Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0595%/8h= +65.2% APRpaid last 24h +0.177%

Price spread now: Reya against Phemex+0.021%7-day average — · you sell dearer than you buy

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

Long on Phemex Short on Reya

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

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

Together, before fees—+ Points / potential airdropReya: Active · farm boardneeds both histories

Both sides work for this trade now. Funding pays +$18 a day on $10k at the current rate, and Reya is 0.021% dearer against Phemex than usual: you sell high and buy low: +$2 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex TAOUSDT	318.44	0.0100	pay 0.0050% / 4h	3h 23m	$3.4M	$7.8M	50x
Short	Reya TAORUSDPERP	318.51	0.0695	get 0.0087% / 1h	23m 07s	$366	—	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Reya 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 ReyabpOrdersPrice spread, now +0.021%Rate

Funding earned: $125.04
Price spread: +0.021% → 0.000%: $2.06
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Reya: 3 bp × 2 orders: −$6
Net: $109.1
Costs to cover: 0.180%
Break-even: 0.9 days

Slippage unknown: Phemex: live order book, 6 min ago; Reya: 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	12.57 bp	30.4 bp −$30	doesn't fit	doesn't fit	doesn't fit
Sell Reya no order-book sample	—	—	—	—	—

Reya: 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 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	−0.1321%	1h	318.22	−0.069%	$169K	$44K	10x	as long as short
dYdX TAO-USD	0.0000%	1h	317.91	−0.166%	$127K	$88K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	318.34	−0.033%	$21K	—	150x	as long as short
Popdex TAOUSDT	+0.0096%	1h	318.99	+0.173%	$43K	$592K	20x	as long as short
Binance TAOUSDT	+0.0100%	4h	318.51	+0.022%	$91.7M	$447.8M	75x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	318.50	+0.019%	$26.1M	$108.9M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	318.40	−0.013%	$12.9M	$50.8M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	318.36	−0.025%	$109.1M	$135.2M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	318.48	+0.013%	$18.2M	$29.2M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	318.41	−0.009%	$35.5M	$50.9M	50x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
edgeX TAOUSDC	+0.0100%	4h	318.41	−0.009%	$40K	$292K	10x	as long as short
GRVT TAO_USDT_Perp	+0.0100%	4h	318.34	−0.033%	$526K	$960K	10x	as long as short
Bullet TAO-USD	+0.0100%	1h	318.61	+0.053%	$12K	$17K	20x	as long as short
Orderly PERP_TAO_USDC	+0.0100%	4h	318.45	+0.003%	$57K	$316K	10x	as long as short
SunX TAO-USDT	+0.0100%	4h	318.25	−0.060%	$2K	$1.9M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	318.82	+0.119%	$127K	$423K	20x	as long as short
Phemex TAOUSDTlong	+0.0100%	4h	318.44	long leg	$3.4M	$7.8M	50x
Aevo TAO-PERP	+0.0104%	1h	319.02	+0.181%	$175K	$998	3x	as long as short
Katana Perps TAO-USD	+0.0114%	8h	319.01	+0.179%	$738	$624K	5x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0173% / S +0.0093%	1h	318.35	−0.029%	$458K	—	100x	as long as short
Pacifica TAO	+0.0185%	1h	318.49	+0.016%	$377K	$376K	10x	as long as short
Arcus TAO-USD	+0.0201%	1h	319.11	+0.210%	$84K	$550K	5x	as long as short
Aster TAOUSDT	+0.0225%	4h	318.44	0.000%	$1.2M	$8.6M	50x	as long as short
Paradex TAO-USD-PERP	+0.0234%	8h	318.30	−0.044%	$14K	$1K	10x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0241%	1h	318.52	+0.024%	$17K	$1.5M	25x	as long as short
Polymarket Perps TAO-USD	+0.0290%	1h	318.68	+0.075%	$93K	$635K	5x	as long as short
ApeX Omni TAOUSDT	+0.0316%	1h	317.14	−0.408%	$49K	$267K	50x	as long as short
BloFin TAO-USDT	+0.0340%	4h	318.41	−0.009%	$4.5M	$10.8M	100x	as long as short
BingX TAO-USDT	+0.0398%	4h	318.59	+0.047%	—	$30.4M	—	as long as short
Variational Omni TAO	+0.0460%	4h	318.45	+0.004%	$5.5M	$8.7M	—	as long as short
Kraken Futures PF_TAOUSD	+0.0481%	1h	318.47	+0.008%	$5.7M	$20.3M	50x	as long as short
Phoenix TAO	+0.0525%	1h	318.10	−0.107%	$333K	$624K	5x	as long as short
Bybit TAOUSDT	+0.0561%	4h	318.74	+0.094%	$65.7M	$133.1M	50x	as long as short
Injective TAO/USDC PERP	+0.0571%	1h	322.97	+1.423%	$23K	$678	12x	as long as short
01 Exchange TAOUSD	+0.0584%	1h	319.05	+0.192%	$3K	$4K	5x	as long as short
Reya TAORUSDPERPshort	+0.0695%	1h	318.51	+0.021%	$366	—	20x
Nado TAO-PERP	+0.0770%	1h	318.65	+0.067%	$891K	$2.0M	10x	as long as short
Backpack TAO_USDC_PERP	+0.0832%	1h	318.66	+0.069%	$322K	$818K	10x	as long as short
Coinbase International TAO-PERP-INTX	+0.0984%	1h	318.63	+0.060%	$1.5M	$6.3M	50x	as long as short
Extended TAO-USD	+0.1120%	1h	318.44	+0.001%	$926K	$2.3M	25x	as long as short
RISEx TAO/USDC	+0.1141%	1h	319.13	+0.215%	$423K	$592K	5x	as long as short
Lighter TAO	+0.1440%	1h	318.97	+0.166%	$1.7M	$6.0M	5x	as long as short
Hyperliquid TAO	+0.2002%	1h	319.07	+0.198%	$103.2M	$91.0M	5x	as long as short