Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0289%/8h= −31.7% APRpaid last 24h −0.073%

Price spread now: Paradex against Phoenix+0.193%7-day average — · you sell dearer than you buy

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

Long on Phoenix Short on Paradex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

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

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

The price spread pays, funding is against you. Paradex is 0.193% dearer against Phoenix than usual: you sell high and buy low (spread +0.193% now, against zero (this spread has no 7-day history yet)): +$19 on $10k if it goes back. Holding the pair costs −$9 a day in funding at the current rate, which eats that in about 2.2 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix TAO	318.10	0.0525	pay 0.0066% / 1h	24m 57s	$333K	$624K	5x
Short	Paradex TAO-USD-PERP	318.71	0.0236	get 0.0236% / 8h	7h 24m	$14K	$1K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex 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 ParadexbpOrdersPrice spread, now +0.193%Rate

Funding earned: −$60.71
Price spread: +0.193% → 0.000%: $19.26
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Paradex: 2 bp × 2 orders: −$4
Net: −$52.45
Costs to cover: 0.110%
Break-even: from the start

Slippage unknown: Phoenix: live order book, 47 min ago; Paradex: 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, 47 min ago	3.19 bp	14.6 bp −$15	25.1 bp −$251	doesn't fit	doesn't fit
Sell Paradex no order-book sample	—	—	—	—	—

Paradex: 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	+0.038%	$169K	$44K	10x	as long as short
dYdX TAO-USD	0.0000%	1h	318.50	+0.126%	$127K	$88K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	318.34	+0.074%	$21K	—	150x	as long as short
Popdex TAOUSDT	+0.0096%	1h	318.52	+0.132%	$43K	$592K	20x	as long as short
Binance TAOUSDT	+0.0100%	4h	317.99	−0.034%	$91.4M	$447.6M	75x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	318.20	+0.031%	$26.1M	$108.8M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	318.40	+0.094%	$12.9M	$50.7M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	318.22	+0.038%	$108.9M	$135.1M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	318.03	−0.022%	$18.2M	$29.2M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	317.98	−0.038%	$35.4M	$50.8M	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	317.16	−0.295%	$40K	$292K	10x	as long as short
GRVT TAO_USDT_Perp	+0.0100%	4h	316.62	−0.466%	$523K	$969K	10x	as long as short
Orderly PERP_TAO_USDC	+0.0100%	4h	318.56	+0.145%	$57K	$316K	10x	as long as short
SunX TAO-USDT	+0.0100%	4h	318.28	+0.057%	$2K	$1.9M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	318.80	+0.220%	$127K	$423K	20x	as long as short
Phemex TAOUSDT	+0.0100%	4h	318.43	+0.104%	$3.4M	$7.8M	50x	as long as short
Aevo TAO-PERP	+0.0104%	1h	318.93	+0.260%	$175K	$998	3x	as long as short
Katana Perps TAO-USD	+0.0110%	8h	318.48	+0.119%	$737	$625K	5x	as long as short
Bullet TAO-USD	+0.0110%	1h	318.66	+0.176%	$12K	$17K	20x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0173% / S +0.0093%	1h	318.38	+0.088%	$458K	—	100x	as long as short
Pacifica TAO	+0.0185%	1h	318.86	+0.238%	$377K	$376K	10x	as long as short
Arcus TAO-USD	+0.0201%	1h	318.99	+0.280%	$84K	$550K	5x	as long as short
Aster TAOUSDT	+0.0214%	4h	318.30	+0.062%	$1.1M	$8.6M	50x	as long as short
Paradex TAO-USD-PERPshort	+0.0236%	8h	318.71	+0.193%	$14K	$1K	10x
Deribit TAO_USDC-PERPETUAL	+0.0284%	1h	318.55	+0.140%	$17K	$1.5M	25x	as long as short
Polymarket Perps TAO-USD	+0.0297%	1h	318.63	+0.167%	$93K	$635K	5x	as long as short
ApeX Omni TAOUSDT	+0.0316%	1h	317.14	−0.302%	$49K	$267K	50x	as long as short
BloFin TAO-USDT	+0.0340%	4h	318.72	+0.195%	$4.5M	$10.8M	100x	as long as short
BingX TAO-USDT	+0.0398%	4h	318.15	+0.016%	—	$30.7M	—	as long as short
Variational Omni TAO	+0.0460%	4h	318.45	+0.111%	$5.5M	$8.7M	—	as long as short
Bybit TAOUSDT	+0.0475%	4h	318.44	+0.107%	$65.6M	$133.1M	50x	as long as short
Kraken Futures PF_TAOUSD	+0.0481%	1h	318.59	+0.153%	$5.7M	$20.3M	50x	as long as short
Phoenix TAOlong	+0.0525%	1h	318.10	long leg	$333K	$624K	5x
Injective TAO/USDC PERP	+0.0571%	1h	322.97	+1.531%	$23K	$678	12x	as long as short
01 Exchange TAOUSD	+0.0600%	1h	319.14	+0.327%	$3K	$4K	5x	as long as short
Reya TAORUSDPERP	+0.0695%	1h	318.39	+0.092%	$366	—	20x	as long as short
Nado TAO-PERP	+0.0769%	1h	318.41	+0.099%	$890K	$2.0M	10x	as long as short
Backpack TAO_USDC_PERP	+0.0844%	1h	318.74	+0.201%	$322K	$818K	10x	as long as short
Coinbase International TAO-PERP-INTX	+0.0984%	1h	318.66	+0.176%	$1.5M	$6.3M	50x	as long as short
RISEx TAO/USDC	+0.1141%	1h	318.89	+0.249%	$423K	$591K	5x	as long as short
Extended TAO-USD	+0.1144%	1h	318.04	−0.018%	$926K	$2.3M	25x	as long as short
Lighter TAO	+0.1384%	1h	319.19	+0.342%	$1.7M	$6.0M	5x	as long as short
Hyperliquid TAO	+0.2039%	1h	319.08	+0.308%	$103.0M	$91.4M	5x	as long as short