Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0148%/8h= +16.2% APRpaid last 24h −0.009%

Price spread now: Bybit against ApeX Omni+0.230%7-day average +0.001% · you sell dearer than you buy

Net, funding: paid 7d − costs−$45as in the Funding arb table

Net, price: spread back to 7d avg − costs−$20as in the Price arb table

costs, in and out, $10k−$430.432% of the position

Long on ApeX Omni Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.019%−$2 on $10k

Price spread, last 4 days (all we have)−0.359%−$36 · spread now +0.230%, 7d avg +0.001%

Together, before fees−0.378%−$38 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$4 a day on $10k at the current rate, and Bybit is 0.229% dearer against ApeX Omni than usual: you sell high and buy low: +$23 more if the spread goes back to its 7-day average of +0.001%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	ApeX Omni TAOUSDT	317.02	0.0100	pay 0.0013% / 1h	59m 39s	$46K	$260K	50x
Short	Bybit TAOUSDT	317.75	0.0248	get 0.0124% / 4h	59m 39s	$69.6M	$156.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against ApeX Omni. 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 ApeX OmnibpFee BybitbpOrdersPrice spread, now +0.230%Rate

Funding earned: $31.09
Price spread: +0.230% → +0.001%: $22.91
Slippage, 4 orders: −$22.2
Fee ApeX Omni: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: $10.8
Costs to cover: 0.432%
Break-even: 4.6 days

Slippage from ApeX Omni: live order book, 42 min ago; Bybit: live order book, 4 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 ApeX Omni live order book, 42 min ago	4.38 bp	11.4 bp −$11	119.4 bp −$1,194	doesn't fit	doesn't fit
Sell Bybit live order book, 4 min ago	0.16 bp	9.4 bp −$9	19.2 bp −$192	41.7 bp −$4,172	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
dYdX TAO-USD	0.0000%	1h	317.27	+0.078%	$127K	$85K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0005%	1h	317.43	+0.129%	$22K	—	150x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	317.60	+0.183%	$26.6M	$129.8M	50x	as long as short
Bulk TAO-USD	+0.0100%	1h	317.85	+0.261%	$169K	$333	10x	as long as short
Gate TAO_USDT	+0.0100%	4h	317.30	+0.088%	$14.3M	$50.8M	50x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	317.39	+0.117%	$17.8M	$32.4M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	317.38	+0.114%	$35.7M	$58.0M	50x	as long as short
ApeX Omni TAOUSDTlong	+0.0100%	1h	317.02	long leg	$46K	$260K	50x
Polymarket Perps TAO-USD	+0.0100%	1h	317.54	+0.164%	$84K	$1.2M	5x	as long as short
SunX TAO-USDT	+0.0100%	4h	317.17	+0.047%	$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	317.25	+0.073%	$116K	$602K	20x	as long as short
Katana Perps TAO-USD	+0.0108%	8h	317.42	+0.126%	$2K	$1.1M	5x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0112% / S +0.0155%	1h	317.39	+0.118%	$424K	—	100x	as long as short
Aevo TAO-PERP	+0.0128%	1h	317.64	+0.196%	$174K	$998	3x	as long as short
Orderly PERP_TAO_USDC	+0.0134%	4h	317.62	+0.189%	$53K	$293K	10x	as long as short
MEXC TAO_USDT	+0.0168%	4h	317.56	+0.170%	$107.3M	$150.3M	300x	as long as short
Binance TAOUSDT	+0.0171%	4h	317.69	+0.211%	$92.2M	$528.9M	75x	as long as short
edgeX TAOUSDC	+0.0178%	4h	317.16	+0.045%	$42K	$319K	10x	as long as short
Paradex TAO-USD-PERP	+0.0230%	8h	317.57	+0.173%	$14K	$1K	10x	as long as short
Bybit TAOUSDTshort	+0.0248%	4h	317.75	+0.230%	$69.6M	$156.1M	50x
BingX TAO-USDT	+0.0256%	4h	317.69	+0.211%	—	$36.7M	—	as long as short
Bullet TAO-USD	+0.0297%	1h	317.70	+0.215%	$12K	$17K	20x	as long as short
GRVT TAO_USDT_Perp	+0.0328%	4h	317.36	+0.106%	$541K	$926K	10x	as long as short
Aster TAOUSDT	+0.0331%	4h	317.64	+0.194%	$1.3M	$11.0M	50x	as long as short
Extended TAO-USD	+0.0336%	1h	317.74	+0.227%	$904K	$2.4M	25x	as long as short
BloFin TAO-USDT	+0.0412%	4h	317.47	+0.142%	$4.7M	$11.0M	100x	as long as short
Popdex TAOUSDT	+0.0480%	1h	317.63	+0.192%	$43K	$706K	20x	as long as short
Variational Omni TAO	+0.0502%	4h	317.43	+0.129%	$5.6M	$10.2M	—	as long as short
Nado TAO-PERP	+0.0509%	1h	317.67	+0.206%	$787K	$2.0M	10x	as long as short
Pacifica TAO	+0.0525%	1h	317.59	+0.178%	$361K	$427K	10x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0525%	1h	317.76	+0.232%	$15K	$2.0M	25x	as long as short
Lighter TAO	+0.0560%	1h	317.62	+0.188%	$1.6M	$6.8M	5x	as long as short
Phoenix TAO	+0.0567%	1h	317.40	+0.120%	$316K	$709K	5x	as long as short
Hyperliquid TAO	+0.0581%	1h	317.78	+0.238%	$94.0M	$110.1M	5x	as long as short
Phemex TAOUSDT	+0.0627%	4h	317.72	+0.221%	$3.2M	$8.2M	50x	as long as short
Arcus TAO-USD	+0.0641%	1h	317.95	+0.293%	$102K	$389K	5x	as long as short
Backpack TAO_USDC_PERP	+0.0666%	1h	317.66	+0.202%	$296K	$905K	10x	as long as short
01 Exchange TAOUSD	+0.0688%	1h	317.94	+0.290%	$3K	$4K	5x	as long as short
Reya TAORUSDPERP	+0.0698%	1h	317.61	+0.185%	$365	—	20x	as long as short
Coinbase International TAO-PERP-INTX	+0.0944%	1h	318.45	+0.451%	$1.5M	$6.8M	50x	as long as short
RISEx TAO/USDC	+0.1077%	1h	317.60	+0.183%	$438K	$677K	5x	as long as short
Kraken Futures PF_TAOUSD	+0.1162%	1h	317.75	+0.229%	$5.9M	$21.7M	50x	as long as short
Injective TAO/USDC PERP	+0.4723%	1h	323.52	+2.050%	$24K	$2K	12x	as long as short