Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0006%/8h= −0.7% APRpaid last 24h +0.085%

Price spread now: BloFin against Deribit−0.096%57s7-day average −0.003% · you buy dearer than you sell

Net, funding: paid 7d − costs+$19as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$410.411% of the position

Long on Deribit Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.600%+$60 on $10k

Price spread, last 3 days (all we have)+0.100%+$10 · spread now −0.096%, 7d avg −0.003%

Together, before fees+0.701%+$70 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: BloFin is 0.093% cheaper against Deribit than usual: you would sell low and buy high, −$9 on $10k if it goes back to its 7-day average of −0.003%. The two prices were read 57 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit TAO_USDC-PERPETUAL	303.74	0.0346	pay 0.0043% / 1h	45m 48s	$20K	$1.4M	25x
Short	BloFin TAO-USDT	303.45	0.0340	get 0.0170% / 4h	1h 45m	$4.3M	$9.3M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against Deribit. 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 DeribitbpFee BloFinbpOrdersPrice spread, now −0.096%Rate

Funding earned: −$1.26
Price spread: −0.096% → −0.003%: −$9.32
Slippage, 4 orders: −$22.11
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$51.69
Costs to cover: 0.411%
Break-even: never at this rate

Slippage from Deribit: live order book, 3 min ago; BloFin: live order book, 3 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 Deribit live order book, 3 min ago	7.39 bp	10.9 bp −$11	doesn't fit	doesn't fit	doesn't fit
Sell BloFin live order book, 3 min ago	2.63 bp	10.4 bp −$10	17.5 bp −$175	37.5 bp −$3,750	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	−0.0466%	1h	307.38	+1.198%	$202K	$17K	10x	as long as short
dYdX TAO-USD	0.0000%	1h	303.51	−0.078%	$124K	$85K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0007%	1h	303.52	−0.073%	$26K	—	150x	as long as short
Popdex TAOUSDT	+0.0096%	1h	303.94	+0.065%	$43K	$534K	20x	as long as short
Binance TAOUSDT	+0.0100%	4h	303.59	−0.050%	$85.0M	$410.2M	75x	as long as short
Bybit TAOUSDT	+0.0100%	4h	303.49	−0.083%	$58.8M	$120.6M	50x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	303.20	−0.179%	$24.4M	$94.4M	50x	as long as short
Arcus TAO-USD	+0.0100%	1h	303.87	+0.042%	$79K	$642K	5x	as long as short
Gate TAO_USDT	+0.0100%	4h	303.70	−0.014%	$12.1M	$48.4M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	303.27	−0.155%	$120.5M	$124.1M	300x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin TAOUSDTM	+0.0100%	4h	303.42	−0.106%	$18.2M	$26.9M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	303.92	+0.059%	$34.0M	$45.6M	50x	as long as short
BingX TAO-USDT	+0.0100%	4h	303.86	+0.039%	—	$30.4M	—	as long as short
Variational Omni TAO	+0.0100%	4h	305.07	+0.437%	$3.6M	$6.6M	—	as long as short
edgeX TAOUSDC	+0.0100%	4h	304.88	+0.376%	$39K	$278K	10x	as long as short
GRVT TAO_USDT_Perp	+0.0100%	4h	304.81	+0.352%	$504K	$977K	10x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	304.02	+0.091%	$77K	$607K	5x	as long as short
Bullet TAO-USD	+0.0100%	1h	304.05	+0.102%	$11K	$18K	20x	as long as short
Orderly PERP_TAO_USDC	+0.0100%	4h	303.80	+0.019%	$58K	$276K	10x	as long as short
SunX TAO-USDT	+0.0100%	4h	303.94	+0.065%	$1K	$1.8M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	303.83	+0.029%	$120K	$356K	20x	as long as short
Phemex TAOUSDT	+0.0100%	4h	303.84	+0.032%	$3.2M	$7.8M	50x	as long as short
Aevo TAO-PERP	+0.0104%	1h	303.63	−0.038%	$167K	$998	3x	as long as short
ApeX Omni TAOUSDT	+0.0106%	1h	303.70	−0.014%	$46K	$269K	50x	as long as short
Aster TAOUSDT	+0.0108%	4h	303.73	−0.005%	$1.1M	$7.7M	50x	as long as short
Katana Perps TAO-USD	+0.0112%	8h	304.03	+0.095%	$2K	$486K	5x	as long as short
Paradex TAO-USD-PERP	+0.0153%	8h	303.36	−0.126%	$14K	$1K	10x	as long as short
Pacifica TAO	+0.0164%	1h	303.66	−0.026%	$359K	$370K	10x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0174% / S +0.0069%	1h	303.71	−0.012%	$434K	—	100x	as long as short
BloFin TAO-USDTshort	+0.0340%	4h	303.45	−0.096%	$4.3M	$9.3M	100x
Deribit TAO_USDC-PERPETUALlong	+0.0346%	1h	303.74	long leg	$20K	$1.4M	25x
Backpack TAO_USDC_PERP	+0.0381%	1h	303.78	+0.012%	$376K	$756K	10x	as long as short
01 Exchange TAOUSD	+0.0392%	1h	304.21	+0.154%	$3K	$4K	5x	as long as short
Lighter TAO	+0.0408%	1h	304.20	+0.152%	$1.6M	$5.2M	5x	as long as short
Nado TAO-PERP	+0.0458%	1h	303.70	−0.013%	$827K	$1.9M	10x	as long as short
Phoenix TAO	+0.0521%	1h	303.90	+0.052%	$322K	$491K	5x	as long as short
Reya TAORUSDPERP	+0.0695%	1h	303.96	+0.071%	$350	—	20x	as long as short
Extended TAO-USD	+0.0832%	1h	303.81	+0.023%	$835K	$2.0M	25x	as long as short
Coinbase International TAO-PERP-INTX	+0.1008%	1h	305.27	+0.503%	$1.5M	$5.6M	50x	as long as short
Kraken Futures PF_TAOUSD	+0.1040%	1h	303.74	0.000%	$5.8M	$19.7M	50x	as long as short
RISEx TAO/USDC	+0.1155%	1h	304.30	+0.184%	$410K	$545K	5x	as long as short
Hyperliquid TAO	+0.1288%	1h	304.23	+0.161%	$92.8M	$79.8M	5x	as long as short
Injective TAO/USDC PERP	+0.1621%	1h	308.73	+1.642%	$22K	$264	12x	as long as short