Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0380%/8h= −41.6% APRpaid last 24h −0.089%

Price spread now: Phemex against 01 Exchange+0.093%7-day average — · you sell dearer than you buy

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

Long on 01 Exchange Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

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

Together, before fees—needs both histories

The price spread pays, funding is against you. Phemex is 0.093% dearer against 01 Exchange than usual: you sell high and buy low (spread +0.093% now, against zero (this spread has no 7-day history yet)): +$9 on $10k if it goes back. Holding the pair costs −$11 a day in funding at the current rate, which eats that in about 20 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	01 Exchange TAOUSD	312.48	0.0480	pay 0.0060% / 1h	18m 21s	$3K	$4K	5x
Short	Phemex TAOUSDT	312.77	0.0100	get 0.0050% / 4h	3h 18m	$3.1M	$8.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against 01 Exchange. 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 01 ExchangebpFee PhemexbpOrdersPrice spread, now +0.093%Rate

Funding earned: −$79.8
Price spread: +0.093% → 0.000%: $9.28
Slippage, 4 orders: no order book: not counted
Fee 01 Exchange: 3.5 bp × 2 orders: −$7
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$89.52
Costs to cover: 0.190%
Break-even: never at this rate

Slippage unknown: 01 Exchange: 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 01 Exchange no order-book sample	—	—	—	—	—
Sell Phemex live order book, 6 min ago	16.75 bp	23.6 bp −$24	35.6 bp −$356	doesn't fit	doesn't fit

01 Exchange: 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
Kraken Futures PF_TAOUSD	−0.0347%	1h	312.59	+0.034%	$5.5M	$20.7M	50x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	312.30	−0.057%	$20K	—	150x	as long as short
dYdX TAO-USD	+0.0012%	1h	312.14	−0.110%	$124K	$85K	5x	as long as short
Popdex TAOUSDT	+0.0096%	1h	312.21	−0.086%	$46K	$656K	20x	as long as short
Katana Perps TAO-USD	+0.0099%	8h	311.95	−0.170%	$639	$842K	5x	as long as short
Pacifica TAO	+0.0100%	1h	312.39	−0.030%	$356K	$416K	10x	as long as short
Binance TAOUSDT	+0.0100%	4h	312.55	+0.023%	$89.5M	$501.1M	75x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	312.50	+0.006%	$26.0M	$120.9M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	312.20	−0.090%	$13.3M	$50.3M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	312.31	−0.054%	$102.5M	$145.3M	300x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin TAOUSDTM	+0.0100%	4h	312.32	−0.051%	$17.8M	$31.2M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	312.32	−0.051%	$35.1M	$56.5M	50x	as long as short
BingX TAO-USDT	+0.0100%	4h	312.54	+0.019%	—	$33.7M	—	as long as short
edgeX TAOUSDC	+0.0100%	4h	311.63	−0.272%	$41K	$314K	10x	as long as short
GRVT TAO_USDT_Perp	+0.0100%	4h	311.55	−0.298%	$529K	$956K	10x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	311.69	−0.253%	$46K	$254K	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	312.32	−0.051%	$79K	$901K	5x	as long as short
Bullet TAO-USD	+0.0100%	1h	312.59	+0.035%	$11K	$17K	20x	as long as short
SunX TAO-USDT	+0.0100%	4h	312.51	+0.010%	$2K	$1.9M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	312.06	−0.134%	$110K	$542K	20x	as long as short
Phemex TAOUSDTshort	+0.0100%	4h	312.77	+0.093%	$3.1M	$8.0M	50x
Aevo TAO-PERP	+0.0104%	1h	312.72	+0.078%	$172K	$998	3x	as long as short
Aster TAOUSDT	+0.0107%	4h	312.34	−0.045%	$1.3M	$10.5M	50x	as long as short
Orderly PERP_TAO_USDC	+0.0115%	4h	312.45	−0.010%	$52K	$290K	10x	as long as short
Bybit TAOUSDT	+0.0131%	4h	312.69	+0.067%	$67.4M	$150.5M	50x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0136% / S +0.0135%	1h	312.21	−0.085%	$414K	—	100x	as long as short
Paradex TAO-USD-PERP	+0.0153%	8h	312.21	−0.087%	$14K	$1K	10x	as long as short
Arcus TAO-USD	+0.0231%	1h	312.50	+0.006%	$101K	$394K	5x	as long as short
Variational Omni TAO	+0.0308%	4h	311.97	−0.163%	$5.5M	$10.1M	—	as long as short
Extended TAO-USD	+0.0312%	1h	312.62	+0.045%	$909K	$2.4M	25x	as long as short
Nado TAO-PERP	+0.0338%	1h	312.25	−0.074%	$788K	$2.2M	10x	as long as short
BloFin TAO-USDT	+0.0340%	4h	312.69	+0.067%	$4.5M	$10.8M	100x	as long as short
Phoenix TAO	+0.0457%	1h	312.30	−0.058%	$311K	$711K	5x	as long as short
Hyperliquid TAO	+0.0465%	1h	312.49	+0.003%	$91.8M	$107.8M	5x	as long as short
01 Exchange TAOUSDlong	+0.0480%	1h	312.48	long leg	$3K	$4K	5x
Backpack TAO_USDC_PERP	+0.0498%	1h	312.65	+0.054%	$311K	$885K	10x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0553%	1h	312.63	+0.048%	$13K	$1.8M	25x	as long as short
Lighter TAO	+0.0600%	1h	312.91	+0.137%	$1.5M	$6.5M	5x	as long as short
Reya TAORUSDPERP	+0.0697%	1h	312.43	−0.017%	$359	—	20x	as long as short
RISEx TAO/USDC	+0.0816%	1h	312.26	−0.070%	$443K	$647K	5x	as long as short
Bulk TAO-USD	+0.0817%	1h	310.92	−0.499%	$165K	$333	10x	as long as short
Coinbase International TAO-PERP-INTX	+0.0952%	1h	312.08	−0.128%	$1.5M	$6.7M	50x	as long as short
Injective TAO/USDC PERP	+0.4092%	1h	315.24	+0.883%	$23K	$2K	12x	as long as short