Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0194%/8h= +21.2% APRpaid last 24h +0.096%

Price spread now: Phoenix against Phemex+0.213%7-day average +0.110% · you sell dearer than you buy

Net, funding: paid 7d − costs−$9as in the Funding arb table

Net, price: spread back to 7d avg − costs−$65as in the Price arb table

costs, in and out, $10k−$750.755% of the position

Long on Phemex Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.665%+$66 on $10k

Price spread, last 4 days (all we have)−0.270%−$27 · spread now +0.213%, 7d avg +0.110%

Together, before fees+0.395%+$39 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$6 a day on $10k at the current rate, and Phoenix is 0.104% dearer against Phemex than usual: you sell high and buy low: +$10 more if the spread goes back to its 7-day average of +0.110%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex TAOUSDT	318.62	0.0435	pay 0.0218% / 4h	4m 24s	$3.2M	$8.2M	50x
Short	Phoenix TAO	319.30	0.0629	get 0.0079% / 1h	4m 24s	$321K	$703K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now +0.213%Rate

Funding earned: $40.74
Price spread: +0.213% → +0.110%: $10.35
Slippage, 4 orders: −$56.46
Fee Phemex: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$24.36
Costs to cover: 0.755%
Break-even: 11.2 days

Slippage from Phemex: live order book, 4 min ago; Phoenix: live order book, 33 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	13.47 bp	21.7 bp −$22	45.2 bp −$452	doesn't fit	doesn't fit
Sell Phoenix live order book, 33 min ago	3.15 bp	18.3 bp −$18	25.6 bp −$256	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 −0.0005%	1h	317.64	−0.306%	$22K	—	150x	as long as short
dYdX TAO-USD	+0.0062%	1h	317.95	−0.211%	$128K	$86K	5x	as long as short
Popdex TAOUSDT	+0.0096%	1h	318.40	−0.069%	$49K	$716K	20x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	317.80	−0.257%	$26.5M	$131.6M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	317.70	−0.289%	$14.8M	$52.4M	50x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	317.83	−0.248%	$17.8M	$32.5M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	317.59	−0.323%	$35.8M	$57.9M	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	317.88	−0.232%	$87K	$1.2M	5x	as long as short
SunX TAO-USDT	+0.0100%	4h	318.56	−0.019%	$2K	$2.0M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	318.18	−0.138%	$117K	$592K	20x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GMX TAO/USD [WBTC.b-USDC]	L +0.0103% / S +0.0138%	1h	317.59	−0.323%	$410K	—	100x	as long as short
Katana Perps TAO-USD	+0.0106%	8h	318.11	−0.160%	$2K	$1.2M	5x	as long as short
Aevo TAO-PERP	+0.0128%	1h	317.98	−0.201%	$175K	$998	3x	as long as short
ApeX Omni TAOUSDT	+0.0138%	1h	318.99	+0.116%	$46K	$259K	50x	as long as short
Orderly PERP_TAO_USDC	+0.0181%	4h	317.81	−0.254%	$52K	$295K	10x	as long as short
MEXC TAO_USDT	+0.0188%	4h	317.83	−0.248%	$104.2M	$152.9M	300x	as long as short
Binance TAOUSDT	+0.0189%	4h	317.95	−0.210%	$93.0M	$533.4M	75x	as long as short
edgeX TAOUSDC	+0.0195%	4h	319.07	+0.141%	$42K	$320K	10x	as long as short
Bulk TAO-USD	+0.0217%	1h	317.92	−0.218%	$169K	$0	10x	as long as short
Paradex TAO-USD-PERP	+0.0263%	8h	318.40	−0.068%	$14K	$1K	10x	as long as short
BingX TAO-USDT	+0.0278%	4h	317.87	−0.235%	—	$37.4M	—	as long as short
Bybit TAOUSDT	+0.0280%	4h	317.97	−0.204%	$69.9M	$157.1M	50x	as long as short
Bullet TAO-USD	+0.0305%	1h	318.80	+0.056%	$12K	$17K	20x	as long as short
Pacifica TAO	+0.0313%	1h	318.44	−0.058%	$374K	$465K	10x	as long as short
GRVT TAO_USDT_Perp	+0.0314%	4h	318.68	+0.018%	$542K	$896K	10x	as long as short
Aster TAOUSDT	+0.0350%	4h	317.88	−0.232%	$1.3M	$11.0M	50x	as long as short
Extended TAO-USD	+0.0384%	1h	318.33	−0.091%	$906K	$2.4M	25x	as long as short
BloFin TAO-USDT	+0.0429%	4h	318.88	+0.082%	$4.7M	$11.0M	100x	as long as short
Phemex TAOUSDTlong	+0.0435%	4h	318.62	long leg	$3.2M	$8.2M	50x
Nado TAO-PERP	+0.0473%	1h	318.20	−0.131%	$776K	$2.0M	10x	as long as short
Arcus TAO-USD	+0.0473%	1h	318.70	+0.025%	$100K	$384K	5x	as long as short
Variational Omni TAO	+0.0574%	4h	318.65	+0.010%	$5.6M	$10.1M	—	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0599%	1h	318.74	+0.038%	$15K	$1.9M	25x	as long as short
Phoenix TAOshort	+0.0629%	1h	319.30	+0.213%	$321K	$703K	5x
Lighter TAO	+0.0648%	1h	318.42	−0.064%	$1.6M	$6.9M	5x	as long as short
01 Exchange TAOUSD	+0.0688%	1h	318.63	+0.003%	$3K	$4K	5x	as long as short
Hyperliquid TAO	+0.0689%	1h	318.09	−0.166%	$94.1M	$110.2M	5x	as long as short
Reya TAORUSDPERP	+0.0698%	1h	317.89	−0.229%	$366	—	20x	as long as short
Backpack TAO_USDC_PERP	+0.0718%	1h	319.05	+0.135%	$440K	$981K	10x	as long as short
Kraken Futures PF_TAOUSD	+0.0831%	1h	318.96	+0.107%	$6.0M	$21.7M	50x	as long as short
RISEx TAO/USDC	+0.0831%	1h	318.31	−0.097%	$451K	$661K	5x	as long as short
Coinbase International TAO-PERP-INTX	+0.0984%	1h	319.76	+0.358%	$1.3M	$7.2M	50x	as long as short
Injective TAO/USDC PERP	+0.4513%	1h	322.44	+1.199%	$23K	$2K	12x	as long as short