Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0726%/8h= −79.5% APRpaid last 24h −0.249%

Price spread now: BingX against Coinbase International−0.214%7-day average −0.190% · you buy dearer than you sell

Net, funding: paid 7d − costs−$96as in the Funding arb table

Net, price: spread back to 7d avg − costs−$40as in the Price arb table

costs, in and out, $10k−$380.381% of the position

Long on Coinbase International Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.577%−$58 on $10k

Price spread, last 4 days (all we have)+0.095%+$9 · spread now −0.214%, 7d avg −0.190%

Together, before fees−0.482%−$48 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$22 a day on $10k at the current rate, and BingX is 0.024% cheaper against Coinbase International than usual: you would sell low and buy high (−$2 if the spread goes back to its 7-day average of −0.190%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International TAO-PERP-INTX	317.98	0.0984	pay 0.0123% / 1h	15m 17s	$1.4M	$7.0M	50x
Short	BingX TAO-USDT	317.30	0.0258	get 0.0129% / 4h	15m 17s	—	$37.3M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Coinbase International. 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 Coinbase InternationalbpFee BingXbpOrdersPrice spread, now −0.214%Rate

Funding earned: −$152.46
Price spread: −0.214% → −0.190%: −$2.39
Slippage, 4 orders: −$18.07
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee BingX: 5 bp × 2 orders: −$10
Net: −$192.93
Costs to cover: 0.381%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 4 min ago; BingX: live order book, 4 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 Coinbase International live order book, 4 min ago	5.66 bp	13.5 bp −$13	15.9 bp −$159	doesn't fit	doesn't fit
Sell BingX live order book, 4 min ago	0.63 bp	7.3 bp −$7	14.5 bp −$145	23.4 bp −$2,341	51.9 bp −$25.9K

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	316.96	−0.321%	$22K	—	150x	as long as short
dYdX TAO-USD	+0.0075%	1h	317.28	−0.221%	$127K	$85K	5x	as long as short
Popdex TAOUSDT	+0.0096%	1h	317.61	−0.116%	$46K	$714K	20x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	317.80	−0.057%	$26.5M	$131.2M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	317.00	−0.308%	$14.7M	$52.0M	50x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	317.56	−0.132%	$17.9M	$32.4M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	317.47	−0.160%	$35.7M	$57.9M	50x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	317.50	−0.151%	$46K	$259K	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	317.08	−0.283%	$87K	$1.2M	5x	as long as short
SunX TAO-USDT	+0.0100%	4h	317.27	−0.223%	$2K	$2.0M	20x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX TAO-USDT	+0.0100%	4h	317.17	−0.255%	$116K	$603K	20x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0104% / S +0.0139%	1h	316.95	−0.323%	$404K	—	100x	as long as short
Katana Perps TAO-USD	+0.0106%	8h	317.38	−0.189%	$1K	$1.1M	5x	as long as short
Aevo TAO-PERP	+0.0128%	1h	317.53	−0.142%	$174K	$998	3x	as long as short
Orderly PERP_TAO_USDC	+0.0169%	4h	317.35	−0.198%	$52K	$294K	10x	as long as short
edgeX TAOUSDC	+0.0177%	4h	317.99	+0.004%	$42K	$321K	10x	as long as short
Binance TAOUSDT	+0.0180%	4h	317.78	−0.062%	$91.9M	$531.5M	75x	as long as short
MEXC TAO_USDT	+0.0182%	4h	317.84	−0.044%	$103.3M	$152.4M	300x	as long as short
Paradex TAO-USD-PERP	+0.0249%	8h	317.61	−0.116%	$14K	$1K	10x	as long as short
BingX TAO-USDTshort	+0.0258%	4h	317.30	−0.214%	—	$37.3M	—
Bybit TAOUSDT	+0.0266%	4h	318.02	+0.013%	$69.7M	$156.9M	50x	as long as short
Bullet TAO-USD	+0.0285%	1h	317.25	−0.228%	$12K	$17K	20x	as long as short
Pacifica TAO	+0.0313%	1h	317.55	−0.135%	$372K	$466K	10x	as long as short
GRVT TAO_USDT_Perp	+0.0324%	4h	317.89	−0.029%	$541K	$907K	10x	as long as short
Aster TAOUSDT	+0.0343%	4h	317.88	−0.033%	$1.3M	$11.0M	50x	as long as short
Extended TAO-USD	+0.0376%	1h	317.75	−0.073%	$904K	$2.4M	25x	as long as short
BloFin TAO-USDT	+0.0420%	4h	317.47	−0.160%	$4.7M	$10.9M	100x	as long as short
Phemex TAOUSDT	+0.0459%	4h	317.65	−0.104%	$3.2M	$8.2M	50x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0469%	1h	317.72	−0.082%	$15K	$1.9M	25x	as long as short
Nado TAO-PERP	+0.0473%	1h	317.25	−0.230%	$781K	$2.0M	10x	as long as short
Arcus TAO-USD	+0.0473%	1h	317.80	−0.057%	$100K	$384K	5x	as long as short
Lighter TAO	+0.0544%	1h	317.98	+0.001%	$1.6M	$6.9M	5x	as long as short
Variational Omni TAO	+0.0560%	4h	318.03	+0.014%	$5.6M	$10.1M	—	as long as short
Phoenix TAO	+0.0629%	1h	318.40	+0.132%	$320K	$703K	5x	as long as short
01 Exchange TAOUSD	+0.0680%	1h	317.99	+0.003%	$3K	$4K	5x	as long as short
Backpack TAO_USDC_PERP	+0.0683%	1h	317.70	−0.088%	$296K	$905K	10x	as long as short
Reya TAORUSDPERP	+0.0698%	1h	317.09	−0.281%	$365	—	20x	as long as short
Hyperliquid TAO	+0.0706%	1h	317.29	−0.217%	$93.7M	$110.6M	5x	as long as short
RISEx TAO/USDC	+0.0831%	1h	317.50	−0.153%	$450K	$662K	5x	as long as short
Kraken Futures PF_TAOUSD	+0.0834%	1h	317.78	−0.064%	$5.9M	$21.6M	50x	as long as short
Coinbase International TAO-PERP-INTXlong	+0.0984%	1h	317.98	long leg	$1.4M	$7.0M	50x
Bulk TAO-USD	+0.1572%	1h	317.17	−0.255%	$169K	$0	10x	as long as short
Injective TAO/USDC PERP	+0.4513%	1h	318.80	+0.258%	$23K	$2K	12x	as long as short