Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0721%/8h= +79.0% APRpaid last 24h +0.241%

Price spread now: Coinbase International against Bybit+0.079%7-day average +0.155% · you sell dearer than you buy

Net, funding: paid 7d − costs+$22as in the Funding arb table

Net, price: spread back to 7d avg − costs−$45as in the Price arb table

costs, in and out, $10k−$370.373% of the position

Long on Bybit Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.589%+$59 on $10k

Price spread, last 4 days (all we have)+0.205%+$20 · spread now +0.079%, 7d avg +0.155%

Together, before fees+0.794%+$79 on $10k · with fees, hour by hour

Funding pays, the price is against you. Coinbase International is 0.076% cheaper against Bybit than usual: you would sell low and buy high (spread +0.079% now, against its 7-day average of +0.155%). If the spread goes back, that is −$8 on $10k: about 8 hours of funding at the current rate (+$22 a day). At the pace of the last 7 days (+0.589% in total) that is about 22 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit TAOUSDT	315.74	0.0223	pay 0.0111% / 4h	3h 41m	$69.5M	$155.8M	50x
Short	Coinbase International TAO-PERP-INTX	315.99	0.0944	get 0.0118% / 1h	41m 22s	$1.2M	$7.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International 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 Coinbase InternationalbpOrdersPrice spread, now +0.079%Rate

Funding earned: $151.46
Price spread: +0.079% → +0.155%: −$7.56
Slippage, 4 orders: −$16.31
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: $106.59
Costs to cover: 0.373%
Break-even: 2.1 days

Slippage from Bybit: live order book, 3 min ago; Coinbase International: live order book, 3 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, 3 min ago	0.16 bp	9.9 bp −$10	17.2 bp −$172	48.1 bp −$4,815	doesn't fit
Sell Coinbase International live order book, 3 min ago	2.85 bp	10.7 bp −$11	14.1 bp −$141	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
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0005%	1h	315.42	−0.101%	$22K	—	150x	as long as short
Popdex TAOUSDT	+0.0096%	1h	315.84	+0.032%	$50K	$714K	20x	as long as short
Katana Perps TAO-USD	+0.0100%	8h	315.58	−0.051%	$646	$1.2M	5x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	315.70	−0.013%	$26.3M	$130.4M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	315.50	−0.076%	$14.8M	$49.3M	50x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	315.64	−0.032%	$17.7M	$32.3M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	315.48	−0.082%	$35.5M	$57.7M	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	315.50	−0.076%	$87K	$1.2M	5x	as long as short
SunX TAO-USDT	+0.0100%	4h	315.40	−0.108%	$2K	$1.9M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	315.61	−0.041%	$116K	$589K	20x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex TAOUSDT	+0.0100%	4h	315.60	−0.044%	$3.2M	$8.1M	50x	as long as short
Aevo TAO-PERP	+0.0120%	1h	315.83	+0.030%	$173K	$998	3x	as long as short
dYdX TAO-USD	+0.0142%	1h	315.84	+0.032%	$127K	$86K	5x	as long as short
Binance TAOUSDT	+0.0154%	4h	315.66	−0.026%	$92.2M	$530.3M	75x	as long as short
MEXC TAO_USDT	+0.0158%	4h	315.74	0.000%	$104.3M	$151.7M	300x	as long as short
edgeX TAOUSDC	+0.0165%	4h	316.46	+0.227%	$42K	$322K	10x	as long as short
Orderly PERP_TAO_USDC	+0.0210%	4h	315.66	−0.025%	$54K	$299K	10x	as long as short
Bullet TAO-USD	+0.0212%	1h	315.72	−0.006%	$12K	$17K	20x	as long as short
GRVT TAO_USDT_Perp	+0.0220%	4h	316.21	+0.149%	$541K	$877K	10x	as long as short
Bybit TAOUSDTlong	+0.0223%	4h	315.74	long leg	$69.5M	$155.8M	50x
Bulk TAO-USD	+0.0233%	1h	316.19	+0.143%	$168K	$0	10x	as long as short
Paradex TAO-USD-PERP	+0.0239%	8h	316.04	+0.096%	$14K	$876	10x	as long as short
ApeX Omni TAOUSDT	+0.0254%	1h	316.32	+0.184%	$45K	$257K	50x	as long as short
Aster TAOUSDT	+0.0317%	4h	315.66	−0.025%	$1.2M	$11.1M	50x	as long as short
BingX TAO-USDT	+0.0328%	4h	315.70	−0.013%	—	$37.4M	—	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0338%	1h	315.65	−0.029%	$15K	$1.9M	25x	as long as short
Pacifica TAO	+0.0349%	1h	316.12	+0.119%	$371K	$442K	10x	as long as short
Extended TAO-USD	+0.0360%	1h	315.60	−0.044%	$899K	$2.4M	25x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0361% / S −0.0107%	1h	315.92	+0.056%	$371K	—	100x	as long as short
BloFin TAO-USDT	+0.0394%	4h	315.60	−0.044%	$4.7M	$10.8M	100x	as long as short
Arcus TAO-USD	+0.0404%	1h	316.07	+0.105%	$99K	$371K	5x	as long as short
Hyperliquid TAO	+0.0470%	1h	315.81	+0.022%	$93.0M	$110.2M	5x	as long as short
Nado TAO-PERP	+0.0529%	1h	315.68	−0.018%	$767K	$2.0M	10x	as long as short
Phoenix TAO	+0.0578%	1h	316.80	+0.336%	$319K	$714K	5x	as long as short
Lighter TAO	+0.0592%	1h	315.90	+0.051%	$1.6M	$6.6M	5x	as long as short
Variational Omni TAO	+0.0622%	4h	316.65	+0.289%	$5.6M	$10.1M	—	as long as short
01 Exchange TAOUSD	+0.0624%	1h	315.97	+0.073%	$3K	$4K	5x	as long as short
Reya TAORUSDPERP	+0.0698%	1h	315.62	−0.039%	$363	—	20x	as long as short
Backpack TAO_USDC_PERP	+0.0728%	1h	316.14	+0.127%	$316K	$1.0M	10x	as long as short
Kraken Futures PF_TAOUSD	+0.0788%	1h	315.75	+0.004%	$6.0M	$21.3M	50x	as long as short
RISEx TAO/USDC	+0.0840%	1h	315.76	+0.007%	$437K	$679K	5x	as long as short
Coinbase International TAO-PERP-INTXshort	+0.0944%	1h	315.99	+0.079%	$1.2M	$7.2M	50x
Injective TAO/USDC PERP	+0.3512%	1h	319.36	+1.147%	$23K	$2K	12x	as long as short