Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0559%/8h= −61.2% APRpaid last 24h −0.114%

Price spread now: KuCoin against Backpack−0.104%7-day average −0.037% · you buy dearer than you sell

Net, funding: paid 7d − costs−$63as in the Funding arb table

Net, price: spread back to 7d avg − costs−$53as in the Price arb table

costs, in and out, $10k−$460.460% of the position

Long on Backpack Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.166%−$17 on $10k

Price spread, last 4 days (all we have)+0.131%+$13 · spread now −0.104%, 7d avg −0.037%

Together, before fees−0.035%−$4 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$17 a day on $10k at the current rate, and KuCoin is 0.068% cheaper against Backpack than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of −0.037%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.166% in total (about -8.7% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made; yellow are the hours one leg has not settled yet: what the other leg paid, plus the unsettled leg at its current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack TAO_USDC_PERP	316.10	0.0659	pay 0.0082% / 1h	49m 04s	$297K	$1.1M	10x
Short	KuCoin TAOUSDTM	315.77	0.0100	get 0.0050% / 4h	1h 49m	$17.5M	$31.3M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now −0.104%Rate

Funding earned: −$117.38
Price spread: −0.104% → −0.037%: −$6.76
Slippage, 4 orders: −$23.95
Fee Backpack: 5 bp × 2 orders: −$10
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$170.09
Costs to cover: 0.460%
Break-even: never at this rate

Slippage from Backpack: live order book, 3 min ago; KuCoin: live order book, 3 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, 3 min ago	1.74 bp	6.8 bp −$7	28.2 bp −$282	doesn't fit	doesn't fit
Sell KuCoin live order book, 3 min ago	0.47 bp	14.9 bp −$15	25.7 bp −$257	80.5 bp −$8,054	doesn't fit

TAO on 43 exchanges

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 −0.0003%	1h	316.86	+0.240%	$20K	—	150x	as long as short
Popdex TAOUSDT	+0.0096%	1h	315.98	−0.038%	$50K	$632K	20x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	315.80	−0.095%	$26.8M	$128.1M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	315.70	−0.127%	$15.7M	$47.4M	50x	as long as short
KuCoin TAOUSDTMshort	+0.0100%	4h	315.77	−0.104%	$17.5M	$31.3M	75x
Bitget TAOUSDT	+0.0100%	4h	315.67	−0.136%	$35.8M	$56.0M	50x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	316.75	+0.206%	$45K	$253K	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	315.56	−0.171%	$81K	$1.1M	5x	as long as short
SunX TAO-USDT	+0.0100%	4h	315.64	−0.146%	$2K	$1.8M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	315.87	−0.073%	$112K	$564K	20x	as long as short

Show all 43 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Katana Perps TAO-USD	+0.0104%	8h	315.83	−0.085%	$3K	$1.3M	5x	as long as short
Aevo TAO-PERP	+0.0112%	1h	315.98	−0.037%	$174K	$998	3x	as long as short
Bybit TAOUSDT	+0.0118%	4h	315.97	−0.041%	$69.2M	$155.6M	50x	as long as short
Binance TAOUSDT	+0.0138%	4h	315.91	−0.060%	$92.9M	$511.1M	75x	as long as short
MEXC TAO_USDT	+0.0138%	4h	316.02	−0.025%	$105.4M	$147.5M	300x	as long as short
edgeX TAOUSDC	+0.0141%	4h	316.70	+0.190%	$42K	$324K	10x	as long as short
BingX TAO-USDT	+0.0146%	4h	316.03	−0.022%	—	$38.0M	—	as long as short
Lighter TAO	+0.0176%	1h	316.06	−0.014%	$1.6M	$6.6M	5x	as long as short
Paradex TAO-USD-PERP	+0.0204%	8h	316.08	−0.006%	$14K	$876	10x	as long as short
Phemex TAOUSDT	+0.0209%	4h	316.02	−0.025%	$3.2M	$8.1M	50x	as long as short
Extended TAO-USD	+0.0216%	1h	315.79	−0.097%	$954K	$2.1M	25x	as long as short
Pacifica TAO	+0.0240%	1h	316.03	−0.022%	$374K	$456K	10x	as long as short
Orderly PERP_TAO_USDC	+0.0254%	4h	315.81	−0.092%	$53K	$262K	10x	as long as short
GRVT TAO_USDT_Perp	+0.0262%	4h	317.12	+0.323%	$541K	$805K	10x	as long as short
Bullet TAO-USD	+0.0264%	1h	315.92	−0.057%	$12K	$17K	20x	as long as short
Aster TAOUSDT	+0.0305%	4h	315.89	−0.066%	$1.2M	$11.2M	50x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0360% / S −0.0107%	1h	316.55	+0.141%	$372K	—	100x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0364%	1h	315.79	−0.098%	$15K	$1.9M	25x	as long as short
BloFin TAO-USDT	+0.0380%	4h	316.03	−0.022%	$4.9M	$10.4M	100x	as long as short
Nado TAO-PERP	+0.0392%	1h	315.98	−0.039%	$694K	$2.0M	10x	as long as short
Variational Omni TAO	+0.0444%	4h	316.43	+0.106%	$5.7M	$9.8M	—	as long as short
Hyperliquid TAO	+0.0474%	1h	316.14	+0.013%	$95.1M	$107.1M	5x	as long as short
Arcus TAO-USD	+0.0610%	1h	316.38	+0.089%	$100K	$310K	5x	as long as short
01 Exchange TAOUSD	+0.0624%	1h	316.09	−0.003%	$3K	$2K	5x	as long as short
Phoenix TAO	+0.0650%	1h	316.90	+0.253%	$319K	$710K	5x	as long as short
Backpack TAO_USDC_PERPlong	+0.0659%	1h	316.10	long leg	$297K	$1.1M	10x
RISEx TAO/USDC	+0.0666%	1h	315.98	−0.038%	$436K	$672K	5x	as long as short
dYdX TAO-USD	+0.0667%	1h	315.77	−0.104%	$266K	$230K	5x	as long as short
Coinbase International TAO-PERP-INTX	+0.0688%	1h	316.32	+0.070%	$1.1M	$7.6M	50x	as long as short
Reya TAORUSDPERP	+0.0699%	1h	316.25	+0.049%	$364	—	20x	as long as short
Bulk TAO-USD	+0.0807%	1h	318.75	+0.838%	$169K	$0	10x	as long as short
Kraken Futures PF_TAOUSD	+0.0932%	1h	316.00	−0.033%	$6.2M	$19.5M	50x	as long as short
Injective TAO/USDC PERP	+0.4405%	1h	320.28	+1.322%	$23K	$2K	12x	as long as short