Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h −0.001%

Price spread now: Popdex against Bybit0.000%7-day average −0.022% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$91as in the Price arb table

costs, in and out, $10k−$940.937% of the position

Long on Bybit Short on Popdex

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.006%−$1 on $10k

Price spread, last 4 days (all we have)+0.412%+$41 · spread now 0.000%, 7d avg −0.022%

Together, before fees+0.406%+$41 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Popdex is 0.022% dearer against Bybit than usual: you sell high and buy low, +$2 on $10k if it goes back to its 7-day average of −0.022%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit TAOUSDT	314.26	0.0100	pay 0.0050% / 4h	3h 31m	$60.3M	$112.0M	50x
Short	Popdex TAOUSDT	314.26	0.0096	get 0.0012% / 1h	31m 24s	$37K	$507K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Popdex 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 PopdexbpOrdersPrice spread, now 0.000%Rate

Funding earned: −$0.84
Price spread: 0.000% → −0.022%: $2.19
Slippage, 4 orders: −$76.29
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Net: −$92.33
Costs to cover: 0.937%
Break-even: never at this rate

Slippage from Bybit: live order book, 3 min ago; Popdex: live order book, 18 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	11.5 bp −$12	20.5 bp −$205	46.4 bp −$4,643	doesn't fit
Sell Popdex live order book, 18 min ago	27.82 bp	36.1 bp −$36	109.2 bp −$1,092	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	−1.0220%	1h	313.13	−0.359%	$209K	$54K	10x	as long as short
dYdX TAO-USD	0.0000%	1h	313.78	−0.153%	$132K	$95K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0007%	1h	313.93	−0.104%	$28K	—	150x	as long as short
Popdex TAOUSDTshort	+0.0096%	1h	314.26	0.000%	$37K	$507K	20x
Pacifica TAO	+0.0100%	1h	314.14	−0.039%	$365K	$396K	10x	as long as short
Binance TAOUSDT	+0.0100%	4h	314.06	−0.063%	$89.0M	$381.2M	75x	as long as short
Bybit TAOUSDTlong	+0.0100%	4h	314.26	long leg	$60.3M	$112.0M	50x
OKX TAO-USDT-SWAP	+0.0100%	8h	314.00	−0.083%	$25.8M	$89.2M	50x	as long as short
Arcus TAO-USD	+0.0100%	1h	314.49	+0.073%	$142K	$585K	5x	as long as short
Gate TAO_USDT	+0.0100%	4h	314.00	−0.083%	$12.5M	$47.3M	50x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC TAO_USDT	+0.0100%	4h	314.13	−0.041%	$106.4M	$115.3M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	314.29	+0.010%	$20.2M	$25.0M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	313.98	−0.089%	$35.3M	$42.1M	50x	as long as short
Variational Omni TAO	+0.0100%	4h	313.60	−0.210%	$3.5M	$6.2M	—	as long as short
edgeX TAOUSDC	+0.0100%	4h	313.87	−0.125%	$41K	$275K	10x	as long as short
GRVT TAO_USDT_Perp	+0.0100%	4h	314.87	+0.195%	$561K	$947K	10x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	314.08	−0.057%	$48K	$267K	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	314.47	+0.067%	$90K	$638K	5x	as long as short
Bullet TAO-USD	+0.0100%	1h	314.10	−0.051%	$12K	$18K	20x	as long as short
Orderly PERP_TAO_USDC	+0.0100%	4h	314.05	−0.067%	$61K	$277K	10x	as long as short
SunX TAO-USDT	+0.0100%	4h	313.55	−0.226%	$1K	$1.7M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	314.26	0.000%	$125K	$354K	20x	as long as short
Phemex TAOUSDT	+0.0100%	4h	314.12	−0.045%	$3.3M	$7.9M	50x	as long as short
Aevo TAO-PERP	+0.0104%	1h	314.72	+0.146%	$173K	$998	3x	as long as short
BingX TAO-USDT	+0.0110%	4h	313.96	−0.095%	—	$29.9M	—	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0119%	1h	313.38	−0.282%	$17K	$1.3M	25x	as long as short
Katana Perps TAO-USD	+0.0120%	8h	314.33	+0.022%	$898	$378K	5x	as long as short
Paradex TAO-USD-PERP	+0.0195%	8h	314.32	+0.018%	$15K	$992	10x	as long as short
Aster TAOUSDT	+0.0213%	4h	314.30	+0.013%	$1.7M	$7.1M	50x	as long as short
BloFin TAO-USDT	+0.0340%	4h	314.14	−0.038%	$4.3M	$9.4M	100x	as long as short
Phoenix TAO	+0.0365%	1h	314.80	+0.172%	$334K	$326K	5x	as long as short
Kraken Futures PF_TAOUSD	+0.0392%	1h	314.14	−0.039%	$6.3M	$17.8M	50x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0491% / S −0.0188%	1h	313.90	−0.114%	$465K	—	100x	as long as short
Backpack TAO_USDC_PERP	+0.0576%	1h	314.81	+0.175%	$403K	$555K	10x	as long as short
Extended TAO-USD	+0.0584%	1h	314.41	+0.048%	$937K	$1.8M	25x	as long as short
01 Exchange TAOUSD	+0.0624%	1h	314.82	+0.178%	$3K	$4K	5x	as long as short
Nado TAO-PERP	+0.0683%	1h	314.36	+0.031%	$1.1M	$1.5M	10x	as long as short
RISEx TAO/USDC	+0.0688%	1h	314.52	+0.084%	$412K	$526K	5x	as long as short
Reya TAORUSDPERP	+0.0694%	1h	314.17	−0.028%	$361	—	20x	as long as short
Coinbase International TAO-PERP-INTX	+0.0936%	1h	313.71	−0.175%	$1.5M	$5.4M	50x	as long as short
Lighter TAO	+0.2016%	1h	314.74	+0.152%	$2.0M	$3.6M	5x	as long as short
Hyperliquid TAO	+0.2506%	1h	315.22	+0.305%	$95.9M	$66.9M	5x	as long as short
Injective TAO/USDC PERP	+0.3384%	1h	316.14	+0.598%	$23K	$137	12x	as long as short