Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0764%/8h= −83.7% APRpaid last 24h −0.028%

Price spread now: Phemex against Extended−0.198%7-day average +0.053% · you buy dearer than you sell

Net, funding: paid 7d − costs−$134as in the Funding arb table

Net, price: spread back to 7d avg − costs−$100as in the Price arb table

costs, in and out, $10k−$740.745% of the position

Long on Extended Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.599%−$60 on $10k

Price spread, last 3 days (all we have)+0.319%+$32 · spread now −0.198%, 7d avg +0.053%

Together, before fees−0.280%+ Points / potential airdropExtended: Active · farm board−$28 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 Phemex is 0.251% cheaper against Extended than usual: you would sell low and buy high (−$25 if the spread goes back to its 7-day average of +0.053%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Extended TAO-USD	313.15	0.0864	pay 0.0108% / 1h	39m 26s	$863K	$2.1M	25x
Short	Phemex TAOUSDT	312.53	0.0100	get 0.0050% / 4h	39m 26s	$3.3M	$7.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Extended. 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 ExtendedbpFee PhemexbpOrdersPrice spread, now −0.198%Rate

Funding earned: −$160.44
Price spread: −0.198% → +0.053%: −$25.07
Slippage, 4 orders: −$57.49
Fee Extended: 2.5 bp × 2 orders: −$5
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$260
Costs to cover: 0.745%
Break-even: never at this rate

Slippage from Extended: live order book, 4 min ago; Phemex: live order book, 4 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 Extended live order book, 4 min ago	1.76 bp	6.8 bp −$7	9.4 bp −$94	doesn't fit	doesn't fit
Sell Phemex live order book, 4 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	+0.262%	$168K	$48K	10x	as long as short
dYdX TAO-USD	0.0000%	1h	312.64	−0.163%	$125K	$88K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	312.85	−0.097%	$21K	—	150x	as long as short
Injective TAO/USDC PERP	+0.0033%	1h	314.39	+0.396%	$23K	$260	12x	as long as short
Popdex TAOUSDT	+0.0096%	1h	313.25	+0.032%	$41K	$552K	20x	as long as short
Pacifica TAO	+0.0100%	1h	313.17	+0.006%	$371K	$369K	10x	as long as short
Binance TAOUSDT	+0.0100%	4h	313.08	−0.022%	$88.6M	$425.1M	75x	as long as short
Bybit TAOUSDT	+0.0100%	4h	313.05	−0.032%	$61.4M	$124.0M	50x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	312.90	−0.080%	$25.1M	$100.7M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	312.90	−0.080%	$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	313.08	−0.022%	$120.4M	$127.8M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	313.08	−0.022%	$19.0M	$27.7M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	312.80	−0.112%	$34.9M	$46.5M	50x	as long as short
BingX TAO-USDT	+0.0100%	4h	313.10	−0.016%	—	$30.2M	—	as long as short
edgeX TAOUSDC	+0.0100%	4h	312.40	−0.239%	$40K	$279K	10x	as long as short
GRVT TAO_USDT_Perp	+0.0100%	4h	312.53	−0.198%	$526K	$948K	10x	as long as short
Orderly PERP_TAO_USDC	+0.0100%	4h	312.93	−0.070%	$60K	$276K	10x	as long as short
SunX TAO-USDT	+0.0100%	4h	312.26	−0.284%	$1K	$1.8M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	312.79	−0.115%	$128K	$395K	20x	as long as short
Phemex TAOUSDTshort	+0.0100%	4h	312.53	−0.198%	$3.3M	$7.9M	50x
Bullet TAO-USD	+0.0100%	1h	313.14	−0.004%	$11K	$17K	20x	as long as short
Aevo TAO-PERP	+0.0104%	1h	312.86	−0.094%	$172K	$998	3x	as long as short
Katana Perps TAO-USD	+0.0110%	8h	313.28	+0.041%	$2K	$541K	5x	as long as short
Polymarket Perps TAO-USD	+0.0116%	1h	313.26	+0.035%	$77K	$520K	5x	as long as short
ApeX Omni TAOUSDT	+0.0118%	1h	312.28	−0.278%	$47K	$270K	50x	as long as short
Arcus TAO-USD	+0.0186%	1h	313.44	+0.093%	$83K	$626K	5x	as long as short
Paradex TAO-USD-PERP	+0.0187%	8h	313.06	−0.028%	$14K	$1K	10x	as long as short
Variational Omni TAO	+0.0194%	4h	312.41	−0.238%	$3.9M	$7.0M	—	as long as short
Aster TAOUSDT	+0.0198%	4h	313.05	−0.032%	$1.1M	$7.9M	50x	as long as short
BloFin TAO-USDT	+0.0351%	4h	312.42	−0.233%	$4.3M	$10.2M	100x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0375%	1h	312.72	−0.139%	$19K	$1.4M	25x	as long as short
Kraken Futures PF_TAOUSD	+0.0449%	1h	312.57	−0.187%	$5.7M	$19.9M	50x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0476% / S −0.0175%	1h	312.80	−0.110%	$449K	—	100x	as long as short
Nado TAO-PERP	+0.0509%	1h	313.26	+0.036%	$830K	$2.0M	10x	as long as short
Backpack TAO_USDC_PERP	+0.0537%	1h	312.70	−0.144%	$300K	$799K	10x	as long as short
Phoenix TAO	+0.0537%	1h	312.80	−0.112%	$327K	$521K	5x	as long as short
Reya TAORUSDPERP	+0.0695%	1h	313.02	−0.042%	$360	—	20x	as long as short
01 Exchange TAOUSD	+0.0720%	1h	313.50	+0.112%	$3K	$4K	5x	as long as short
Extended TAO-USDlong	+0.0864%	1h	313.15	long leg	$863K	$2.1M	25x
Coinbase International TAO-PERP-INTX	+0.0960%	1h	314.64	+0.476%	$1.5M	$5.8M	50x	as long as short
RISEx TAO/USDC	+0.1238%	1h	313.46	+0.101%	$432K	$548K	5x	as long as short
Lighter TAO	+0.1352%	1h	313.56	+0.130%	$1.6M	$5.8M	5x	as long as short
Hyperliquid TAO	+0.1893%	1h	313.59	+0.140%	$97.6M	$83.2M	5x	as long as short