Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0441%/8h= −48.2% APRpaid last 24h −0.093%

Price spread now: Orderly against Phoenix−0.171%7-day average −0.111% · you buy dearer than you sell

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

Long on Phoenix Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days−0.294%−$29 on $10k

Price spread, last 4 days (all we have)+0.277%+$28 · spread now −0.171%, 7d avg −0.111%

Together, before fees−0.017%−$2 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$13 a day on $10k at the current rate, and Orderly is 0.060% cheaper against Phoenix than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of −0.111%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.294% in total (about -15.3% 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	322.40	0.0567	pay 0.0071% / 1h	18m 46s	$321K	$709K	5x
Short	Orderly PERP_TAO_USDC	321.85	0.0126	get 0.0063% / 4h	1h 18m	$54K	$293K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.171%Rate

Funding earned: −$92.51
Price spread: −0.171% → −0.111%: −$5.95
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$111.47
Costs to cover: 0.130%
Break-even: never at this rate

Slippage unknown: Phoenix: live order book, 24 min ago; Orderly: 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 Phoenix live order book, 24 min ago	3.12 bp	19.0 bp −$19	86.7 bp −$867	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: 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	−0.2264%	1h	322.24	−0.049%	$171K	$333	10x	as long as short
dYdX TAO-USD	0.0000%	1h	321.78	−0.192%	$128K	$85K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0005%	1h	322.52	+0.039%	$22K	—	150x	as long as short
Popdex TAOUSDT	+0.0096%	1h	322.04	−0.112%	$44K	$706K	20x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	321.50	−0.279%	$26.8M	$130.3M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	321.10	−0.403%	$14.4M	$52.2M	50x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	321.27	−0.350%	$18.0M	$32.1M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	321.20	−0.372%	$36.1M	$58.1M	50x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	322.46	+0.019%	$45K	$259K	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	321.87	−0.164%	$85K	$1.2M	5x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX TAO-USDT	+0.0100%	4h	321.68	−0.223%	$2K	$2.0M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	321.36	−0.323%	$117K	$598K	20x	as long as short
Katana Perps TAO-USD	+0.0108%	8h	322.01	−0.121%	$1K	$1.0M	5x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0116% / S +0.0151%	1h	321.58	−0.255%	$430K	—	100x	as long as short
Orderly PERP_TAO_USDCshort	+0.0126%	4h	321.85	−0.171%	$54K	$293K	10x
Aevo TAO-PERP	+0.0136%	1h	322.04	−0.110%	$177K	$998	3x	as long as short
edgeX TAOUSDC	+0.0198%	4h	322.77	+0.115%	$43K	$317K	10x	as long as short
MEXC TAO_USDT	+0.0208%	4h	321.34	−0.329%	$107.4M	$151.0M	300x	as long as short
Binance TAOUSDT	+0.0208%	4h	321.37	−0.320%	$93.3M	$527.9M	75x	as long as short
Paradex TAO-USD-PERP	+0.0281%	8h	321.90	−0.155%	$15K	$1K	10x	as long as short
Bybit TAOUSDT	+0.0317%	4h	321.56	−0.261%	$70.7M	$156.0M	50x	as long as short
Phemex TAOUSDT	+0.0319%	4h	321.97	−0.133%	$3.3M	$8.1M	50x	as long as short
BingX TAO-USDT	+0.0346%	4h	321.32	−0.335%	—	$34.6M	—	as long as short
Bullet TAO-USD	+0.0375%	1h	321.90	−0.155%	$12K	$17K	20x	as long as short
Aster TAOUSDT	+0.0375%	4h	321.40	−0.310%	$1.3M	$10.9M	50x	as long as short
GRVT TAO_USDT_Perp	+0.0436%	4h	322.51	+0.033%	$547K	$937K	10x	as long as short
Extended TAO-USD	+0.0448%	1h	321.34	−0.329%	$918K	$2.4M	25x	as long as short
BloFin TAO-USDT	+0.0448%	4h	322.07	−0.102%	$4.7M	$11.1M	100x	as long as short
Nado TAO-PERP	+0.0519%	1h	321.85	−0.170%	$800K	$2.0M	10x	as long as short
Pacifica TAO	+0.0525%	1h	321.93	−0.144%	$367K	$428K	10x	as long as short
Variational Omni TAO	+0.0526%	4h	322.87	+0.145%	$5.7M	$10.2M	—	as long as short
Phoenix TAOlong	+0.0567%	1h	322.40	long leg	$321K	$709K	5x
Deribit TAO_USDC-PERPETUAL	+0.0617%	1h	321.84	−0.174%	$26K	$1.9M	25x	as long as short
Arcus TAO-USD	+0.0641%	1h	322.21	−0.059%	$104K	$389K	5x	as long as short
Hyperliquid TAO	+0.0661%	1h	321.73	−0.208%	$95.2M	$110.0M	5x	as long as short
01 Exchange TAOUSD	+0.0664%	1h	322.18	−0.068%	$3K	$4K	5x	as long as short
Reya TAORUSDPERP	+0.0698%	1h	321.84	−0.173%	$370	—	20x	as long as short
Backpack TAO_USDC_PERP	+0.0731%	1h	321.62	−0.242%	$300K	$905K	10x	as long as short
Lighter TAO	+0.0760%	1h	321.63	−0.238%	$1.6M	$6.8M	5x	as long as short
Coinbase International TAO-PERP-INTX	+0.0944%	1h	322.77	+0.115%	$1.5M	$6.9M	50x	as long as short
RISEx TAO/USDC	+0.1077%	1h	321.84	−0.175%	$457K	$668K	5x	as long as short
Kraken Futures PF_TAOUSD	+0.1147%	1h	321.87	−0.163%	$6.0M	$21.7M	50x	as long as short
Injective TAO/USDC PERP	+0.4723%	1h	325.94	+1.098%	$24K	$2K	12x	as long as short