Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0577%/8h= −63.1% APRpaid last 24h −0.005%

Price spread now: Deribit against Bybit−0.266%7-day average −0.004% · you buy dearer than you sell

Net, funding: paid 7d − costs−$64as in the Funding arb table

Net, price: spread back to 7d avg − costs−$70as in the Price arb table

costs, in and out, $10k−$440.441% of the position

Long on Bybit Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.198%−$20 on $10k

Price spread, last 3 days (all we have)+0.293%+$29 · spread now −0.266%, 7d avg −0.004%

Together, before fees+0.096%+$10 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$17 a day on $10k at the current rate, and Deribit is 0.262% cheaper against Bybit than usual: you would sell low and buy high (−$26 if the spread goes back to its 7-day average of −0.004%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.198% in total (about -10.3% 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	Bybit TAOUSDT	319.95	0.0646	pay 0.0323% / 4h	3h 50m	$65.9M	$130.2M	50x
Short	Deribit TAO_USDC-PERPETUAL	319.10	0.0069	get 0.0009% / 1h	50m 36s	$22K	$1.5M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now −0.266%Rate

Funding earned: −$121.07
Price spread: −0.266% → −0.004%: −$26.21
Slippage, 4 orders: −$26.13
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$191.41
Costs to cover: 0.441%
Break-even: never at this rate

Slippage from Bybit: live order book, 3 min ago; Deribit: live order book, 3 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, 3 min ago	0.16 bp	12.7 bp −$13	22.2 bp −$222	55.1 bp −$5,513	doesn't fit
Sell Deribit live order book, 3 min ago	6.13 bp	9.6 bp −$10	doesn't fit	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	−0.1799%	1h	311.96	−2.497%	$167K	$44K	10x	as long as short
Phemex TAOUSDT	−0.0839%	4h	318.72	−0.384%	$3.4M	$7.9M	50x	as long as short
dYdX TAO-USD	0.0000%	1h	319.11	−0.261%	$128K	$88K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	319.64	−0.096%	$21K	—	150x	as long as short
Deribit TAO_USDC-PERPETUALshort	+0.0069%	1h	319.10	−0.266%	$22K	$1.5M	25x
Popdex TAOUSDT	+0.0096%	1h	319.80	−0.047%	$42K	$578K	20x	as long as short
Binance TAOUSDT	+0.0100%	4h	319.47	−0.150%	$91.9M	$440.4M	75x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	319.70	−0.078%	$25.9M	$106.9M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	319.50	−0.141%	$12.9M	$49.7M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	319.62	−0.103%	$105.7M	$131.8M	300x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin TAOUSDTM	+0.0100%	4h	319.60	−0.109%	$19.0M	$28.4M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	319.90	−0.016%	$35.7M	$48.9M	50x	as long as short
edgeX TAOUSDC	+0.0100%	4h	318.79	−0.362%	$36K	$288K	10x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	318.51	−0.450%	$48K	$268K	50x	as long as short
Orderly PERP_TAO_USDC	+0.0100%	4h	319.40	−0.172%	$57K	$316K	10x	as long as short
SunX TAO-USDT	+0.0100%	4h	319.00	−0.297%	$2K	$1.9M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	318.61	−0.419%	$127K	$422K	20x	as long as short
Aevo TAO-PERP	+0.0104%	1h	319.61	−0.106%	$176K	$998	3x	as long as short
Katana Perps TAO-USD	+0.0105%	8h	320.26	+0.097%	$2K	$595K	5x	as long as short
GRVT TAO_USDT_Perp	+0.0168%	4h	320.12	+0.053%	$532K	$945K	10x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0174% / S +0.0085%	1h	319.60	−0.110%	$462K	—	100x	as long as short
Pacifica TAO	+0.0185%	1h	319.73	−0.068%	$378K	$371K	10x	as long as short
Arcus TAO-USD	+0.0201%	1h	320.45	+0.156%	$85K	$545K	5x	as long as short
Paradex TAO-USD-PERP	+0.0226%	8h	319.61	−0.105%	$14K	$1K	10x	as long as short
Aster TAOUSDT	+0.0230%	4h	319.17	−0.244%	$1.1M	$8.1M	50x	as long as short
Bullet TAO-USD	+0.0274%	1h	319.96	+0.003%	$12K	$17K	20x	as long as short
Variational Omni TAO	+0.0305%	4h	320.13	+0.055%	$5.5M	$8.6M	—	as long as short
BloFin TAO-USDT	+0.0340%	4h	319.32	−0.197%	$4.4M	$10.9M	100x	as long as short
Polymarket Perps TAO-USD	+0.0345%	1h	320.58	+0.197%	$100K	$634K	5x	as long as short
BingX TAO-USDT	+0.0378%	4h	319.74	−0.066%	—	$30.7M	—	as long as short
Kraken Futures PF_TAOUSD	+0.0481%	1h	318.87	−0.336%	$5.8M	$20.3M	50x	as long as short
Phoenix TAO	+0.0525%	1h	321.00	+0.328%	$336K	$624K	5x	as long as short
Injective TAO/USDC PERP	+0.0571%	1h	320.58	+0.197%	$23K	$495	12x	as long as short
Bybit TAOUSDTlong	+0.0646%	4h	319.95	long leg	$65.9M	$130.2M	50x
Reya TAORUSDPERP	+0.0695%	1h	320.52	+0.177%	$369	—	20x	as long as short
Nado TAO-PERP	+0.0762%	1h	320.36	+0.127%	$892K	$2.0M	10x	as long as short
01 Exchange TAOUSD	+0.0832%	1h	320.08	+0.041%	$3K	$4K	5x	as long as short
Coinbase International TAO-PERP-INTX	+0.0984%	1h	321.35	+0.438%	$1.5M	$6.1M	50x	as long as short
Backpack TAO_USDC_PERP	+0.1022%	1h	319.03	−0.288%	$318K	$820K	10x	as long as short
Extended TAO-USD	+0.1048%	1h	320.04	+0.027%	$933K	$2.2M	25x	as long as short
RISEx TAO/USDC	+0.1141%	1h	320.37	+0.130%	$423K	$590K	5x	as long as short
Lighter TAO	+0.1784%	1h	320.07	+0.036%	$1.7M	$5.9M	5x	as long as short
Hyperliquid TAO	+0.2902%	1h	320.10	+0.047%	$104.7M	$88.6M	5x	as long as short