Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h −0.001%

Price spread now: Popdex against Bybit−0.013%7-day average −0.026% · 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−$38as in the Price arb table

costs, in and out, $10k−$390.390% of the position

Long on Bybit Short on Popdex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.003%$0 on $10k

Price spread, last 4 days (all we have)+0.223%+$22 · spread now −0.013%, 7d avg −0.026%

Together, before fees+0.220%+$22 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit TAOUSDT	314.79	0.0100	pay 0.0050% / 4h	12m 37s	$67.8M	$149.0M	50x
Short	Popdex TAOUSDT	314.75	0.0096	get 0.0012% / 1h	12m 37s	$43K	$668K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Popdex 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 PopdexbpOrdersPrice spread, now −0.013%Rate

Funding earned: −$0.84
Price spread: −0.013% → −0.026%: $1.35
Slippage, 4 orders: −$21.65
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Net: −$38.54
Costs to cover: 0.390%
Break-even: never at this rate

Slippage from Bybit: live order book, 1 min ago; Popdex: live order book, 46 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	0.16 bp	9.6 bp −$10	16.7 bp −$167	37.2 bp −$3,725	doesn't fit
Sell Popdex live order book, 46 min ago	1.26 bp	10.1 bp −$10	103.0 bp −$1,030	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
dYdX TAO-USD	0.0000%	1h	314.80	+0.002%	$126K	$85K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	314.63	−0.052%	$20K	—	150x	as long as short
Kraken Futures PF_TAOUSD	+0.0056%	1h	314.92	+0.043%	$5.5M	$20.6M	50x	as long as short
Popdex TAOUSDTshort	+0.0096%	1h	314.75	−0.013%	$43K	$668K	20x
Katana Perps TAO-USD	+0.0098%	8h	314.76	−0.010%	$644	$799K	5x	as long as short
Binance TAOUSDT	+0.0100%	4h	314.73	−0.019%	$90.9M	$495.0M	75x	as long as short
Bybit TAOUSDTlong	+0.0100%	4h	314.79	long leg	$67.8M	$149.0M	50x
OKX TAO-USDT-SWAP	+0.0100%	8h	314.70	−0.029%	$26.0M	$120.5M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	314.70	−0.029%	$12.9M	$50.1M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	314.89	+0.032%	$110.8M	$144.2M	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	314.83	+0.013%	$17.7M	$31.7M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	314.71	−0.025%	$35.2M	$56.4M	50x	as long as short
BingX TAO-USDT	+0.0100%	4h	314.94	+0.048%	—	$32.8M	—	as long as short
edgeX TAOUSDC	+0.0100%	4h	315.09	+0.095%	$42K	$313K	10x	as long as short
GRVT TAO_USDT_Perp	+0.0100%	4h	314.71	−0.027%	$521K	$956K	10x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	315.38	+0.187%	$46K	$255K	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	314.64	−0.048%	$77K	$859K	5x	as long as short
Bullet TAO-USD	+0.0100%	1h	314.90	+0.034%	$12K	$18K	20x	as long as short
SunX TAO-USDT	+0.0100%	4h	314.67	−0.038%	$2K	$1.9M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	314.31	−0.152%	$109K	$535K	20x	as long as short
Phemex TAOUSDT	+0.0100%	4h	314.81	+0.006%	$3.2M	$8.1M	50x	as long as short
Bulk TAO-USD	+0.0100%	1h	314.68	−0.035%	$167K	$2K	10x	as long as short
Aevo TAO-PERP	+0.0104%	1h	314.85	+0.020%	$173K	$998	3x	as long as short
Orderly PERP_TAO_USDC	+0.0132%	4h	314.84	+0.016%	$52K	$271K	10x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0145% / S +0.0122%	1h	314.66	−0.043%	$428K	—	100x	as long as short
Paradex TAO-USD-PERP	+0.0155%	8h	314.96	+0.054%	$14K	$1K	10x	as long as short
Aster TAOUSDT	+0.0172%	4h	314.78	−0.002%	$1.2M	$10.4M	50x	as long as short
Extended TAO-USD	+0.0200%	1h	314.80	+0.003%	$923K	$2.4M	25x	as long as short
Nado TAO-PERP	+0.0214%	1h	314.83	+0.014%	$800K	$2.2M	10x	as long as short
Hyperliquid TAO	+0.0270%	1h	315.05	+0.083%	$92.7M	$106.6M	5x	as long as short
01 Exchange TAOUSD	+0.0328%	1h	315.09	+0.095%	$3K	$4K	5x	as long as short
BloFin TAO-USDT	+0.0340%	4h	315.08	+0.092%	$4.6M	$10.9M	100x	as long as short
Lighter TAO	+0.0344%	1h	315.17	+0.120%	$1.5M	$6.5M	5x	as long as short
Backpack TAO_USDC_PERP	+0.0345%	1h	314.96	+0.054%	$315K	$913K	10x	as long as short
Arcus TAO-USD	+0.0345%	1h	315.20	+0.130%	$99K	$438K	5x	as long as short
Pacifica TAO	+0.0365%	1h	314.99	+0.064%	$359K	$412K	10x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0377%	1h	314.98	+0.059%	$23K	$1.7M	25x	as long as short
Variational Omni TAO	+0.0461%	4h	315.17	+0.121%	$5.7M	$9.9M	—	as long as short
Phoenix TAO	+0.0581%	1h	315.10	+0.098%	$314K	$697K	5x	as long as short
Reya TAORUSDPERP	+0.0697%	1h	314.86	+0.021%	$362	—	20x	as long as short
RISEx TAO/USDC	+0.0991%	1h	314.97	+0.057%	$437K	$653K	5x	as long as short
Coinbase International TAO-PERP-INTX	+0.1008%	1h	316.12	+0.423%	$1.5M	$6.7M	50x	as long as short
Injective TAO/USDC PERP	+0.4222%	1h	318.19	+1.080%	$23K	$2K	12x	as long as short