Funding arb · Price arb /

TAO

all TAO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0735%/8h= +80.5% APRpaid last 24h +0.048%

Price spread now: Backpack against Phemex+0.271%7-day average +0.036% · you sell dearer than you buy

Net, funding: paid 7d − costs−$26as in the Funding arb table

Net, price: spread back to 7d avg − costs−$57as in the Price arb table

costs, in and out, $10k−$810.809% of the position

Long on Phemex Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.545%+$54 on $10k

Price spread, last 3 days (all we have)−0.221%−$22 · spread now +0.271%, 7d avg +0.036%

Together, before fees+0.323%+$32 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$22 a day on $10k at the current rate, and Backpack is 0.235% dearer against Phemex than usual: you sell high and buy low: +$23 more if the spread goes back to its 7-day average of +0.036%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex TAOUSDT	316.98	0.0100	pay 0.0050% / 4h	1h 54m	$3.4M	$7.9M	50x
Short	Backpack TAO_USDC_PERP	317.84	0.0835	get 0.0104% / 1h	54m 45s	$321K	$802K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Phemex. 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 PhemexbpFee BackpackbpOrdersPrice spread, now +0.271%Rate

Funding earned: $154.34
Price spread: +0.271% → +0.036%: $23.49
Slippage, 4 orders: −$58.91
Fee Phemex: 6 bp × 2 orders: −$12
Fee Backpack: 5 bp × 2 orders: −$10
Net: $96.93
Costs to cover: 0.809%
Break-even: 2.6 days

Slippage from Phemex: live order book, 4 min ago; Backpack: live order book, 9 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 Phemex live order book, 4 min ago	15.82 bp	26.8 bp −$27	doesn't fit	doesn't fit	doesn't fit
Sell Backpack live order book, 9 min ago	2.19 bp	8.9 bp −$9	335.6 bp −$3,356	doesn't fit	doesn't fit

TAO on 42 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	−0.2257%	1h	317.17	+0.060%	$168K	$40K	10x	as long as short
ApeX Omni TAOUSDT	−0.0750%	1h	314.06	−0.921%	$47K	$253K	50x	as long as short
dYdX TAO-USD	0.0000%	1h	317.56	+0.183%	$127K	$84K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	316.70	−0.087%	$10K	—	150x	as long as short
Popdex TAOUSDT	+0.0096%	1h	317.32	+0.107%	$45K	$645K	20x	as long as short
Binance TAOUSDT	+0.0100%	4h	317.85	+0.274%	$91.8M	$467.6M	75x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	317.70	+0.227%	$26.3M	$115.2M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	318.00	+0.322%	$13.0M	$49.1M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	317.81	+0.262%	$104.7M	$137.6M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	318.15	+0.369%	$18.2M	$30.7M	75x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget TAOUSDT	+0.0100%	4h	317.53	+0.174%	$35.4M	$53.4M	50x	as long as short
edgeX TAOUSDC	+0.0100%	4h	314.73	−0.709%	$35K	$300K	10x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	317.10	+0.038%	$78K	$728K	5x	as long as short
Orderly PERP_TAO_USDC	+0.0100%	4h	316.94	−0.013%	$58K	$282K	10x	as long as short
SunX TAO-USDT	+0.0100%	4h	316.71	−0.085%	$2K	$1.9M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	317.03	+0.016%	$130K	$475K	20x	as long as short
Phemex TAOUSDTlong	+0.0100%	4h	316.98	long leg	$3.4M	$7.9M	50x
Aevo TAO-PERP	+0.0104%	1h	317.32	+0.107%	$174K	$998	3x	as long as short
Katana Perps TAO-USD	+0.0113%	8h	317.28	+0.095%	$674	$732K	5x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0165% / S +0.0104%	1h	316.67	−0.098%	$430K	—	100x	as long as short
GRVT TAO_USDT_Perp	+0.0190%	4h	316.25	−0.230%	$526K	$946K	10x	as long as short
Kraken Futures PF_TAOUSD	+0.0247%	1h	317.03	+0.017%	$5.6M	$20.5M	50x	as long as short
Aster TAOUSDT	+0.0292%	4h	317.99	+0.319%	$1.2M	$9.3M	50x	as long as short
Bullet TAO-USD	+0.0326%	1h	317.12	+0.044%	$12K	$18K	20x	as long as short
Paradex TAO-USD-PERP	+0.0350%	8h	317.99	+0.319%	$14K	$1K	10x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0393%	1h	317.03	+0.014%	$14K	$1.6M	25x	as long as short
Pacifica TAO	+0.0448%	1h	318.17	+0.375%	$376K	$393K	10x	as long as short
Arcus TAO-USD	+0.0509%	1h	318.13	+0.363%	$100K	$489K	5x	as long as short
Phoenix TAO	+0.0588%	1h	316.10	−0.278%	$332K	$707K	5x	as long as short
Nado TAO-PERP	+0.0609%	1h	316.92	−0.020%	$763K	$2.1M	10x	as long as short
BingX TAO-USDT	+0.0686%	4h	318.18	+0.379%	—	$30.3M	—	as long as short
Reya TAORUSDPERP	+0.0696%	1h	316.96	−0.006%	$365	—	20x	as long as short
Bybit TAOUSDT	+0.0737%	4h	317.89	+0.287%	$67.5M	$138.4M	50x	as long as short
01 Exchange TAOUSD	+0.0752%	1h	317.59	+0.192%	$3K	$4K	5x	as long as short
Backpack TAO_USDC_PERPshort	+0.0835%	1h	317.84	+0.271%	$321K	$802K	10x
Variational Omni TAO	+0.0865%	4h	319.02	+0.644%	$6.0M	$9.6M	—	as long as short
Extended TAO-USD	+0.0912%	1h	318.45	+0.464%	$900K	$2.3M	25x	as long as short
Lighter TAO	+0.1008%	1h	318.30	+0.415%	$1.6M	$6.1M	5x	as long as short
Coinbase International TAO-PERP-INTX	+0.1024%	1h	319.28	+0.726%	$1.5M	$6.5M	50x	as long as short
RISEx TAO/USDC	+0.1159%	1h	317.39	+0.128%	$449K	$626K	5x	as long as short
Hyperliquid TAO	+0.1438%	1h	318.43	+0.457%	$100.7M	$98.1M	5x	as long as short
Injective TAO/USDC PERP	+0.4172%	1h	320.94	+1.249%	$23K	$2K	12x	as long as short