Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0249%/8h= +27.3% APRpaid last 24h −0.009%

Price spread now: Deribit against Phemex+0.029%7-day average +0.014% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Phemex Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.325%+$33 on $10k

Price spread, last 3 days (all we have)−0.025%−$3 · spread now +0.029%, 7d avg +0.014%

Together, before fees+0.300%+$30 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.014%, so right now this pair is about funding alone: +$7 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex TAOUSDT	313.66	0.0100	pay 0.0050% / 4h	38m 13s	$3.3M	$7.9M	50x
Short	Deribit TAO_USDC-PERPETUAL	313.75	0.0349	get 0.0044% / 1h	38m 13s	$19K	$1.4M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now +0.029%Rate

Funding earned: $52.29
Price spread: +0.029% → +0.014%: $1.45
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $34.74
Costs to cover: 0.190%
Break-even: 2.3 days

Slippage unknown: Phemex: live order book, 6 min ago; Deribit: live order book, 1 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 Phemex live order book, 6 min ago	19.81 bp	32.3 bp −$32	doesn't fit	doesn't fit	doesn't fit
Sell Deribit live order book, 1 min ago	10.52 bp	doesn't fit	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	−0.4478%	1h	313.97	+0.099%	$168K	$48K	10x	as long as short
dYdX TAO-USD	0.0000%	1h	313.41	−0.080%	$125K	$88K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	313.55	−0.035%	$21K	—	150x	as long as short
Injective TAO/USDC PERP	+0.0033%	1h	314.39	+0.233%	$23K	$260	12x	as long as short
Popdex TAOUSDT	+0.0096%	1h	314.50	+0.268%	$43K	$552K	20x	as long as short
Pacifica TAO	+0.0100%	1h	313.79	+0.040%	$372K	$369K	10x	as long as short
Binance TAOUSDT	+0.0100%	4h	313.83	+0.054%	$88.8M	$425.5M	75x	as long as short
Bybit TAOUSDT	+0.0100%	4h	313.93	+0.086%	$61.6M	$124.0M	50x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	313.80	+0.045%	$25.2M	$101.0M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	313.60	−0.019%	$12.7M	$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
MEXC TAO_USDT	+0.0100%	4h	313.87	+0.067%	$120.8M	$127.9M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	313.74	+0.026%	$19.0M	$27.7M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	313.73	+0.022%	$35.0M	$46.5M	50x	as long as short
BingX TAO-USDT	+0.0100%	4h	313.90	+0.077%	—	$30.2M	—	as long as short
edgeX TAOUSDC	+0.0100%	4h	312.40	−0.401%	$40K	$279K	10x	as long as short
GRVT TAO_USDT_Perp	+0.0100%	4h	312.53	−0.360%	$526K	$948K	10x	as long as short
Bullet TAO-USD	+0.0100%	1h	313.91	+0.080%	$11K	$17K	20x	as long as short
Orderly PERP_TAO_USDC	+0.0100%	4h	313.67	+0.003%	$60K	$276K	10x	as long as short
SunX TAO-USDT	+0.0100%	4h	313.56	−0.032%	$2K	$1.8M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	314.74	+0.344%	$129K	$395K	20x	as long as short
Phemex TAOUSDTlong	+0.0100%	4h	313.66	long leg	$3.3M	$7.9M	50x
Aevo TAO-PERP	+0.0104%	1h	313.85	+0.061%	$172K	$998	3x	as long as short
Katana Perps TAO-USD	+0.0110%	8h	314.41	+0.239%	$2K	$541K	5x	as long as short
ApeX Omni TAOUSDT	+0.0118%	1h	312.28	−0.440%	$47K	$270K	50x	as long as short
Polymarket Perps TAO-USD	+0.0123%	1h	314.50	+0.268%	$77K	$520K	5x	as long as short
Arcus TAO-USD	+0.0186%	1h	314.51	+0.271%	$83K	$606K	5x	as long as short
Paradex TAO-USD-PERP	+0.0189%	8h	314.23	+0.183%	$14K	$1K	10x	as long as short
Variational Omni TAO	+0.0194%	4h	312.41	−0.400%	$3.9M	$7.0M	—	as long as short
Aster TAOUSDT	+0.0202%	4h	313.79	+0.041%	$1.1M	$7.9M	50x	as long as short
BloFin TAO-USDT	+0.0347%	4h	313.20	−0.147%	$4.4M	$10.2M	100x	as long as short
Deribit TAO_USDC-PERPETUALshort	+0.0349%	1h	313.75	+0.029%	$19K	$1.4M	25x
Kraken Futures PF_TAOUSD	+0.0448%	1h	313.77	+0.035%	$5.8M	$19.9M	50x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0477% / S −0.0175%	1h	313.54	−0.039%	$451K	—	100x	as long as short
Nado TAO-PERP	+0.0483%	1h	314.45	+0.253%	$833K	$2.0M	10x	as long as short
Phoenix TAO	+0.0537%	1h	312.80	−0.274%	$327K	$521K	5x	as long as short
Backpack TAO_USDC_PERP	+0.0541%	1h	314.00	+0.108%	$301K	$799K	10x	as long as short
Reya TAORUSDPERP	+0.0695%	1h	314.10	+0.142%	$361	—	20x	as long as short
01 Exchange TAOUSD	+0.0712%	1h	314.72	+0.338%	$3K	$4K	5x	as long as short
Extended TAO-USD	+0.0872%	1h	313.77	+0.035%	$863K	$2.1M	25x	as long as short
Coinbase International TAO-PERP-INTX	+0.0960%	1h	314.64	+0.312%	$1.5M	$5.8M	50x	as long as short
RISEx TAO/USDC	+0.1238%	1h	314.57	+0.290%	$433K	$548K	5x	as long as short
Lighter TAO	+0.1352%	1h	314.26	+0.192%	$1.6M	$5.8M	5x	as long as short
Hyperliquid TAO	+0.1866%	1h	314.41	+0.239%	$97.9M	$83.2M	5x	as long as short