Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0357%/8h= −39.0% APRpaid last 24h −0.092%

Price spread now: MEXC against Phoenix−0.236%47s7-day average −0.139% · you buy dearer than you sell

Net, funding: paid 7d − costs−$56as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$330.330% of the position

Long on Phoenix Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days−0.225%−$23 on $10k

Price spread, last 4 days (all we have)−0.160%−$16 · spread now −0.236%, 7d avg −0.139%

Together, before fees−0.386%−$39 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$11 a day on $10k at the current rate, and MEXC is 0.097% cheaper against Phoenix than usual: you would sell low and buy high (−$10 if the spread goes back to its 7-day average of −0.139%). Swap the legs. The two prices were read 47 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.225% in total (about -11.8% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix TAO	313.70	0.0457	pay 0.0057% / 1h	16m 28s	$312K	$711K	5x
Short	MEXC TAO_USDT	312.96	0.0100	get 0.0050% / 4h	3h 16m	$103.0M	$145.5M	300x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC against Phoenix. 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 PhoenixbpFee MEXCbpOrdersPrice spread, now −0.236%Rate

Funding earned: −$74.88
Price spread: −0.236% → −0.139%: −$9.74
Slippage, 4 orders: −$26.03
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee MEXC: 0 bp × 2 orders: $0
Net: −$117.64
Costs to cover: 0.330%
Break-even: never at this rate

Slippage from Phoenix: live order book, 36 min ago; MEXC: live order book, 3 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 Phoenix live order book, 36 min ago	3.18 bp	9.6 bp −$10	19.6 bp −$196	doesn't fit	doesn't fit
Sell MEXC live order book, 3 min ago	0.48 bp	2.1 bp −$2	9.3 bp −$93	25.9 bp −$2,593	110.1 bp −$55.0K

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
Kraken Futures PF_TAOUSD	−0.0346%	1h	313.37	−0.105%	$5.6M	$20.7M	50x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	313.03	−0.212%	$20K	—	150x	as long as short
dYdX TAO-USD	+0.0011%	1h	312.57	−0.360%	$125K	$85K	5x	as long as short
Popdex TAOUSDT	+0.0096%	1h	312.56	−0.363%	$46K	$656K	20x	as long as short
Katana Perps TAO-USD	+0.0099%	8h	312.45	−0.398%	$640	$845K	5x	as long as short
Pacifica TAO	+0.0100%	1h	312.87	−0.264%	$356K	$416K	10x	as long as short
Binance TAOUSDT	+0.0100%	4h	312.52	−0.376%	$89.5M	$501.3M	75x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	312.50	−0.383%	$26.1M	$120.9M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	312.70	−0.319%	$13.3M	$50.4M	50x	as long as short
MEXC TAO_USDTshort	+0.0100%	4h	312.96	−0.236%	$103.0M	$145.5M	300x

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin TAOUSDTM	+0.0100%	4h	312.59	−0.354%	$17.8M	$31.3M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	312.20	−0.478%	$35.0M	$56.5M	50x	as long as short
edgeX TAOUSDC	+0.0100%	4h	311.63	−0.660%	$41K	$314K	10x	as long as short
GRVT TAO_USDT_Perp	+0.0100%	4h	311.55	−0.686%	$529K	$956K	10x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	312.33	−0.437%	$46K	$254K	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	312.40	−0.414%	$82K	$905K	5x	as long as short
Bullet TAO-USD	+0.0100%	1h	313.38	−0.101%	$12K	$17K	20x	as long as short
SunX TAO-USDT	+0.0100%	4h	313.16	−0.172%	$2K	$1.9M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	313.03	−0.214%	$111K	$542K	20x	as long as short
Phemex TAOUSDT	+0.0100%	4h	313.17	−0.169%	$3.1M	$8.0M	50x	as long as short
BingX TAO-USDT	+0.0104%	4h	312.94	−0.242%	—	$33.7M	—	as long as short
Aevo TAO-PERP	+0.0104%	1h	313.49	−0.068%	$172K	$998	3x	as long as short
Orderly PERP_TAO_USDC	+0.0115%	4h	313.31	−0.124%	$52K	$290K	10x	as long as short
Aster TAOUSDT	+0.0117%	4h	312.59	−0.354%	$1.3M	$10.5M	50x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0136% / S +0.0136%	1h	313.04	−0.209%	$416K	—	100x	as long as short
Paradex TAO-USD-PERP	+0.0160%	8h	312.93	−0.247%	$14K	$1K	10x	as long as short
Bybit TAOUSDT	+0.0200%	4h	312.67	−0.328%	$67.4M	$150.6M	50x	as long as short
Arcus TAO-USD	+0.0231%	1h	313.06	−0.204%	$101K	$394K	5x	as long as short
Variational Omni TAO	+0.0308%	4h	311.97	−0.551%	$5.5M	$10.1M	—	as long as short
Extended TAO-USD	+0.0320%	1h	312.88	−0.261%	$914K	$2.4M	25x	as long as short
Nado TAO-PERP	+0.0333%	1h	312.59	−0.355%	$789K	$2.2M	10x	as long as short
BloFin TAO-USDT	+0.0340%	4h	313.40	−0.096%	$4.5M	$10.8M	100x	as long as short
Phoenix TAOlong	+0.0457%	1h	313.70	long leg	$312K	$711K	5x
Hyperliquid TAO	+0.0475%	1h	312.90	−0.255%	$91.9M	$107.8M	5x	as long as short
01 Exchange TAOUSD	+0.0488%	1h	312.97	−0.233%	$3K	$4K	5x	as long as short
Backpack TAO_USDC_PERP	+0.0509%	1h	312.89	−0.258%	$311K	$885K	10x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0554%	1h	313.31	−0.125%	$13K	$1.8M	25x	as long as short
Lighter TAO	+0.0632%	1h	313.05	−0.208%	$1.5M	$6.5M	5x	as long as short
Reya TAORUSDPERP	+0.0697%	1h	312.52	−0.376%	$359	—	20x	as long as short
RISEx TAO/USDC	+0.0816%	1h	312.63	−0.341%	$443K	$647K	5x	as long as short
Bulk TAO-USD	+0.0817%	1h	310.92	−0.886%	$165K	$333	10x	as long as short
Coinbase International TAO-PERP-INTX	+0.0952%	1h	314.25	+0.175%	$1.5M	$6.7M	50x	as long as short
Injective TAO/USDC PERP	+0.4092%	1h	316.67	+0.947%	$23K	$2K	12x	as long as short