Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0764%/8h= +83.7% APRpaid last 24h +0.028%

Price spread now: Extended against Phemex+0.198%7-day average −0.053% · you sell dearer than you buy

Net, funding: paid 7d − costs−$15as in the Funding arb table

Net, price: spread back to 7d avg − costs−$49as in the Price arb table

costs, in and out, $10k−$740.745% of the position

Long on Phemex Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days+0.599%+$60 on $10k

Price spread, last 3 days (all we have)−0.319%−$32 · spread now +0.198%, 7d avg −0.053%

Together, before fees+0.280%+ Points / potential airdropExtended: Active · farm board+$28 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$23 a day on $10k at the current rate, and Extended is 0.251% dearer against Phemex than usual: you sell high and buy low: +$25 more if the spread goes back to its 7-day average of −0.053%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex TAOUSDT	312.53	0.0100	pay 0.0050% / 4h	39m 21s	$3.3M	$7.9M	50x
Short	Extended TAO-USD	313.15	0.0864	get 0.0108% / 1h	39m 21s	$863K	$2.1M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended 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 ExtendedbpOrdersPrice spread, now +0.198%Rate

Funding earned: $160.44
Price spread: +0.198% → −0.053%: $25.11
Slippage, 4 orders: −$57.49
Fee Phemex: 6 bp × 2 orders: −$12
Fee Extended: 2.5 bp × 2 orders: −$5
Net: $111.07
Costs to cover: 0.745%
Break-even: 2.2 days

Slippage from Phemex: live order book, 5 min ago; Extended: 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, 5 min ago	19.81 bp	32.3 bp −$32	doesn't fit	doesn't fit	doesn't fit
Sell Extended live order book, 4 min ago	1.76 bp	4.5 bp −$5	6.1 bp −$61	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	+0.461%	$168K	$48K	10x	as long as short
dYdX TAO-USD	0.0000%	1h	312.64	+0.035%	$125K	$88K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	312.85	+0.101%	$21K	—	150x	as long as short
Injective TAO/USDC PERP	+0.0033%	1h	314.39	+0.595%	$23K	$260	12x	as long as short
Popdex TAOUSDT	+0.0096%	1h	313.25	+0.230%	$41K	$552K	20x	as long as short
Pacifica TAO	+0.0100%	1h	313.17	+0.205%	$371K	$369K	10x	as long as short
Binance TAOUSDT	+0.0100%	4h	313.08	+0.176%	$88.6M	$425.1M	75x	as long as short
Bybit TAOUSDT	+0.0100%	4h	313.05	+0.166%	$61.4M	$124.0M	50x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	312.90	+0.118%	$25.1M	$100.7M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	312.90	+0.118%	$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	313.08	+0.176%	$120.4M	$127.8M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	313.08	+0.176%	$19.0M	$27.7M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	312.80	+0.086%	$34.9M	$46.5M	50x	as long as short
BingX TAO-USDT	+0.0100%	4h	313.10	+0.182%	—	$30.2M	—	as long as short
edgeX TAOUSDC	+0.0100%	4h	312.40	−0.041%	$40K	$279K	10x	as long as short
GRVT TAO_USDT_Perp	+0.0100%	4h	312.53	0.000%	$526K	$948K	10x	as long as short
Orderly PERP_TAO_USDC	+0.0100%	4h	312.93	+0.128%	$60K	$276K	10x	as long as short
SunX TAO-USDT	+0.0100%	4h	312.26	−0.086%	$1K	$1.8M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	312.79	+0.083%	$128K	$395K	20x	as long as short
Phemex TAOUSDTlong	+0.0100%	4h	312.53	long leg	$3.3M	$7.9M	50x
Bullet TAO-USD	+0.0100%	1h	313.14	+0.195%	$11K	$17K	20x	as long as short
Aevo TAO-PERP	+0.0104%	1h	312.86	+0.104%	$172K	$998	3x	as long as short
Katana Perps TAO-USD	+0.0110%	8h	313.28	+0.240%	$2K	$541K	5x	as long as short
Polymarket Perps TAO-USD	+0.0116%	1h	313.26	+0.234%	$77K	$520K	5x	as long as short
ApeX Omni TAOUSDT	+0.0118%	1h	312.28	−0.080%	$47K	$270K	50x	as long as short
Arcus TAO-USD	+0.0186%	1h	313.44	+0.291%	$83K	$626K	5x	as long as short
Paradex TAO-USD-PERP	+0.0187%	8h	313.06	+0.171%	$14K	$1K	10x	as long as short
Variational Omni TAO	+0.0194%	4h	312.41	−0.040%	$3.9M	$7.0M	—	as long as short
Aster TAOUSDT	+0.0198%	4h	313.05	+0.166%	$1.1M	$7.9M	50x	as long as short
BloFin TAO-USDT	+0.0351%	4h	312.42	−0.035%	$4.3M	$10.2M	100x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0375%	1h	312.72	+0.060%	$19K	$1.4M	25x	as long as short
Kraken Futures PF_TAOUSD	+0.0449%	1h	312.57	+0.012%	$5.7M	$19.9M	50x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0476% / S −0.0175%	1h	312.80	+0.088%	$449K	—	100x	as long as short
Nado TAO-PERP	+0.0509%	1h	313.26	+0.234%	$830K	$2.0M	10x	as long as short
Backpack TAO_USDC_PERP	+0.0537%	1h	312.70	+0.054%	$300K	$799K	10x	as long as short
Phoenix TAO	+0.0537%	1h	312.80	+0.086%	$327K	$521K	5x	as long as short
Reya TAORUSDPERP	+0.0695%	1h	313.02	+0.156%	$360	—	20x	as long as short
01 Exchange TAOUSD	+0.0720%	1h	313.50	+0.310%	$3K	$4K	5x	as long as short
Extended TAO-USDshort	+0.0864%	1h	313.15	+0.198%	$863K	$2.1M	25x
Coinbase International TAO-PERP-INTX	+0.0960%	1h	314.64	+0.675%	$1.5M	$5.8M	50x	as long as short
RISEx TAO/USDC	+0.1238%	1h	313.46	+0.299%	$432K	$548K	5x	as long as short
Lighter TAO	+0.1352%	1h	313.56	+0.329%	$1.6M	$5.8M	5x	as long as short
Hyperliquid TAO	+0.1893%	1h	313.59	+0.339%	$97.6M	$83.2M	5x	as long as short