Funding arb · Price arb /

TAO

all TAO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0908%/8h= +99.4% APRpaid last 24h +0.208%

Price spread now: Coinbase International against Phemex+0.266%7-day average +0.172% · you sell dearer than you buy

Net, funding: paid 7d − costs+$38as in the Funding arb table

Net, price: spread back to 7d avg − costs−$56as in the Price arb table

costs, in and out, $10k−$650.655% of the position

Long on Phemex Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+1.032%+$103 on $10k

Price spread, last 3 days (all we have)−0.089%−$9 · spread now +0.266%, 7d avg +0.172%

Together, before fees+0.942%+$94 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$27 a day on $10k at the current rate, and Coinbase International is 0.094% dearer against Phemex than usual: you sell high and buy low: +$9 more if the spread goes back to its 7-day average of +0.172%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex TAOUSDT	304.79	0.0100	pay 0.0050% / 4h	1h 23m	$3.2M	$7.9M	50x
Short	Coinbase International TAO-PERP-INTX	305.60	0.1008	get 0.0126% / 1h	23m 34s	$1.5M	$5.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International 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 Coinbase InternationalbpOrdersPrice spread, now +0.266%Rate

Funding earned: $190.68
Price spread: +0.266% → +0.172%: $9.42
Slippage, 4 orders: −$43.5
Fee Phemex: 6 bp × 2 orders: −$12
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: $134.6
Costs to cover: 0.655%
Break-even: 2.1 days

Slippage from Phemex: live order book, 5 min ago; Coinbase International: live order book, 5 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, 5 min ago	6.91 bp	18.6 bp −$19	doesn't fit	doesn't fit	doesn't fit
Sell Coinbase International live order book, 5 min ago	5.75 bp	10.9 bp −$11	15.7 bp −$157	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
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0007%	1h	304.98	+0.061%	$26K	—	150x	as long as short
dYdX TAO-USD	+0.0018%	1h	304.84	+0.016%	$125K	$85K	5x	as long as short
Popdex TAOUSDT	+0.0096%	1h	305.08	+0.095%	$44K	$539K	20x	as long as short
Binance TAOUSDT	+0.0100%	4h	305.13	+0.112%	$85.4M	$414.2M	75x	as long as short
Bybit TAOUSDT	+0.0100%	4h	305.20	+0.135%	$59.0M	$121.3M	50x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	305.20	+0.135%	$24.5M	$95.3M	50x	as long as short
Arcus TAO-USD	+0.0100%	1h	305.35	+0.184%	$79K	$643K	5x	as long as short
Bulk TAO-USD	+0.0100%	1h	303.38	−0.464%	$162K	$54K	10x	as long as short
Gate TAO_USDT	+0.0100%	4h	305.00	+0.069%	$12.2M	$49.0M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	305.15	+0.118%	$111.8M	$125.4M	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	305.17	+0.125%	$18.3M	$27.2M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	305.00	+0.069%	$34.1M	$46.0M	50x	as long as short
BingX TAO-USDT	+0.0100%	4h	305.10	+0.102%	—	$30.4M	—	as long as short
edgeX TAOUSDC	+0.0100%	4h	303.93	−0.282%	$39K	$278K	10x	as long as short
GRVT TAO_USDT_Perp	+0.0100%	4h	304.26	−0.175%	$503K	$967K	10x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	305.30	+0.167%	$75K	$567K	5x	as long as short
Bullet TAO-USD	+0.0100%	1h	305.27	+0.157%	$11K	$18K	20x	as long as short
Orderly PERP_TAO_USDC	+0.0100%	4h	304.91	+0.039%	$58K	$276K	10x	as long as short
SunX TAO-USDT	+0.0100%	4h	304.81	+0.007%	$1K	$1.8M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	305.04	+0.082%	$122K	$364K	20x	as long as short
Phemex TAOUSDTlong	+0.0100%	4h	304.79	long leg	$3.2M	$7.9M	50x
ApeX Omni TAOUSDT	+0.0103%	1h	303.74	−0.344%	$46K	$269K	50x	as long as short
Variational Omni TAO	+0.0104%	4h	303.54	−0.411%	$3.7M	$6.7M	—	as long as short
Aevo TAO-PERP	+0.0104%	1h	305.02	+0.076%	$168K	$998	3x	as long as short
Katana Perps TAO-USD	+0.0110%	8h	304.99	+0.066%	$624	$504K	5x	as long as short
Aster TAOUSDT	+0.0115%	4h	305.11	+0.105%	$1.1M	$7.7M	50x	as long as short
Paradex TAO-USD-PERP	+0.0160%	8h	305.00	+0.069%	$14K	$1K	10x	as long as short
Pacifica TAO	+0.0164%	1h	305.07	+0.093%	$360K	$372K	10x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0174% / S +0.0069%	1h	304.87	+0.026%	$435K	—	100x	as long as short
Nado TAO-PERP	+0.0327%	1h	305.18	+0.130%	$823K	$1.9M	10x	as long as short
BloFin TAO-USDT	+0.0340%	4h	304.00	−0.259%	$4.2M	$9.4M	100x	as long as short
Lighter TAO	+0.0408%	1h	305.13	+0.112%	$1.6M	$5.3M	5x	as long as short
01 Exchange TAOUSD	+0.0408%	1h	305.39	+0.197%	$3K	$4K	5x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0449%	1h	304.95	+0.054%	$22K	$1.4M	25x	as long as short
Backpack TAO_USDC_PERP	+0.0459%	1h	305.09	+0.098%	$294K	$799K	10x	as long as short
Phoenix TAO	+0.0521%	1h	303.80	−0.325%	$322K	$491K	5x	as long as short
Reya TAORUSDPERP	+0.0695%	1h	305.22	+0.140%	$351	—	20x	as long as short
Extended TAO-USD	+0.0816%	1h	305.05	+0.086%	$829K	$2.0M	25x	as long as short
Coinbase International TAO-PERP-INTXshort	+0.1008%	1h	305.60	+0.266%	$1.5M	$5.5M	50x
Kraken Futures PF_TAOUSD	+0.1036%	1h	304.97	+0.060%	$5.8M	$19.7M	50x	as long as short
Hyperliquid TAO	+0.1074%	1h	305.57	+0.256%	$92.8M	$80.4M	5x	as long as short
RISEx TAO/USDC	+0.1155%	1h	305.28	+0.161%	$414K	$543K	5x	as long as short
Injective TAO/USDC PERP	+0.1621%	1h	308.73	+1.293%	$22K	$264	12x	as long as short