Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0042%/8h= +4.6% APRpaid last 24h +0.004%

Price spread now: Pacifica against Bybit−0.132%7-day average −0.018% · you buy dearer than you sell

Net, funding: paid 7d − costs−$38as in the Funding arb table

Net, price: spread back to 7d avg − costs−$52as in the Price arb table

costs, in and out, $10k−$410.406% of the position

Long on Bybit Short on Pacifica

What this pair did over the last

the charts below follow

Funding, last 7 days+0.024%+$2 on $10k

Price spread, last 4 days (all we have)+0.162%+$16 · spread now −0.132%, 7d avg −0.018%

Together, before fees+0.186%+ Points / potential airdropPacifica: Active · farm board+$19 on $10k · with fees, hour by hour

Funding pays, the price is against you. Pacifica is 0.114% cheaper against Bybit than usual: you would sell low and buy high (spread −0.132% now, against its 7-day average of −0.018%). If the spread goes back, that is −$11 on $10k: about 9.0 days of funding at the current rate (+$1 a day). At the pace of the last 7 days (+0.024% in total) that is about 33 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit TAOUSDT	317.34	0.0406	pay 0.0203% / 4h	1h 09m	$69.5M	$146.2M	50x
Short	Pacifica TAO	316.92	0.0448	get 0.0056% / 1h	9m 23s	$373K	$413K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Pacifica 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 PacificabpOrdersPrice spread, now −0.132%Rate

Funding earned: $8.9
Price spread: −0.132% → −0.018%: −$11.38
Slippage, 4 orders: −$21.57
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Pacifica: 4 bp × 2 orders: −$8
Net: −$43.05
Costs to cover: 0.406%
Break-even: 40.9 days

Slippage from Bybit: live order book, 5 min ago; Pacifica: live order book, 54 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, 5 min ago	0.16 bp	11.6 bp −$12	20.3 bp −$203	57.1 bp −$5,707	doesn't fit
Sell Pacifica live order book, 54 min ago	3.77 bp	10.5 bp −$11	doesn't fit	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	−0.1916%	1h	325.17	+2.467%	$172K	$1K	10x	as long as short
dYdX TAO-USD	0.0000%	1h	316.62	−0.228%	$126K	$85K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	317.09	−0.080%	$21K	—	150x	as long as short
Popdex TAOUSDT	+0.0096%	1h	317.17	−0.054%	$40K	$687K	20x	as long as short
Binance TAOUSDT	+0.0100%	4h	317.14	−0.062%	$92.2M	$490.2M	75x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	317.10	−0.076%	$26.1M	$120.3M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	316.90	−0.139%	$13.0M	$50.3M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	317.15	−0.060%	$102.8M	$143.8M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	317.11	−0.072%	$17.6M	$31.6M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	316.98	−0.113%	$35.4M	$55.7M	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	316.99	−0.111%	$36K	$302K	10x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	317.06	−0.088%	$88K	$796K	5x	as long as short
SunX TAO-USDT	+0.0100%	4h	317.21	−0.041%	$1K	$1.9M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	317.33	−0.003%	$128K	$482K	20x	as long as short
Aevo TAO-PERP	+0.0104%	1h	317.40	+0.019%	$174K	$998	3x	as long as short
Katana Perps TAO-USD	+0.0113%	8h	316.77	−0.180%	$673	$776K	5x	as long as short
Orderly PERP_TAO_USDC	+0.0126%	4h	317.21	−0.041%	$57K	$276K	10x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0157% / S +0.0112%	1h	317.16	−0.058%	$430K	—	100x	as long as short
Bullet TAO-USD	+0.0168%	1h	317.17	−0.054%	$12K	$18K	20x	as long as short
Phemex TAOUSDT	+0.0171%	4h	317.22	−0.038%	$3.4M	$7.9M	50x	as long as short
GRVT TAO_USDT_Perp	+0.0192%	4h	318.34	+0.314%	$528K	$952K	10x	as long as short
Kraken Futures PF_TAOUSD	+0.0247%	1h	317.30	−0.014%	$5.6M	$20.8M	50x	as long as short
Paradex TAO-USD-PERP	+0.0249%	8h	317.18	−0.050%	$14K	$1K	10x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0275%	1h	317.44	+0.033%	$15K	$1.6M	25x	as long as short
Aster TAOUSDT	+0.0284%	4h	317.32	−0.006%	$1.2M	$10.1M	50x	as long as short
BloFin TAO-USDT	+0.0340%	4h	317.43	+0.028%	$3.9M	$11.3M	100x	as long as short
ApeX Omni TAOUSDT	+0.0371%	1h	316.95	−0.123%	$47K	$253K	50x	as long as short
Bybit TAOUSDTlong	+0.0406%	4h	317.34	long leg	$69.5M	$146.2M	50x
Pacifica TAOshort	+0.0448%	1h	316.92	−0.132%	$373K	$413K	10x
BingX TAO-USDT	+0.0448%	4h	317.10	−0.076%	—	$30.4M	—	as long as short
Phoenix TAO	+0.0504%	1h	317.70	+0.113%	$332K	$707K	5x	as long as short
Arcus TAO-USD	+0.0509%	1h	317.34	0.000%	$100K	$488K	5x	as long as short
Nado TAO-PERP	+0.0598%	1h	317.12	−0.070%	$817K	$2.2M	10x	as long as short
Extended TAO-USD	+0.0664%	1h	316.95	−0.123%	$932K	$2.4M	25x	as long as short
01 Exchange TAOUSD	+0.0688%	1h	317.02	−0.101%	$3K	$4K	5x	as long as short
Reya TAORUSDPERP	+0.0696%	1h	317.06	−0.087%	$365	—	20x	as long as short
Lighter TAO	+0.0736%	1h	316.98	−0.112%	$1.6M	$6.4M	5x	as long as short
Variational Omni TAO	+0.0799%	4h	316.62	−0.226%	$5.9M	$9.8M	—	as long as short
Backpack TAO_USDC_PERP	+0.0882%	1h	317.68	+0.107%	$316K	$927K	10x	as long as short
Hyperliquid TAO	+0.1024%	1h	317.34	0.000%	$96.1M	$103.9M	5x	as long as short
Coinbase International TAO-PERP-INTX	+0.1024%	1h	316.66	−0.214%	$1.5M	$6.8M	50x	as long as short
RISEx TAO/USDC	+0.1159%	1h	317.07	−0.084%	$445K	$657K	5x	as long as short
Injective TAO/USDC PERP	+0.4172%	1h	321.62	+1.349%	$23K	$2K	12x	as long as short