Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0314%/8h= +34.4% APRpaid last 24h +0.178%

Price spread now: Reya against Bybit−0.232%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Bybit Short on Reya

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropReya: Active · farm boardneeds both histories

Funding pays, the price is against you. Reya is 0.232% cheaper against Bybit than usual: you would sell low and buy high (spread −0.232% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$23 on $10k: about 2.5 days of funding at the current rate (+$9 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit TAOUSDT	322.23	0.0384	pay 0.0192% / 4h	1h 51m	$70.3M	$155.6M	50x
Short	Reya TAORUSDPERP	321.48	0.0698	get 0.0087% / 1h	51m 07s	$370	—	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Reya 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 ReyabpOrdersPrice spread, now −0.232%Rate

Funding earned: $65.94
Price spread: −0.232% → 0.000%: −$23.24
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Reya: 3 bp × 2 orders: −$6
Net: $25.7
Costs to cover: 0.170%
Break-even: 4.3 days

Slippage unknown: Bybit: live order book, 3 min ago; Reya: no order-book sample. Net counts fees only.

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	12.2 bp −$12	21.3 bp −$213	51.3 bp −$5,127	doesn't fit
Sell Reya no order-book sample	—	—	—	—	—

Reya: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.2101%	1h	320.87	−0.422%	$170K	$333	10x	as long as short
dYdX TAO-USD	0.0000%	1h	320.55	−0.521%	$128K	$85K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	321.22	−0.314%	$21K	—	150x	as long as short
Popdex TAOUSDT	+0.0096%	1h	321.34	−0.276%	$40K	$694K	20x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	322.20	−0.009%	$26.7M	$129.8M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	321.80	−0.133%	$14.2M	$51.3M	50x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	321.92	−0.096%	$17.6M	$31.9M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	321.87	−0.112%	$36.3M	$58.0M	50x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	320.78	−0.450%	$45K	$258K	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	321.36	−0.270%	$77K	$1.1M	5x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX TAO-USDT	+0.0100%	4h	321.25	−0.304%	$2K	$2.0M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	320.70	−0.475%	$117K	$584K	20x	as long as short
Phemex TAOUSDT	+0.0100%	4h	321.73	−0.155%	$3.3M	$8.1M	50x	as long as short
Katana Perps TAO-USD	+0.0109%	8h	321.18	−0.326%	$1K	$985K	5x	as long as short
Aevo TAO-PERP	+0.0120%	1h	321.42	−0.250%	$177K	$998	3x	as long as short
Orderly PERP_TAO_USDC	+0.0120%	4h	321.62	−0.189%	$53K	$292K	10x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0123% / S +0.0155%	1h	321.17	−0.330%	$434K	—	100x	as long as short
edgeX TAOUSDC	+0.0148%	4h	320.94	−0.400%	$42K	$316K	10x	as long as short
Binance TAOUSDT	+0.0148%	4h	321.88	−0.110%	$93.9M	$525.1M	75x	as long as short
MEXC TAO_USDT	+0.0148%	4h	322.11	−0.037%	$105.8M	$149.3M	300x	as long as short
Paradex TAO-USD-PERP	+0.0265%	8h	321.09	−0.352%	$15K	$1K	10x	as long as short
Aster TAOUSDT	+0.0301%	4h	321.48	−0.234%	$1.3M	$10.9M	50x	as long as short
BingX TAO-USDT	+0.0366%	4h	322.16	−0.022%	—	$34.3M	—	as long as short
Bullet TAO-USD	+0.0367%	1h	321.59	−0.199%	$12K	$17K	20x	as long as short
Bybit TAOUSDTlong	+0.0384%	4h	322.23	long leg	$70.3M	$155.6M	50x
BloFin TAO-USDT	+0.0388%	4h	321.61	−0.192%	$4.7M	$11.1M	100x	as long as short
GRVT TAO_USDT_Perp	+0.0420%	4h	320.79	−0.446%	$546K	$948K	10x	as long as short
Extended TAO-USD	+0.0488%	1h	321.66	−0.177%	$914K	$2.4M	25x	as long as short
Variational Omni TAO	+0.0506%	4h	323.50	+0.394%	$5.7M	$10.1M	—	as long as short
Pacifica TAO	+0.0525%	1h	321.24	−0.306%	$365K	$422K	10x	as long as short
Phoenix TAO	+0.0567%	1h	321.70	−0.164%	$320K	$709K	5x	as long as short
Backpack TAO_USDC_PERP	+0.0611%	1h	322.27	+0.012%	$320K	$899K	10x	as long as short
Nado TAO-PERP	+0.0617%	1h	321.21	−0.316%	$803K	$2.2M	10x	as long as short
01 Exchange TAOUSD	+0.0640%	1h	321.62	−0.189%	$3K	$4K	5x	as long as short
Arcus TAO-USD	+0.0641%	1h	321.50	−0.227%	$103K	$394K	5x	as long as short
Hyperliquid TAO	+0.0647%	1h	322.33	+0.031%	$95.3M	$109.9M	5x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0688%	1h	321.64	−0.184%	$14K	$1.9M	25x	as long as short
Reya TAORUSDPERPshort	+0.0698%	1h	321.48	−0.232%	$370	—	20x
Lighter TAO	+0.0880%	1h	322.36	+0.039%	$1.5M	$6.6M	5x	as long as short
Coinbase International TAO-PERP-INTX	+0.0944%	1h	321.95	−0.087%	$1.5M	$6.9M	50x	as long as short
RISEx TAO/USDC	+0.1077%	1h	321.29	−0.293%	$463K	$665K	5x	as long as short
Kraken Futures PF_TAOUSD	+0.1146%	1h	322.04	−0.060%	$6.1M	$21.7M	50x	as long as short
Injective TAO/USDC PERP	+0.4723%	1h	328.25	+1.868%	$24K	$2K	12x	as long as short