Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 19:00 UTC−0.0776%/8hnext payment −$0.97 per $10,000 · paid last 24h −0.188%

Price spread now: Popdex against Coinbase International−0.227%7-day average −0.166% · 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−$58as in the Price arb table

costs, in and out, $10k−$520.521% of the position

Long on Coinbase International Short on Popdex

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.414%−$41 on $10k

Price spread, last 3 days (all we have)+0.056%+$6 · spread now −0.227%, 7d avg −0.166%

Together, before fees−0.358%−$36 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$23 a day on $10k at the current rate, and Popdex is 0.061% cheaper against Coinbase International than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of −0.166%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International TAO-PERP-INTX	295.14	0.0872	pay 0.0109% / 1h	4m 55s	$1.5M	$4.4M	50x
Short	Popdex TAOUSDT	294.47	0.0096	get 0.0012% / 1h	4m 55s	$34K	$482K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Popdex 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 PopdexbpOrdersPrice spread, now −0.227%Rate

Funding earned: −$162.96
Price spread: −0.227% → −0.166%: −$6.06
Slippage, 4 orders: −$35.72
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Net: −$221.14
Costs to cover: 0.521%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 3 min ago; Popdex: live order book, 28 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, 3 min ago	10.92 bp	15.9 bp −$16	18.4 bp −$184	doesn't fit	doesn't fit
Sell Popdex live order book, 28 min ago	2.06 bp	10.6 bp −$11	114.2 bp −$1,142	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	−0.2681%	1h	291.45	−1.250%	$192K	$44K	10x	as long as short
Kraken Futures PF_TAOUSD	−0.0158%	1h	294.33	−0.275%	$5.3M	$14.1M	50x	as long as short
dYdX TAO-USD	0.0000%	1h	294.27	−0.295%	$75K	$35K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0010%	1h	294.19	−0.323%	$35K	—	150x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0086%	1h	294.27	−0.294%	$22K	$1.1M	25x	as long as short
Popdex TAOUSDTshort	+0.0096%	1h	294.47	−0.227%	$34K	$482K	20x
Aster TAOUSDT	+0.0100%	4h	294.43	−0.240%	$1.6M	$5.0M	50x	as long as short
Pacifica TAO	+0.0100%	1h	294.20	−0.320%	$341K	$375K	10x	as long as short
Binance TAOUSDT	+0.0100%	4h	294.76	−0.130%	$80.4M	$338.1M	75x	as long as short
Bybit TAOUSDT	+0.0100%	4h	294.83	−0.105%	$52.0M	$88.7M	50x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX TAO-USDT-SWAP	+0.0100%	8h	294.50	−0.217%	$23.3M	$72.3M	50x	as long as short
Arcus TAO-USD	+0.0100%	1h	294.54	−0.203%	$129K	$580K	5x	as long as short
Gate TAO_USDT	+0.0100%	4h	294.70	−0.149%	$11.7M	$45.5M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	294.65	−0.166%	$106.5M	$106.8M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	294.76	−0.129%	$19.8M	$21.3M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	294.39	−0.254%	$33.2M	$37.0M	50x	as long as short
BingX TAO-USDT	+0.0100%	4h	294.81	−0.112%	—	$27.7M	—	as long as short
Variational Omni TAO	+0.0100%	4h	292.37	−0.937%	$3.2M	$5.4M	—	as long as short
edgeX TAOUSDC	+0.0100%	4h	292.48	−0.900%	$38K	$272K	10x	as long as short
GRVT TAO_USDT_Perp	+0.0100%	4h	292.20	−0.996%	$523K	$884K	10x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	292.18	−1.003%	$44K	$266K	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	294.57	−0.193%	$85K	$508K	5x	as long as short
Bullet TAO-USD	+0.0100%	1h	294.30	−0.285%	$11K	$18K	20x	as long as short
Orderly PERP_TAO_USDC	+0.0100%	4h	294.11	−0.349%	$54K	$235K	10x	as long as short
SunX TAO-USDT	+0.0100%	4h	293.97	−0.396%	$1K	$1.6M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	294.16	−0.332%	$123K	$312K	20x	as long as short
Phemex TAOUSDT	+0.0100%	4h	294.49	−0.220%	$3.1M	$7.5M	50x	as long as short
Katana Perps TAO-USD	+0.0102%	8h	294.43	−0.241%	$1K	$348K	5x	as long as short
Aevo TAO-PERP	+0.0104%	1h	294.21	−0.313%	$162K	$998	3x	as long as short
Paradex TAO-USD-PERP	+0.0105%	8h	294.14	−0.338%	$14K	$376	10x	as long as short
Nado TAO-PERP	+0.0187%	1h	294.35	−0.269%	$1.0M	$1.3M	10x	as long as short
Phoenix TAO	+0.0336%	1h	292.60	−0.861%	$311K	$158K	5x	as long as short
Extended TAO-USD	+0.0336%	1h	294.62	−0.175%	$782K	$1.4M	25x	as long as short
BloFin TAO-USDT	+0.0340%	4h	294.48	−0.224%	$4.1M	$7.3M	100x	as long as short
01 Exchange TAOUSD	+0.0408%	1h	294.72	−0.142%	$3K	$4K	5x	as long as short
Lighter TAO	+0.0416%	1h	294.77	−0.126%	$1.3M	$2.4M	5x	as long as short
RISEx TAO/USDC	+0.0478%	1h	294.52	−0.208%	$340K	$452K	5x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0482% / S −0.0195%	1h	294.17	−0.328%	$444K	—	100x	as long as short
Backpack TAO_USDC_PERP	+0.0675%	1h	294.92	−0.075%	$373K	$536K	10x	as long as short
Reya TAORUSDPERP	+0.0694%	1h	294.30	−0.286%	$338	—	20x	as long as short
Coinbase International TAO-PERP-INTXlong	+0.0872%	1h	295.14	long leg	$1.5M	$4.4M	50x
Hyperliquid TAO	+0.1165%	1h	295.07	−0.024%	$83.3M	$56.0M	5x	as long as short
Injective TAO/USDC PERP	+0.2947%	1h	294.49	−0.220%	$21K	$39K	12x	as long as short