Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0045%/8h= +4.9% APRpaid last 24h +0.004%

Price spread now: Bullet against Bybit−0.131%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Bybit Short on Bullet

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Funding pays, the price is against you. Bullet is 0.131% cheaper against Bybit than usual: you would sell low and buy high (spread −0.131% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$13 on $10k: about 9.8 days of funding at the current rate (+$1 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit TAOUSDT	319.81	0.0342	pay 0.0171% / 4h	1h 27m	$70.1M	$156.1M	50x
Short	Bullet TAO-USD	319.39	0.0387	get 0.0048% / 1h	27m 38s	$12K	$17K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bullet 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 BulletbpOrdersPrice spread, now −0.131%Rate

Funding earned: $9.35
Price spread: −0.131% → 0.000%: −$13.13
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Bullet: 4 bp × 2 orders: −$8
Net: −$22.78
Costs to cover: 0.190%
Break-even: 24.1 days

Slippage unknown: Bybit: live order book, 1 min ago; Bullet: no order-book sample. Net counts fees only.

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, 1 min ago	0.16 bp	13.4 bp −$13	26.0 bp −$260	47.3 bp −$4,729	doesn't fit
Sell Bullet no order-book sample	—	—	—	—	—

Bullet: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.1995%	1h	319.47	−0.106%	$170K	$333	10x	as long as short
dYdX TAO-USD	0.0000%	1h	319.13	−0.212%	$127K	$85K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0005%	1h	319.02	−0.247%	$22K	—	150x	as long as short
Popdex TAOUSDT	+0.0096%	1h	319.13	−0.213%	$42K	$705K	20x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	319.60	−0.066%	$26.7M	$129.7M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	319.20	−0.191%	$14.3M	$52.0M	50x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	319.55	−0.081%	$17.9M	$32.1M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	319.72	−0.028%	$35.9M	$58.4M	50x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	320.35	+0.169%	$45K	$259K	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	319.06	−0.235%	$91K	$1.2M	5x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX TAO-USDT	+0.0100%	4h	319.13	−0.213%	$1K	$2.0M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	318.75	−0.331%	$118K	$590K	20x	as long as short
Katana Perps TAO-USD	+0.0109%	8h	319.00	−0.253%	$1K	$1.0M	5x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0118% / S +0.0149%	1h	318.95	−0.269%	$426K	—	100x	as long as short
Aevo TAO-PERP	+0.0120%	1h	319.41	−0.124%	$175K	$998	3x	as long as short
Orderly PERP_TAO_USDC	+0.0121%	4h	319.26	−0.172%	$53K	$292K	10x	as long as short
edgeX TAOUSDC	+0.0165%	4h	319.82	+0.002%	$42K	$318K	10x	as long as short
MEXC TAO_USDT	+0.0170%	4h	319.83	+0.006%	$105.9M	$150.1M	300x	as long as short
Binance TAOUSDT	+0.0171%	4h	319.77	−0.013%	$92.6M	$529.1M	75x	as long as short
Paradex TAO-USD-PERP	+0.0270%	8h	319.64	−0.052%	$15K	$1K	10x	as long as short
Phemex TAOUSDT	+0.0295%	4h	319.54	−0.084%	$3.3M	$8.1M	50x	as long as short
BingX TAO-USDT	+0.0324%	4h	319.74	−0.022%	—	$34.5M	—	as long as short
Aster TAOUSDT	+0.0335%	4h	319.56	−0.078%	$1.3M	$10.9M	50x	as long as short
Bybit TAOUSDTlong	+0.0342%	4h	319.81	long leg	$70.1M	$156.1M	50x
Bullet TAO-USDshort	+0.0387%	1h	319.39	−0.131%	$12K	$17K	20x
GRVT TAO_USDT_Perp	+0.0396%	4h	319.57	−0.074%	$544K	$940K	10x	as long as short
BloFin TAO-USDT	+0.0410%	4h	319.36	−0.141%	$4.7M	$11.1M	100x	as long as short
Extended TAO-USD	+0.0456%	1h	319.60	−0.065%	$911K	$2.4M	25x	as long as short
Pacifica TAO	+0.0525%	1h	319.78	−0.010%	$364K	$423K	10x	as long as short
Variational Omni TAO	+0.0541%	4h	320.05	+0.075%	$5.7M	$10.2M	—	as long as short
Nado TAO-PERP	+0.0556%	1h	319.13	−0.213%	$794K	$2.0M	10x	as long as short
Phoenix TAO	+0.0567%	1h	319.20	−0.191%	$318K	$709K	5x	as long as short
01 Exchange TAOUSD	+0.0632%	1h	319.41	−0.125%	$3K	$4K	5x	as long as short
Hyperliquid TAO	+0.0638%	1h	319.86	+0.016%	$94.5M	$110.3M	5x	as long as short
Arcus TAO-USD	+0.0641%	1h	320.14	+0.103%	$103K	$389K	5x	as long as short
Reya TAORUSDPERP	+0.0698%	1h	319.25	−0.176%	$367	—	20x	as long as short
Backpack TAO_USDC_PERP	+0.0706%	1h	319.43	−0.119%	$298K	$905K	10x	as long as short
Lighter TAO	+0.0728%	1h	319.78	−0.009%	$1.5M	$6.7M	5x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0751%	1h	319.33	−0.149%	$15K	$1.9M	25x	as long as short
Coinbase International TAO-PERP-INTX	+0.0944%	1h	320.68	+0.272%	$1.5M	$6.9M	50x	as long as short
RISEx TAO/USDC	+0.1077%	1h	319.04	−0.240%	$457K	$666K	5x	as long as short
Kraken Futures PF_TAOUSD	+0.1156%	1h	319.35	−0.145%	$5.9M	$21.8M	50x	as long as short
Injective TAO/USDC PERP	+0.4723%	1h	323.44	+1.135%	$24K	$2K	12x	as long as short