Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0244%/8h= −26.7% APRpaid last 24h −0.073%

Price spread now: Popdex against BloFin−1.118%580s7-day average −0.026% · 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−$440.440% of the position

Long on BloFin Short on Popdex

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.257%−$26 on $10k

Price spread, last 3 days (all we have)+1.054%+$105 · spread now −1.118%, 7d avg −0.026%

Together, before fees+0.796%+$80 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$7 a day on $10k at the current rate, and Popdex is 1.092% cheaper against BloFin than usual: you would sell low and buy high (−$109 if the spread goes back to its 7-day average of −0.026%). Swap the legs. The two prices were read 580 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	BloFin TAO-USDT	311.16	0.0340	pay 0.0170% / 4h	2h 39m	$4.4M	$10.7M	100x
Short	Popdex TAOUSDT	307.68	0.0096	get 0.0012% / 1h	39m 11s	$36K	$616K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Popdex 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 PopdexbpOrdersPrice spread, now −1.118%Rate

Funding earned: −$51.24
Price spread: −1.118% → −0.026%: −$109.23
Slippage, 4 orders: −$25.56
Fee BloFin: 6 bp × 2 orders: −$12
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Net: −$204.43
Costs to cover: 0.440%
Break-even: never at this rate

Slippage from BloFin: live order book, 10 min ago; Popdex: live order book, 30 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, 10 min ago	5.00 bp	12.9 bp −$13	22.6 bp −$226	doesn't fit	doesn't fit
Sell Popdex live order book, 30 min ago	1.74 bp	10.9 bp −$11	92.1 bp −$921	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
dYdX TAO-USD	0.0000%	1h	307.69	−1.114%	$123K	$84K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0003%	1h	308.02	−1.008%	$12K	—	150x	as long as short
Popdex TAOUSDTshort	+0.0096%	1h	307.68	−1.118%	$36K	$616K	20x
Binance TAOUSDT	+0.0100%	4h	308.88	−0.732%	$88.7M	$460.8M	75x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	308.80	−0.758%	$25.3M	$108.8M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	308.50	−0.855%	$12.6M	$49.7M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	308.88	−0.733%	$103.9M	$137.8M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	308.81	−0.755%	$17.9M	$30.0M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	308.58	−0.829%	$34.4M	$53.1M	50x	as long as short
edgeX TAOUSDC	+0.0100%	4h	309.15	−0.647%	$34K	$298K	10x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT TAO_USDT_Perp	+0.0100%	4h	308.37	−0.898%	$508K	$965K	10x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	309.11	−0.659%	$46K	$268K	50x	as long as short
Orderly PERP_TAO_USDC	+0.0100%	4h	308.35	−0.903%	$56K	$283K	10x	as long as short
SunX TAO-USDT	+0.0100%	4h	308.62	−0.816%	$1K	$1.9M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	307.88	−1.054%	$126K	$471K	20x	as long as short
Aevo TAO-PERP	+0.0104%	1h	308.20	−0.953%	$169K	$998	3x	as long as short
Katana Perps TAO-USD	+0.0115%	8h	307.58	−1.151%	$689	$680K	5x	as long as short
Aster TAOUSDT	+0.0165%	4h	308.07	−0.994%	$1.2M	$9.2M	50x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0170% / S +0.0102%	1h	307.98	−1.023%	$414K	—	100x	as long as short
Kraken Futures PF_TAOUSD	+0.0171%	1h	308.64	−0.809%	$5.5M	$20.4M	50x	as long as short
Polymarket Perps TAO-USD	+0.0203%	1h	308.22	−0.945%	$77K	$644K	5x	as long as short
Bullet TAO-USD	+0.0218%	1h	308.25	−0.934%	$12K	$17K	20x	as long as short
Paradex TAO-USD-PERP	+0.0274%	8h	308.01	−1.013%	$14K	$1K	10x	as long as short
Pacifica TAO	+0.0285%	1h	308.07	−0.993%	$364K	$381K	10x	as long as short
Arcus TAO-USD	+0.0337%	1h	308.10	−0.983%	$81K	$547K	5x	as long as short
BloFin TAO-USDTlong	+0.0340%	4h	311.16	long leg	$4.4M	$10.7M	100x
Deribit TAO_USDC-PERPETUAL	+0.0461%	1h	308.69	−0.793%	$15K	$1.5M	25x	as long as short
Injective TAO/USDC PERP	+0.0470%	1h	315.63	+1.437%	$23K	$2K	12x	as long as short
Phemex TAOUSDT	+0.0475%	4h	308.54	−0.842%	$3.3M	$8.0M	50x	as long as short
Nado TAO-PERP	+0.0586%	1h	308.32	−0.912%	$750K	$2.1M	10x	as long as short
Phoenix TAO	+0.0588%	1h	308.80	−0.758%	$323K	$681K	5x	as long as short
01 Exchange TAOUSD	+0.0632%	1h	307.91	−1.044%	$3K	$4K	5x	as long as short
Reya TAORUSDPERP	+0.0696%	1h	308.33	−0.910%	$355	—	20x	as long as short
Variational Omni TAO	+0.0734%	4h	308.15	−0.968%	$5.3M	$8.9M	—	as long as short
BingX TAO-USDT	+0.0736%	4h	308.85	−0.742%	—	$31.0M	—	as long as short
Bybit TAOUSDT	+0.0741%	4h	308.99	−0.697%	$63.1M	$135.7M	50x	as long as short
Backpack TAO_USDC_PERP	+0.0843%	1h	309.01	−0.691%	$312K	$814K	10x	as long as short
Extended TAO-USD	+0.0944%	1h	308.38	−0.893%	$885K	$2.4M	25x	as long as short
Coinbase International TAO-PERP-INTX	+0.1024%	1h	308.25	−0.935%	$1.4M	$6.3M	50x	as long as short
RISEx TAO/USDC	+0.1132%	1h	307.88	−1.053%	$410K	$606K	5x	as long as short
Hyperliquid TAO	+0.1236%	1h	309.10	−0.664%	$97.4M	$93.3M	5x	as long as short
Lighter TAO	+0.1352%	1h	309.18	−0.635%	$1.6M	$6.0M	5x	as long as short
Bulk TAO-USD	+0.3743%	1h	312.40	+0.399%	$166K	$40K	10x	as long as short