Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0595%/8h= −65.2% APRpaid last 24h −0.180%

Price spread now: Bitget against Reya+0.069%7-day average — · you sell dearer than you buy

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

Long on Reya Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

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

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

The price spread pays, funding is against you. Bitget is 0.069% dearer against Reya than usual: you sell high and buy low (spread +0.069% now, against zero (this spread has no 7-day history yet)): +$7 on $10k if it goes back. Holding the pair costs −$18 a day in funding at the current rate, which eats that in about 9 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Reya TAORUSDPERP	319.82	0.0695	pay 0.0087% / 1h	50m 06s	$368	—	20x
Short	Bitget TAOUSDT	320.04	0.0100	get 0.0050% / 4h	3h 50m	$35.7M	$49.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against Reya. 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 ReyabpFee BitgetbpOrdersPrice spread, now +0.069%Rate

Funding earned: −$125
Price spread: +0.069% → 0.000%: $6.94
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$136.06
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: Reya: no order-book sample; Bitget: live order book, 4 min ago. 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 Reya no order-book sample	—	—	—	—	—
Sell Bitget live order book, 4 min ago	2.20 bp	9.5 bp −$10	20.4 bp −$204	36.9 bp −$3,692	doesn't fit

Reya: 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	−0.1799%	1h	311.96	−2.457%	$167K	$44K	10x	as long as short
dYdX TAO-USD	0.0000%	1h	319.11	−0.220%	$128K	$88K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	319.44	−0.118%	$21K	—	150x	as long as short
Popdex TAOUSDT	+0.0096%	1h	320.46	+0.201%	$42K	$579K	20x	as long as short
Binance TAOUSDT	+0.0100%	4h	319.95	+0.042%	$92.0M	$440.4M	75x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	320.10	+0.088%	$26.0M	$107.1M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	319.90	+0.026%	$12.9M	$49.7M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	320.03	+0.066%	$106.2M	$131.9M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	319.94	+0.038%	$19.0M	$28.4M	75x	as long as short
Bitget TAOUSDTshort	+0.0100%	4h	320.04	+0.069%	$35.7M	$49.0M	50x

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
edgeX TAOUSDC	+0.0100%	4h	318.79	−0.321%	$36K	$288K	10x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	318.51	−0.409%	$48K	$268K	50x	as long as short
Orderly PERP_TAO_USDC	+0.0100%	4h	319.44	−0.118%	$57K	$316K	10x	as long as short
SunX TAO-USDT	+0.0100%	4h	319.10	−0.224%	$1K	$1.9M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	319.75	−0.021%	$128K	$422K	20x	as long as short
Phemex TAOUSDT	+0.0100%	4h	319.50	−0.099%	$3.5M	$7.8M	50x	as long as short
Aevo TAO-PERP	+0.0104%	1h	319.73	−0.029%	$176K	$998	3x	as long as short
Katana Perps TAO-USD	+0.0105%	8h	320.26	+0.138%	$2K	$595K	5x	as long as short
GRVT TAO_USDT_Perp	+0.0168%	4h	320.12	+0.094%	$532K	$945K	10x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0174% / S +0.0085%	1h	319.38	−0.136%	$463K	—	100x	as long as short
Pacifica TAO	+0.0185%	1h	319.73	−0.027%	$378K	$371K	10x	as long as short
Arcus TAO-USD	+0.0201%	1h	320.45	+0.198%	$85K	$545K	5x	as long as short
Paradex TAO-USD-PERP	+0.0226%	8h	319.61	−0.064%	$14K	$1K	10x	as long as short
Aster TAOUSDT	+0.0230%	4h	319.67	−0.046%	$1.1M	$8.1M	50x	as long as short
Bullet TAO-USD	+0.0280%	1h	319.91	+0.027%	$12K	$17K	20x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0305%	1h	319.26	−0.173%	$22K	$1.5M	25x	as long as short
Variational Omni TAO	+0.0305%	4h	320.13	+0.096%	$5.5M	$8.6M	—	as long as short
BloFin TAO-USDT	+0.0340%	4h	319.32	−0.156%	$4.4M	$10.9M	100x	as long as short
Polymarket Perps TAO-USD	+0.0365%	1h	320.29	+0.148%	$100K	$634K	5x	as long as short
BingX TAO-USDT	+0.0378%	4h	320.16	+0.107%	—	$30.8M	—	as long as short
Kraken Futures PF_TAOUSD	+0.0480%	1h	319.51	−0.095%	$5.8M	$20.3M	50x	as long as short
Phoenix TAO	+0.0525%	1h	321.00	+0.370%	$336K	$624K	5x	as long as short
Injective TAO/USDC PERP	+0.0571%	1h	320.58	+0.238%	$23K	$495	12x	as long as short
Bybit TAOUSDT	+0.0646%	4h	320.11	+0.091%	$66.0M	$130.3M	50x	as long as short
Reya TAORUSDPERPlong	+0.0695%	1h	319.82	long leg	$368	—	20x
Nado TAO-PERP	+0.0746%	1h	319.93	+0.034%	$891K	$2.0M	10x	as long as short
01 Exchange TAOUSD	+0.0832%	1h	320.61	+0.248%	$3K	$4K	5x	as long as short
Coinbase International TAO-PERP-INTX	+0.0984%	1h	321.35	+0.479%	$1.5M	$6.1M	50x	as long as short
Backpack TAO_USDC_PERP	+0.1014%	1h	320.47	+0.204%	$320K	$820K	10x	as long as short
Extended TAO-USD	+0.1056%	1h	319.25	−0.179%	$933K	$2.2M	25x	as long as short
RISEx TAO/USDC	+0.1141%	1h	320.37	+0.171%	$423K	$590K	5x	as long as short
Lighter TAO	+0.1760%	1h	320.08	+0.081%	$1.7M	$5.9M	5x	as long as short
Hyperliquid TAO	+0.2904%	1h	321.05	+0.385%	$105.0M	$88.6M	5x	as long as short