Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC−0.0409%/8h= −44.7% APRpaid last 24h −0.088%

Price spread now: Phemex against Phoenix−0.124%7-day average −0.112% · you buy dearer than you sell

Net, funding: paid 7d − costs−$142as in the Funding arb table

Net, price: spread back to 7d avg − costs−$79as in the Price arb table

costs, in and out, $10k−$780.776% of the position

Long on Phoenix Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.642%−$64 on $10k

Price spread, last 4 days (all we have)+0.104%+$10 · spread now −0.124%, 7d avg −0.112%

Together, before fees−0.538%−$54 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.112%, so right now this pair is about funding alone: −$12 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix TAO	315.20	0.0650	pay 0.0081% / 1h	3m 04s	$317K	$710K	5x
Short	Phemex TAOUSDT	314.81	0.0242	get 0.0121% / 4h	1h 03m	$3.2M	$8.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now −0.124%Rate

Funding earned: −$85.79
Price spread: −0.124% → −0.112%: −$1.14
Slippage, 4 orders: −$58.63
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$164.56
Costs to cover: 0.776%
Break-even: never at this rate

Slippage from Phoenix: live order book, 43 min ago; Phemex: live order book, 4 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, 43 min ago	3.16 bp	12.0 bp −$12	22.3 bp −$223	doesn't fit	doesn't fit
Sell Phemex live order book, 4 min ago	11.30 bp	25.5 bp −$25	46.4 bp −$464	doesn't fit	doesn't fit

TAO on 43 exchanges

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 −0.0003%	1h	314.40	−0.255%	$19K	—	150x	as long as short
Popdex TAOUSDT	+0.0096%	1h	314.91	−0.092%	$54K	$634K	20x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	314.80	−0.127%	$26.8M	$126.6M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	314.50	−0.222%	$16.1M	$48.8M	50x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	314.88	−0.102%	$17.4M	$31.1M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	314.47	−0.232%	$35.6M	$55.1M	50x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	314.69	−0.162%	$45K	$255K	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	314.81	−0.124%	$69K	$1.1M	5x	as long as short
SunX TAO-USDT	+0.0100%	4h	314.58	−0.197%	$1K	$1.7M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	314.29	−0.289%	$112K	$547K	20x	as long as short

Show all 43 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Katana Perps TAO-USD	+0.0102%	8h	314.93	−0.086%	$2K	$1.3M	5x	as long as short
Extended TAO-USD	+0.0104%	1h	314.84	−0.115%	$947K	$2.0M	25x	as long as short
Aevo TAO-PERP	+0.0120%	1h	314.96	−0.078%	$173K	$998	3x	as long as short
edgeX TAOUSDC	+0.0153%	4h	314.61	−0.187%	$42K	$325K	10x	as long as short
MEXC TAO_USDT	+0.0158%	4h	314.86	−0.108%	$110.9M	$150.8M	300x	as long as short
Binance TAOUSDT	+0.0158%	4h	314.80	−0.127%	$93.4M	$508.8M	75x	as long as short
Pacifica TAO	+0.0240%	1h	314.66	−0.171%	$372K	$455K	10x	as long as short
Phemex TAOUSDTshort	+0.0242%	4h	314.81	−0.124%	$3.2M	$8.2M	50x
Lighter TAO	+0.0248%	1h	315.01	−0.060%	$1.5M	$6.8M	5x	as long as short
BingX TAO-USDT	+0.0264%	4h	314.85	−0.111%	—	$37.7M	—	as long as short
GRVT TAO_USDT_Perp	+0.0266%	4h	314.86	−0.107%	$535K	$786K	10x	as long as short
Orderly PERP_TAO_USDC	+0.0272%	4h	314.83	−0.117%	$53K	$262K	10x	as long as short
Paradex TAO-USD-PERP	+0.0278%	8h	314.60	−0.191%	$14K	$769	10x	as long as short
Bullet TAO-USD	+0.0315%	1h	314.93	−0.086%	$12K	$16K	20x	as long as short
Aster TAOUSDT	+0.0323%	4h	314.87	−0.105%	$1.2M	$11.3M	50x	as long as short
Bybit TAOUSDT	+0.0326%	4h	314.88	−0.102%	$69.3M	$155.0M	50x	as long as short
Nado TAO-PERP	+0.0350%	1h	314.89	−0.098%	$670K	$2.0M	10x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0359% / S −0.0107%	1h	314.52	−0.216%	$369K	—	100x	as long as short
BloFin TAO-USDT	+0.0398%	4h	314.93	−0.086%	$4.9M	$10.5M	100x	as long as short
dYdX TAO-USD	+0.0403%	1h	314.17	−0.328%	$265K	$230K	5x	as long as short
Variational Omni TAO	+0.0539%	4h	314.94	−0.082%	$5.8M	$9.9M	—	as long as short
Hyperliquid TAO	+0.0544%	1h	314.89	−0.098%	$94.4M	$104.9M	5x	as long as short
Arcus TAO-USD	+0.0610%	1h	314.92	−0.089%	$99K	$287K	5x	as long as short
01 Exchange TAOUSD	+0.0616%	1h	315.45	+0.079%	$3K	$2K	5x	as long as short
Phoenix TAOlong	+0.0650%	1h	315.20	long leg	$317K	$710K	5x
RISEx TAO/USDC	+0.0666%	1h	314.75	−0.141%	$439K	$655K	5x	as long as short
Coinbase International TAO-PERP-INTX	+0.0688%	1h	315.16	−0.013%	$1.1M	$7.5M	50x	as long as short
Reya TAORUSDPERP	+0.0699%	1h	314.86	−0.108%	$362	—	20x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0706%	1h	314.81	−0.123%	$30K	$1.9M	25x	as long as short
Backpack TAO_USDC_PERP	+0.0768%	1h	314.88	−0.102%	$296K	$1.1M	10x	as long as short
Bulk TAO-USD	+0.0916%	1h	314.85	−0.113%	$167K	$662	10x	as long as short
Kraken Futures PF_TAOUSD	+0.0936%	1h	314.94	−0.084%	$6.3M	$19.5M	50x	as long as short
Injective TAO/USDC PERP	+0.4405%	1h	318.16	+0.939%	$23K	$2K	12x	as long as short