Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0305%/8h= −33.4% APRpaid last 24h +0.009%

Price spread now: Phemex against Deribit−0.052%7-day average −0.014% · you buy dearer than you sell

Net, funding: paid 7d − costs−$115as in the Funding arb table

Net, price: spread back to 7d avg − costs−$87as in the Price arb table

costs, in and out, $10k−$830.827% of the position

Long on Deribit Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.325%−$33 on $10k

Price spread, last 3 days (all we have)+0.049%+$5 · spread now −0.052%, 7d avg −0.014%

Together, before fees−0.276%−$28 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$9 a day on $10k at the current rate, and Phemex is 0.038% cheaper against Deribit than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of −0.014%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit TAO_USDC-PERPETUAL	312.99	0.0405	pay 0.0051% / 1h	38m 59s	$19K	$1.4M	25x
Short	Phemex TAOUSDT	312.83	0.0100	get 0.0050% / 4h	38m 59s	$3.3M	$7.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Deribit. 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 DeribitbpFee PhemexbpOrdersPrice spread, now −0.052%Rate

Funding earned: −$64.05
Price spread: −0.052% → −0.014%: −$3.84
Slippage, 4 orders: −$63.68
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$150.57
Costs to cover: 0.827%
Break-even: never at this rate

Slippage from Deribit: live order book, 5 min ago; Phemex: 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 Deribit live order book, 5 min ago	2.40 bp	12.7 bp −$13	19.6 bp −$196	doesn't fit	doesn't fit
Sell Phemex live order book, 5 min ago	19.81 bp	30.9 bp −$31	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	−0.4478%	1h	313.97	+0.312%	$168K	$48K	10x	as long as short
dYdX TAO-USD	0.0000%	1h	312.64	−0.113%	$125K	$88K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	312.85	−0.047%	$21K	—	150x	as long as short
Injective TAO/USDC PERP	+0.0033%	1h	314.39	+0.446%	$23K	$260	12x	as long as short
Popdex TAOUSDT	+0.0096%	1h	313.25	+0.082%	$41K	$552K	20x	as long as short
Pacifica TAO	+0.0100%	1h	313.17	+0.056%	$371K	$369K	10x	as long as short
Binance TAOUSDT	+0.0100%	4h	313.27	+0.088%	$88.6M	$425.2M	75x	as long as short
Bybit TAOUSDT	+0.0100%	4h	313.33	+0.107%	$61.4M	$124.0M	50x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	313.10	+0.034%	$25.1M	$100.7M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	313.00	+0.002%	$12.7M	$49.3M	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	313.06	+0.021%	$120.4M	$127.8M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	312.98	−0.004%	$19.0M	$27.7M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	313.04	+0.015%	$34.9M	$46.5M	50x	as long as short
BingX TAO-USDT	+0.0100%	4h	313.21	+0.069%	—	$30.2M	—	as long as short
edgeX TAOUSDC	+0.0100%	4h	312.40	−0.189%	$40K	$279K	10x	as long as short
GRVT TAO_USDT_Perp	+0.0100%	4h	312.53	−0.148%	$526K	$948K	10x	as long as short
Orderly PERP_TAO_USDC	+0.0100%	4h	312.93	−0.020%	$60K	$276K	10x	as long as short
SunX TAO-USDT	+0.0100%	4h	312.85	−0.046%	$2K	$1.8M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	313.08	+0.027%	$128K	$395K	20x	as long as short
Phemex TAOUSDTshort	+0.0100%	4h	312.83	−0.052%	$3.3M	$7.9M	50x
Bullet TAO-USD	+0.0100%	1h	313.14	+0.046%	$11K	$17K	20x	as long as short
Aevo TAO-PERP	+0.0104%	1h	313.14	+0.046%	$172K	$998	3x	as long as short
Katana Perps TAO-USD	+0.0110%	8h	313.28	+0.091%	$2K	$541K	5x	as long as short
Polymarket Perps TAO-USD	+0.0116%	1h	313.26	+0.085%	$77K	$520K	5x	as long as short
ApeX Omni TAOUSDT	+0.0118%	1h	312.28	−0.228%	$47K	$270K	50x	as long as short
Arcus TAO-USD	+0.0186%	1h	313.44	+0.142%	$83K	$626K	5x	as long as short
Paradex TAO-USD-PERP	+0.0187%	8h	313.06	+0.022%	$14K	$1K	10x	as long as short
Variational Omni TAO	+0.0194%	4h	312.41	−0.188%	$3.9M	$7.0M	—	as long as short
Aster TAOUSDT	+0.0198%	4h	313.08	+0.027%	$1.1M	$7.9M	50x	as long as short
BloFin TAO-USDT	+0.0347%	4h	313.20	+0.066%	$4.4M	$10.2M	100x	as long as short
Deribit TAO_USDC-PERPETUALlong	+0.0405%	1h	312.99	long leg	$19K	$1.4M	25x
Kraken Futures PF_TAOUSD	+0.0449%	1h	312.92	−0.023%	$5.8M	$19.9M	50x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0476% / S −0.0175%	1h	312.80	−0.061%	$449K	—	100x	as long as short
Nado TAO-PERP	+0.0509%	1h	313.26	+0.086%	$830K	$2.0M	10x	as long as short
Backpack TAO_USDC_PERP	+0.0536%	1h	313.28	+0.091%	$301K	$799K	10x	as long as short
Phoenix TAO	+0.0537%	1h	312.80	−0.062%	$327K	$521K	5x	as long as short
Reya TAORUSDPERP	+0.0695%	1h	313.02	+0.008%	$360	—	20x	as long as short
01 Exchange TAOUSD	+0.0720%	1h	313.50	+0.162%	$3K	$4K	5x	as long as short
Extended TAO-USD	+0.0872%	1h	312.94	−0.016%	$863K	$2.1M	25x	as long as short
Coinbase International TAO-PERP-INTX	+0.0960%	1h	314.64	+0.526%	$1.5M	$5.8M	50x	as long as short
RISEx TAO/USDC	+0.1238%	1h	313.46	+0.150%	$432K	$548K	5x	as long as short
Lighter TAO	+0.1352%	1h	313.47	+0.151%	$1.6M	$5.8M	5x	as long as short
Hyperliquid TAO	+0.1888%	1h	313.64	+0.206%	$97.7M	$83.2M	5x	as long as short