Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0096%/8h= +10.5% APRpaid last 24h +0.022%

Price spread now: Arcus against BingX−0.086%45s7-day average +0.078% · 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—prices read too far apart to compare

costs, in and out, $10k−$360.361% of the position

Long on BingX Short on Arcus

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.029%+$3 on $10k

Price spread, last 4 days (all we have)+0.094%+$9 · spread now −0.086%, 7d avg +0.078%

Together, before fees+0.123%+$12 on $10k · with fees, hour by hour

Funding pays, the price is against you. Arcus is 0.163% cheaper against BingX than usual: you would sell low and buy high (spread −0.086% now, against its 7-day average of +0.078%). If the spread goes back, that is −$16 on $10k: about 5.7 days of funding at the current rate (+$3 a day). At the pace of the last 4 days (+0.029% in total) that is about 21 days. The two prices were read 45 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX TAO-USDT	314.91	0.0308	pay 0.0154% / 4h	3h 32m	—	$37.2M	—
Short	Arcus TAO-USD	314.64	0.0404	get 0.0051% / 1h	32m 45s	$99K	$362K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Arcus against BingX. 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 BingXbpFee ArcusbpOrdersPrice spread, now −0.086%Rate

Funding earned: $20.17
Price spread: −0.086% → +0.078%: −$16.33
Slippage, 4 orders: −$21.63
Fee BingX: 5 bp × 2 orders: −$10
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Net: −$32.29
Costs to cover: 0.361%
Break-even: 18.2 days

Slippage from BingX: live order book, 6 min ago; Arcus: live order book, 1 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 BingX live order book, 6 min ago	0.63 bp	6.7 bp −$7	10.7 bp −$107	28.2 bp −$2,817	85.5 bp −$42.8K
Sell Arcus live order book, 1 min ago	6.99 bp	9.9 bp −$10	25.4 bp −$254	doesn't fit	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 −0.0003%	1h	314.65	−0.084%	$19K	—	150x	as long as short
Popdex TAOUSDT	+0.0096%	1h	314.45	−0.146%	$50K	$699K	20x	as long as short
Katana Perps TAO-USD	+0.0100%	8h	314.13	−0.248%	$643	$1.2M	5x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	314.30	−0.194%	$26.3M	$128.8M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	314.70	−0.067%	$14.9M	$49.4M	50x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	315.00	+0.029%	$17.8M	$32.3M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	314.59	−0.102%	$35.4M	$57.4M	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	314.25	−0.210%	$86K	$1.2M	5x	as long as short
SunX TAO-USDT	+0.0100%	4h	314.24	−0.213%	$2K	$1.9M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	314.26	−0.206%	$115K	$588K	20x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex TAOUSDT	+0.0100%	4h	314.61	−0.095%	$3.1M	$8.1M	50x	as long as short
Aevo TAO-PERP	+0.0120%	1h	314.50	−0.131%	$173K	$998	3x	as long as short
ApeX Omni TAOUSDT	+0.0124%	1h	315.68	+0.245%	$45K	$257K	50x	as long as short
Bulk TAO-USD	+0.0125%	1h	316.13	+0.387%	$168K	$0	10x	as long as short
Binance TAOUSDT	+0.0140%	4h	314.56	−0.111%	$91.6M	$525.3M	75x	as long as short
MEXC TAO_USDT	+0.0142%	4h	314.98	+0.022%	$105.1M	$152.0M	300x	as long as short
GRVT TAO_USDT_Perp	+0.0144%	4h	315.40	+0.156%	$540K	$876K	10x	as long as short
edgeX TAOUSDC	+0.0147%	4h	315.34	+0.138%	$42K	$321K	10x	as long as short
dYdX TAO-USD	+0.0189%	1h	314.48	−0.137%	$126K	$86K	5x	as long as short
Orderly PERP_TAO_USDC	+0.0212%	4h	314.44	−0.149%	$53K	$298K	10x	as long as short
Bullet TAO-USD	+0.0224%	1h	314.55	−0.114%	$12K	$17K	20x	as long as short
Paradex TAO-USD-PERP	+0.0239%	8h	314.38	−0.169%	$14K	$876	10x	as long as short
Bybit TAOUSDT	+0.0277%	4h	314.58	−0.105%	$69.0M	$154.9M	50x	as long as short
Aster TAOUSDT	+0.0306%	4h	314.55	−0.113%	$1.2M	$11.1M	50x	as long as short
BingX TAO-USDTlong	+0.0308%	4h	314.91	long leg	—	$37.2M	—
Extended TAO-USD	+0.0344%	1h	314.91	0.000%	$893K	$2.3M	25x	as long as short
Pacifica TAO	+0.0349%	1h	314.62	−0.092%	$369K	$440K	10x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0360% / S −0.0107%	1h	314.22	−0.219%	$369K	—	100x	as long as short
BloFin TAO-USDT	+0.0383%	4h	314.59	−0.102%	$4.8M	$10.7M	100x	as long as short
Arcus TAO-USDshort	+0.0404%	1h	314.64	−0.086%	$99K	$362K	5x
Deribit TAO_USDC-PERPETUAL	+0.0422%	1h	314.49	−0.132%	$15K	$1.9M	25x	as long as short
Nado TAO-PERP	+0.0497%	1h	314.57	−0.107%	$761K	$2.0M	10x	as long as short
Hyperliquid TAO	+0.0516%	1h	314.86	−0.016%	$92.7M	$108.6M	5x	as long as short
Phoenix TAO	+0.0578%	1h	315.80	+0.283%	$318K	$714K	5x	as long as short
Lighter TAO	+0.0592%	1h	314.84	−0.022%	$1.6M	$6.6M	5x	as long as short
01 Exchange TAOUSD	+0.0608%	1h	314.54	−0.117%	$3K	$4K	5x	as long as short
Variational Omni TAO	+0.0614%	4h	315.43	+0.166%	$5.6M	$10.1M	—	as long as short
Backpack TAO_USDC_PERP	+0.0674%	1h	315.06	+0.048%	$310K	$1.0M	10x	as long as short
Reya TAORUSDPERP	+0.0698%	1h	315.34	+0.136%	$363	—	20x	as long as short
Kraken Futures PF_TAOUSD	+0.0790%	1h	314.90	−0.004%	$5.9M	$21.1M	50x	as long as short
RISEx TAO/USDC	+0.0840%	1h	314.25	−0.208%	$435K	$678K	5x	as long as short
Coinbase International TAO-PERP-INTX	+0.0944%	1h	314.94	+0.010%	$1.1M	$7.2M	50x	as long as short
Injective TAO/USDC PERP	+0.3512%	1h	318.23	+1.054%	$23K	$2K	12x	as long as short