Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: Phemex against KuCoin−0.269%7-day average +0.003% · you buy dearer than you sell

Net, funding: paid 7d − costs−$179as in the Funding arb table

Net, price: spread back to 7d avg − costs−$158as in the Price arb table

costs, in and out, $10k−$1311.313% of the position

Long on KuCoin Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.479%−$48 on $10k

Price spread, last 3 days (all we have)+0.267%+$27 · spread now −0.269%, 7d avg +0.003%

Together, before fees−0.212%−$21 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Phemex is 0.272% cheaper against KuCoin than usual: you would sell low and buy high, −$27 on $10k if it goes back to its 7-day average of +0.003%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin TAOUSDTM	320.01	0.0100	pay 0.0050% / 4h	3h 45m	$18.9M	$28.4M	75x
Short	Phemex TAOUSDT	319.15	0.0100	get 0.0050% / 4h	3h 45m	$3.5M	$8.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now −0.269%Rate

Funding earned: $0
Price spread: −0.269% → +0.003%: −$27.16
Slippage, 4 orders: −$107.29
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$158.45
Costs to cover: 1.313%
Break-even: never at this rate

Slippage from KuCoin: live order book, 3 min ago; Phemex: live order book, 3 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, 3 min ago	2.34 bp	17.3 bp −$17	34.1 bp −$341	doesn't fit	doesn't fit
Sell Phemex live order book, 3 min ago	28.49 bp	56.6 bp −$57	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	−0.0882%	1h	320.07	+0.019%	$170K	$44K	10x	as long as short
dYdX TAO-USD	0.0000%	1h	318.81	−0.375%	$127K	$88K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	318.34	−0.522%	$21K	—	150x	as long as short
Popdex TAOUSDT	+0.0096%	1h	318.78	−0.384%	$42K	$582K	20x	as long as short
Binance TAOUSDT	+0.0100%	4h	320.27	+0.080%	$92.6M	$441.9M	75x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	320.30	+0.091%	$26.1M	$107.6M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	320.10	+0.028%	$12.9M	$49.9M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	320.10	+0.028%	$106.7M	$132.3M	300x	as long as short
KuCoin TAOUSDTMlong	+0.0100%	4h	320.01	long leg	$18.9M	$28.4M	75x
Bitget TAOUSDT	+0.0100%	4h	320.34	+0.103%	$35.8M	$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
edgeX TAOUSDC	+0.0100%	4h	320.20	+0.058%	$37K	$289K	10x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	319.59	−0.131%	$48K	$269K	50x	as long as short
Orderly PERP_TAO_USDC	+0.0100%	4h	318.61	−0.437%	$57K	$316K	10x	as long as short
SunX TAO-USDT	+0.0100%	4h	318.40	−0.503%	$1K	$1.9M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	318.66	−0.422%	$127K	$422K	20x	as long as short
Phemex TAOUSDTshort	+0.0100%	4h	319.15	−0.269%	$3.5M	$8.0M	50x
Katana Perps TAO-USD	+0.0102%	8h	319.09	−0.287%	$1K	$599K	5x	as long as short
Aevo TAO-PERP	+0.0104%	1h	319.07	−0.293%	$175K	$998	3x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0174% / S +0.0089%	1h	318.28	−0.542%	$462K	—	100x	as long as short
Pacifica TAO	+0.0185%	1h	319.35	−0.206%	$378K	$373K	10x	as long as short
Arcus TAO-USD	+0.0201%	1h	319.14	−0.272%	$84K	$545K	5x	as long as short
Aster TAOUSDT	+0.0232%	4h	319.96	−0.017%	$1.1M	$8.1M	50x	as long as short
Paradex TAO-USD-PERP	+0.0233%	8h	319.04	−0.302%	$14K	$1K	10x	as long as short
Bullet TAO-USD	+0.0257%	1h	318.62	−0.434%	$12K	$17K	20x	as long as short
GRVT TAO_USDT_Perp	+0.0264%	4h	320.78	+0.241%	$532K	$946K	10x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0338%	1h	318.69	−0.412%	$21K	$1.5M	25x	as long as short
BloFin TAO-USDT	+0.0340%	4h	319.00	−0.316%	$4.4M	$10.9M	100x	as long as short
Variational Omni TAO	+0.0341%	4h	319.24	−0.240%	$5.5M	$8.6M	—	as long as short
Polymarket Perps TAO-USD	+0.0365%	1h	318.93	−0.337%	$94K	$639K	5x	as long as short
Kraken Futures PF_TAOUSD	+0.0480%	1h	319.31	−0.220%	$5.8M	$20.3M	50x	as long as short
Phoenix TAO	+0.0525%	1h	319.50	−0.159%	$334K	$624K	5x	as long as short
Injective TAO/USDC PERP	+0.0571%	1h	319.09	−0.287%	$23K	$649	12x	as long as short
BingX TAO-USDT	+0.0622%	4h	320.34	+0.103%	—	$30.8M	—	as long as short
Bybit TAOUSDT	+0.0641%	4h	320.59	+0.181%	$66.2M	$130.6M	50x	as long as short
Reya TAORUSDPERP	+0.0695%	1h	318.50	−0.472%	$366	—	20x	as long as short
Nado TAO-PERP	+0.0781%	1h	318.89	−0.349%	$887K	$2.0M	10x	as long as short
01 Exchange TAOUSD	+0.0808%	1h	319.15	−0.269%	$3K	$4K	5x	as long as short
Backpack TAO_USDC_PERP	+0.0960%	1h	319.99	−0.006%	$320K	$819K	10x	as long as short
Coinbase International TAO-PERP-INTX	+0.0984%	1h	319.75	−0.081%	$1.5M	$6.1M	50x	as long as short
Extended TAO-USD	+0.1096%	1h	319.97	−0.012%	$929K	$2.2M	25x	as long as short
RISEx TAO/USDC	+0.1141%	1h	318.88	−0.353%	$422K	$590K	5x	as long as short
Lighter TAO	+0.1640%	1h	319.93	−0.025%	$1.7M	$5.9M	5x	as long as short
Hyperliquid TAO	+0.2815%	1h	321.22	+0.378%	$104.6M	$89.4M	5x	as long as short