Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.019%

Price spread now: Phemex against Bitget+0.073%56s7-day average +0.050% · you sell dearer than you buy

Net, funding: paid 7d − costs−$103as 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−$610.605% of the position

Long on Bitget Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.428%−$43 on $10k

Price spread, last 4 days (all we have)+0.059%+$6 · spread now +0.073%, 7d avg +0.050%

Together, before fees−0.369%−$37 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Phemex is 0.023% dearer against Bitget than usual: you sell high and buy low, +$2 on $10k if it goes back to its 7-day average of +0.050%. The two prices were read 56 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	Bitget TAOUSDT	316.00	0.0100	pay 0.0050% / 4h	3h 42m	$35.6M	$57.7M	50x
Short	Phemex TAOUSDT	316.23	0.0100	get 0.0050% / 4h	3h 42m	$3.2M	$8.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Bitget. 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 BitgetbpFee PhemexbpOrdersPrice spread, now +0.073%Rate

Funding earned: $0
Price spread: +0.073% → +0.050%: $2.3
Slippage, 4 orders: −$36.54
Fee Bitget: 6 bp × 2 orders: −$12
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$58.24
Costs to cover: 0.605%
Break-even: never at this rate

Slippage from Bitget: live order book, 2 min ago; Phemex: 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 Bitget live order book, 2 min ago	0.95 bp	11.2 bp −$11	16.6 bp −$166	doesn't fit	doesn't fit
Sell Phemex live order book, 2 min ago	7.43 bp	19.7 bp −$20	33.2 bp −$332	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
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0005%	1h	315.88	−0.039%	$22K	—	150x	as long as short
Popdex TAOUSDT	+0.0096%	1h	316.22	+0.070%	$50K	$714K	20x	as long as short
Katana Perps TAO-USD	+0.0100%	8h	315.91	−0.028%	$646	$1.2M	5x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	316.20	+0.063%	$26.3M	$130.7M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	315.90	−0.032%	$14.8M	$49.3M	50x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	316.24	+0.076%	$17.7M	$32.4M	75x	as long as short
Bitget TAOUSDTlong	+0.0100%	4h	316.00	long leg	$35.6M	$57.7M	50x
Polymarket Perps TAO-USD	+0.0100%	1h	316.05	+0.016%	$87K	$1.2M	5x	as long as short
SunX TAO-USDT	+0.0100%	4h	315.89	−0.035%	$1K	$1.9M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	315.72	−0.089%	$116K	$589K	20x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex TAOUSDTshort	+0.0100%	4h	316.23	+0.073%	$3.2M	$8.1M	50x
Aevo TAO-PERP	+0.0120%	1h	316.36	+0.115%	$174K	$998	3x	as long as short
dYdX TAO-USD	+0.0123%	1h	315.84	−0.051%	$127K	$86K	5x	as long as short
Binance TAOUSDT	+0.0158%	4h	316.25	+0.079%	$92.3M	$530.3M	75x	as long as short
MEXC TAO_USDT	+0.0162%	4h	316.24	+0.076%	$104.3M	$151.6M	300x	as long as short
edgeX TAOUSDC	+0.0165%	4h	316.46	+0.145%	$42K	$322K	10x	as long as short
Orderly PERP_TAO_USDC	+0.0209%	4h	316.16	+0.051%	$54K	$299K	10x	as long as short
Bullet TAO-USD	+0.0211%	1h	316.28	+0.090%	$12K	$17K	20x	as long as short
Bybit TAOUSDT	+0.0232%	4h	316.33	+0.104%	$69.6M	$155.9M	50x	as long as short
Bulk TAO-USD	+0.0233%	1h	316.19	+0.060%	$168K	$0	10x	as long as short
Paradex TAO-USD-PERP	+0.0241%	8h	316.28	+0.090%	$14K	$876	10x	as long as short
ApeX Omni TAOUSDT	+0.0254%	1h	316.32	+0.101%	$45K	$257K	50x	as long as short
GRVT TAO_USDT_Perp	+0.0286%	4h	316.28	+0.089%	$541K	$877K	10x	as long as short
Aster TAOUSDT	+0.0320%	4h	316.17	+0.054%	$1.2M	$11.1M	50x	as long as short
Pacifica TAO	+0.0349%	1h	316.20	+0.063%	$371K	$442K	10x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0361% / S −0.0107%	1h	315.92	−0.026%	$371K	—	100x	as long as short
Extended TAO-USD	+0.0376%	1h	316.17	+0.054%	$899K	$2.4M	25x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0386%	1h	316.19	+0.059%	$15K	$1.9M	25x	as long as short
BloFin TAO-USDT	+0.0402%	4h	316.30	+0.095%	$4.8M	$10.8M	100x	as long as short
Arcus TAO-USD	+0.0404%	1h	316.48	+0.152%	$100K	$371K	5x	as long as short
Hyperliquid TAO	+0.0479%	1h	316.34	+0.108%	$93.2M	$110.2M	5x	as long as short
Nado TAO-PERP	+0.0537%	1h	316.29	+0.093%	$768K	$2.0M	10x	as long as short
BingX TAO-USDT	+0.0568%	4h	316.18	+0.057%	—	$37.4M	—	as long as short
Phoenix TAO	+0.0578%	1h	316.80	+0.253%	$319K	$714K	5x	as long as short
Lighter TAO	+0.0584%	1h	316.32	+0.100%	$1.6M	$6.6M	5x	as long as short
Variational Omni TAO	+0.0622%	4h	316.65	+0.207%	$5.6M	$10.1M	—	as long as short
01 Exchange TAOUSD	+0.0624%	1h	316.49	+0.155%	$3K	$4K	5x	as long as short
Reya TAORUSDPERP	+0.0698%	1h	316.23	+0.072%	$364	—	20x	as long as short
Backpack TAO_USDC_PERP	+0.0739%	1h	316.29	+0.092%	$316K	$1.0M	10x	as long as short
Kraken Futures PF_TAOUSD	+0.0787%	1h	316.22	+0.071%	$6.0M	$21.3M	50x	as long as short
RISEx TAO/USDC	+0.0840%	1h	316.15	+0.047%	$437K	$682K	5x	as long as short
Coinbase International TAO-PERP-INTX	+0.0944%	1h	316.48	+0.152%	$1.2M	$7.2M	50x	as long as short
Injective TAO/USDC PERP	+0.3512%	1h	319.36	+1.063%	$23K	$2K	12x	as long as short