Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0860%/8h= −94.2% APRpaid last 24h −0.215%

Price spread now: Bybit against Coinbase International−0.188%7-day average −0.153% · you buy dearer than you sell

Net, funding: paid 7d − costs−$104as in the Funding arb table

Net, price: spread back to 7d avg − costs−$56as in the Price arb table

costs, in and out, $10k−$530.528% of the position

Long on Coinbase International Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.513%−$51 on $10k

Price spread, last 3 days (all we have)+0.024%+$2 · spread now −0.188%, 7d avg −0.153%

Together, before fees−0.488%−$49 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$26 a day on $10k at the current rate, and Bybit is 0.035% cheaper against Coinbase International than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of −0.153%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.513% in total (about -26.7% 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	Coinbase International TAO-PERP-INTX	313.27	0.0960	pay 0.0120% / 1h	19m 15s	$1.5M	$5.8M	50x
Short	Bybit TAOUSDT	312.68	0.0100	get 0.0050% / 4h	19m 15s	$61.5M	$125.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Coinbase International. 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 Coinbase InternationalbpFee BybitbpOrdersPrice spread, now −0.188%Rate

Funding earned: −$180.6
Price spread: −0.188% → −0.153%: −$3.52
Slippage, 4 orders: −$31.79
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$236.92
Costs to cover: 0.528%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 5 min ago; Bybit: live order book, 5 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 Coinbase International live order book, 5 min ago	11.06 bp	16.1 bp −$16	17.1 bp −$171	doesn't fit	doesn't fit
Sell Bybit live order book, 5 min ago	0.64 bp	10.1 bp −$10	16.5 bp −$165	39.6 bp −$3,961	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	−0.2753%	1h	312.56	−0.227%	$167K	$47K	10x	as long as short
dYdX TAO-USD	0.0000%	1h	312.05	−0.389%	$125K	$88K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0002%	1h	312.27	−0.319%	$27K	—	150x	as long as short
Injective TAO/USDC PERP	+0.0033%	1h	314.95	+0.536%	$23K	$361	12x	as long as short
Popdex TAOUSDT	+0.0096%	1h	312.50	−0.246%	$37K	$565K	20x	as long as short
Pacifica TAO	+0.0100%	1h	312.45	−0.262%	$369K	$363K	10x	as long as short
Binance TAOUSDT	+0.0100%	4h	312.49	−0.249%	$88.6M	$427.9M	75x	as long as short
Bybit TAOUSDTshort	+0.0100%	4h	312.68	−0.188%	$61.5M	$125.3M	50x
OKX TAO-USDT-SWAP	+0.0100%	8h	312.40	−0.278%	$25.1M	$101.5M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	312.30	−0.310%	$12.5M	$50.1M	50x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC TAO_USDT	+0.0100%	4h	312.47	−0.255%	$110.4M	$131.1M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	312.50	−0.246%	$18.5M	$27.8M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	312.21	−0.338%	$34.9M	$46.7M	50x	as long as short
BingX TAO-USDT	+0.0100%	4h	312.50	−0.246%	—	$30.4M	—	as long as short
edgeX TAOUSDC	+0.0100%	4h	311.50	−0.565%	$40K	$280K	10x	as long as short
GRVT TAO_USDT_Perp	+0.0100%	4h	312.50	−0.245%	$518K	$956K	10x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	311.35	−0.613%	$47K	$268K	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	312.62	−0.207%	$76K	$466K	5x	as long as short
Bullet TAO-USD	+0.0100%	1h	312.51	−0.242%	$11K	$17K	20x	as long as short
Orderly PERP_TAO_USDC	+0.0100%	4h	312.45	−0.262%	$60K	$275K	10x	as long as short
SunX TAO-USDT	+0.0100%	4h	312.36	−0.290%	$1K	$1.8M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	312.53	−0.236%	$127K	$410K	20x	as long as short
Phemex TAOUSDT	+0.0100%	4h	312.59	−0.217%	$3.3M	$7.9M	50x	as long as short
Aevo TAO-PERP	+0.0104%	1h	312.68	−0.188%	$172K	$998	3x	as long as short
Katana Perps TAO-USD	+0.0109%	8h	312.49	−0.249%	$3K	$557K	5x	as long as short
Aster TAOUSDT	+0.0177%	4h	312.40	−0.278%	$1.1M	$7.9M	50x	as long as short
Arcus TAO-USD	+0.0186%	1h	312.69	−0.185%	$83K	$565K	5x	as long as short
Paradex TAO-USD-PERP	+0.0189%	8h	312.35	−0.292%	$14K	$1K	10x	as long as short
Variational Omni TAO	+0.0218%	4h	312.89	−0.120%	$3.9M	$7.1M	—	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0248%	1h	312.50	−0.247%	$21K	$1.5M	25x	as long as short
BloFin TAO-USDT	+0.0340%	4h	312.70	−0.182%	$4.4M	$10.5M	100x	as long as short
Kraken Futures PF_TAOUSD	+0.0450%	1h	312.51	−0.243%	$5.7M	$19.9M	50x	as long as short
Nado TAO-PERP	+0.0453%	1h	312.52	−0.240%	$822K	$2.0M	10x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0475% / S −0.0175%	1h	312.27	−0.320%	$448K	—	100x	as long as short
Backpack TAO_USDC_PERP	+0.0517%	1h	312.35	−0.294%	$291K	$803K	10x	as long as short
Phoenix TAO	+0.0537%	1h	312.90	−0.118%	$327K	$521K	5x	as long as short
01 Exchange TAOUSD	+0.0600%	1h	312.70	−0.182%	$3K	$4K	5x	as long as short
Reya TAORUSDPERP	+0.0695%	1h	312.47	−0.257%	$359	—	20x	as long as short
Extended TAO-USD	+0.0856%	1h	312.45	−0.260%	$859K	$2.1M	25x	as long as short
Coinbase International TAO-PERP-INTXlong	+0.0960%	1h	313.27	long leg	$1.5M	$5.8M	50x
Lighter TAO	+0.1232%	1h	312.81	−0.147%	$1.6M	$5.8M	5x	as long as short
RISEx TAO/USDC	+0.1238%	1h	312.51	−0.242%	$435K	$567K	5x	as long as short
Hyperliquid TAO	+0.1642%	1h	312.95	−0.102%	$97.5M	$84.2M	5x	as long as short