Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0924%/8h= −101.2% APRpaid last 24h −0.236%

Price spread now: MEXC against Coinbase International−0.375%7-day average −0.186% · 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−$54as in the Price arb table

costs, in and out, $10k−$350.352% of the position

Long on Coinbase International Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days−0.606%−$61 on $10k

Price spread, last 4 days (all we have)+0.123%+$12 · spread now −0.375%, 7d avg −0.186%

Together, before fees−0.483%−$48 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$28 a day on $10k at the current rate, and MEXC is 0.189% cheaper against Coinbase International than usual: you would sell low and buy high (−$19 if the spread goes back to its 7-day average of −0.186%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.606% in total (about -31.6% 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	317.08	0.1024	pay 0.0128% / 1h	4m 15s	$1.5M	$6.8M	50x
Short	MEXC TAO_USDT	315.89	0.0100	get 0.0050% / 4h	1h 04m	$104.4M	$144.2M	300x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now −0.375%Rate

Funding earned: −$194.04
Price spread: −0.375% → −0.186%: −$18.89
Slippage, 4 orders: −$25.24
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee MEXC: 0 bp × 2 orders: $0
Net: −$248.17
Costs to cover: 0.352%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 5 min ago; MEXC: live order book, 5 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, 5 min ago	9.76 bp	14.8 bp −$15	20.8 bp −$208	doesn't fit	doesn't fit
Sell MEXC live order book, 5 min ago	0.63 bp	2.2 bp −$2	11.8 bp −$118	27.3 bp −$2,733	109.1 bp −$54.6K

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	−0.0766%	1h	316.69	−0.125%	$168K	$1K	10x	as long as short
dYdX TAO-USD	0.0000%	1h	316.53	−0.175%	$126K	$85K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	315.69	−0.439%	$20K	—	150x	as long as short
Popdex TAOUSDT	+0.0096%	1h	316.05	−0.325%	$41K	$686K	20x	as long as short
Binance TAOUSDT	+0.0100%	4h	315.93	−0.363%	$91.8M	$490.4M	75x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	315.70	−0.435%	$26.0M	$119.6M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	315.70	−0.435%	$12.9M	$50.4M	50x	as long as short
MEXC TAO_USDTshort	+0.0100%	4h	315.89	−0.375%	$104.4M	$144.2M	300x
KuCoin TAOUSDTM	+0.0100%	4h	315.82	−0.397%	$17.6M	$31.7M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	315.56	−0.479%	$35.2M	$56.0M	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	316.32	−0.240%	$35K	$303K	10x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	315.88	−0.378%	$88K	$794K	5x	as long as short
SunX TAO-USDT	+0.0100%	4h	315.55	−0.483%	$1K	$1.9M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	315.33	−0.552%	$109K	$529K	20x	as long as short
Phemex TAOUSDT	+0.0103%	4h	315.55	−0.483%	$3.2M	$8.1M	50x	as long as short
Aevo TAO-PERP	+0.0104%	1h	315.75	−0.420%	$173K	$998	3x	as long as short
Katana Perps TAO-USD	+0.0112%	8h	315.95	−0.356%	$673	$778K	5x	as long as short
Orderly PERP_TAO_USDC	+0.0126%	4h	315.73	−0.426%	$57K	$275K	10x	as long as short
Bullet TAO-USD	+0.0129%	1h	315.89	−0.376%	$12K	$18K	20x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0156% / S +0.0113%	1h	315.70	−0.436%	$428K	—	100x	as long as short
GRVT TAO_USDT_Perp	+0.0178%	4h	317.27	+0.060%	$528K	$965K	10x	as long as short
Paradex TAO-USD-PERP	+0.0234%	8h	316.39	−0.217%	$14K	$1K	10x	as long as short
Kraken Futures PF_TAOUSD	+0.0249%	1h	315.73	−0.427%	$5.6M	$20.8M	50x	as long as short
Aster TAOUSDT	+0.0265%	4h	316.15	−0.292%	$1.2M	$10.1M	50x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0274%	1h	315.75	−0.421%	$15K	$1.7M	25x	as long as short
BloFin TAO-USDT	+0.0340%	4h	316.31	−0.243%	$4.6M	$10.9M	100x	as long as short
ApeX Omni TAOUSDT	+0.0349%	1h	316.96	−0.038%	$47K	$252K	50x	as long as short
Bybit TAOUSDT	+0.0367%	4h	315.90	−0.372%	$69.2M	$146.0M	50x	as long as short
BingX TAO-USDT	+0.0386%	4h	315.75	−0.419%	—	$30.4M	—	as long as short
Pacifica TAO	+0.0448%	1h	316.56	−0.164%	$372K	$413K	10x	as long as short
Phoenix TAO	+0.0504%	1h	316.50	−0.183%	$331K	$707K	5x	as long as short
Arcus TAO-USD	+0.0509%	1h	316.48	−0.189%	$100K	$488K	5x	as long as short
Nado TAO-PERP	+0.0560%	1h	315.75	−0.420%	$824K	$2.2M	10x	as long as short
Extended TAO-USD	+0.0560%	1h	315.72	−0.430%	$927K	$2.4M	25x	as long as short
01 Exchange TAOUSD	+0.0640%	1h	316.26	−0.259%	$3K	$4K	5x	as long as short
Reya TAORUSDPERP	+0.0696%	1h	315.86	−0.384%	$363	—	20x	as long as short
Lighter TAO	+0.0704%	1h	316.90	−0.056%	$1.6M	$6.4M	5x	as long as short
Variational Omni TAO	+0.0758%	4h	315.94	−0.358%	$5.9M	$9.8M	—	as long as short
Backpack TAO_USDC_PERP	+0.0824%	1h	316.75	−0.104%	$315K	$926K	10x	as long as short
Hyperliquid TAO	+0.0930%	1h	315.93	−0.363%	$95.3M	$104.2M	5x	as long as short
Coinbase International TAO-PERP-INTXlong	+0.1024%	1h	317.08	long leg	$1.5M	$6.8M	50x
RISEx TAO/USDC	+0.1159%	1h	316.21	−0.273%	$436K	$659K	5x	as long as short
Injective TAO/USDC PERP	+0.4172%	1h	321.62	+1.432%	$23K	$2K	12x	as long as short