Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC+0.0134%/8h= +14.7% APRpaid last 24h +0.087%

Price spread now: Phoenix against Bitget−0.535%59s7-day average +0.178% · you buy dearer than you sell

Net, funding: paid 7d − costs−$45as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$580.576% of the position

Long on Bitget Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.125%+$12 on $10k

Price spread, last 3 days (all we have)+1.061%+$106 · spread now −0.535%, 7d avg +0.178%

Together, before fees+1.185%+$119 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phoenix is 0.713% cheaper against Bitget than usual: you would sell low and buy high (spread −0.535% now, against its 7-day average of +0.178%). If the spread goes back, that is −$71 on $10k: about 18 days of funding at the current rate (+$4 a day). At the pace of the last 7 days (+0.125% in total) that is about 40 days. The two prices were read 59 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	Bitget TAOUSDT	310.46	0.0100	pay 0.0050% / 4h	2h 08m	$34.8M	$44.6M	50x
Short	Phoenix TAO	308.80	0.0234	get 0.0029% / 1h	8m 30s	$327K	$462K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Bitget. 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 BitgetbpFee PhoenixbpOrdersPrice spread, now −0.535%Rate

Funding earned: $28.19
Price spread: −0.535% → +0.178%: −$71.27
Slippage, 4 orders: −$38.62
Fee Bitget: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$100.7
Costs to cover: 0.576%
Break-even: 32.0 days

Slippage from Bitget: live order book, 10 min ago; Phoenix: live order book, 14 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 Bitget live order book, 10 min ago	1.13 bp	12.2 bp −$12	20.9 bp −$209	51.1 bp −$5,113	doesn't fit
Sell Phoenix live order book, 14 min ago	3.24 bp	18.8 bp −$19	26.2 bp −$262	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
Bulk TAO-USD	−0.0601%	1h	309.73	−0.235%	$203K	$57K	10x	as long as short
dYdX TAO-USD	0.0000%	1h	310.21	−0.081%	$130K	$84K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0007%	1h	310.56	+0.034%	$27K	—	150x	as long as short
Popdex TAOUSDT	+0.0096%	1h	310.34	−0.039%	$43K	$530K	20x	as long as short
Pacifica TAO	+0.0100%	1h	310.40	−0.019%	$366K	$368K	10x	as long as short
Binance TAOUSDT	+0.0100%	4h	310.79	+0.105%	$87.1M	$405.5M	75x	as long as short
Bybit TAOUSDT	+0.0100%	4h	310.84	+0.122%	$60.5M	$119.4M	50x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	310.80	+0.110%	$25.6M	$94.5M	50x	as long as short
Arcus TAO-USD	+0.0100%	1h	310.45	−0.003%	$139K	$604K	5x	as long as short
Gate TAO_USDT	+0.0100%	4h	310.70	+0.077%	$12.4M	$48.7M	50x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC TAO_USDT	+0.0100%	4h	310.76	+0.097%	$119.7M	$126.2M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	310.83	+0.119%	$18.9M	$26.5M	75x	as long as short
Bitget TAOUSDTlong	+0.0100%	4h	310.46	long leg	$34.8M	$44.6M	50x
BingX TAO-USDT	+0.0100%	4h	310.77	+0.100%	—	$30.4M	—	as long as short
Variational Omni TAO	+0.0100%	4h	307.99	−0.796%	$3.7M	$6.6M	—	as long as short
edgeX TAOUSDC	+0.0100%	4h	308.08	−0.767%	$40K	$276K	10x	as long as short
GRVT TAO_USDT_Perp	+0.0100%	4h	308.51	−0.628%	$549K	$965K	10x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	307.80	−0.857%	$46K	$268K	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	310.62	+0.052%	$78K	$675K	5x	as long as short
Bullet TAO-USD	+0.0100%	1h	310.77	+0.100%	$11K	$18K	20x	as long as short
Orderly PERP_TAO_USDC	+0.0100%	4h	310.65	+0.061%	$60K	$276K	10x	as long as short
SunX TAO-USDT	+0.0100%	4h	308.12	−0.754%	$2K	$1.8M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	308.44	−0.651%	$122K	$353K	20x	as long as short
Phemex TAOUSDT	+0.0100%	4h	308.94	−0.490%	$3.3M	$7.9M	50x	as long as short
Aevo TAO-PERP	+0.0104%	1h	308.60	−0.599%	$169K	$998	3x	as long as short
Katana Perps TAO-USD	+0.0111%	8h	310.54	+0.026%	$1K	$451K	5x	as long as short
Aster TAOUSDT	+0.0152%	4h	310.41	−0.017%	$1.1M	$7.6M	50x	as long as short
Paradex TAO-USD-PERP	+0.0161%	8h	310.30	−0.053%	$14K	$1K	10x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0174% / S +0.0069%	1h	310.53	+0.021%	$443K	—	100x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0231%	1h	308.93	−0.492%	$14K	$1.3M	25x	as long as short
Phoenix TAOshort	+0.0234%	1h	308.80	−0.535%	$327K	$462K	5x
Nado TAO-PERP	+0.0288%	1h	310.65	+0.060%	$858K	$1.9M	10x	as long as short
BloFin TAO-USDT	+0.0340%	4h	308.69	−0.570%	$4.3M	$9.5M	100x	as long as short
01 Exchange TAOUSD	+0.0536%	1h	310.85	+0.126%	$3K	$4K	5x	as long as short
Reya TAORUSDPERP	+0.0694%	1h	310.75	+0.094%	$357	—	20x	as long as short
Extended TAO-USD	+0.0744%	1h	310.25	−0.067%	$912K	$2.0M	25x	as long as short
Backpack TAO_USDC_PERP	+0.0925%	1h	309.32	−0.367%	$385K	$754K	10x	as long as short
Lighter TAO	+0.0944%	1h	310.44	−0.008%	$1.7M	$4.8M	5x	as long as short
Coinbase International TAO-PERP-INTX	+0.0960%	1h	310.12	−0.110%	$1.5M	$5.4M	50x	as long as short
Kraken Futures PF_TAOUSD	+0.1019%	1h	309.22	−0.400%	$6.4M	$19.1M	50x	as long as short
RISEx TAO/USDC	+0.1053%	1h	310.46	+0.001%	$415K	$542K	5x	as long as short
Hyperliquid TAO	+0.1844%	1h	311.26	+0.258%	$97.5M	$77.6M	5x	as long as short
Injective TAO/USDC PERP	+0.4876%	1h	308.73	−0.557%	$22K	$271	12x	as long as short