Funding arb · Price arb /

TAO

all TAO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0471%/8h= −51.6% APRpaid last 24h −0.635%

Price spread now: Binance against Injective−1.329%87s7-day average — · you buy dearer than you sell

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

Long on Injective Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−3.452%−$345 on $10k

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

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$14 a day on $10k at the current rate, and Binance is 1.329% cheaper against Injective than usual: you would sell low and buy high (−$133 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 87 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective TAO/USDC PERP	322.97	0.0571	pay 0.0071% / 1h	25m 56s	$23K	$678	12x
Short	Binance TAOUSDT	318.68	0.0100	get 0.0050% / 4h	3h 25m	$91.6M	$447.4M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Injective. 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 InjectivebpFee BinancebpOrdersPrice spread, now −1.329%Rate

Funding earned: −$99
Price spread: −1.329% → 0.000%: −$132.9
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Binance: 5 bp × 2 orders: −$10
Net: −$241.92
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: Injective: no order-book sample; Binance: live order book, 3 min ago. 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 Injective no order-book sample	—	—	—	—	—
Sell Binance live order book, 3 min ago	0.31 bp	8.7 bp −$9	14.1 bp −$141	31.2 bp −$3,125	doesn't fit

Injective: 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	−0.1321%	1h	318.22	−1.471%	$169K	$44K	10x	as long as short
dYdX TAO-USD	0.0000%	1h	316.45	−2.019%	$127K	$88K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	317.94	−1.559%	$21K	—	150x	as long as short
Popdex TAOUSDT	+0.0096%	1h	317.89	−1.573%	$43K	$590K	20x	as long as short
Binance TAOUSDTshort	+0.0100%	4h	318.68	−1.329%	$91.6M	$447.4M	75x
OKX TAO-USDT-SWAP	+0.0100%	8h	318.70	−1.322%	$26.0M	$108.9M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	318.30	−1.446%	$12.9M	$50.7M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	318.58	−1.359%	$108.8M	$135.1M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	318.38	−1.421%	$18.2M	$29.2M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	318.44	−1.403%	$35.5M	$50.8M	50x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
edgeX TAOUSDC	+0.0100%	4h	317.29	−1.760%	$40K	$292K	10x	as long as short
GRVT TAO_USDT_Perp	+0.0100%	4h	318.49	−1.386%	$527K	$969K	10x	as long as short
Orderly PERP_TAO_USDC	+0.0100%	4h	318.11	−1.505%	$57K	$316K	10x	as long as short
SunX TAO-USDT	+0.0100%	4h	316.69	−1.944%	$1K	$1.9M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	318.21	−1.474%	$127K	$423K	20x	as long as short
Phemex TAOUSDT	+0.0100%	4h	317.67	−1.641%	$3.4M	$7.8M	50x	as long as short
Aevo TAO-PERP	+0.0104%	1h	318.35	−1.430%	$175K	$998	3x	as long as short
Katana Perps TAO-USD	+0.0111%	8h	317.73	−1.622%	$735	$625K	5x	as long as short
Bullet TAO-USD	+0.0118%	1h	318.21	−1.473%	$12K	$17K	20x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0173% / S +0.0093%	1h	317.99	−1.541%	$457K	—	100x	as long as short
Pacifica TAO	+0.0185%	1h	316.72	−1.934%	$375K	$376K	10x	as long as short
Arcus TAO-USD	+0.0201%	1h	317.74	−1.619%	$84K	$550K	5x	as long as short
Aster TAOUSDT	+0.0220%	4h	317.86	−1.581%	$1.1M	$8.5M	50x	as long as short
Paradex TAO-USD-PERP	+0.0233%	8h	316.97	−1.857%	$14K	$1K	10x	as long as short
ApeX Omni TAOUSDT	+0.0296%	1h	317.11	−1.814%	$48K	$266K	50x	as long as short
Polymarket Perps TAO-USD	+0.0301%	1h	318.33	−1.437%	$93K	$635K	5x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0312%	1h	318.15	−1.492%	$17K	$1.5M	25x	as long as short
BloFin TAO-USDT	+0.0340%	4h	317.04	−1.836%	$4.5M	$10.8M	100x	as long as short
BingX TAO-USDT	+0.0398%	4h	318.54	−1.372%	—	$30.7M	—	as long as short
Bybit TAOUSDT	+0.0429%	4h	318.94	−1.248%	$65.7M	$133.1M	50x	as long as short
Variational Omni TAO	+0.0460%	4h	318.45	−1.399%	$5.5M	$8.7M	—	as long as short
Kraken Futures PF_TAOUSD	+0.0482%	1h	318.01	−1.534%	$5.7M	$20.3M	50x	as long as short
Phoenix TAO	+0.0525%	1h	318.50	−1.384%	$333K	$624K	5x	as long as short
Injective TAO/USDC PERPlong	+0.0571%	1h	322.97	long leg	$23K	$678	12x
01 Exchange TAOUSD	+0.0600%	1h	317.90	−1.570%	$3K	$4K	5x	as long as short
Reya TAORUSDPERP	+0.0695%	1h	318.01	−1.535%	$366	—	20x	as long as short
Nado TAO-PERP	+0.0781%	1h	318.05	−1.523%	$885K	$2.0M	10x	as long as short
Backpack TAO_USDC_PERP	+0.0843%	1h	318.13	−1.499%	$321K	$818K	10x	as long as short
Coinbase International TAO-PERP-INTX	+0.0984%	1h	318.19	−1.480%	$1.5M	$6.3M	50x	as long as short
RISEx TAO/USDC	+0.1141%	1h	317.77	−1.609%	$422K	$591K	5x	as long as short
Extended TAO-USD	+0.1144%	1h	317.92	−1.563%	$926K	$2.3M	25x	as long as short
Lighter TAO	+0.1400%	1h	318.47	−1.393%	$1.7M	$6.0M	5x	as long as short
Hyperliquid TAO	+0.2054%	1h	319.24	−1.155%	$103.0M	$91.3M	5x	as long as short