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Funding arb · Price arb /

TAO

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Alert: funding
Measured
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Alert: spread
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Funding you earn now, next payment 09:00 UTC−0.0165%/8h= −18.1% APRpaid last 24h −0.089%
Price spread now: Bybit against Backpack+0.552%45s7-day average −0.020% · you sell dearer than you buy
Net, funding: paid 7d − costs−$46as in the Funding arb table
Net, price: spread back to 7d avg − costs—prices read too far apart to compare
costs, in and out, $10k−$340.343% of the position
Long on BackpackShort on Bybit
What this pair did over the last
the charts below follow
Funding, last 7 days−0.114%−$11 on $10k
Price spread, last 4 days (all we have)−1.012%−$101 · spread now +0.552%, 7d avg −0.020%
Together, before fees−1.127%−$113 on $10k · with fees, hour by hour
The price spread pays, funding is against you. Bybit is 0.572% dearer against Backpack than usual: you sell high and buy low (spread +0.552% now, against its 7-day average of −0.020%): +$57 on $10k if it goes back. Holding the pair costs −$5 a day in funding at the current rate, which eats that in about 12 days. At the pace of the last 7 days (−0.114% in total) that is about 35 days. The two prices were read 45 seconds apart, so part of this spread may be the market moving, not a spread.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongBackpack TAO_USDC_PERP315.320.0763pay 0.0095% / 1h49m 11s$315K$1.0M10x
ShortBybit TAOUSDT317.060.0598get 0.0299% / 4h3h 49m$69.8M$156.3M50x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Bybit 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

Funding earned
−$34.73
Price spread: +0.552% → −0.020%
$57.21
Slippage, 4 orders
−$13.33
Fee Backpack: 5 bp × 2 orders
−$10
Fee Bybit: 5.5 bp × 2 orders
−$11
Net
−$11.85
Costs to cover
0.343%
Break-even
from the start
Slippage from Backpack: live order book, 5 min ago; Bybit: live order book, 5 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again
LegHalf-spread$10k$100k$1M$5M
Buy Backpack live order book, 5 min ago2.37 bp7.4 bp −$7doesn't fitdoesn't fitdoesn't fit
Sell Bybit live order book, 5 min ago0.16 bp10.7 bp −$1117.6 bp −$17645.1 bp −$4,507doesn't fit

TAO on 43 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
gTrade (Gains Network) TAO/USDL +0.0004% / S −0.0005%1h316.67+0.429%$22K—150xas long as short
dYdX TAO-USD+0.0086%1h316.53+0.384%$127K$86K5xas long as short
Popdex TAOUSDT+0.0096%1h316.75+0.454%$49K$717K20xas long as short
Katana Perps TAO-USD+0.0100%8h316.49+0.371%$2K$1.2M5xas long as short
OKX TAO-USDT-SWAP+0.0100%8h317.00+0.533%$26.4M$131.3M50xas long as short
Bulk TAO-USD+0.0100%1h317.09+0.561%$168K$010xas long as short
Gate TAO_USDT+0.0100%4h316.70+0.438%$14.8M$49.1M50xas long as short
KuCoin TAOUSDTM+0.0100%4h316.58+0.400%$17.8M$32.4M75xas long as short
Bitget TAOUSDT+0.0100%4h316.90+0.501%$35.7M$57.7M50xas long as short
Polymarket Perps TAO-USD+0.0100%1h316.83+0.479%$87K$1.2M5xas long as short
Show all 43 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
SunX TAO-USDT+0.0100%4h316.81+0.473%$2K$1.9M20xas long as short
HTX TAO-USDT+0.0100%4h316.26+0.298%$116K$589K20xas long as short
Aevo TAO-PERP+0.0120%1h316.93+0.509%$174K$9983xas long as short
GRVT TAO_USDT_Perp+0.0140%4h316.42+0.348%$542K$887K10xas long as short
Binance TAOUSDT+0.0158%4h317.20+0.597%$92.8M$531.8M75xas long as short
MEXC TAO_USDT+0.0164%4h316.89+0.498%$103.9M$151.5M300xas long as short
edgeX TAOUSDC+0.0167%4h316.51+0.377%$42K$320K10xas long as short
Orderly PERP_TAO_USDC+0.0202%4h317.03+0.542%$54K$299K10xas long as short
Phemex TAOUSDT+0.0247%4h316.98+0.526%$3.2M$8.2M50xas long as short
Paradex TAO-USD-PERP+0.0251%8h316.75+0.454%$14K$87610xas long as short
Bullet TAO-USD+0.0253%1h317.24+0.609%$12K$17K20xas long as short
ApeX Omni TAOUSDT+0.0308%1h316.74+0.450%$46K$259K50xas long as short
Aster TAOUSDT+0.0316%4h316.79+0.466%$1.2M$11.1M50xas long as short
Pacifica TAO+0.0349%1h316.47+0.364%$371K$442K10xas long as short
GMX TAO/USD [WBTC.b-USDC]L +0.0366% / S −0.0107%1h316.79+0.466%$372K—100xas long as short
Extended TAO-USD+0.0384%1h317.12+0.570%$899K$2.4M25xas long as short
BloFin TAO-USDT+0.0398%4h316.98+0.526%$4.8M$10.9M100xas long as short
Arcus TAO-USD+0.0404%1h317.03+0.542%$100K$377K5xas long as short
Nado TAO-PERP+0.0557%1h316.76+0.457%$770K$2.0M10xas long as short
Hyperliquid TAO+0.0564%1h316.95+0.517%$93.6M$109.9M5xas long as short
Phoenix TAO+0.0578%1h315.60+0.089%$317K$714K5xas long as short
Bybit TAOUSDTshort+0.0598%4h317.06+0.552%$69.8M$156.3M50x
Variational Omni TAO+0.0612%4h316.00+0.217%$5.6M$10.1M—as long as short
Deribit TAO_USDC-PERPETUAL+0.0613%1h317.20+0.596%$15K$1.9M25xas long as short
01 Exchange TAOUSD+0.0616%1h316.84+0.482%$3K$4K5xas long as short
Lighter TAO+0.0680%1h317.32+0.633%$1.6M$6.6M5xas long as short
Reya TAORUSDPERP+0.0698%1h317.15+0.581%$365—20xas long as short
Backpack TAO_USDC_PERPlong+0.0763%1h315.32long leg$315K$1.0M10x
Kraken Futures PF_TAOUSD+0.0785%1h317.19+0.593%$6.0M$21.3M50xas long as short
RISEx TAO/USDC+0.0840%1h316.75+0.454%$448K$669K5xas long as short
Coinbase International TAO-PERP-INTX+0.0944%1h317.20+0.596%$1.2M$7.3M50xas long as short
BingX TAO-USDT+0.1210%4h317.11+0.568%—$37.4M—as long as short
Injective TAO/USDC PERP+0.3512%1h321.91+2.090%$23K$2K12xas long as short