Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.1521%/8h= −166.6% APRpaid last 24h −0.659%

Price spread now: Bybit against Injective−0.415%78s7-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 Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−3.391%−$339 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 −$46 a day on $10k at the current rate, and Bybit is 0.415% cheaper against Injective than usual: you would sell low and buy high (−$41 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 78 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	308.73	0.1621	pay 0.0203% / 1h	7m 55s	$22K	$264	12x
Short	Bybit TAOUSDT	307.45	0.0100	get 0.0050% / 4h	1h 07m	$59.6M	$121.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.415%Rate

Funding earned: −$319.48
Price spread: −0.415% → 0.000%: −$41.46
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$371.96
Costs to cover: 0.110%
Break-even: never at this rate

Slippage unknown: Injective: no order-book sample; Bybit: live order book, 6 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 Bybit live order book, 6 min ago	0.16 bp	8.4 bp −$8	16.4 bp −$164	41.0 bp −$4,104	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	−0.0396%	1h	305.88	−0.925%	$163K	$52K	10x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	306.94	−0.579%	$20K	—	150x	as long as short
dYdX TAO-USD	+0.0013%	1h	307.32	−0.455%	$126K	$85K	5x	as long as short
Popdex TAOUSDT	+0.0096%	1h	307.13	−0.518%	$45K	$541K	20x	as long as short
Binance TAOUSDT	+0.0100%	4h	307.30	−0.463%	$86.1M	$414.5M	75x	as long as short
Bybit TAOUSDTshort	+0.0100%	4h	307.45	−0.415%	$59.6M	$121.5M	50x
OKX TAO-USDT-SWAP	+0.0100%	8h	307.30	−0.463%	$24.7M	$96.0M	50x	as long as short
Arcus TAO-USD	+0.0100%	1h	307.62	−0.360%	$80K	$643K	5x	as long as short
Gate TAO_USDT	+0.0100%	4h	307.20	−0.496%	$12.2M	$49.2M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	307.38	−0.437%	$114.9M	$126.1M	300x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin TAOUSDTM	+0.0100%	4h	307.37	−0.441%	$18.3M	$27.2M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	307.17	−0.505%	$34.3M	$45.7M	50x	as long as short
BingX TAO-USDT	+0.0100%	4h	307.30	−0.463%	—	$30.2M	—	as long as short
edgeX TAOUSDC	+0.0100%	4h	306.62	−0.684%	$40K	$278K	10x	as long as short
GRVT TAO_USDT_Perp	+0.0100%	4h	306.14	−0.839%	$506K	$967K	10x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	305.47	−1.056%	$46K	$270K	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	307.24	−0.483%	$75K	$550K	5x	as long as short
Bullet TAO-USD	+0.0100%	1h	307.16	−0.509%	$11K	$18K	20x	as long as short
Orderly PERP_TAO_USDC	+0.0100%	4h	307.08	−0.534%	$59K	$276K	10x	as long as short
SunX TAO-USDT	+0.0100%	4h	307.06	−0.541%	$2K	$1.8M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	307.23	−0.486%	$123K	$369K	20x	as long as short
Phemex TAOUSDT	+0.0100%	4h	307.07	−0.538%	$3.3M	$7.9M	50x	as long as short
Aevo TAO-PERP	+0.0104%	1h	307.31	−0.461%	$169K	$998	3x	as long as short
Katana Perps TAO-USD	+0.0110%	8h	307.31	−0.460%	$630	$511K	5x	as long as short
Variational Omni TAO	+0.0110%	4h	306.68	−0.663%	$3.7M	$6.7M	—	as long as short
Aster TAOUSDT	+0.0124%	4h	307.40	−0.430%	$1.1M	$7.7M	50x	as long as short
Paradex TAO-USD-PERP	+0.0154%	8h	307.48	−0.406%	$14K	$1K	10x	as long as short
Pacifica TAO	+0.0164%	1h	307.53	−0.389%	$363K	$369K	10x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0174% / S +0.0069%	1h	306.96	−0.572%	$438K	—	100x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0275%	1h	307.17	−0.505%	$19K	$1.4M	25x	as long as short
Nado TAO-PERP	+0.0314%	1h	307.12	−0.521%	$829K	$1.9M	10x	as long as short
BloFin TAO-USDT	+0.0340%	4h	306.89	−0.596%	$4.2M	$9.5M	100x	as long as short
Lighter TAO	+0.0360%	1h	307.35	−0.446%	$1.6M	$5.4M	5x	as long as short
01 Exchange TAOUSD	+0.0416%	1h	307.45	−0.415%	$3K	$4K	5x	as long as short
Backpack TAO_USDC_PERP	+0.0458%	1h	307.41	−0.428%	$295K	$800K	10x	as long as short
Phoenix TAO	+0.0521%	1h	306.30	−0.787%	$320K	$491K	5x	as long as short
Reya TAORUSDPERP	+0.0695%	1h	306.98	−0.568%	$353	—	20x	as long as short
Extended TAO-USD	+0.0696%	1h	307.26	−0.476%	$834K	$2.0M	25x	as long as short
Coinbase International TAO-PERP-INTX	+0.1008%	1h	307.79	−0.304%	$1.5M	$5.6M	50x	as long as short
Kraken Futures PF_TAOUSD	+0.1028%	1h	307.16	−0.508%	$5.8M	$19.6M	50x	as long as short
Hyperliquid TAO	+0.1139%	1h	307.83	−0.292%	$93.8M	$80.8M	5x	as long as short
RISEx TAO/USDC	+0.1155%	1h	307.40	−0.429%	$419K	$533K	5x	as long as short
Injective TAO/USDC PERPlong	+0.1621%	1h	308.73	long leg	$22K	$264	12x