Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0326%/8h= −35.7% APRpaid last 24h +0.014%

Price spread now: Aster against Backpack−0.196%7-day average +0.001% · 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−$65as in the Price arb table

costs, in and out, $10k−$450.448% of the position

Long on Backpack Short on Aster

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)+0.092%+$9 on $10k

Price spread, last 4 days (all we have)+0.218%+$22 · spread now −0.196%, 7d avg +0.001%

Together, before fees+0.310%+ Points / potential airdropAster: Stage 5 · farm board+$31 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$10 a day on $10k at the current rate, and Aster is 0.198% cheaper against Backpack than usual: you would sell low and buy high (−$20 if the spread goes back to its 7-day average of +0.001%). Swap the legs. Mind the row above: over the last 5 days funding on this pair paid +0.092%, so the current rate has only just turned against you.

The current funding rate is far above what this pair has been paying: over the last 5 days it paid 0.092% in total (about 6.4% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack TAO_USDC_PERP	303.30	0.0426	pay 0.0053% / 1h	34m 04s	$377K	$757K	10x
Short	Aster TAOUSDT	302.70	0.0100	get 0.0050% / 4h	1h 34m	$1.1M	$7.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against Backpack. 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 BackpackbpFee AsterbpOrdersPrice spread, now −0.196%Rate

Funding earned: −$68.49
Price spread: −0.196% → +0.001%: −$19.75
Slippage, 4 orders: −$26.77
Fee Backpack: 5 bp × 2 orders: −$10
Fee Aster: 4 bp × 2 orders: −$8
Net: −$133.01
Costs to cover: 0.448%
Break-even: never at this rate

Slippage from Backpack: live order book, 50 min ago; Aster: 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 Backpack live order book, 50 min ago	0.16 bp	20.3 bp −$20	doesn't fit	doesn't fit	doesn't fit
Sell Aster live order book, 5 min ago	1.32 bp	6.4 bp −$6	19.8 bp −$198	225.9 bp −$22.6K	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	−0.0186%	1h	303.81	+0.168%	$162K	$54K	10x	as long as short
dYdX TAO-USD	0.0000%	1h	302.48	−0.269%	$124K	$85K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0007%	1h	302.59	−0.235%	$26K	—	150x	as long as short
Popdex TAOUSDT	+0.0096%	1h	302.53	−0.254%	$44K	$536K	20x	as long as short
Aster TAOUSDTshort	+0.0100%	4h	302.70	−0.196%	$1.1M	$7.7M	50x
Binance TAOUSDT	+0.0100%	4h	303.27	−0.010%	$84.8M	$412.7M	75x	as long as short
Bybit TAOUSDT	+0.0100%	4h	303.44	+0.046%	$58.7M	$121.0M	50x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	303.30	0.000%	$24.3M	$95.1M	50x	as long as short
Arcus TAO-USD	+0.0100%	1h	302.98	−0.106%	$79K	$642K	5x	as long as short
Gate TAO_USDT	+0.0100%	4h	303.00	−0.099%	$12.1M	$48.7M	50x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC TAO_USDT	+0.0100%	4h	303.28	−0.007%	$110.2M	$124.9M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	302.68	−0.204%	$18.5M	$27.2M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	302.97	−0.109%	$33.8M	$46.0M	50x	as long as short
BingX TAO-USDT	+0.0100%	4h	303.15	−0.049%	—	$30.4M	—	as long as short
Variational Omni TAO	+0.0100%	4h	303.56	+0.086%	$3.7M	$6.7M	—	as long as short
edgeX TAOUSDC	+0.0100%	4h	303.35	+0.017%	$39K	$278K	10x	as long as short
GRVT TAO_USDT_Perp	+0.0100%	4h	303.49	+0.063%	$502K	$967K	10x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	303.30	0.000%	$46K	$269K	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	302.73	−0.188%	$74K	$604K	5x	as long as short
Bullet TAO-USD	+0.0100%	1h	302.57	−0.241%	$11K	$18K	20x	as long as short
Orderly PERP_TAO_USDC	+0.0100%	4h	302.88	−0.138%	$58K	$276K	10x	as long as short
SunX TAO-USDT	+0.0100%	4h	302.87	−0.142%	$2K	$1.8M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	303.16	−0.046%	$121K	$363K	20x	as long as short
Phemex TAOUSDT	+0.0100%	4h	303.25	−0.016%	$3.2M	$7.8M	50x	as long as short
Aevo TAO-PERP	+0.0104%	1h	302.97	−0.109%	$166K	$998	3x	as long as short
Katana Perps TAO-USD	+0.0111%	8h	302.48	−0.270%	$619	$491K	5x	as long as short
Paradex TAO-USD-PERP	+0.0154%	8h	302.96	−0.113%	$14K	$1K	10x	as long as short
Pacifica TAO	+0.0164%	1h	302.95	−0.114%	$358K	$371K	10x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0174% / S +0.0069%	1h	302.52	−0.258%	$432K	—	100x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0251%	1h	302.98	−0.106%	$21K	$1.4M	25x	as long as short
BloFin TAO-USDT	+0.0340%	4h	302.76	−0.178%	$4.2M	$9.3M	100x	as long as short
Lighter TAO	+0.0352%	1h	303.43	+0.043%	$1.6M	$5.3M	5x	as long as short
Nado TAO-PERP	+0.0360%	1h	302.54	−0.251%	$816K	$1.9M	10x	as long as short
01 Exchange TAOUSD	+0.0400%	1h	302.57	−0.241%	$3K	$4K	5x	as long as short
Backpack TAO_USDC_PERPlong	+0.0426%	1h	303.30	long leg	$377K	$757K	10x
Phoenix TAO	+0.0521%	1h	302.70	−0.198%	$321K	$491K	5x	as long as short
Reya TAORUSDPERP	+0.0695%	1h	302.50	−0.265%	$348	—	20x	as long as short
Extended TAO-USD	+0.0840%	1h	303.08	−0.073%	$825K	$2.0M	25x	as long as short
Coinbase International TAO-PERP-INTX	+0.1008%	1h	303.64	+0.112%	$1.5M	$5.6M	50x	as long as short
Kraken Futures PF_TAOUSD	+0.1041%	1h	303.33	+0.010%	$5.7M	$19.6M	50x	as long as short
Hyperliquid TAO	+0.1070%	1h	303.46	+0.053%	$92.1M	$80.4M	5x	as long as short
RISEx TAO/USDC	+0.1155%	1h	302.81	−0.163%	$410K	$545K	5x	as long as short
Injective TAO/USDC PERP	+0.1621%	1h	308.73	+1.790%	$22K	$264	12x	as long as short