Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.4226%/8h= −462.7% APRpaid last 24h −0.733%

Price spread now: BingX against Injective−1.808%102s7-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 BingX

What this pair did over the last

the charts below follow

Funding, last 7 days−3.523%−$352 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 −$127 a day on $10k at the current rate, and BingX is 1.808% cheaper against Injective than usual: you would sell low and buy high (−$181 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 102 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	322.94	0.4513	pay 0.0564% / 1h	37m 42s	$23K	$2K	12x
Short	BingX TAO-USDT	317.10	0.0287	get 0.0144% / 4h	37m 42s	—	$37.0M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX 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 BingXbpOrdersPrice spread, now −1.808%Rate

Funding earned: −$887.39
Price spread: −1.808% → 0.000%: −$180.84
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee BingX: 5 bp × 2 orders: −$10
Net: −$1,078.25
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: Injective: no order-book sample; BingX: live order book, 16 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 BingX live order book, 16 min ago	0.47 bp	7.3 bp −$7	8.1 bp −$81	23.4 bp −$2,338	50.6 bp −$25.3K

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
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0005%	1h	316.42	−2.020%	$22K	—	150x	as long as short
dYdX TAO-USD	+0.0041%	1h	316.54	−1.982%	$126K	$85K	5x	as long as short
Popdex TAOUSDT	+0.0096%	1h	316.82	−1.895%	$44K	$710K	20x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	317.20	−1.777%	$26.3M	$130.3M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	316.80	−1.901%	$14.4M	$51.3M	50x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	316.56	−1.976%	$17.8M	$32.4M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	316.97	−1.849%	$35.7M	$58.0M	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	316.68	−1.938%	$88K	$1.2M	5x	as long as short
SunX TAO-USDT	+0.0100%	4h	316.45	−2.010%	$1K	$2.0M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	316.15	−2.103%	$115K	$604K	20x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Katana Perps TAO-USD	+0.0107%	8h	316.78	−1.907%	$4K	$1.1M	5x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0107% / S +0.0136%	1h	316.43	−2.015%	$404K	—	100x	as long as short
Aevo TAO-PERP	+0.0128%	1h	316.94	−1.859%	$174K	$998	3x	as long as short
Orderly PERP_TAO_USDC	+0.0149%	4h	316.63	−1.954%	$52K	$294K	10x	as long as short
Binance TAOUSDT	+0.0175%	4h	316.96	−1.851%	$91.9M	$530.0M	75x	as long as short
MEXC TAO_USDT	+0.0178%	4h	317.06	−1.821%	$99.8M	$151.4M	300x	as long as short
edgeX TAOUSDC	+0.0184%	4h	318.91	−1.247%	$42K	$319K	10x	as long as short
ApeX Omni TAOUSDT	+0.0187%	1h	318.97	−1.229%	$46K	$260K	50x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0235%	1h	316.67	−1.941%	$15K	$1.9M	25x	as long as short
Paradex TAO-USD-PERP	+0.0240%	8h	317.32	−1.740%	$14K	$1K	10x	as long as short
Bybit TAOUSDT	+0.0274%	4h	317.38	−1.722%	$69.5M	$156.7M	50x	as long as short
BingX TAO-USDTshort	+0.0287%	4h	317.10	−1.808%	—	$37.0M	—
Bullet TAO-USD	+0.0295%	1h	316.71	−1.929%	$12K	$17K	20x	as long as short
Pacifica TAO	+0.0313%	1h	316.99	−1.844%	$372K	$452K	10x	as long as short
Bulk TAO-USD	+0.0317%	1h	319.23	−1.149%	$170K	$0	10x	as long as short
GRVT TAO_USDT_Perp	+0.0332%	4h	318.74	−1.301%	$543K	$918K	10x	as long as short
Aster TAOUSDT	+0.0332%	4h	316.87	−1.878%	$1.3M	$11.0M	50x	as long as short
Extended TAO-USD	+0.0336%	1h	317.07	−1.818%	$903K	$2.4M	25x	as long as short
BloFin TAO-USDT	+0.0419%	4h	317.29	−1.750%	$4.7M	$10.9M	100x	as long as short
Arcus TAO-USD	+0.0473%	1h	317.28	−1.753%	$102K	$381K	5x	as long as short
Nado TAO-PERP	+0.0515%	1h	316.64	−1.951%	$786K	$2.0M	10x	as long as short
Phemex TAOUSDT	+0.0526%	4h	316.59	−1.966%	$3.2M	$8.2M	50x	as long as short
Variational Omni TAO	+0.0537%	4h	318.96	−1.232%	$5.6M	$10.2M	—	as long as short
Lighter TAO	+0.0552%	1h	317.27	−1.755%	$1.6M	$6.9M	5x	as long as short
Phoenix TAO	+0.0629%	1h	319.50	−1.065%	$318K	$703K	5x	as long as short
Backpack TAO_USDC_PERP	+0.0698%	1h	316.67	−1.942%	$292K	$906K	10x	as long as short
Reya TAORUSDPERP	+0.0698%	1h	316.71	−1.928%	$364	—	20x	as long as short
01 Exchange TAOUSD	+0.0704%	1h	316.89	−1.873%	$3K	$4K	5x	as long as short
Hyperliquid TAO	+0.0747%	1h	316.83	−1.892%	$93.7M	$110.1M	5x	as long as short
RISEx TAO/USDC	+0.0831%	1h	316.84	−1.889%	$444K	$670K	5x	as long as short
Kraken Futures PF_TAOUSD	+0.0837%	1h	316.75	−1.916%	$5.9M	$21.7M	50x	as long as short
Coinbase International TAO-PERP-INTX	+0.0984%	1h	317.28	−1.753%	$1.5M	$6.9M	50x	as long as short
Injective TAO/USDC PERPlong	+0.4513%	1h	322.94	long leg	$23K	$2K	12x