Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0251%/8h= −27.5% APRpaid last 24h +0.004%

Price spread now: dYdX against Phemex−0.041%7-day average −0.049% · you buy dearer than you sell

Net, funding: paid 7d − costs−$74as in the Funding arb table

Net, price: spread back to 7d avg − costs−$128as in the Price arb table

costs, in and out, $10k−$1291.290% of the position

Long on Phemex Short on dYdX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.555%+$55 on $10k

Price spread, last 4 days (all we have)−0.087%−$9 · spread now −0.041%, 7d avg −0.049%

Together, before fees+0.468%+$47 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.049%, so right now this pair is about funding alone: −$8 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair paid +0.555%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex TAOUSDT	313.86	0.0251	pay 0.0126% / 4h	2h 44m	$3.2M	$7.9M	50x
Short	dYdX TAO-USD	313.73	0	get 0.0000% / 1h	44m 43s	$125K	$85K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX 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 dYdXbpOrdersPrice spread, now −0.041%Rate

Funding earned: −$52.81
Price spread: −0.041% → −0.049%: $0.75
Slippage, 4 orders: −$107.04
Fee Phemex: 6 bp × 2 orders: −$12
Fee dYdX: 5 bp × 2 orders: −$10
Net: −$181.1
Costs to cover: 1.290%
Break-even: never at this rate

Slippage from Phemex: live order book, 4 min ago; dYdX: live order book, 4 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	7.97 bp	19.2 bp −$19	32.2 bp −$322	doesn't fit	doesn't fit
Sell dYdX live order book, 4 min ago	40.60 bp	45.6 bp −$46	49.0 bp −$490	165.2 bp −$16.5K	1068.5 bp −$534.2K

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
dYdX TAO-USDshort	0.0000%	1h	313.73	−0.041%	$125K	$85K	5x
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0003%	1h	313.82	−0.011%	$22K	—	150x	as long as short
Katana Perps TAO-USD	+0.0100%	8h	314.16	+0.096%	$643	$890K	5x	as long as short
Binance TAOUSDT	+0.0100%	4h	314.30	+0.140%	$89.8M	$505.3M	75x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	314.20	+0.108%	$26.2M	$122.4M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	313.90	+0.013%	$13.7M	$50.5M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	314.37	+0.162%	$105.7M	$144.8M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	314.06	+0.064%	$17.4M	$31.4M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	313.87	+0.003%	$35.3M	$56.9M	50x	as long as short
edgeX TAOUSDC	+0.0100%	4h	313.67	−0.059%	$41K	$315K	10x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Polymarket Perps TAO-USD	+0.0100%	1h	313.97	+0.035%	$81K	$910K	5x	as long as short
SunX TAO-USDT	+0.0100%	4h	313.85	−0.003%	$1K	$1.9M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	313.62	−0.076%	$111K	$545K	20x	as long as short
Aevo TAO-PERP	+0.0104%	1h	314.01	+0.049%	$172K	$998	3x	as long as short
Orderly PERP_TAO_USDC	+0.0123%	4h	313.93	+0.022%	$52K	$290K	10x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0132% / S +0.0137%	1h	313.78	−0.024%	$420K	—	100x	as long as short
Bulk TAO-USD	+0.0138%	1h	312.42	−0.458%	$166K	$333	10x	as long as short
Aster TAOUSDT	+0.0166%	4h	314.34	+0.153%	$1.3M	$10.5M	50x	as long as short
Pacifica TAO	+0.0233%	1h	314.39	+0.168%	$358K	$419K	10x	as long as short
Paradex TAO-USD-PERP	+0.0241%	8h	314.18	+0.103%	$14K	$1K	10x	as long as short
Phemex TAOUSDTlong	+0.0251%	4h	313.86	long leg	$3.2M	$7.9M	50x
Nado TAO-PERP	+0.0253%	1h	314.23	+0.117%	$781K	$2.2M	10x	as long as short
Popdex TAOUSDT	+0.0280%	1h	314.30	+0.140%	$49K	$662K	20x	as long as short
GRVT TAO_USDT_Perp	+0.0286%	4h	313.59	−0.085%	$533K	$942K	10x	as long as short
Kraken Futures PF_TAOUSD	+0.0303%	1h	314.18	+0.101%	$5.7M	$21.2M	50x	as long as short
ApeX Omni TAOUSDT	+0.0317%	1h	313.78	−0.025%	$44K	$256K	50x	as long as short
Bullet TAO-USD	+0.0335%	1h	314.27	+0.131%	$12K	$17K	20x	as long as short
BloFin TAO-USDT	+0.0340%	4h	314.18	+0.102%	$4.5M	$10.9M	100x	as long as short
BingX TAO-USDT	+0.0384%	4h	314.13	+0.086%	—	$33.7M	—	as long as short
Variational Omni TAO	+0.0390%	4h	313.71	−0.048%	$5.5M	$10.1M	—	as long as short
Extended TAO-USD	+0.0408%	1h	314.04	+0.056%	$903K	$2.4M	25x	as long as short
Bybit TAOUSDT	+0.0423%	4h	314.28	+0.134%	$68.1M	$151.4M	50x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0434%	1h	313.99	+0.043%	$11K	$1.8M	25x	as long as short
Arcus TAO-USD	+0.0483%	1h	314.36	+0.159%	$101K	$370K	5x	as long as short
Phoenix TAO	+0.0513%	1h	314.00	+0.045%	$312K	$713K	5x	as long as short
Reya TAORUSDPERP	+0.0697%	1h	314.01	+0.049%	$361	—	20x	as long as short
Hyperliquid TAO	+0.0751%	1h	314.50	+0.204%	$92.0M	$108.6M	5x	as long as short
01 Exchange TAOUSD	+0.0800%	1h	314.69	+0.264%	$3K	$4K	5x	as long as short
Backpack TAO_USDC_PERP	+0.0810%	1h	314.28	+0.134%	$310K	$886K	10x	as long as short
Lighter TAO	+0.0880%	1h	314.53	+0.214%	$1.5M	$6.5M	5x	as long as short
Coinbase International TAO-PERP-INTX	+0.0928%	1h	315.00	+0.363%	$1.5M	$6.8M	50x	as long as short
RISEx TAO/USDC	+0.0948%	1h	314.08	+0.072%	$453K	$651K	5x	as long as short
Injective TAO/USDC PERP	+0.3711%	1h	316.07	+0.704%	$23K	$2K	12x	as long as short