Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0216%/8h= +23.7% APRpaid last 24h −0.002%

Price spread now: BingX against Polymarket Perps−0.016%7-day average −0.007% · you buy dearer than you sell

Net, funding: paid 7d − costs−$15as in the Funding arb table

Net, price: spread back to 7d avg − costs−$30as in the Price arb table

costs, in and out, $10k−$290.288% of the position

Long on Polymarket Perps Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.134%+$13 on $10k

Price spread, last 4 days (all we have)−0.129%−$13 · spread now −0.016%, 7d avg −0.007%

Together, before fees+0.005%+$1 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.007%, so right now this pair is about funding alone: +$6 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.134% in total (about 7.0% 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	Polymarket Perps TAO-USD	320.28	0.0100	pay 0.0013% / 1h	12m 42s	$85K	$1.2M	5x
Short	BingX TAO-USDT	320.23	0.0316	get 0.0158% / 4h	1h 12m	—	$35.0M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Polymarket Perps. 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 Polymarket PerpsbpFee BingXbpOrdersPrice spread, now −0.016%Rate

Funding earned: $45.36
Price spread: −0.016% → −0.007%: −$0.84
Slippage, 4 orders: −$10.82
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee BingX: 5 bp × 2 orders: −$10
Net: $15.7
Costs to cover: 0.288%
Break-even: 4.6 days

Slippage from Polymarket Perps: live order book, just now; BingX: live order book, 11 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 Polymarket Perps live order book, just now	0.47 bp	9.5 bp −$9	9.6 bp −$96	doesn't fit	doesn't fit
Sell BingX live order book, 11 min ago	1.24 bp	7.4 bp −$7	13.7 bp −$137	35.4 bp −$3,545	131.7 bp −$65.8K

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	+0.613%	$171K	$333	10x	as long as short
dYdX TAO-USD	0.0000%	1h	320.24	−0.013%	$128K	$85K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0005%	1h	320.10	−0.057%	$22K	—	150x	as long as short
Popdex TAOUSDT	+0.0096%	1h	320.41	+0.041%	$44K	$706K	20x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	320.40	+0.037%	$26.9M	$130.1M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	320.00	−0.087%	$14.4M	$52.3M	50x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	320.36	+0.025%	$18.1M	$32.1M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	320.10	−0.056%	$36.0M	$58.0M	50x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	320.94	+0.206%	$45K	$258K	50x	as long as short
Polymarket Perps TAO-USDlong	+0.0100%	1h	320.28	long leg	$85K	$1.2M	5x

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX TAO-USDT	+0.0100%	4h	320.14	−0.044%	$2K	$2.0M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	319.95	−0.103%	$116K	$598K	20x	as long as short
Katana Perps TAO-USD	+0.0108%	8h	320.42	+0.044%	$727	$1.1M	5x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0115% / S +0.0155%	1h	320.09	−0.060%	$423K	—	100x	as long as short
Orderly PERP_TAO_USDC	+0.0127%	4h	320.27	−0.003%	$53K	$293K	10x	as long as short
Aevo TAO-PERP	+0.0128%	1h	320.46	+0.055%	$176K	$998	3x	as long as short
MEXC TAO_USDT	+0.0192%	4h	320.45	+0.053%	$107.4M	$151.2M	300x	as long as short
Binance TAOUSDT	+0.0194%	4h	320.51	+0.070%	$93.0M	$527.7M	75x	as long as short
edgeX TAOUSDC	+0.0197%	4h	320.99	+0.221%	$42K	$319K	10x	as long as short
Paradex TAO-USD-PERP	+0.0260%	8h	320.58	+0.093%	$15K	$1K	10x	as long as short
Bybit TAOUSDT	+0.0285%	4h	320.59	+0.097%	$70.4M	$155.9M	50x	as long as short
BingX TAO-USDTshort	+0.0316%	4h	320.23	−0.016%	—	$35.0M	—
Bullet TAO-USD	+0.0332%	1h	320.42	+0.043%	$12K	$17K	20x	as long as short
Aster TAOUSDT	+0.0360%	4h	320.48	+0.063%	$1.3M	$10.9M	50x	as long as short
Phemex TAOUSDT	+0.0375%	4h	320.49	+0.066%	$3.3M	$8.1M	50x	as long as short
Extended TAO-USD	+0.0392%	1h	320.18	−0.030%	$913K	$2.4M	25x	as long as short
GRVT TAO_USDT_Perp	+0.0396%	4h	320.90	+0.193%	$544K	$929K	10x	as long as short
BloFin TAO-USDT	+0.0434%	4h	320.57	+0.091%	$4.7M	$11.1M	100x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0475%	1h	320.35	+0.023%	$15K	$2.0M	25x	as long as short
Nado TAO-PERP	+0.0517%	1h	320.35	+0.023%	$796K	$2.0M	10x	as long as short
Variational Omni TAO	+0.0519%	4h	320.56	+0.087%	$5.7M	$10.2M	—	as long as short
Pacifica TAO	+0.0525%	1h	320.52	+0.075%	$365K	$428K	10x	as long as short
Phoenix TAO	+0.0567%	1h	320.70	+0.131%	$319K	$709K	5x	as long as short
Hyperliquid TAO	+0.0634%	1h	320.68	+0.125%	$94.9M	$110.1M	5x	as long as short
01 Exchange TAOUSD	+0.0640%	1h	320.67	+0.122%	$3K	$4K	5x	as long as short
Arcus TAO-USD	+0.0641%	1h	320.55	+0.084%	$103K	$389K	5x	as long as short
Lighter TAO	+0.0656%	1h	320.60	+0.101%	$1.6M	$6.8M	5x	as long as short
Reya TAORUSDPERP	+0.0698%	1h	320.42	+0.045%	$368	—	20x	as long as short
Backpack TAO_USDC_PERP	+0.0701%	1h	320.46	+0.056%	$299K	$905K	10x	as long as short
Coinbase International TAO-PERP-INTX	+0.0944%	1h	321.77	+0.465%	$1.5M	$6.8M	50x	as long as short
RISEx TAO/USDC	+0.1077%	1h	320.36	+0.023%	$442K	$674K	5x	as long as short
Kraken Futures PF_TAOUSD	+0.1152%	1h	320.48	+0.061%	$6.0M	$21.7M	50x	as long as short
Injective TAO/USDC PERP	+0.4723%	1h	325.94	+1.767%	$24K	$2K	12x	as long as short