Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0002%/8h= +0.3% APRpaid last 24h +0.048%

Price spread now: Backpack against Bybit−0.010%7-day average +0.020% · you buy dearer than you sell

Net, funding: paid 7d − costs−$32as in the Funding arb table

Net, price: spread back to 7d avg − costs−$39as in the Price arb table

costs, in and out, $10k−$360.361% of the position

Long on Bybit Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.044%+$4 on $10k

Price spread, last 4 days (all we have)+0.080%+$8 · spread now −0.010%, 7d avg +0.020%

Together, before fees+0.123%+$12 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: Backpack is 0.030% cheaper against Bybit than usual: you would sell low and buy high, −$3 on $10k if it goes back to its 7-day average of +0.020%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit TAOUSDT	314.95	0.0722	pay 0.0361% / 4h	1h 57m	$66.9M	$138.1M	50x
Short	Backpack TAO_USDC_PERP	314.92	0.0725	get 0.0091% / 1h	57m 55s	$318K	$802K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Bybit. 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 BybitbpFee BackpackbpOrdersPrice spread, now −0.010%Rate

Funding earned: $0.48
Price spread: −0.010% → +0.020%: −$2.98
Slippage, 4 orders: −$15.11
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$38.61
Costs to cover: 0.361%
Break-even: 568.0 days

Slippage from Bybit: live order book, 1 min ago; Backpack: live order book, 6 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 Bybit live order book, 1 min ago	0.47 bp	8.8 bp −$9	22.5 bp −$225	48.3 bp −$4,829	doesn't fit
Sell Backpack live order book, 6 min ago	2.19 bp	8.9 bp −$9	335.6 bp −$3,356	doesn't fit	doesn't fit

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	+0.105%	$167K	$40K	10x	as long as short
dYdX TAO-USD	0.0000%	1h	316.29	+0.425%	$126K	$84K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	315.23	+0.088%	$10K	—	150x	as long as short
Popdex TAOUSDT	+0.0096%	1h	315.79	+0.267%	$45K	$643K	20x	as long as short
Binance TAOUSDT	+0.0100%	4h	314.80	−0.048%	$90.9M	$466.5M	75x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	314.60	−0.111%	$26.1M	$113.8M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	314.40	−0.175%	$12.9M	$49.0M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	314.68	−0.086%	$103.3M	$137.2M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	314.70	−0.079%	$17.8M	$30.4M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	314.43	−0.165%	$35.1M	$53.3M	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	317.02	+0.657%	$36K	$302K	10x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	315.87	+0.292%	$75K	$721K	5x	as long as short
Orderly PERP_TAO_USDC	+0.0100%	4h	315.35	+0.127%	$57K	$282K	10x	as long as short
SunX TAO-USDT	+0.0100%	4h	315.44	+0.156%	$1K	$1.9M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	314.75	−0.064%	$129K	$474K	20x	as long as short
Phemex TAOUSDT	+0.0100%	4h	314.74	−0.067%	$3.4M	$7.9M	50x	as long as short
Aevo TAO-PERP	+0.0104%	1h	315.48	+0.168%	$173K	$998	3x	as long as short
Katana Perps TAO-USD	+0.0114%	8h	315.66	+0.225%	$1K	$728K	5x	as long as short
ApeX Omni TAOUSDT	+0.0164%	1h	316.78	+0.581%	$47K	$252K	50x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0165% / S +0.0104%	1h	315.19	+0.075%	$428K	—	100x	as long as short
GRVT TAO_USDT_Perp	+0.0198%	4h	317.41	+0.781%	$528K	$957K	10x	as long as short
Kraken Futures PF_TAOUSD	+0.0249%	1h	315.04	+0.027%	$5.6M	$20.5M	50x	as long as short
Aster TAOUSDT	+0.0281%	4h	314.70	−0.080%	$1.2M	$9.3M	50x	as long as short
Bullet TAO-USD	+0.0332%	1h	315.61	+0.210%	$12K	$18K	20x	as long as short
Paradex TAO-USD-PERP	+0.0350%	8h	316.35	+0.445%	$14K	$1K	10x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0368%	1h	315.23	+0.089%	$14K	$1.6M	25x	as long as short
Pacifica TAO	+0.0448%	1h	316.00	+0.333%	$373K	$393K	10x	as long as short
Arcus TAO-USD	+0.0509%	1h	316.03	+0.343%	$100K	$489K	5x	as long as short
Phoenix TAO	+0.0588%	1h	318.30	+1.064%	$334K	$672K	5x	as long as short
01 Exchange TAOUSD	+0.0616%	1h	315.97	+0.324%	$3K	$4K	5x	as long as short
Reya TAORUSDPERP	+0.0696%	1h	315.62	+0.213%	$363	—	20x	as long as short
BingX TAO-USDT	+0.0720%	4h	314.72	−0.073%	—	$30.3M	—	as long as short
Bybit TAOUSDTlong	+0.0722%	4h	314.95	long leg	$66.9M	$138.1M	50x
Backpack TAO_USDC_PERPshort	+0.0725%	1h	314.92	−0.010%	$318K	$802K	10x
Variational Omni TAO	+0.0848%	4h	316.96	+0.638%	$6.1M	$9.5M	—	as long as short
Extended TAO-USD	+0.0888%	1h	314.52	−0.137%	$891K	$2.3M	25x	as long as short
Nado TAO-PERP	+0.0904%	1h	315.69	+0.236%	$756K	$2.1M	10x	as long as short
Lighter TAO	+0.0928%	1h	315.59	+0.204%	$1.6M	$6.1M	5x	as long as short
Coinbase International TAO-PERP-INTX	+0.1024%	1h	317.13	+0.692%	$1.5M	$6.4M	50x	as long as short
RISEx TAO/USDC	+0.1159%	1h	315.79	+0.267%	$446K	$626K	5x	as long as short
Hyperliquid TAO	+0.1189%	1h	315.01	+0.019%	$99.2M	$97.4M	5x	as long as short
Injective TAO/USDC PERP	+0.4172%	1h	320.94	+1.902%	$23K	$2K	12x	as long as short