Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.002%

Price spread now: Phemex against Polymarket Perps+0.034%7-day average +0.020% · you sell dearer than you buy

Net, funding: paid 7d − costs−$87as in the Funding arb table

Net, price: spread back to 7d avg − costs−$50as in the Price arb table

costs, in and out, $10k−$520.519% of the position

Long on Polymarket Perps Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.353%−$35 on $10k

Price spread, last 4 days (all we have)+0.008%+$1 · spread now +0.034%, 7d avg +0.020%

Together, before fees−0.345%−$34 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Polymarket Perps TAO-USD	320.10	0.0100	pay 0.0013% / 1h	44m 02s	$75K	$1.1M	5x
Short	Phemex TAOUSDT	320.21	0.0100	get 0.0050% / 4h	1h 44m	$3.3M	$8.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now +0.034%Rate

Funding earned: $0
Price spread: +0.034% → +0.020%: $1.45
Slippage, 4 orders: −$31.92
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$50.47
Costs to cover: 0.519%
Break-even: never at this rate

Slippage from Polymarket Perps: live order book, 4 min ago; Phemex: live order book, 5 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, 4 min ago	1.72 bp	6.6 bp −$7	8.8 bp −$88	doesn't fit	doesn't fit
Sell Phemex live order book, 5 min ago	8.58 bp	23.2 bp −$23	39.6 bp −$396	doesn't fit	doesn't fit

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	−0.2101%	1h	320.87	+0.241%	$170K	$333	10x	as long as short
dYdX TAO-USD	0.0000%	1h	320.04	−0.020%	$128K	$85K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	319.84	−0.082%	$21K	—	150x	as long as short
Popdex TAOUSDT	+0.0096%	1h	320.33	+0.072%	$41K	$695K	20x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	319.80	−0.094%	$26.6M	$129.2M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	319.60	−0.156%	$14.2M	$51.5M	50x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	319.92	−0.056%	$17.8M	$32.0M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	319.68	−0.131%	$35.9M	$58.3M	50x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	320.44	+0.106%	$45K	$258K	50x	as long as short
Polymarket Perps TAO-USDlong	+0.0100%	1h	320.10	long leg	$75K	$1.1M	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	319.93	−0.053%	$1K	$2.0M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	319.75	−0.109%	$118K	$589K	20x	as long as short
Phemex TAOUSDTshort	+0.0100%	4h	320.21	+0.034%	$3.3M	$8.1M	50x
Katana Perps TAO-USD	+0.0109%	8h	320.21	+0.034%	$727	$992K	5x	as long as short
Aevo TAO-PERP	+0.0120%	1h	320.06	−0.011%	$176K	$998	3x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0121% / S +0.0156%	1h	319.84	−0.082%	$433K	—	100x	as long as short
Orderly PERP_TAO_USDC	+0.0123%	4h	320.04	−0.019%	$53K	$293K	10x	as long as short
MEXC TAO_USDT	+0.0150%	4h	319.83	−0.084%	$105.1M	$149.6M	300x	as long as short
edgeX TAOUSDC	+0.0153%	4h	320.18	+0.026%	$42K	$318K	10x	as long as short
Binance TAOUSDT	+0.0156%	4h	320.00	−0.030%	$92.6M	$527.0M	75x	as long as short
Paradex TAO-USD-PERP	+0.0264%	8h	320.15	+0.017%	$15K	$1K	10x	as long as short
Aster TAOUSDT	+0.0312%	4h	320.03	−0.022%	$1.3M	$10.9M	50x	as long as short
BingX TAO-USDT	+0.0386%	4h	319.90	−0.062%	—	$34.4M	—	as long as short
Bullet TAO-USD	+0.0387%	1h	320.22	+0.037%	$12K	$17K	20x	as long as short
BloFin TAO-USDT	+0.0390%	4h	320.36	+0.081%	$4.7M	$11.1M	100x	as long as short
Bybit TAOUSDT	+0.0398%	4h	320.11	+0.003%	$69.9M	$155.9M	50x	as long as short
GRVT TAO_USDT_Perp	+0.0408%	4h	319.77	−0.103%	$544K	$948K	10x	as long as short
Extended TAO-USD	+0.0488%	1h	319.81	−0.090%	$917K	$2.4M	25x	as long as short
Pacifica TAO	+0.0525%	1h	320.22	+0.037%	$365K	$423K	10x	as long as short
Variational Omni TAO	+0.0538%	4h	319.36	−0.231%	$5.6M	$10.2M	—	as long as short
Phoenix TAO	+0.0567%	1h	320.30	+0.062%	$319K	$709K	5x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0573%	1h	319.97	−0.041%	$14K	$1.9M	25x	as long as short
01 Exchange TAOUSD	+0.0640%	1h	320.61	+0.159%	$3K	$4K	5x	as long as short
Backpack TAO_USDC_PERP	+0.0641%	1h	319.97	−0.041%	$300K	$908K	10x	as long as short
Arcus TAO-USD	+0.0641%	1h	320.60	+0.156%	$103K	$394K	5x	as long as short
Nado TAO-PERP	+0.0643%	1h	320.27	+0.054%	$802K	$2.2M	10x	as long as short
Hyperliquid TAO	+0.0668%	1h	320.15	+0.016%	$94.5M	$110.1M	5x	as long as short
Reya TAORUSDPERP	+0.0698%	1h	320.18	+0.024%	$368	—	20x	as long as short
Lighter TAO	+0.0840%	1h	320.32	+0.069%	$1.5M	$6.7M	5x	as long as short
Coinbase International TAO-PERP-INTX	+0.0944%	1h	321.04	+0.294%	$1.5M	$6.9M	50x	as long as short
RISEx TAO/USDC	+0.1077%	1h	320.29	+0.059%	$463K	$665K	5x	as long as short
Kraken Futures PF_TAOUSD	+0.1153%	1h	320.09	−0.003%	$6.1M	$21.7M	50x	as long as short
Injective TAO/USDC PERP	+0.4723%	1h	328.25	+2.546%	$24K	$2K	12x	as long as short