Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.3992%/8h= −437.2% APRpaid last 24h −0.643%

Price spread now: Binance against Injective−1.537%47s7-day average — · you buy dearer than you sell

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

Long on Injective Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−3.481%−$348 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$120 a day on $10k at the current rate, and Binance is 1.537% cheaper against Injective than usual: you would sell low and buy high (−$154 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 47 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	Injective TAO/USDC PERP	315.24	0.4092	pay 0.0512% / 1h	22m 30s	$23K	$2K	12x
Short	Binance TAOUSDT	310.39	0.0100	get 0.0050% / 4h	3h 22m	$89.0M	$500.6M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Injective. 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 InjectivebpFee BinancebpOrdersPrice spread, now −1.537%Rate

Funding earned: −$838.39
Price spread: −1.537% → 0.000%: −$153.74
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Binance: 5 bp × 2 orders: −$10
Net: −$1,002.15
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: Injective: no order-book sample; Binance: live order book, 6 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 Injective no order-book sample	—	—	—	—	—
Sell Binance live order book, 6 min ago	0.16 bp	7.5 bp −$7	14.0 bp −$140	32.6 bp −$3,263	doesn't fit

Injective: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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
Kraken Futures PF_TAOUSD	−0.0349%	1h	310.85	−1.394%	$5.5M	$20.6M	50x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	310.72	−1.434%	$20K	—	150x	as long as short
dYdX TAO-USD	+0.0013%	1h	310.54	−1.490%	$124K	$85K	5x	as long as short
Popdex TAOUSDT	+0.0096%	1h	310.46	−1.516%	$46K	$656K	20x	as long as short
Katana Perps TAO-USD	+0.0099%	8h	310.14	−1.618%	$2K	$842K	5x	as long as short
Pacifica TAO	+0.0100%	1h	310.76	−1.421%	$354K	$414K	10x	as long as short
Binance TAOUSDTshort	+0.0100%	4h	310.39	−1.537%	$89.0M	$500.6M	75x
Bybit TAOUSDT	+0.0100%	4h	310.65	−1.456%	$66.9M	$150.3M	50x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	310.50	−1.504%	$25.8M	$120.1M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	310.50	−1.504%	$13.2M	$50.2M	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	310.60	−1.472%	$101.9M	$145.2M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	310.65	−1.456%	$17.7M	$31.2M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	310.16	−1.611%	$34.8M	$56.5M	50x	as long as short
BingX TAO-USDT	+0.0100%	4h	310.43	−1.526%	—	$33.7M	—	as long as short
edgeX TAOUSDC	+0.0100%	4h	311.00	−1.344%	$41K	$312K	10x	as long as short
GRVT TAO_USDT_Perp	+0.0100%	4h	310.69	−1.442%	$528K	$956K	10x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	310.75	−1.424%	$46K	$254K	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	310.70	−1.440%	$79K	$900K	5x	as long as short
Bullet TAO-USD	+0.0100%	1h	310.98	−1.352%	$11K	$18K	20x	as long as short
SunX TAO-USDT	+0.0100%	4h	310.77	−1.418%	$1K	$1.9M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	310.34	−1.554%	$109K	$541K	20x	as long as short
Aevo TAO-PERP	+0.0104%	1h	310.97	−1.354%	$171K	$998	3x	as long as short
Aster TAOUSDT	+0.0104%	4h	310.70	−1.442%	$1.3M	$10.5M	50x	as long as short
Orderly PERP_TAO_USDC	+0.0115%	4h	310.86	−1.389%	$51K	$290K	10x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0137% / S +0.0135%	1h	310.71	−1.435%	$412K	—	100x	as long as short
Paradex TAO-USD-PERP	+0.0142%	8h	310.57	−1.481%	$14K	$1K	10x	as long as short
Phemex TAOUSDT	+0.0206%	4h	310.93	−1.367%	$3.2M	$8.0M	50x	as long as short
Arcus TAO-USD	+0.0231%	1h	310.81	−1.405%	$101K	$394K	5x	as long as short
Variational Omni TAO	+0.0294%	4h	311.14	−1.301%	$5.5M	$10.1M	—	as long as short
Extended TAO-USD	+0.0304%	1h	310.36	−1.547%	$904K	$2.4M	25x	as long as short
BloFin TAO-USDT	+0.0340%	4h	311.10	−1.313%	$4.5M	$10.7M	100x	as long as short
Nado TAO-PERP	+0.0357%	1h	310.74	−1.428%	$783K	$2.2M	10x	as long as short
Hyperliquid TAO	+0.0456%	1h	310.80	−1.408%	$91.3M	$107.7M	5x	as long as short
Phoenix TAO	+0.0457%	1h	311.10	−1.313%	$310K	$711K	5x	as long as short
01 Exchange TAOUSD	+0.0480%	1h	310.49	−1.507%	$3K	$4K	5x	as long as short
Backpack TAO_USDC_PERP	+0.0493%	1h	310.94	−1.364%	$309K	$885K	10x	as long as short
Lighter TAO	+0.0576%	1h	310.94	−1.365%	$1.5M	$6.5M	5x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0646%	1h	311.01	−1.343%	$15K	$1.8M	25x	as long as short
Reya TAORUSDPERP	+0.0697%	1h	310.85	−1.394%	$357	—	20x	as long as short
RISEx TAO/USDC	+0.0816%	1h	310.43	−1.527%	$441K	$655K	5x	as long as short
Bulk TAO-USD	+0.0817%	1h	310.92	−1.370%	$165K	$333	10x	as long as short
Coinbase International TAO-PERP-INTX	+0.0952%	1h	311.31	−1.247%	$1.5M	$6.7M	50x	as long as short
Injective TAO/USDC PERPlong	+0.4092%	1h	315.24	long leg	$23K	$2K	12x