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 −0.177%

Price spread now: Phemex against Reya−0.021%7-day average — · you buy dearer than you sell

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

Long on Reya Short on Phemex

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

Both sides work against this trade now: funding costs −$18 a day on $10k at the current rate, and Phemex is 0.021% cheaper against Reya than usual: you would sell low and buy high (−$2 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Reya TAORUSDPERP	318.51	0.0695	pay 0.0087% / 1h	23m 17s	$366	—	20x
Short	Phemex TAOUSDT	318.44	0.0100	get 0.0050% / 4h	3h 23m	$3.4M	$7.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now −0.021%Rate

Funding earned: −$125.04
Price spread: −0.021% → 0.000%: −$2.06
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$145.1
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: Reya: no order-book sample; Phemex: live order book, 6 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 Phemex live order book, 6 min ago	12.57 bp	21.8 bp −$22	doesn't fit	doesn't fit	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	−0.1321%	1h	318.22	−0.090%	$169K	$44K	10x	as long as short
dYdX TAO-USD	0.0000%	1h	317.91	−0.187%	$127K	$88K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	318.34	−0.053%	$21K	—	150x	as long as short
Popdex TAOUSDT	+0.0096%	1h	318.99	+0.152%	$43K	$592K	20x	as long as short
Binance TAOUSDT	+0.0100%	4h	318.52	+0.005%	$91.7M	$447.7M	75x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	318.60	+0.030%	$26.1M	$108.9M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	318.40	−0.033%	$12.9M	$50.8M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	318.59	+0.026%	$109.1M	$135.2M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	318.48	−0.008%	$18.2M	$29.2M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	318.44	−0.021%	$35.5M	$50.9M	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	318.41	−0.029%	$40K	$292K	10x	as long as short
GRVT TAO_USDT_Perp	+0.0100%	4h	318.34	−0.053%	$526K	$960K	10x	as long as short
Bullet TAO-USD	+0.0100%	1h	318.61	+0.032%	$12K	$17K	20x	as long as short
Orderly PERP_TAO_USDC	+0.0100%	4h	318.45	−0.017%	$57K	$316K	10x	as long as short
SunX TAO-USDT	+0.0100%	4h	318.25	−0.080%	$2K	$1.9M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	318.82	+0.099%	$127K	$423K	20x	as long as short
Phemex TAOUSDTshort	+0.0100%	4h	318.44	−0.021%	$3.4M	$7.8M	50x
Aevo TAO-PERP	+0.0104%	1h	319.02	+0.161%	$175K	$998	3x	as long as short
Katana Perps TAO-USD	+0.0114%	8h	319.01	+0.158%	$738	$624K	5x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0173% / S +0.0093%	1h	318.35	−0.049%	$458K	—	100x	as long as short
Pacifica TAO	+0.0185%	1h	318.49	−0.005%	$377K	$376K	10x	as long as short
Arcus TAO-USD	+0.0201%	1h	319.11	+0.190%	$84K	$550K	5x	as long as short
Aster TAOUSDT	+0.0225%	4h	318.50	−0.002%	$1.2M	$8.6M	50x	as long as short
Paradex TAO-USD-PERP	+0.0234%	8h	318.30	−0.064%	$14K	$1K	10x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0241%	1h	318.52	+0.003%	$17K	$1.5M	25x	as long as short
Polymarket Perps TAO-USD	+0.0290%	1h	318.68	+0.055%	$93K	$635K	5x	as long as short
ApeX Omni TAOUSDT	+0.0316%	1h	317.14	−0.429%	$49K	$267K	50x	as long as short
BloFin TAO-USDT	+0.0340%	4h	318.41	−0.030%	$4.5M	$10.8M	100x	as long as short
BingX TAO-USDT	+0.0398%	4h	318.61	+0.033%	—	$30.4M	—	as long as short
Variational Omni TAO	+0.0460%	4h	318.45	−0.017%	$5.5M	$8.7M	—	as long as short
Kraken Futures PF_TAOUSD	+0.0481%	1h	318.47	−0.012%	$5.7M	$20.3M	50x	as long as short
Phoenix TAO	+0.0525%	1h	318.10	−0.127%	$333K	$624K	5x	as long as short
Bybit TAOUSDT	+0.0561%	4h	318.83	+0.102%	$65.7M	$133.1M	50x	as long as short
Injective TAO/USDC PERP	+0.0571%	1h	322.97	+1.402%	$23K	$678	12x	as long as short
01 Exchange TAOUSD	+0.0584%	1h	319.05	+0.171%	$3K	$4K	5x	as long as short
Reya TAORUSDPERPlong	+0.0695%	1h	318.51	long leg	$366	—	20x
Nado TAO-PERP	+0.0770%	1h	318.65	+0.046%	$891K	$2.0M	10x	as long as short
Backpack TAO_USDC_PERP	+0.0835%	1h	318.15	−0.112%	$321K	$818K	10x	as long as short
Coinbase International TAO-PERP-INTX	+0.0984%	1h	318.63	+0.039%	$1.5M	$6.3M	50x	as long as short
Extended TAO-USD	+0.1120%	1h	318.44	−0.020%	$926K	$2.3M	25x	as long as short
RISEx TAO/USDC	+0.1141%	1h	319.13	+0.194%	$423K	$592K	5x	as long as short
Lighter TAO	+0.1440%	1h	318.97	+0.146%	$1.7M	$6.0M	5x	as long as short
Hyperliquid TAO	+0.2006%	1h	319.05	+0.171%	$103.2M	$91.0M	5x	as long as short