Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC−0.0860%/8h= −94.2% APRpaid last 24h −0.203%

Price spread now: Bitget against Coinbase International−1.059%7-day average −0.215% · you buy dearer than you sell

Net, funding: paid 7d − costs−$104as in the Funding arb table

Net, price: spread back to 7d avg − costs−$140as in the Price arb table

costs, in and out, $10k−$560.557% of the position

Long on Coinbase International Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days−0.482%−$48 on $10k

Price spread, last 3 days (all we have)+0.905%+$91 · spread now −1.059%, 7d avg −0.215%

Together, before fees+0.423%+$42 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$26 a day on $10k at the current rate, and Bitget is 0.844% cheaper against Coinbase International than usual: you would sell low and buy high (−$84 if the spread goes back to its 7-day average of −0.215%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.482% in total (about -25.1% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International TAO-PERP-INTX	311.63	0.0960	pay 0.0120% / 1h	6m 34s	$1.5M	$5.5M	50x
Short	Bitget TAOUSDT	308.33	0.0100	get 0.0050% / 4h	2h 06m	$34.5M	$44.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now −1.059%Rate

Funding earned: −$180.6
Price spread: −1.059% → −0.215%: −$84.41
Slippage, 4 orders: −$33.7
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$320.71
Costs to cover: 0.557%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 2 min ago; Bitget: live order book, 2 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, 2 min ago	9.65 bp	14.6 bp −$15	18.3 bp −$183	doesn't fit	doesn't fit
Sell Bitget live order book, 2 min ago	1.45 bp	12.6 bp −$13	17.7 bp −$177	35.4 bp −$3,537	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	−0.0601%	1h	309.73	−0.610%	$203K	$57K	10x	as long as short
dYdX TAO-USD	0.0000%	1h	308.27	−1.079%	$129K	$84K	5x	as long as short
Deribit TAO_USDC-PERPETUAL	0.0000%	1h	309.03	−0.833%	$11K	$1.3M	25x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0007%	1h	309.36	−0.729%	$26K	—	150x	as long as short
Popdex TAOUSDT	+0.0096%	1h	308.43	−1.027%	$43K	$528K	20x	as long as short
Pacifica TAO	+0.0100%	1h	308.48	−1.010%	$364K	$368K	10x	as long as short
Binance TAOUSDT	+0.0100%	4h	308.43	−1.027%	$86.5M	$405.5M	75x	as long as short
Bybit TAOUSDT	+0.0100%	4h	308.50	−1.004%	$59.9M	$119.4M	50x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	308.40	−1.036%	$25.4M	$93.8M	50x	as long as short
Arcus TAO-USD	+0.0100%	1h	308.93	−0.866%	$138K	$584K	5x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate TAO_USDT	+0.0100%	4h	308.50	−1.004%	$12.3M	$48.8M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	308.41	−1.033%	$118.9M	$126.5M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	308.59	−0.976%	$19.0M	$26.7M	75x	as long as short
Bitget TAOUSDTshort	+0.0100%	4h	308.33	−1.059%	$34.5M	$44.6M	50x
BingX TAO-USDT	+0.0100%	4h	308.56	−0.985%	—	$30.4M	—	as long as short
Variational Omni TAO	+0.0100%	4h	307.99	−1.169%	$3.7M	$6.6M	—	as long as short
edgeX TAOUSDC	+0.0100%	4h	308.32	−1.061%	$40K	$277K	10x	as long as short
GRVT TAO_USDT_Perp	+0.0100%	4h	309.18	−0.787%	$550K	$965K	10x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	307.84	−1.216%	$46K	$268K	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	309.71	−0.616%	$78K	$675K	5x	as long as short
Bullet TAO-USD	+0.0100%	1h	309.59	−0.653%	$11K	$18K	20x	as long as short
Orderly PERP_TAO_USDC	+0.0100%	4h	309.22	−0.773%	$59K	$276K	10x	as long as short
SunX TAO-USDT	+0.0100%	4h	309.38	−0.722%	$2K	$1.8M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	309.54	−0.671%	$122K	$353K	20x	as long as short
Phemex TAOUSDT	+0.0100%	4h	309.01	−0.841%	$3.3M	$7.9M	50x	as long as short
Aevo TAO-PERP	+0.0104%	1h	309.34	−0.734%	$170K	$998	3x	as long as short
Katana Perps TAO-USD	+0.0111%	8h	308.42	−1.030%	$2K	$456K	5x	as long as short
Paradex TAO-USD-PERP	+0.0159%	8h	308.46	−1.018%	$14K	$1K	10x	as long as short
Aster TAOUSDT	+0.0162%	4h	308.36	−1.049%	$1.1M	$7.6M	50x	as long as short
Phoenix TAO	+0.0234%	1h	308.80	−0.908%	$327K	$462K	5x	as long as short
Nado TAO-PERP	+0.0294%	1h	309.65	−0.635%	$855K	$1.9M	10x	as long as short
BloFin TAO-USDT	+0.0340%	4h	309.54	−0.671%	$4.3M	$9.5M	100x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0486% / S −0.0184%	1h	309.31	−0.743%	$454K	—	100x	as long as short
01 Exchange TAOUSD	+0.0544%	1h	308.75	−0.924%	$3K	$4K	5x	as long as short
Reya TAORUSDPERP	+0.0694%	1h	309.53	−0.674%	$356	—	20x	as long as short
Extended TAO-USD	+0.0768%	1h	308.52	−0.998%	$907K	$2.0M	25x	as long as short
Backpack TAO_USDC_PERP	+0.0913%	1h	309.00	−0.844%	$384K	$754K	10x	as long as short
Coinbase International TAO-PERP-INTXlong	+0.0960%	1h	311.63	long leg	$1.5M	$5.5M	50x
Lighter TAO	+0.0976%	1h	308.69	−0.943%	$1.7M	$4.8M	5x	as long as short
Kraken Futures PF_TAOUSD	+0.1019%	1h	309.25	−0.764%	$6.4M	$19.0M	50x	as long as short
RISEx TAO/USDC	+0.1053%	1h	308.67	−0.950%	$413K	$542K	5x	as long as short
Hyperliquid TAO	+0.1849%	1h	309.38	−0.722%	$96.9M	$77.6M	5x	as long as short
Injective TAO/USDC PERP	+0.4876%	1h	308.73	−0.931%	$22K	$271	12x	as long as short