Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0644%/8h= +70.5% APRpaid last 24h +0.151%

Price spread now: Coinbase International against BloFin+0.191%58s7-day average +0.159% · you sell dearer than you buy

Net, funding: paid 7d − costs−$37as 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−$490.491% of the position

Long on BloFin Short on Coinbase International

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)−0.092%−$9 · spread now +0.191%, 7d avg +0.159%

Together, before fees+0.033%+$3 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$19 a day on $10k at the current rate, and Coinbase International is 0.032% dearer against BloFin than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of +0.159%. The two prices were read 58 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.125% in total (about 6.5% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin TAO-USDT	314.26	0.0340	pay 0.0170% / 4h	3h 01m	$4.4M	$10.7M	100x
Short	Coinbase International TAO-PERP-INTX	314.86	0.0984	get 0.0123% / 1h	1m 46s	$1.5M	$6.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against BloFin. 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 BloFinbpFee Coinbase InternationalbpOrdersPrice spread, now +0.191%Rate

Funding earned: $135.24
Price spread: +0.191% → +0.159%: $3.18
Slippage, 4 orders: −$27.06
Fee BloFin: 6 bp × 2 orders: −$12
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: $89.36
Costs to cover: 0.491%
Break-even: 2.4 days

Slippage from BloFin: live order book, 7 min ago; Coinbase International: live order book, 2 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 BloFin live order book, 7 min ago	4.11 bp	10.1 bp −$10	12.6 bp −$126	29.9 bp −$2,992	doesn't fit
Sell Coinbase International live order book, 2 min ago	8.25 bp	13.9 bp −$14	17.5 bp −$175	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	−0.1228%	1h	316.14	+0.598%	$168K	$40K	10x	as long as short
dYdX TAO-USD	0.0000%	1h	314.65	+0.123%	$126K	$88K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0002%	1h	314.10	−0.052%	$12K	—	150x	as long as short
Popdex TAOUSDT	+0.0096%	1h	314.66	+0.127%	$44K	$605K	20x	as long as short
Binance TAOUSDT	+0.0100%	4h	314.08	−0.056%	$90.2M	$452.8M	75x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	314.00	−0.083%	$25.5M	$108.5M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	313.10	−0.369%	$12.7M	$51.4M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	313.37	−0.283%	$100.5M	$137.8M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	313.00	−0.401%	$18.2M	$29.8M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	313.91	−0.111%	$34.9M	$51.7M	50x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
edgeX TAOUSDC	+0.0100%	4h	317.06	+0.889%	$40K	$294K	10x	as long as short
GRVT TAO_USDT_Perp	+0.0100%	4h	316.35	+0.665%	$524K	$958K	10x	as long as short
Orderly PERP_TAO_USDC	+0.0100%	4h	314.19	−0.022%	$56K	$316K	10x	as long as short
SunX TAO-USDT	+0.0100%	4h	313.88	−0.121%	$2K	$1.9M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	314.03	−0.073%	$125K	$422K	20x	as long as short
Aevo TAO-PERP	+0.0104%	1h	314.55	+0.091%	$173K	$998	3x	as long as short
Bullet TAO-USD	+0.0109%	1h	314.49	+0.073%	$12K	$17K	20x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0113%	1h	314.05	−0.068%	$16K	$1.5M	25x	as long as short
ApeX Omni TAOUSDT	+0.0117%	1h	316.47	+0.703%	$48K	$267K	50x	as long as short
Katana Perps TAO-USD	+0.0120%	8h	314.92	+0.210%	$644	$648K	5x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0172% / S +0.0102%	1h	314.07	−0.059%	$445K	—	100x	as long as short
Pacifica TAO	+0.0185%	1h	314.74	+0.153%	$373K	$376K	10x	as long as short
Aster TAOUSDT	+0.0191%	4h	313.09	−0.371%	$1.3M	$9.0M	50x	as long as short
Arcus TAO-USD	+0.0201%	1h	314.57	+0.099%	$83K	$550K	5x	as long as short
Paradex TAO-USD-PERP	+0.0237%	8h	314.44	+0.056%	$14K	$1K	10x	as long as short
Polymarket Perps TAO-USD	+0.0260%	1h	314.64	+0.121%	$92K	$633K	5x	as long as short
BloFin TAO-USDTlong	+0.0340%	4h	314.26	long leg	$4.4M	$10.7M	100x
Kraken Futures PF_TAOUSD	+0.0488%	1h	314.08	−0.059%	$5.7M	$20.3M	50x	as long as short
Phoenix TAO	+0.0525%	1h	317.00	+0.872%	$332K	$624K	5x	as long as short
01 Exchange TAOUSD	+0.0560%	1h	314.68	+0.134%	$3K	$4K	5x	as long as short
Injective TAO/USDC PERP	+0.0571%	1h	320.46	+1.973%	$23K	$2K	12x	as long as short
Variational Omni TAO	+0.0571%	4h	316.78	+0.801%	$5.5M	$8.7M	—	as long as short
Phemex TAOUSDT	+0.0593%	4h	314.20	−0.019%	$3.4M	$7.8M	50x	as long as short
Reya TAORUSDPERP	+0.0696%	1h	314.60	+0.108%	$362	—	20x	as long as short
BingX TAO-USDT	+0.0704%	4h	313.92	−0.108%	—	$30.7M	—	as long as short
Nado TAO-PERP	+0.0746%	1h	314.59	+0.106%	$778K	$2.1M	10x	as long as short
Bybit TAOUSDT	+0.0752%	4h	314.11	−0.048%	$64.0M	$134.6M	50x	as long as short
Backpack TAO_USDC_PERP	+0.0797%	1h	313.64	−0.197%	$317K	$818K	10x	as long as short
Coinbase International TAO-PERP-INTXshort	+0.0984%	1h	314.86	+0.191%	$1.5M	$6.4M	50x
Extended TAO-USD	+0.1088%	1h	313.29	−0.308%	$874K	$2.3M	25x	as long as short
RISEx TAO/USDC	+0.1141%	1h	314.41	+0.047%	$417K	$602K	5x	as long as short
Lighter TAO	+0.1432%	1h	314.45	+0.061%	$1.6M	$6.1M	5x	as long as short
Hyperliquid TAO	+0.1724%	1h	314.45	+0.060%	$100.6M	$91.7M	5x	as long as short