Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0338%/8h= +37.0% APRpaid last 24h +0.230%

Price spread now: Coinbase International against BingX+0.352%7-day average +0.190% · you sell dearer than you buy

Net, funding: paid 7d − costs+$8as in the Funding arb table

Net, price: spread back to 7d avg − costs−$27as in the Price arb table

costs, in and out, $10k−$430.431% of the position

Long on BingX Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.511%+$51 on $10k

Price spread, last 3 days (all we have)−0.233%−$23 · spread now +0.352%, 7d avg +0.190%

Together, before fees+0.278%+$28 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$10 a day on $10k at the current rate, and Coinbase International is 0.162% dearer against BingX than usual: you sell high and buy low: +$16 more if the spread goes back to its 7-day average of +0.190%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX TAO-USDT	318.16	0.0686	pay 0.0343% / 4h	1h 56m	—	$30.3M	—
Short	Coinbase International TAO-PERP-INTX	319.28	0.1024	get 0.0128% / 1h	56m 05s	$1.5M	$6.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International 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 Coinbase InternationalbpOrdersPrice spread, now +0.352%Rate

Funding earned: $70.98
Price spread: +0.352% → +0.190%: $16.22
Slippage, 4 orders: −$23.12
Fee BingX: 5 bp × 2 orders: −$10
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: $44.08
Costs to cover: 0.431%
Break-even: 2.7 days

Slippage from BingX: live order book, 13 min ago; Coinbase International: 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 BingX live order book, 13 min ago	0.95 bp	7.9 bp −$8	12.2 bp −$122	21.1 bp −$2,108	50.1 bp −$25.0K
Sell Coinbase International live order book, 3 min ago	5.53 bp	14.0 bp −$14	16.9 bp −$169	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
Bulk TAO-USD	−0.0185%	1h	315.28	−0.905%	$167K	$40K	10x	as long as short
dYdX TAO-USD	0.0000%	1h	317.35	−0.255%	$127K	$84K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	318.63	+0.147%	$10K	—	150x	as long as short
Popdex TAOUSDT	+0.0096%	1h	318.55	+0.123%	$45K	$645K	20x	as long as short
Binance TAOUSDT	+0.0100%	4h	318.36	+0.063%	$92.0M	$467.3M	75x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	318.30	+0.044%	$26.4M	$115.3M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	318.00	−0.050%	$13.0M	$49.0M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	318.33	+0.053%	$104.6M	$137.4M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	318.38	+0.069%	$18.0M	$30.6M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	317.88	−0.088%	$35.5M	$53.4M	50x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
edgeX TAOUSDC	+0.0100%	4h	317.02	−0.359%	$36K	$302K	10x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	318.69	+0.167%	$76K	$722K	5x	as long as short
Orderly PERP_TAO_USDC	+0.0100%	4h	318.92	+0.239%	$58K	$282K	10x	as long as short
SunX TAO-USDT	+0.0100%	4h	318.34	+0.057%	$2K	$1.9M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	318.68	+0.163%	$131K	$474K	20x	as long as short
Phemex TAOUSDT	+0.0100%	4h	318.21	+0.016%	$3.4M	$7.9M	50x	as long as short
Aevo TAO-PERP	+0.0104%	1h	318.92	+0.239%	$175K	$998	3x	as long as short
Katana Perps TAO-USD	+0.0114%	8h	318.19	+0.009%	$2K	$730K	5x	as long as short
ApeX Omni TAOUSDT	+0.0148%	1h	316.61	−0.487%	$47K	$252K	50x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0165% / S +0.0104%	1h	318.90	+0.232%	$433K	—	100x	as long as short
GRVT TAO_USDT_Perp	+0.0192%	4h	317.15	−0.317%	$527K	$957K	10x	as long as short
Kraken Futures PF_TAOUSD	+0.0246%	1h	318.63	+0.146%	$5.6M	$20.5M	50x	as long as short
Aster TAOUSDT	+0.0265%	4h	318.44	+0.088%	$1.2M	$9.3M	50x	as long as short
Paradex TAO-USD-PERP	+0.0351%	8h	318.09	−0.022%	$14K	$1K	10x	as long as short
Bullet TAO-USD	+0.0381%	1h	319.04	+0.277%	$12K	$18K	20x	as long as short
Pacifica TAO	+0.0448%	1h	317.56	−0.188%	$375K	$393K	10x	as long as short
Arcus TAO-USD	+0.0509%	1h	318.52	+0.113%	$100K	$489K	5x	as long as short
Nado TAO-PERP	+0.0560%	1h	318.94	+0.247%	$763K	$2.1M	10x	as long as short
Phoenix TAO	+0.0588%	1h	316.10	−0.647%	$332K	$707K	5x	as long as short
BingX TAO-USDTlong	+0.0686%	4h	318.16	long leg	—	$30.3M	—
Reya TAORUSDPERP	+0.0696%	1h	318.93	+0.242%	$367	—	20x	as long as short
01 Exchange TAOUSD	+0.0696%	1h	318.75	+0.185%	$3K	$4K	5x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0729%	1h	318.91	+0.236%	$14K	$1.6M	25x	as long as short
Bybit TAOUSDT	+0.0743%	4h	318.42	+0.082%	$67.6M	$138.2M	50x	as long as short
Variational Omni TAO	+0.0865%	4h	319.02	+0.271%	$6.0M	$9.6M	—	as long as short
Backpack TAO_USDC_PERP	+0.0871%	1h	318.65	+0.154%	$322K	$802K	10x	as long as short
Extended TAO-USD	+0.0904%	1h	318.57	+0.130%	$900K	$2.3M	25x	as long as short
Coinbase International TAO-PERP-INTXshort	+0.1024%	1h	319.28	+0.352%	$1.5M	$6.5M	50x
Lighter TAO	+0.1104%	1h	318.72	+0.176%	$1.6M	$6.1M	5x	as long as short
RISEx TAO/USDC	+0.1159%	1h	318.32	+0.050%	$450K	$626K	5x	as long as short
Hyperliquid TAO	+0.1381%	1h	318.78	+0.195%	$100.7M	$98.0M	5x	as long as short
Injective TAO/USDC PERP	+0.4172%	1h	320.94	+0.874%	$23K	$2K	12x	as long as short