Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC−0.0097%/8h= −10.6% APRpaid last 24h −0.044%

Price spread now: gTrade (Gains Network) against Phemex−0.066%7-day average — · you buy dearer than you sell

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

Long on Phemex Short on gTrade (Gains Network)

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and gTrade (Gains Network) is 0.066% cheaper against Phemex than usual: you would sell low and buy high (−$7 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex TAOUSDT	318.12	0.0100	pay 0.0050% / 4h	2h 16m	$3.2M	$8.1M	50x
Short	gTrade (Gains Network) TAO/USD	317.91	L +0.0004% / S −0.0003%	get 0.0000% / 1h	16m 14s	$20K	—	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

gTrade (Gains Network) 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 gTrade (Gains Network)bpOrdersPrice spread, now −0.066%Rate

Funding earned: −$20.32
Price spread: −0.066% → 0.000%: −$6.57
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee gTrade (Gains Network): 5 bp × 2 orders: −$10
Net: −$48.89
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: Phemex: live order book, 6 min ago; gTrade (Gains Network): no order-book sample. 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	4.24 bp	18.2 bp −$18	43.2 bp −$432	doesn't fit	doesn't fit
Sell gTrade (Gains Network) no order-book sample	—	—	—	—	—

gTrade (Gains Network): no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

TAO on 43 exchanges

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/USDshort	L +0.0004% / S −0.0003%	1h	317.91	−0.066%	$20K	—	150x
Popdex TAOUSDT	+0.0096%	1h	318.20	+0.025%	$51K	$633K	20x	as long as short
Bybit TAOUSDT	+0.0100%	4h	318.31	+0.060%	$69.8M	$155.5M	50x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	318.20	+0.025%	$27.0M	$129.5M	50x	as long as short
Bulk TAO-USD	+0.0100%	1h	318.16	+0.013%	$169K	$0	10x	as long as short
Gate TAO_USDT	+0.0100%	4h	317.90	−0.069%	$15.7M	$49.2M	50x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	318.12	0.000%	$17.7M	$31.7M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	317.94	−0.057%	$36.0M	$56.8M	50x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	318.37	+0.079%	$45K	$256K	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	317.86	−0.082%	$81K	$1.1M	5x	as long as short

Show all 43 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX TAO-USDT	+0.0100%	4h	317.64	−0.151%	$2K	$1.8M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	317.38	−0.233%	$117K	$556K	20x	as long as short
Phemex TAOUSDTlong	+0.0100%	4h	318.12	long leg	$3.2M	$8.1M	50x
Katana Perps TAO-USD	+0.0105%	8h	318.04	−0.025%	$897	$1.3M	5x	as long as short
Aevo TAO-PERP	+0.0112%	1h	317.92	−0.064%	$175K	$998	3x	as long as short
BingX TAO-USDT	+0.0132%	4h	318.23	+0.035%	—	$39.0M	—	as long as short
edgeX TAOUSDC	+0.0134%	4h	317.60	−0.164%	$42K	$325K	10x	as long as short
MEXC TAO_USDT	+0.0134%	4h	318.25	+0.041%	$111.0M	$151.9M	300x	as long as short
Binance TAOUSDT	+0.0135%	4h	318.26	+0.044%	$93.5M	$515.5M	75x	as long as short
Paradex TAO-USD-PERP	+0.0194%	8h	317.95	−0.053%	$14K	$876	10x	as long as short
Extended TAO-USD	+0.0240%	1h	318.07	−0.015%	$961K	$2.1M	25x	as long as short
Orderly PERP_TAO_USDC	+0.0253%	4h	318.14	+0.006%	$53K	$262K	10x	as long as short
GRVT TAO_USDT_Perp	+0.0258%	4h	318.00	−0.037%	$540K	$814K	10x	as long as short
Pacifica TAO	+0.0301%	1h	318.02	−0.032%	$371K	$448K	10x	as long as short
Aster TAOUSDT	+0.0308%	4h	318.21	+0.029%	$1.2M	$11.3M	50x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0361% / S −0.0107%	1h	317.19	−0.293%	$373K	—	100x	as long as short
Arcus TAO-USD	+0.0364%	1h	318.28	+0.050%	$100K	$325K	5x	as long as short
Lighter TAO	+0.0368%	1h	318.18	+0.019%	$1.6M	$6.7M	5x	as long as short
BloFin TAO-USDT	+0.0374%	4h	317.96	−0.050%	$4.9M	$10.5M	100x	as long as short
Bullet TAO-USD	+0.0393%	1h	318.31	+0.060%	$12K	$17K	20x	as long as short
Variational Omni TAO	+0.0410%	4h	318.32	+0.063%	$5.7M	$9.8M	—	as long as short
Nado TAO-PERP	+0.0442%	1h	318.08	−0.012%	$708K	$2.0M	10x	as long as short
Phoenix TAO	+0.0567%	1h	318.20	+0.025%	$320K	$712K	5x	as long as short
dYdX TAO-USD	+0.0619%	1h	317.53	−0.184%	$268K	$235K	5x	as long as short
Backpack TAO_USDC_PERP	+0.0665%	1h	317.96	−0.050%	$298K	$1.1M	10x	as long as short
Kraken Futures PF_TAOUSD	+0.0683%	1h	318.21	+0.028%	$6.2M	$19.7M	50x	as long as short
Reya TAORUSDPERP	+0.0699%	1h	318.20	+0.025%	$366	—	20x	as long as short
RISEx TAO/USDC	+0.0701%	1h	317.94	−0.058%	$439K	$704K	5x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0707%	1h	318.14	+0.007%	$14K	$1.9M	25x	as long as short
01 Exchange TAOUSD	+0.0784%	1h	318.61	+0.154%	$3K	$2K	5x	as long as short
Hyperliquid TAO	+0.0787%	1h	318.35	+0.072%	$96.0M	$108.3M	5x	as long as short
Coinbase International TAO-PERP-INTX	+0.0832%	1h	318.09	−0.009%	$1.1M	$7.7M	50x	as long as short
Injective TAO/USDC PERP	+0.3320%	1h	322.26	+1.301%	$23K	$2K	12x	as long as short