Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0869%/8h= +95.1% APRpaid last 24h +0.019%

Price spread now: Backpack against Bybit+0.146%7-day average +0.015% · you sell dearer than you buy

Net, funding: paid 7d − costs−$52as in the Funding arb table

Net, price: spread back to 7d avg − costs−$38as in the Price arb table

costs, in and out, $10k−$510.514% of the position

Long on Bybit Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.005%−$1 on $10k

Price spread, last 4 days (all we have)+0.078%+$8 · spread now +0.146%, 7d avg +0.015%

Together, before fees+0.073%+$7 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$26 a day on $10k at the current rate, and Backpack is 0.130% dearer against Bybit than usual: you sell high and buy low: +$13 more if the spread goes back to its 7-day average of +0.015%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.005% in total (about -0.3% 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	Bybit TAOUSDT	308.38	0.0100	pay 0.0050% / 4h	2h 12m	$60.0M	$119.2M	50x
Short	Backpack TAO_USDC_PERP	308.83	0.0969	get 0.0121% / 1h	12m 33s	$384K	$751K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Bybit. 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 BybitbpFee BackpackbpOrdersPrice spread, now +0.146%Rate

Funding earned: $182.39
Price spread: +0.146% → +0.015%: $13.05
Slippage, 4 orders: −$30.4
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Backpack: 5 bp × 2 orders: −$10
Net: $144.03
Costs to cover: 0.514%
Break-even: 1.5 days

Slippage from Bybit: live order book, 7 min ago; Backpack: live order book, 11 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 Bybit live order book, 7 min ago	0.81 bp	10.1 bp −$10	19.1 bp −$191	46.5 bp −$4,648	doesn't fit
Sell Backpack live order book, 11 min ago	0.16 bp	8.2 bp −$8	13.5 bp −$135	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	308.28	−0.033%	$129K	$84K	5x	as long as short
Deribit TAO_USDC-PERPETUAL	0.0000%	1h	308.41	+0.009%	$15K	$1.3M	25x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0007%	1h	308.37	−0.004%	$26K	—	150x	as long as short
Bulk TAO-USD	+0.0052%	1h	305.44	−0.953%	$200K	$57K	10x	as long as short
Popdex TAOUSDT	+0.0096%	1h	308.30	−0.026%	$41K	$527K	20x	as long as short
Pacifica TAO	+0.0100%	1h	308.63	+0.081%	$365K	$367K	10x	as long as short
Binance TAOUSDT	+0.0100%	4h	308.31	−0.023%	$86.4M	$404.9M	75x	as long as short
Bybit TAOUSDTlong	+0.0100%	4h	308.38	long leg	$60.0M	$119.2M	50x
OKX TAO-USDT-SWAP	+0.0100%	8h	308.40	+0.006%	$25.5M	$93.6M	50x	as long as short
Arcus TAO-USD	+0.0100%	1h	308.68	+0.097%	$138K	$603K	5x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate TAO_USDT	+0.0100%	4h	308.40	+0.006%	$12.3M	$48.6M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	308.47	+0.029%	$118.9M	$125.6M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	308.43	+0.016%	$18.7M	$26.5M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	308.35	−0.010%	$34.5M	$44.6M	50x	as long as short
BingX TAO-USDT	+0.0100%	4h	308.52	+0.045%	—	$30.4M	—	as long as short
Variational Omni TAO	+0.0100%	4h	309.10	+0.232%	$3.7M	$6.6M	—	as long as short
edgeX TAOUSDC	+0.0100%	4h	309.74	+0.441%	$40K	$278K	10x	as long as short
GRVT TAO_USDT_Perp	+0.0100%	4h	309.81	+0.465%	$551K	$965K	10x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	309.90	+0.493%	$47K	$268K	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	309.11	+0.237%	$78K	$675K	5x	as long as short
Bullet TAO-USD	+0.0100%	1h	308.77	+0.126%	$11K	$18K	20x	as long as short
Orderly PERP_TAO_USDC	+0.0100%	4h	308.35	−0.010%	$59K	$276K	10x	as long as short
SunX TAO-USDT	+0.0100%	4h	308.94	+0.182%	$2K	$1.8M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	308.94	+0.182%	$122K	$353K	20x	as long as short
Phemex TAOUSDT	+0.0100%	4h	308.52	+0.045%	$3.3M	$7.9M	50x	as long as short
Aevo TAO-PERP	+0.0104%	1h	308.50	+0.039%	$169K	$998	3x	as long as short
Katana Perps TAO-USD	+0.0111%	8h	308.58	+0.065%	$1K	$449K	5x	as long as short
Paradex TAO-USD-PERP	+0.0158%	8h	308.45	+0.023%	$14K	$1K	10x	as long as short
Aster TAOUSDT	+0.0160%	4h	308.40	+0.006%	$1.1M	$7.5M	50x	as long as short
Phoenix TAO	+0.0234%	1h	307.60	−0.253%	$326K	$462K	5x	as long as short
Nado TAO-PERP	+0.0306%	1h	308.43	+0.015%	$853K	$1.9M	10x	as long as short
BloFin TAO-USDT	+0.0340%	4h	308.46	+0.026%	$4.3M	$9.5M	100x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0486% / S −0.0184%	1h	308.37	−0.003%	$454K	—	100x	as long as short
01 Exchange TAOUSD	+0.0528%	1h	308.65	+0.088%	$3K	$4K	5x	as long as short
Reya TAORUSDPERP	+0.0694%	1h	309.04	+0.214%	$355	—	20x	as long as short
Extended TAO-USD	+0.0720%	1h	308.47	+0.028%	$911K	$2.0M	25x	as long as short
Lighter TAO	+0.0920%	1h	308.96	+0.187%	$1.7M	$4.8M	5x	as long as short
Coinbase International TAO-PERP-INTX	+0.0960%	1h	310.60	+0.720%	$1.5M	$5.5M	50x	as long as short
Backpack TAO_USDC_PERPshort	+0.0969%	1h	308.83	+0.146%	$384K	$751K	10x
Kraken Futures PF_TAOUSD	+0.1021%	1h	308.73	+0.114%	$6.4M	$19.1M	50x	as long as short
RISEx TAO/USDC	+0.1053%	1h	308.51	+0.044%	$412K	$542K	5x	as long as short
Hyperliquid TAO	+0.1799%	1h	309.20	+0.266%	$96.7M	$77.4M	5x	as long as short
Injective TAO/USDC PERP	+0.4876%	1h	308.73	+0.113%	$22K	$271	12x	as long as short