Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h −0.001%

Price spread now: Popdex against Binance−0.285%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−$64as in the Price arb table

costs, in and out, $10k−$360.360% of the position

Long on Binance Short on Popdex

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.005%−$1 on $10k

Price spread, last 4 days (all we have)+0.345%+$34 · spread now −0.285%, 7d avg −0.001%

Together, before fees+0.339%+$34 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Popdex is 0.284% cheaper against Binance than usual: you would sell low and buy high, −$28 on $10k if it goes back to its 7-day average of −0.001%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance TAOUSDT	315.62	0.0100	pay 0.0050% / 4h	2h 19m	$90.6M	$467.3M	75x
Short	Popdex TAOUSDT	314.72	0.0096	get 0.0012% / 1h	19m 03s	$43K	$633K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Popdex against Binance. 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 BinancebpFee PopdexbpOrdersPrice spread, now −0.285%Rate

Funding earned: −$0.84
Price spread: −0.285% → −0.001%: −$28.39
Slippage, 4 orders: −$19.6
Fee Binance: 5 bp × 2 orders: −$10
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Net: −$65.23
Costs to cover: 0.360%
Break-even: never at this rate

Slippage from Binance: live order book, 10 min ago; Popdex: live order book, 50 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 Binance live order book, 10 min ago	0.16 bp	7.7 bp −$8	15.5 bp −$155	31.8 bp −$3,182	doesn't fit
Sell Popdex live order book, 50 min ago	1.74 bp	10.9 bp −$11	92.1 bp −$921	doesn't fit	doesn't fit

TAO on 42 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	314.46	−0.367%	$126K	$84K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	314.36	−0.398%	$10K	—	150x	as long as short
Popdex TAOUSDTshort	+0.0096%	1h	314.72	−0.285%	$43K	$633K	20x
Binance TAOUSDTlong	+0.0100%	4h	315.62	long leg	$90.6M	$467.3M	75x
OKX TAO-USDT-SWAP	+0.0100%	8h	315.60	−0.006%	$26.1M	$113.0M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	315.10	−0.164%	$12.8M	$50.5M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	315.32	−0.094%	$111.5M	$139.4M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	315.42	−0.063%	$18.0M	$30.2M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	315.33	−0.091%	$35.2M	$53.7M	50x	as long as short
edgeX TAOUSDC	+0.0100%	4h	315.73	+0.035%	$35K	$300K	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
ApeX Omni TAOUSDT	+0.0100%	1h	315.68	+0.020%	$47K	$252K	50x	as long as short
Orderly PERP_TAO_USDC	+0.0100%	4h	315.46	−0.050%	$57K	$282K	10x	as long as short
SunX TAO-USDT	+0.0100%	4h	314.41	−0.383%	$2K	$1.9M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	314.84	−0.247%	$129K	$472K	20x	as long as short
Phemex TAOUSDT	+0.0100%	4h	315.06	−0.177%	$3.4M	$7.9M	50x	as long as short
Aevo TAO-PERP	+0.0104%	1h	315.70	+0.025%	$173K	$998	3x	as long as short
Katana Perps TAO-USD	+0.0118%	8h	314.81	−0.256%	$2K	$710K	5x	as long as short
Polymarket Perps TAO-USD	+0.0124%	1h	314.81	−0.256%	$80K	$681K	5x	as long as short
Kraken Futures PF_TAOUSD	+0.0167%	1h	315.35	−0.084%	$5.6M	$20.5M	50x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0168% / S +0.0098%	1h	314.27	−0.426%	$430K	—	100x	as long as short
GRVT TAO_USDT_Perp	+0.0174%	4h	317.11	+0.473%	$523K	$954K	10x	as long as short
Bullet TAO-USD	+0.0245%	1h	314.66	−0.303%	$12K	$17K	20x	as long as short
Aster TAOUSDT	+0.0254%	4h	315.46	−0.049%	$1.3M	$9.4M	50x	as long as short
Pacifica TAO	+0.0285%	1h	314.88	−0.233%	$370K	$384K	10x	as long as short
Arcus TAO-USD	+0.0337%	1h	315.17	−0.142%	$99K	$529K	5x	as long as short
Paradex TAO-USD-PERP	+0.0360%	8h	314.77	−0.269%	$14K	$1K	10x	as long as short
Injective TAO/USDC PERP	+0.0470%	1h	318.67	+0.967%	$23K	$2K	12x	as long as short
Nado TAO-PERP	+0.0525%	1h	314.94	−0.216%	$786K	$2.1M	10x	as long as short
Phoenix TAO	+0.0588%	1h	317.30	+0.533%	$332K	$681K	5x	as long as short
01 Exchange TAOUSD	+0.0672%	1h	315.07	−0.174%	$3K	$4K	5x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0677%	1h	315.38	−0.076%	$22K	$1.5M	25x	as long as short
Reya TAORUSDPERP	+0.0696%	1h	314.91	−0.224%	$362	—	20x	as long as short
BingX TAO-USDT	+0.0780%	4h	315.47	−0.047%	—	$30.9M	—	as long as short
Bybit TAOUSDT	+0.0842%	4h	315.75	+0.042%	$66.3M	$138.0M	50x	as long as short
Variational Omni TAO	+0.0845%	4h	315.73	+0.034%	$5.5M	$8.9M	—	as long as short
Extended TAO-USD	+0.0920%	1h	315.48	−0.044%	$905K	$2.3M	25x	as long as short
Backpack TAO_USDC_PERP	+0.0926%	1h	315.60	−0.006%	$319K	$810K	10x	as long as short
Coinbase International TAO-PERP-INTX	+0.1024%	1h	316.39	+0.245%	$1.5M	$6.5M	50x	as long as short
RISEx TAO/USDC	+0.1132%	1h	314.88	−0.235%	$450K	$631K	5x	as long as short
Hyperliquid TAO	+0.1328%	1h	316.05	+0.137%	$100.3M	$95.1M	5x	as long as short
Lighter TAO	+0.1424%	1h	315.67	+0.016%	$1.7M	$6.1M	5x	as long as short
Bulk TAO-USD	+0.2752%	1h	308.95	−2.114%	$164K	$40K	10x	as long as short