Funding arb · Price arb /

TAO

all TAO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 19:00 UTC−0.0142%/8hnext payment −$0.18 per $10,000 · paid last 24h +0.026%

Price spread now: Phoenix against RISEx+0.645%7-day average +0.134% · you sell dearer than you buy

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

Net, price: spread back to 7d avg − costs+$11as in the Price arb table

costs, in and out, $10k−$400.398% of the position

Long on RISEx Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.146%−$15 on $10k

Price spread, last 3 days (all we have)+0.709%+$71 · spread now +0.645%, 7d avg +0.134%

Together, before fees+0.563%+$56 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phoenix is 0.512% dearer against RISEx than usual: you sell high and buy low (spread +0.645% now, against its 7-day average of +0.134%): +$51 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 12 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	RISEx TAO/USDC	292.31	0.0478	pay 0.0060% / 1h	22m 48s	$336K	$451K	5x
Short	Phoenix TAO	294.20	0.0336	get 0.0042% / 1h	22m 48s	$312K	$158K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now +0.645%Rate

Funding earned: −$29.83
Price spread: +0.645% → +0.134%: $51.18
Slippage, 4 orders: −$26.76
Fee RISEx: 3 bp × 2 orders: −$6
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$18.4
Costs to cover: 0.398%
Break-even: from the start

Slippage from RISEx: live order book, 10 min ago; Phoenix: live order book, 7 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, 10 min ago	2.57 bp	5.8 bp −$6	doesn't fit	doesn't fit	doesn't fit
Sell Phoenix live order book, 7 min ago	3.39 bp	18.3 bp −$18	27.2 bp −$272	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	−0.0948%	1h	288.22	−1.400%	$190K	$44K	10x	as long as short
Kraken Futures PF_TAOUSD	−0.0159%	1h	292.38	+0.021%	$5.3M	$13.8M	50x	as long as short
dYdX TAO-USD	0.0000%	1h	292.40	+0.030%	$75K	$35K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0007%	1h	292.14	−0.058%	$28K	—	150x	as long as short
Popdex TAOUSDT	+0.0096%	1h	292.20	−0.039%	$33K	$476K	20x	as long as short
Aster TAOUSDT	+0.0100%	4h	292.26	−0.020%	$1.7M	$4.9M	50x	as long as short
Pacifica TAO	+0.0100%	1h	292.39	+0.025%	$339K	$373K	10x	as long as short
Binance TAOUSDT	+0.0100%	4h	292.25	−0.023%	$79.4M	$333.9M	75x	as long as short
Bybit TAOUSDT	+0.0100%	4h	292.18	−0.046%	$51.2M	$87.9M	50x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	292.20	−0.039%	$23.3M	$71.3M	50x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Arcus TAO-USD	+0.0100%	1h	292.56	+0.084%	$128K	$579K	5x	as long as short
Gate TAO_USDT	+0.0100%	4h	291.90	−0.141%	$11.6M	$44.9M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	292.25	−0.022%	$104.6M	$105.4M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	292.26	−0.018%	$19.7M	$21.1M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	292.17	−0.049%	$33.1M	$36.8M	50x	as long as short
BingX TAO-USDT	+0.0100%	4h	292.18	−0.046%	—	$29.7M	—	as long as short
Variational Omni TAO	+0.0100%	4h	294.61	+0.787%	$3.2M	$5.3M	—	as long as short
edgeX TAOUSDC	+0.0100%	4h	293.87	+0.532%	$38K	$272K	10x	as long as short
GRVT TAO_USDT_Perp	+0.0100%	4h	294.38	+0.707%	$516K	$871K	10x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	293.54	+0.420%	$44K	$266K	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	292.40	+0.030%	$83K	$506K	5x	as long as short
Bullet TAO-USD	+0.0100%	1h	292.23	−0.029%	$11K	$18K	20x	as long as short
Orderly PERP_TAO_USDC	+0.0100%	4h	292.08	−0.080%	$54K	$235K	10x	as long as short
SunX TAO-USDT	+0.0100%	4h	292.06	−0.087%	$1K	$1.6M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	292.33	+0.006%	$122K	$312K	20x	as long as short
Phemex TAOUSDT	+0.0100%	4h	292.15	−0.056%	$3.1M	$7.5M	50x	as long as short
Katana Perps TAO-USD	+0.0100%	8h	292.37	+0.019%	$3K	$339K	5x	as long as short
Aevo TAO-PERP	+0.0104%	1h	292.30	−0.006%	$161K	$998	3x	as long as short
Paradex TAO-USD-PERP	+0.0105%	8h	292.24	−0.025%	$14K	$376	10x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0135%	1h	292.29	−0.009%	$23K	$1.0M	25x	as long as short
Extended TAO-USD	+0.0168%	1h	292.27	−0.016%	$805K	$1.4M	25x	as long as short
Nado TAO-PERP	+0.0170%	1h	292.26	−0.018%	$1.0M	$1.3M	10x	as long as short
Phoenix TAOshort	+0.0336%	1h	294.20	+0.645%	$312K	$158K	5x
BloFin TAO-USDT	+0.0340%	4h	292.24	−0.025%	$4.0M	$7.2M	100x	as long as short
01 Exchange TAOUSD	+0.0432%	1h	292.46	+0.050%	$3K	$4K	5x	as long as short
Lighter TAO	+0.0440%	1h	292.55	+0.081%	$1.3M	$2.4M	5x	as long as short
RISEx TAO/USDClong	+0.0478%	1h	292.31	long leg	$336K	$451K	5x
GMX TAO/USD [WBTC.b-USDC]	L +0.0480% / S −0.0195%	1h	292.17	−0.047%	$440K	—	100x	as long as short
Reya TAORUSDPERP	+0.0694%	1h	292.13	−0.064%	$336	—	20x	as long as short
Coinbase International TAO-PERP-INTX	+0.0872%	1h	293.09	+0.266%	$1.5M	$4.2M	50x	as long as short
Backpack TAO_USDC_PERP	+0.0893%	1h	292.59	+0.095%	$405K	$498K	10x	as long as short
Hyperliquid TAO	+0.1296%	1h	292.75	+0.149%	$83.5M	$55.4M	5x	as long as short
Injective TAO/USDC PERP	+0.2947%	1h	291.06	−0.429%	$21K	$39K	12x	as long as short