100x	as long as short
edgeX TAOUSDC	+0.0148%	4h	320.71	+0.480%	$42K	$317K	10x	as long as short
MEXC TAO_USDT	+0.0152%	4h	319.53	+0.110%	$104.9M	$149.5M	300x	as long as short
Binance TAOUSDT	+0.0152%	4h	319.48	+0.095%	$92.6M	$526.5M	75x	as long as short
Paradex TAO-USD-PERP	+0.0261%	8h	319.63	+0.141%	$14K	$1K	10x	as long as short
Aster TAOUSDT	+0.0307%	4h	319.36	+0.056%	$1.3M	$10.9M	50x	as long as short
Bullet TAO-USD	+0.0378%	1h	319.33	+0.047%	$12K	$17K	20x	as long as short
BingX TAO-USDTlong	+0.0386%	4h	319.18	long leg	—	$34.4M	—
BloFin TAO-USDT	+0.0392%	4h	319.76	+0.182%	$4.7M	$11.1M	100x	as long as short
Bybit TAOUSDT	+0.0400%	4h	319.60	+0.132%	$69.7M	$155.7M	50x	as long as short
GRVT TAO_USDT_Perp	+0.0424%	4h	322.11	+0.917%	$548K	$948K	10x	as long as short
Extended TAO-USD	+0.0488%	1h	319.36	+0.055%	$917K	$2.4M	25x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0522%	1h	319.15	−0.009%	$14K	$1.9M	25x	as long as short
Pacifica TAO	+0.0525%	1h	319.63	+0.141%	$364K	$423K	10x	as long as short
Variational Omni TAO	+0.0536%	4h	321.98	+0.876%	$5.6M	$10.2M	—	as long as short
Phoenix TAO	+0.0567%	1h	321.70	+0.790%	$320K	$709K	5x	as long as short
Backpack TAO_USDC_PERP	+0.0600%	1h	319.26	+0.025%	$300K	$908K	10x	as long as short
Arcus TAO-USD	+0.0641%	1h	320.14	+0.301%	$103K	$394K	5x	as long as short
01 Exchange TAOUSD	+0.0648%	1h	319.58	+0.125%	$3K	$4K	5x	as long as short
Hyperliquid TAO	+0.0648%	1h	319.38	+0.063%	$94.4M	$110.1M	5x	as long as short
Nado TAO-PERP	+0.0651%	1h	319.36	+0.057%	$798K	$2.2M	10x	as long as short
Reya TAORUSDPERP	+0.0698%	1h	319.34	+0.049%	$367	—	20x	as long as short
Lighter TAO	+0.0800%	1h	319.48	+0.095%	$1.5M	$6.6M	5x	as long as short
Coinbase International TAO-PERP-INTX	+0.0944%	1h	319.75	+0.179%	$1.5M	$6.8M	50x	as long as short
RISEx TAO/USDC	+0.1077%	1h	319.45	+0.086%	$460K	$665K	5x	as long as short
Kraken Futures PF_TAOUSD	+0.1156%	1h	319.37	+0.060%	$6.0M	$21.7M	50x	as long as short
Injective TAO/USDC PERP	+0.4723%	1h	328.25	+2.842%	$24K	$2K	12x	as long as short