Funding arb · Price arb /

TAO

all TAO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0740%/8h= +81.0% APRpaid last 24h +0.180%

Price spread now: RISEx against Phemex+0.080%7-day average +0.007% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$41as in the Price arb table

costs, in and out, $10k−$480.484% of the position

Long on Phemex Short on RISEx

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.505%+$51 on $10k

Price spread, last 4 days (all we have)−0.180%−$18 · spread now +0.080%, 7d avg +0.007%

Together, before fees+0.325%+$33 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$22 a day on $10k at the current rate, and RISEx is 0.074% dearer against Phemex than usual: you sell high and buy low: +$7 more if the spread goes back to its 7-day average of +0.007%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex TAOUSDT	315.15	0.0100	pay 0.0050% / 4h	3h 35m	$3.2M	$8.1M	50x
Short	RISEx TAO/USDC	315.40	0.0840	get 0.0105% / 1h	35m 07s	$437K	$681K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

RISEx 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 RISExbpOrdersPrice spread, now +0.080%Rate

Funding earned: $155.38
Price spread: +0.080% → +0.007%: $7.36
Slippage, 4 orders: −$30.36
Fee Phemex: 6 bp × 2 orders: −$12
Fee RISEx: 3 bp × 2 orders: −$6
Net: $114.38
Costs to cover: 0.484%
Break-even: 1.8 days

Slippage from Phemex: live order book, 4 min ago; RISEx: live order book, 63 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	9.05 bp	17.1 bp −$17	46.3 bp −$463	doesn't fit	doesn't fit
Sell RISEx live order book, 63 min ago	2.68 bp	5.7 bp −$6	27.0 bp −$270	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	315.02	−0.041%	$22K	—	150x	as long as short
Popdex TAOUSDT	+0.0096%	1h	315.40	+0.079%	$49K	$700K	20x	as long as short
Katana Perps TAO-USD	+0.0100%	8h	315.24	+0.029%	$645	$1.2M	5x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	315.40	+0.079%	$26.3M	$129.4M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	315.10	−0.016%	$14.9M	$49.3M	50x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	315.36	+0.067%	$17.8M	$32.3M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	315.15	0.000%	$35.5M	$57.4M	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	315.10	−0.016%	$86K	$1.2M	5x	as long as short
SunX TAO-USDT	+0.0100%	4h	315.04	−0.035%	$2K	$1.9M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	314.96	−0.060%	$115K	$588K	20x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex TAOUSDTlong	+0.0100%	4h	315.15	long leg	$3.2M	$8.1M	50x
GRVT TAO_USDT_Perp	+0.0118%	4h	315.10	−0.015%	$539K	$877K	10x	as long as short
Aevo TAO-PERP	+0.0120%	1h	315.52	+0.116%	$173K	$998	3x	as long as short
ApeX Omni TAOUSDT	+0.0124%	1h	315.68	+0.168%	$45K	$257K	50x	as long as short
Bulk TAO-USD	+0.0125%	1h	316.13	+0.311%	$168K	$0	10x	as long as short
Binance TAOUSDT	+0.0144%	4h	315.35	+0.063%	$92.0M	$527.4M	75x	as long as short
MEXC TAO_USDT	+0.0146%	4h	315.30	+0.048%	$104.7M	$151.8M	300x	as long as short
edgeX TAOUSDC	+0.0154%	4h	315.22	+0.022%	$42K	$320K	10x	as long as short
dYdX TAO-USD	+0.0198%	1h	315.05	−0.033%	$127K	$86K	5x	as long as short
Orderly PERP_TAO_USDC	+0.0211%	4h	315.32	+0.054%	$54K	$298K	10x	as long as short
Bullet TAO-USD	+0.0228%	1h	315.35	+0.063%	$12K	$17K	20x	as long as short
Paradex TAO-USD-PERP	+0.0239%	8h	315.40	+0.078%	$14K	$876	10x	as long as short
BingX TAO-USDT	+0.0308%	4h	315.30	+0.048%	—	$37.3M	—	as long as short
Aster TAOUSDT	+0.0309%	4h	315.27	+0.038%	$1.2M	$11.1M	50x	as long as short
Pacifica TAO	+0.0349%	1h	315.42	+0.085%	$370K	$440K	10x	as long as short
Extended TAO-USD	+0.0352%	1h	315.29	+0.043%	$894K	$2.3M	25x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0360% / S −0.0107%	1h	315.03	−0.038%	$370K	—	100x	as long as short
BloFin TAO-USDT	+0.0384%	4h	315.35	+0.063%	$4.8M	$10.7M	100x	as long as short
Bybit TAOUSDT	+0.0400%	4h	315.46	+0.098%	$69.4M	$154.8M	50x	as long as short
Arcus TAO-USD	+0.0404%	1h	315.53	+0.121%	$99K	$363K	5x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0496%	1h	315.31	+0.051%	$15K	$1.9M	25x	as long as short
Nado TAO-PERP	+0.0503%	1h	315.45	+0.096%	$768K	$2.0M	10x	as long as short
Hyperliquid TAO	+0.0512%	1h	315.55	+0.126%	$93.0M	$108.5M	5x	as long as short
Phoenix TAO	+0.0578%	1h	315.80	+0.206%	$318K	$714K	5x	as long as short
Lighter TAO	+0.0600%	1h	315.60	+0.144%	$1.6M	$6.6M	5x	as long as short
01 Exchange TAOUSD	+0.0608%	1h	315.75	+0.190%	$3K	$4K	5x	as long as short
Variational Omni TAO	+0.0614%	4h	315.43	+0.090%	$5.6M	$10.1M	—	as long as short
Backpack TAO_USDC_PERP	+0.0678%	1h	315.44	+0.092%	$315K	$1.0M	10x	as long as short
Reya TAORUSDPERP	+0.0698%	1h	315.29	+0.045%	$363	—	20x	as long as short
Kraken Futures PF_TAOUSD	+0.0789%	1h	315.43	+0.088%	$6.0M	$21.1M	50x	as long as short
RISEx TAO/USDCshort	+0.0840%	1h	315.40	+0.080%	$437K	$681K	5x
Coinbase International TAO-PERP-INTX	+0.0944%	1h	315.53	+0.121%	$1.1M	$7.2M	50x	as long as short
Injective TAO/USDC PERP	+0.3512%	1h	318.23	+0.977%	$23K	$2K	12x	as long as short