Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0285%/8h= −31.3% APRpaid last 24h −0.318%

Price spread now: Bulk against HTX−0.483%7-day average +0.006% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$248as in the Price arb table

costs, in and out, $10k−$1991.994% of the position

Long on HTX Short on Bulk

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.329%−$33 on $10k

Price spread, last 3 days (all we have)+0.457%+$46 · spread now −0.483%, 7d avg +0.006%

Together, before fees+0.128%+$13 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$9 a day on $10k at the current rate, and Bulk is 0.489% cheaper against HTX than usual: you would sell low and buy high (−$49 if the spread goes back to its 7-day average of +0.006%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	HTX TAO-USDT	316.81	0.0100	pay 0.0050% / 4h	1h 58m	$129K	$472K	20x
Short	Bulk TAO-USD	315.28	−0.0185	pay 0.0023% / 1h	58m 55s	$167K	$40K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bulk against HTX. 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 HTXbpFee BulkbpOrdersPrice spread, now −0.483%Rate

Funding earned: −$59.95
Price spread: −0.483% → +0.006%: −$48.93
Slippage, 4 orders: −$180.43
Fee HTX: 6 bp × 2 orders: −$12
Fee Bulk: 3.5 bp × 2 orders: −$7
Net: −$308.31
Costs to cover: 1.994%
Break-even: never at this rate

Slippage from HTX: live order book, 4 min ago; Bulk: 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 HTX live order book, 4 min ago	18.11 bp	110.6 bp −$111	doesn't fit	doesn't fit	doesn't fit
Sell Bulk live order book, 5 min ago	0.16 bp	3.9 bp −$4	4.2 bp −$42	4.3 bp −$429	10.2 bp −$5,110

TAO on 42 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-USDshort	−0.0185%	1h	315.28	−0.483%	$167K	$40K	10x
dYdX TAO-USD	0.0000%	1h	316.37	−0.140%	$126K	$84K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	316.53	−0.089%	$10K	—	150x	as long as short
Binance TAOUSDT	+0.0100%	4h	316.93	+0.038%	$91.6M	$466.2M	75x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	317.30	+0.155%	$26.3M	$114.7M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	316.80	−0.003%	$12.9M	$48.9M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	317.36	+0.174%	$104.0M	$137.1M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	316.98	+0.054%	$18.0M	$30.4M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	317.14	+0.104%	$35.4M	$53.3M	50x	as long as short
edgeX TAOUSDC	+0.0100%	4h	317.02	+0.066%	$36K	$302K	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_TAO_USDC	+0.0100%	4h	316.83	+0.006%	$58K	$282K	10x	as long as short
SunX TAO-USDT	+0.0100%	4h	316.72	−0.028%	$1K	$1.9M	20x	as long as short
HTX TAO-USDTlong	+0.0100%	4h	316.81	long leg	$129K	$472K	20x
Phemex TAOUSDT	+0.0100%	4h	316.90	+0.028%	$3.4M	$7.9M	50x	as long as short
Aevo TAO-PERP	+0.0104%	1h	317.17	+0.112%	$174K	$998	3x	as long as short
Katana Perps TAO-USD	+0.0114%	8h	316.47	−0.107%	$673	$727K	5x	as long as short
ApeX Omni TAOUSDT	+0.0164%	1h	316.78	−0.009%	$47K	$252K	50x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0166% / S +0.0103%	1h	316.52	−0.091%	$429K	—	100x	as long as short
Polymarket Perps TAO-USD	+0.0175%	1h	316.38	−0.136%	$76K	$721K	5x	as long as short
GRVT TAO_USDT_Perp	+0.0198%	4h	317.41	+0.190%	$528K	$957K	10x	as long as short
Kraken Futures PF_TAOUSD	+0.0248%	1h	316.80	−0.003%	$5.6M	$20.5M	50x	as long as short
Aster TAOUSDT	+0.0275%	4h	316.88	+0.021%	$1.2M	$9.3M	50x	as long as short
Pacifica TAO	+0.0285%	1h	316.60	−0.067%	$374K	$393K	10x	as long as short
Popdex TAOUSDT	+0.0304%	1h	316.62	−0.060%	$43K	$642K	20x	as long as short
Arcus TAO-USD	+0.0337%	1h	317.08	+0.085%	$100K	$489K	5x	as long as short
Paradex TAO-USD-PERP	+0.0348%	8h	316.61	−0.064%	$14K	$1K	10x	as long as short
01 Exchange TAOUSD	+0.0432%	1h	316.81	0.000%	$3K	$4K	5x	as long as short
Bullet TAO-USD	+0.0450%	1h	316.88	+0.022%	$12K	$18K	20x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0533%	1h	316.85	+0.012%	$14K	$1.6M	25x	as long as short
Phoenix TAO	+0.0588%	1h	318.30	+0.470%	$334K	$672K	5x	as long as short
Backpack TAO_USDC_PERP	+0.0686%	1h	317.36	+0.174%	$321K	$805K	10x	as long as short
Reya TAORUSDPERP	+0.0696%	1h	316.48	−0.105%	$364	—	20x	as long as short
BingX TAO-USDT	+0.0720%	4h	317.16	+0.110%	—	$30.9M	—	as long as short
Bybit TAOUSDT	+0.0722%	4h	317.32	+0.161%	$67.4M	$138.1M	50x	as long as short
Variational Omni TAO	+0.0848%	4h	316.96	+0.047%	$6.1M	$9.5M	—	as long as short
Extended TAO-USD	+0.0888%	1h	317.32	+0.162%	$896K	$2.3M	25x	as long as short
Coinbase International TAO-PERP-INTX	+0.1024%	1h	317.08	+0.085%	$1.5M	$6.4M	50x	as long as short
RISEx TAO/USDC	+0.1159%	1h	316.63	−0.057%	$447K	$626K	5x	as long as short
Hyperliquid TAO	+0.1267%	1h	317.51	+0.221%	$100.0M	$97.3M	5x	as long as short
Nado TAO-PERP	+0.1313%	1h	316.67	−0.043%	$758K	$2.1M	10x	as long as short
Lighter TAO	+0.1424%	1h	317.31	+0.158%	$1.6M	$6.1M	5x	as long as short
Injective TAO/USDC PERP	+0.4172%	1h	320.94	+1.304%	$23K	$2K	12x	as long as short