Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC−0.0019%/8h= −2.1% APRpaid last 24h +0.010%

Price spread now: Phemex against Deribit+0.238%7-day average −0.014% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Deribit Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.318%−$32 on $10k

Price spread, last 3 days (all we have)−0.232%−$23 · spread now +0.238%, 7d avg −0.014%

Together, before fees−0.550%−$55 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phemex is 0.251% dearer against Deribit than usual: you sell high and buy low (spread +0.238% now, against its 7-day average of −0.014%): +$25 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 44 days. At the pace of the last 7 days (−0.318% in total) that is about 5.5 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit TAO_USDC-PERPETUAL	313.38	0.0119	pay 0.0015% / 1h	31m 36s	$17K	$1.3M	25x
Short	Phemex TAOUSDT	314.12	0.0100	get 0.0050% / 4h	3h 31m	$3.3M	$7.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now +0.238%Rate

Funding earned: −$3.99
Price spread: +0.238% → −0.014%: $25.15
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Phemex: 6 bp × 2 orders: −$12
Net: $2.16
Costs to cover: 0.190%
Break-even: from the start

Slippage unknown: Deribit: live order book, 3 min ago; Phemex: live order book, 3 min ago. Net counts fees only.

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	11.98 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell Phemex live order book, 3 min ago	13.09 bp	35.8 bp −$36	doesn't fit	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	−0.077%	$209K	$54K	10x	as long as short
dYdX TAO-USD	0.0000%	1h	313.78	+0.129%	$132K	$95K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0007%	1h	313.02	−0.113%	$27K	—	150x	as long as short
Popdex TAOUSDT	+0.0096%	1h	314.26	+0.282%	$37K	$507K	20x	as long as short
Pacifica TAO	+0.0100%	1h	314.14	+0.243%	$365K	$396K	10x	as long as short
Binance TAOUSDT	+0.0100%	4h	314.23	+0.272%	$89.0M	$381.2M	75x	as long as short
Bybit TAOUSDT	+0.0100%	4h	314.38	+0.321%	$60.3M	$112.0M	50x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	314.10	+0.231%	$25.8M	$89.2M	50x	as long as short
Arcus TAO-USD	+0.0100%	1h	314.49	+0.356%	$142K	$585K	5x	as long as short
Gate TAO_USDT	+0.0100%	4h	314.20	+0.263%	$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	314.26	+0.282%	$106.4M	$115.3M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	314.02	+0.206%	$20.2M	$24.9M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	314.09	+0.228%	$35.3M	$42.1M	50x	as long as short
BingX TAO-USDT	+0.0100%	4h	314.35	+0.311%	—	$29.9M	—	as long as short
Variational Omni TAO	+0.0100%	4h	313.60	+0.072%	$3.5M	$6.2M	—	as long as short
edgeX TAOUSDC	+0.0100%	4h	313.87	+0.157%	$41K	$275K	10x	as long as short
GRVT TAO_USDT_Perp	+0.0100%	4h	314.87	+0.478%	$561K	$947K	10x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	314.08	+0.225%	$48K	$267K	50x	as long as short
Bullet TAO-USD	+0.0100%	1h	313.15	−0.071%	$12K	$18K	20x	as long as short
Orderly PERP_TAO_USDC	+0.0100%	4h	313.28	−0.030%	$60K	$277K	10x	as long as short
SunX TAO-USDT	+0.0100%	4h	313.55	+0.056%	$1K	$1.7M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	314.26	+0.282%	$125K	$354K	20x	as long as short
Phemex TAOUSDTshort	+0.0100%	4h	314.12	+0.238%	$3.3M	$7.9M	50x
Polymarket Perps TAO-USD	+0.0100%	1h	313.34	−0.011%	$90K	$636K	5x	as long as short
Aevo TAO-PERP	+0.0104%	1h	313.74	+0.117%	$172K	$998	3x	as long as short
Deribit TAO_USDC-PERPETUALlong	+0.0119%	1h	313.38	long leg	$17K	$1.3M	25x
Katana Perps TAO-USD	+0.0120%	8h	314.33	+0.305%	$898	$378K	5x	as long as short
Paradex TAO-USD-PERP	+0.0195%	8h	314.32	+0.301%	$15K	$992	10x	as long as short
Aster TAOUSDT	+0.0213%	4h	313.90	+0.166%	$1.7M	$7.1M	50x	as long as short
BloFin TAO-USDT	+0.0340%	4h	314.14	+0.244%	$4.3M	$9.4M	100x	as long as short
Phoenix TAO	+0.0365%	1h	313.20	−0.056%	$332K	$326K	5x	as long as short
Kraken Futures PF_TAOUSD	+0.0392%	1h	314.14	+0.243%	$6.3M	$17.8M	50x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0490% / S −0.0188%	1h	312.93	−0.143%	$463K	—	100x	as long as short
Backpack TAO_USDC_PERP	+0.0576%	1h	314.81	+0.458%	$403K	$555K	10x	as long as short
Extended TAO-USD	+0.0584%	1h	314.41	+0.330%	$937K	$1.8M	25x	as long as short
01 Exchange TAOUSD	+0.0624%	1h	314.82	+0.461%	$3K	$4K	5x	as long as short
Nado TAO-PERP	+0.0683%	1h	314.36	+0.313%	$1.1M	$1.5M	10x	as long as short
RISEx TAO/USDC	+0.0688%	1h	314.52	+0.367%	$412K	$526K	5x	as long as short
Reya TAORUSDPERP	+0.0694%	1h	313.15	−0.072%	$360	—	20x	as long as short
Coinbase International TAO-PERP-INTX	+0.0936%	1h	313.71	+0.107%	$1.5M	$5.4M	50x	as long as short
Lighter TAO	+0.2016%	1h	314.74	+0.435%	$2.0M	$3.6M	5x	as long as short
Hyperliquid TAO	+0.2505%	1h	314.94	+0.499%	$95.8M	$66.9M	5x	as long as short
Injective TAO/USDC PERP	+0.3384%	1h	316.14	+0.882%	$23K	$137	12x	as long as short