Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0188%/8h= −20.5% APRpaid last 24h −0.055%

Price spread now: Paradex against Backpack−0.121%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Backpack Short on Paradex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropParadex: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and Paradex is 0.121% cheaper against Backpack than usual: you would sell low and buy high (−$12 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack TAO_USDC_PERP	315.51	0.0346	pay 0.0043% / 1h	17m 00s	$316K	$913K	10x
Short	Paradex TAO-USD-PERP	315.13	0.0159	get 0.0159% / 8h	4h 17m	$14K	$1K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex 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 ParadexbpOrdersPrice spread, now −0.121%Rate

Funding earned: −$39.38
Price spread: −0.121% → 0.000%: −$12.11
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee Paradex: 2 bp × 2 orders: −$4
Net: −$65.5
Costs to cover: 0.140%
Break-even: never at this rate

Slippage unknown: Backpack: live order book, 42 min ago; Paradex: no order-book sample. Net counts fees only.

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, 42 min ago	2.85 bp	8.4 bp −$8	doesn't fit	doesn't fit	doesn't fit
Sell Paradex no order-book sample	—	—	—	—	—

Paradex: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	315.14	−0.116%	$126K	$85K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	315.02	−0.155%	$20K	—	150x	as long as short
Kraken Futures PF_TAOUSD	+0.0056%	1h	315.16	−0.111%	$5.5M	$20.7M	50x	as long as short
Popdex TAOUSDT	+0.0096%	1h	315.15	−0.114%	$43K	$668K	20x	as long as short
Katana Perps TAO-USD	+0.0098%	8h	314.97	−0.171%	$645	$799K	5x	as long as short
Binance TAOUSDT	+0.0100%	4h	315.57	+0.019%	$91.2M	$494.7M	75x	as long as short
Bybit TAOUSDT	+0.0100%	4h	315.72	+0.067%	$68.1M	$148.7M	50x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	315.50	−0.003%	$26.0M	$120.7M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	315.10	−0.130%	$13.0M	$50.1M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	315.38	−0.041%	$110.7M	$144.1M	300x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin TAOUSDTM	+0.0100%	4h	315.09	−0.133%	$17.7M	$31.7M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	315.31	−0.063%	$35.3M	$56.4M	50x	as long as short
BingX TAO-USDT	+0.0100%	4h	315.42	−0.029%	—	$32.8M	—	as long as short
edgeX TAOUSDC	+0.0100%	4h	315.17	−0.108%	$42K	$312K	10x	as long as short
GRVT TAO_USDT_Perp	+0.0100%	4h	315.17	−0.107%	$521K	$955K	10x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	315.00	−0.162%	$46K	$255K	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	314.92	−0.187%	$77K	$859K	5x	as long as short
Bullet TAO-USD	+0.0100%	1h	315.24	−0.086%	$12K	$18K	20x	as long as short
SunX TAO-USDT	+0.0100%	4h	314.95	−0.177%	$1K	$1.9M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	314.82	−0.219%	$110K	$535K	20x	as long as short
Phemex TAOUSDT	+0.0100%	4h	315.07	−0.139%	$3.2M	$8.1M	50x	as long as short
Aevo TAO-PERP	+0.0104%	1h	315.30	−0.068%	$173K	$998	3x	as long as short
Orderly PERP_TAO_USDC	+0.0132%	4h	315.16	−0.111%	$57K	$265K	10x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0146% / S +0.0127%	1h	314.99	−0.165%	$419K	—	100x	as long as short
Paradex TAO-USD-PERPshort	+0.0159%	8h	315.13	−0.121%	$14K	$1K	10x
Aster TAOUSDT	+0.0187%	4h	315.25	−0.082%	$1.2M	$10.4M	50x	as long as short
Extended TAO-USD	+0.0200%	1h	315.30	−0.065%	$922K	$2.4M	25x	as long as short
Nado TAO-PERP	+0.0204%	1h	315.03	−0.151%	$801K	$2.2M	10x	as long as short
Hyperliquid TAO	+0.0268%	1h	315.64	+0.041%	$92.8M	$106.4M	5x	as long as short
01 Exchange TAOUSD	+0.0320%	1h	315.30	−0.067%	$3K	$4K	5x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0330%	1h	315.25	−0.083%	$26K	$1.7M	25x	as long as short
BloFin TAO-USDT	+0.0340%	4h	315.30	−0.067%	$4.6M	$10.9M	100x	as long as short
Lighter TAO	+0.0344%	1h	315.50	−0.004%	$1.5M	$6.5M	5x	as long as short
Arcus TAO-USD	+0.0345%	1h	315.52	+0.003%	$99K	$438K	5x	as long as short
Backpack TAO_USDC_PERPlong	+0.0346%	1h	315.51	long leg	$316K	$913K	10x
Pacifica TAO	+0.0365%	1h	315.26	−0.079%	$360K	$412K	10x	as long as short
Variational Omni TAO	+0.0497%	4h	315.29	−0.071%	$5.7M	$9.9M	—	as long as short
Phoenix TAO	+0.0581%	1h	315.40	−0.035%	$314K	$697K	5x	as long as short
Reya TAORUSDPERP	+0.0697%	1h	315.03	−0.152%	$362	—	20x	as long as short
Bulk TAO-USD	+0.0933%	1h	314.34	−0.371%	$167K	$2K	10x	as long as short
RISEx TAO/USDC	+0.0991%	1h	315.24	−0.086%	$435K	$651K	5x	as long as short
Coinbase International TAO-PERP-INTX	+0.1008%	1h	316.12	+0.193%	$1.5M	$6.7M	50x	as long as short
Injective TAO/USDC PERP	+0.4222%	1h	318.85	+1.059%	$23K	$2K	12x	as long as short