Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0343%/8h= −37.5% APRpaid last 24h −0.190%

Price spread now: Phemex against RISEx−0.019%7-day average −0.007% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$62as in the Price arb table

costs, in and out, $10k−$610.607% of the position

Long on RISEx Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.516%−$52 on $10k

Price spread, last 4 days (all we have)+0.015%+$2 · spread now −0.019%, 7d avg −0.007%

Together, before fees−0.501%−$50 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: −$10 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	RISEx TAO/USDC	317.00	0.0831	pay 0.0104% / 1h	33m 37s	$444K	$673K	5x
Short	Phemex TAOUSDT	316.94	0.0489	get 0.0244% / 4h	33m 37s	$3.2M	$8.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against RISEx. 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 RISExbpFee PhemexbpOrdersPrice spread, now −0.019%Rate

Funding earned: −$71.94
Price spread: −0.019% → −0.007%: −$1.22
Slippage, 4 orders: −$42.73
Fee RISEx: 3 bp × 2 orders: −$6
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$133.9
Costs to cover: 0.607%
Break-even: never at this rate

Slippage from RISEx: live order book, 5 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 RISEx live order book, 5 min ago	2.68 bp	5.7 bp −$6	30.5 bp −$305	doesn't fit	doesn't fit
Sell Phemex live order book, 5 min ago	14.53 bp	24.9 bp −$25	36.9 bp −$369	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
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0005%	1h	317.06	+0.020%	$22K	—	150x	as long as short
dYdX TAO-USD	+0.0034%	1h	316.93	−0.022%	$126K	$85K	5x	as long as short
Popdex TAOUSDT	+0.0096%	1h	317.13	+0.041%	$44K	$712K	20x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	316.90	−0.032%	$26.4M	$130.4M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	316.90	−0.032%	$14.5M	$51.4M	50x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	317.19	+0.060%	$17.7M	$32.4M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	316.86	−0.044%	$35.7M	$58.0M	50x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	316.70	−0.095%	$46K	$260K	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	317.06	+0.019%	$88K	$1.2M	5x	as long as short
SunX TAO-USDT	+0.0100%	4h	316.94	−0.019%	$1K	$2.0M	20x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX TAO-USDT	+0.0100%	4h	316.75	−0.079%	$115K	$604K	20x	as long as short
Katana Perps TAO-USD	+0.0107%	8h	316.90	−0.032%	$2K	$1.1M	5x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0107% / S +0.0136%	1h	316.78	−0.069%	$404K	—	100x	as long as short
Aevo TAO-PERP	+0.0120%	1h	317.29	+0.091%	$174K	$998	3x	as long as short
Orderly PERP_TAO_USDC	+0.0150%	4h	317.14	+0.044%	$52K	$294K	10x	as long as short
Binance TAOUSDT	+0.0164%	4h	317.27	+0.085%	$91.9M	$530.9M	75x	as long as short
MEXC TAO_USDT	+0.0166%	4h	317.24	+0.075%	$100.3M	$151.5M	300x	as long as short
edgeX TAOUSDC	+0.0179%	4h	316.75	−0.080%	$42K	$319K	10x	as long as short
Paradex TAO-USD-PERP	+0.0234%	8h	317.21	+0.065%	$14K	$1K	10x	as long as short
Bullet TAO-USD	+0.0254%	1h	317.44	+0.138%	$12K	$17K	20x	as long as short
Bybit TAOUSDT	+0.0256%	4h	317.29	+0.091%	$69.4M	$156.7M	50x	as long as short
BingX TAO-USDT	+0.0280%	4h	317.03	+0.009%	—	$37.0M	—	as long as short
Pacifica TAO	+0.0313%	1h	317.43	+0.135%	$372K	$452K	10x	as long as short
Bulk TAO-USD	+0.0317%	1h	319.23	+0.703%	$170K	$0	10x	as long as short
GRVT TAO_USDT_Perp	+0.0318%	4h	317.09	+0.029%	$541K	$918K	10x	as long as short
Extended TAO-USD	+0.0320%	1h	317.03	+0.009%	$903K	$2.4M	25x	as long as short
Aster TAOUSDT	+0.0324%	4h	317.26	+0.082%	$1.3M	$11.0M	50x	as long as short
BloFin TAO-USDT	+0.0407%	4h	316.79	−0.067%	$4.7M	$10.9M	100x	as long as short
Nado TAO-PERP	+0.0473%	1h	317.06	+0.019%	$788K	$2.0M	10x	as long as short
Arcus TAO-USD	+0.0473%	1h	317.19	+0.060%	$100K	$384K	5x	as long as short
Phemex TAOUSDTshort	+0.0489%	4h	316.94	−0.019%	$3.2M	$8.2M	50x
Lighter TAO	+0.0504%	1h	317.52	+0.164%	$1.6M	$6.9M	5x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0516%	1h	317.24	+0.076%	$15K	$1.9M	25x	as long as short
Variational Omni TAO	+0.0534%	4h	316.88	−0.037%	$5.5M	$10.2M	—	as long as short
Phoenix TAO	+0.0629%	1h	317.20	+0.063%	$316K	$703K	5x	as long as short
Backpack TAO_USDC_PERP	+0.0671%	1h	317.03	+0.009%	$292K	$906K	10x	as long as short
01 Exchange TAOUSD	+0.0672%	1h	317.35	+0.110%	$3K	$4K	5x	as long as short
Reya TAORUSDPERP	+0.0698%	1h	317.12	+0.039%	$365	—	20x	as long as short
Hyperliquid TAO	+0.0739%	1h	317.42	+0.132%	$93.8M	$110.2M	5x	as long as short
RISEx TAO/USDClong	+0.0831%	1h	317.00	long leg	$444K	$673K	5x
Kraken Futures PF_TAOUSD	+0.0835%	1h	317.29	+0.092%	$5.9M	$21.6M	50x	as long as short
Coinbase International TAO-PERP-INTX	+0.0984%	1h	317.80	+0.252%	$1.4M	$6.9M	50x	as long as short
Injective TAO/USDC PERP	+0.4513%	1h	322.94	+1.873%	$23K	$2K	12x	as long as short