Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0884%/8h= +96.8% APRpaid last 24h +0.223%

Price spread now: Coinbase International against KuCoin+0.047%7-day average +0.177% · you sell dearer than you buy

Net, funding: paid 7d − costs−$14as in the Funding arb table

Net, price: spread back to 7d avg − costs−$81as in the Price arb table

costs, in and out, $10k−$680.684% of the position

Long on KuCoin Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.546%+$55 on $10k

Price spread, last 3 days (all we have)+0.065%+$6 · spread now +0.047%, 7d avg +0.177%

Together, before fees+0.611%+$61 on $10k · with fees, hour by hour

Funding pays, the price is against you. Coinbase International is 0.130% cheaper against KuCoin than usual: you would sell low and buy high (spread +0.047% now, against its 7-day average of +0.177%). If the spread goes back, that is −$13 on $10k: about 12 hours of funding at the current rate (+$27 a day). At the pace of the last 7 days (+0.546% in total) that is about 40 hours.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.546% in total (about 28.5% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin TAOUSDTM	318.48	0.0100	pay 0.0050% / 4h	3h 23m	$18.2M	$29.2M	75x
Short	Coinbase International TAO-PERP-INTX	318.63	0.0984	get 0.0123% / 1h	23m 20s	$1.5M	$6.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against KuCoin. 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 KuCoinbpFee Coinbase InternationalbpOrdersPrice spread, now +0.047%Rate

Funding earned: $185.64
Price spread: +0.047% → +0.177%: −$12.97
Slippage, 4 orders: −$46.44
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: $104.23
Costs to cover: 0.684%
Break-even: 3.1 days

Slippage from KuCoin: live order book, 6 min ago; Coinbase International: live order book, 1 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 KuCoin live order book, 6 min ago	1.73 bp	21.3 bp −$21	36.0 bp −$360	doesn't fit	doesn't fit
Sell Coinbase International live order book, 1 min ago	9.40 bp	14.4 bp −$14	19.3 bp −$193	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	−0.1321%	1h	318.22	−0.082%	$169K	$44K	10x	as long as short
dYdX TAO-USD	0.0000%	1h	317.91	−0.179%	$127K	$88K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	318.34	−0.045%	$21K	—	150x	as long as short
Popdex TAOUSDT	+0.0096%	1h	318.99	+0.160%	$43K	$592K	20x	as long as short
Binance TAOUSDT	+0.0100%	4h	318.52	+0.013%	$91.7M	$447.7M	75x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	318.60	+0.038%	$26.1M	$108.9M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	318.40	−0.025%	$12.9M	$50.8M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	318.59	+0.035%	$109.1M	$135.2M	300x	as long as short
KuCoin TAOUSDTMlong	+0.0100%	4h	318.48	long leg	$18.2M	$29.2M	75x
Bitget TAOUSDT	+0.0100%	4h	318.44	−0.013%	$35.5M	$50.9M	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	318.41	−0.021%	$40K	$292K	10x	as long as short
GRVT TAO_USDT_Perp	+0.0100%	4h	318.34	−0.045%	$526K	$960K	10x	as long as short
Bullet TAO-USD	+0.0100%	1h	318.61	+0.040%	$12K	$17K	20x	as long as short
Orderly PERP_TAO_USDC	+0.0100%	4h	318.45	−0.009%	$57K	$316K	10x	as long as short
SunX TAO-USDT	+0.0100%	4h	318.25	−0.072%	$2K	$1.9M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	318.82	+0.107%	$127K	$423K	20x	as long as short
Phemex TAOUSDT	+0.0100%	4h	318.44	−0.013%	$3.4M	$7.8M	50x	as long as short
Aevo TAO-PERP	+0.0104%	1h	319.02	+0.169%	$175K	$998	3x	as long as short
Katana Perps TAO-USD	+0.0114%	8h	319.01	+0.166%	$738	$624K	5x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0173% / S +0.0093%	1h	318.35	−0.041%	$458K	—	100x	as long as short
Pacifica TAO	+0.0185%	1h	318.49	+0.003%	$377K	$376K	10x	as long as short
Arcus TAO-USD	+0.0201%	1h	319.11	+0.198%	$84K	$550K	5x	as long as short
Aster TAOUSDT	+0.0225%	4h	318.50	+0.006%	$1.2M	$8.6M	50x	as long as short
Paradex TAO-USD-PERP	+0.0234%	8h	318.30	−0.056%	$14K	$1K	10x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0241%	1h	318.52	+0.011%	$17K	$1.5M	25x	as long as short
Polymarket Perps TAO-USD	+0.0290%	1h	318.68	+0.063%	$93K	$635K	5x	as long as short
ApeX Omni TAOUSDT	+0.0316%	1h	317.14	−0.421%	$49K	$267K	50x	as long as short
BloFin TAO-USDT	+0.0340%	4h	318.41	−0.022%	$4.5M	$10.8M	100x	as long as short
BingX TAO-USDT	+0.0398%	4h	318.61	+0.041%	—	$30.4M	—	as long as short
Variational Omni TAO	+0.0460%	4h	318.45	−0.009%	$5.5M	$8.7M	—	as long as short
Kraken Futures PF_TAOUSD	+0.0481%	1h	318.47	−0.004%	$5.7M	$20.3M	50x	as long as short
Phoenix TAO	+0.0525%	1h	318.10	−0.119%	$333K	$624K	5x	as long as short
Bybit TAOUSDT	+0.0561%	4h	318.83	+0.110%	$65.7M	$133.1M	50x	as long as short
Injective TAO/USDC PERP	+0.0571%	1h	322.97	+1.410%	$23K	$678	12x	as long as short
01 Exchange TAOUSD	+0.0584%	1h	319.05	+0.179%	$3K	$4K	5x	as long as short
Reya TAORUSDPERP	+0.0695%	1h	318.51	+0.008%	$366	—	20x	as long as short
Nado TAO-PERP	+0.0770%	1h	318.65	+0.054%	$891K	$2.0M	10x	as long as short
Backpack TAO_USDC_PERP	+0.0835%	1h	318.15	−0.104%	$321K	$818K	10x	as long as short
Coinbase International TAO-PERP-INTXshort	+0.0984%	1h	318.63	+0.047%	$1.5M	$6.3M	50x
Extended TAO-USD	+0.1120%	1h	318.44	−0.012%	$926K	$2.3M	25x	as long as short
RISEx TAO/USDC	+0.1141%	1h	319.13	+0.203%	$423K	$592K	5x	as long as short
Lighter TAO	+0.1440%	1h	318.97	+0.154%	$1.7M	$6.0M	5x	as long as short
Hyperliquid TAO	+0.2006%	1h	319.05	+0.179%	$103.2M	$91.0M	5x	as long as short