Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0262%/8h= −28.6% APRpaid last 24h −0.019%

Price spread now: BloFin against Backpack−0.164%7-day average −0.028% · you buy dearer than you sell

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

Net, price: spread back to 7d avg − costs−$50as in the Price arb table

costs, in and out, $10k−$360.362% of the position

Long on Backpack Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.290%+$29 on $10k

Price spread, last 4 days (all we have)+0.137%+$14 · spread now −0.164%, 7d avg −0.028%

Together, before fees+0.427%+$43 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$8 a day on $10k at the current rate, and BloFin is 0.136% cheaper against Backpack than usual: you would sell low and buy high (−$14 if the spread goes back to its 7-day average of −0.028%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.290%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack TAO_USDC_PERP	317.99	0.0681	pay 0.0085% / 1h	14m 14s	$296K	$905K	10x
Short	BloFin TAO-USDT	317.47	0.0420	get 0.0210% / 4h	14m 14s	$4.7M	$10.9M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now −0.164%Rate

Funding earned: −$54.93
Price spread: −0.164% → −0.028%: −$13.58
Slippage, 4 orders: −$14.2
Fee Backpack: 5 bp × 2 orders: −$10
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$104.71
Costs to cover: 0.362%
Break-even: never at this rate

Slippage from Backpack: live order book, 25 min ago; BloFin: 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, 25 min ago	2.37 bp	7.5 bp −$7	doesn't fit	doesn't fit	doesn't fit
Sell BloFin live order book, 5 min ago	1.10 bp	9.4 bp −$9	14.9 bp −$149	32.6 bp −$3,262	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	318.24	+0.078%	$22K	—	150x	as long as short
dYdX TAO-USD	+0.0076%	1h	317.76	−0.072%	$127K	$85K	5x	as long as short
Popdex TAOUSDT	+0.0096%	1h	318.17	+0.057%	$46K	$714K	20x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	318.90	+0.286%	$26.5M	$131.7M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	318.10	+0.035%	$14.7M	$52.0M	50x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	318.15	+0.050%	$17.9M	$32.4M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	318.66	+0.211%	$35.8M	$58.0M	50x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	317.50	−0.154%	$46K	$259K	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	318.04	+0.016%	$87K	$1.2M	5x	as long as short
SunX TAO-USDT	+0.0100%	4h	318.69	+0.220%	$2K	$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	317.17	−0.258%	$116K	$603K	20x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0104% / S +0.0139%	1h	316.95	−0.326%	$404K	—	100x	as long as short
Katana Perps TAO-USD	+0.0106%	8h	317.74	−0.079%	$2K	$1.1M	5x	as long as short
Aevo TAO-PERP	+0.0128%	1h	318.82	+0.262%	$175K	$998	3x	as long as short
Orderly PERP_TAO_USDC	+0.0170%	4h	318.85	+0.270%	$52K	$294K	10x	as long as short
edgeX TAOUSDC	+0.0177%	4h	317.99	+0.001%	$42K	$321K	10x	as long as short
MEXC TAO_USDT	+0.0178%	4h	318.14	+0.047%	$103.5M	$152.5M	300x	as long as short
Binance TAOUSDT	+0.0180%	4h	318.47	+0.152%	$92.1M	$531.4M	75x	as long as short
Paradex TAO-USD-PERP	+0.0251%	8h	318.17	+0.058%	$14K	$1K	10x	as long as short
BingX TAO-USDT	+0.0258%	4h	318.42	+0.135%	—	$37.4M	—	as long as short
Bybit TAOUSDT	+0.0271%	4h	318.98	+0.311%	$70.0M	$157.0M	50x	as long as short
Bullet TAO-USD	+0.0288%	1h	318.57	+0.182%	$12K	$17K	20x	as long as short
Pacifica TAO	+0.0313%	1h	318.17	+0.057%	$373K	$466K	10x	as long as short
GRVT TAO_USDT_Perp	+0.0324%	4h	317.89	−0.032%	$541K	$907K	10x	as long as short
Aster TAOUSDT	+0.0342%	4h	318.35	+0.113%	$1.3M	$11.0M	50x	as long as short
Extended TAO-USD	+0.0376%	1h	318.89	+0.282%	$908K	$2.4M	25x	as long as short
Phemex TAOUSDT	+0.0413%	4h	318.78	+0.248%	$3.2M	$8.2M	50x	as long as short
BloFin TAO-USDTshort	+0.0420%	4h	317.47	−0.164%	$4.7M	$10.9M	100x
Nado TAO-PERP	+0.0465%	1h	318.11	+0.039%	$783K	$2.0M	10x	as long as short
Arcus TAO-USD	+0.0473%	1h	318.32	+0.104%	$100K	$384K	5x	as long as short
Lighter TAO	+0.0552%	1h	318.29	+0.094%	$1.6M	$6.9M	5x	as long as short
Variational Omni TAO	+0.0560%	4h	318.03	+0.011%	$5.6M	$10.1M	—	as long as short
Phoenix TAO	+0.0629%	1h	318.40	+0.129%	$320K	$703K	5x	as long as short
01 Exchange TAOUSD	+0.0672%	1h	318.32	+0.104%	$3K	$4K	5x	as long as short
Backpack TAO_USDC_PERPlong	+0.0681%	1h	317.99	long leg	$296K	$905K	10x
Reya TAORUSDPERP	+0.0698%	1h	317.09	−0.284%	$365	—	20x	as long as short
Hyperliquid TAO	+0.0710%	1h	318.34	+0.110%	$94.0M	$110.6M	5x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0739%	1h	318.93	+0.295%	$15K	$1.9M	25x	as long as short
Kraken Futures PF_TAOUSD	+0.0831%	1h	318.93	+0.295%	$6.0M	$21.6M	50x	as long as short
RISEx TAO/USDC	+0.0831%	1h	318.06	+0.022%	$452K	$662K	5x	as long as short
Coinbase International TAO-PERP-INTX	+0.0984%	1h	318.71	+0.226%	$1.4M	$7.0M	50x	as long as short
Bulk TAO-USD	+0.1572%	1h	317.17	−0.258%	$169K	$0	10x	as long as short
Injective TAO/USDC PERP	+0.4513%	1h	318.80	+0.255%	$23K	$2K	12x	as long as short