Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0011%/8h= +1.2% APRpaid last 24h +0.338%

Price spread now: Bybit against Bulk−0.822%7-day average +0.123% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$123as in the Price arb table

costs, in and out, $10k−$280.280% of the position

Long on Bulk Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.393%+$39 on $10k

Price spread, last 4 days (all we have)+0.678%+$68 · spread now −0.822%, 7d avg +0.123%

Together, before fees+1.071%+$107 on $10k · with fees, hour by hour

Funding pays, the price is against you. Bybit is 0.946% cheaper against Bulk than usual: you would sell low and buy high (spread −0.822% now, against its 7-day average of +0.123%). If the spread goes back, that is −$95 on $10k: about 10 months of funding at the current rate ($0 a day). At the pace of the last 4 days (+0.393% in total) that is about 9.1 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bulk TAO-USD	316.13	0.0125	pay 0.0016% / 1h	29m 39s	$168K	$0	10x
Short	Bybit TAOUSDT	313.53	0.0135	get 0.0068% / 4h	3h 29m	$68.4M	$155.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Bulk. 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 BulkbpFee BybitbpOrdersPrice spread, now −0.822%Rate

Funding earned: $2.21
Price spread: −0.822% → +0.123%: −$94.59
Slippage, 4 orders: −$9.98
Fee Bulk: 3.5 bp × 2 orders: −$7
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$120.36
Costs to cover: 0.280%
Break-even: 387.5 days

Slippage from Bulk: live order book, 4 min ago; Bybit: live order book, 4 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 Bulk live order book, 4 min ago	0.48 bp	4.0 bp −$4	6.0 bp −$60	doesn't fit	doesn't fit
Sell Bybit live order book, 4 min ago	0.16 bp	9.0 bp −$9	17.6 bp −$176	37.8 bp −$3,781	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 −0.0003%	1h	312.74	−1.071%	$19K	—	150x	as long as short
Popdex TAOUSDT	+0.0096%	1h	312.82	−1.047%	$49K	$701K	20x	as long as short
Katana Perps TAO-USD	+0.0099%	8h	313.31	−0.892%	$2K	$1.2M	5x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	313.40	−0.864%	$26.1M	$128.7M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	313.20	−0.927%	$14.9M	$49.7M	50x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	313.50	−0.832%	$17.4M	$32.4M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	313.22	−0.921%	$35.2M	$57.2M	50x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	314.26	−0.592%	$45K	$257K	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	312.50	−1.148%	$86K	$1.2M	5x	as long as short
SunX TAO-USDT	+0.0100%	4h	312.84	−1.041%	$2K	$1.9M	20x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX TAO-USDT	+0.0100%	4h	312.56	−1.129%	$114K	$588K	20x	as long as short
Phemex TAOUSDT	+0.0100%	4h	312.89	−1.025%	$3.1M	$8.1M	50x	as long as short
Aevo TAO-PERP	+0.0112%	1h	313.07	−0.969%	$172K	$998	3x	as long as short
Bulk TAO-USDlong	+0.0125%	1h	316.13	long leg	$168K	$0	10x
MEXC TAO_USDT	+0.0128%	4h	313.48	−0.838%	$104.9M	$152.4M	300x	as long as short
Binance TAOUSDT	+0.0128%	4h	313.52	−0.826%	$91.3M	$525.7M	75x	as long as short
Bybit TAOUSDTshort	+0.0135%	4h	313.53	−0.822%	$68.4M	$155.3M	50x
edgeX TAOUSDC	+0.0143%	4h	314.66	−0.466%	$42K	$322K	10x	as long as short
GRVT TAO_USDT_Perp	+0.0144%	4h	315.40	−0.231%	$540K	$876K	10x	as long as short
dYdX TAO-USD	+0.0199%	1h	313.23	−0.917%	$126K	$86K	5x	as long as short
Orderly PERP_TAO_USDC	+0.0214%	4h	312.96	−1.003%	$53K	$298K	10x	as long as short
Bullet TAO-USD	+0.0229%	1h	312.92	−1.016%	$12K	$17K	20x	as long as short
Paradex TAO-USD-PERP	+0.0233%	8h	313.49	−0.837%	$14K	$876	10x	as long as short
Aster TAOUSDT	+0.0296%	4h	313.31	−0.893%	$1.2M	$11.2M	50x	as long as short
Extended TAO-USD	+0.0328%	1h	313.38	−0.871%	$887K	$2.3M	25x	as long as short
Pacifica TAO	+0.0349%	1h	313.49	−0.836%	$361K	$445K	10x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0359% / S −0.0107%	1h	312.75	−1.070%	$367K	—	100x	as long as short
BloFin TAO-USDT	+0.0374%	4h	312.38	−1.186%	$4.7M	$10.7M	100x	as long as short
BingX TAO-USDT	+0.0386%	4h	313.45	−0.848%	—	$38.5M	—	as long as short
Arcus TAO-USD	+0.0404%	1h	313.70	−0.769%	$99K	$362K	5x	as long as short
Hyperliquid TAO	+0.0480%	1h	313.43	−0.854%	$92.0M	$109.2M	5x	as long as short
Nado TAO-PERP	+0.0502%	1h	312.82	−1.046%	$752K	$2.0M	10x	as long as short
Phoenix TAO	+0.0578%	1h	314.90	−0.389%	$317K	$714K	5x	as long as short
01 Exchange TAOUSD	+0.0584%	1h	312.84	−1.041%	$3K	$4K	5x	as long as short
Variational Omni TAO	+0.0593%	4h	312.65	−1.100%	$5.5M	$10.1M	—	as long as short
Lighter TAO	+0.0624%	1h	313.55	−0.818%	$1.6M	$6.6M	5x	as long as short
Backpack TAO_USDC_PERP	+0.0656%	1h	313.35	−0.879%	$309K	$1.0M	10x	as long as short
Reya TAORUSDPERP	+0.0698%	1h	312.96	−1.004%	$360	—	20x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0706%	1h	313.06	−0.971%	$11K	$1.9M	25x	as long as short
Kraken Futures PF_TAOUSD	+0.0795%	1h	313.13	−0.949%	$6.0M	$21.3M	50x	as long as short
RISEx TAO/USDC	+0.0840%	1h	313.41	−0.861%	$438K	$686K	5x	as long as short
Coinbase International TAO-PERP-INTX	+0.0944%	1h	313.75	−0.753%	$1.1M	$7.2M	50x	as long as short
Injective TAO/USDC PERP	+0.3512%	1h	318.23	+0.664%	$23K	$2K	12x	as long as short