Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.3486%/8h= −381.7% APRpaid last 24h −0.620%

Price spread now: BingX against Injective−0.860%7-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 BingX

What this pair did over the last

the charts below follow

Funding, last 7 days−3.376%−$338 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 −$105 a day on $10k at the current rate, and BingX is 0.860% cheaper against Injective than usual: you would sell low and buy high (−$86 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective TAO/USDC PERP	320.94	0.4172	pay 0.0521% / 1h	54m 55s	$23K	$2K	12x
Short	BingX TAO-USDT	318.18	0.0686	get 0.0343% / 4h	1h 54m	—	$30.3M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX 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 BingXbpOrdersPrice spread, now −0.860%Rate

Funding earned: −$732.03
Price spread: −0.860% → 0.000%: −$86
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee BingX: 5 bp × 2 orders: −$10
Net: −$828.05
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: Injective: no order-book sample; BingX: live order book, 14 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 BingX live order book, 14 min ago	0.95 bp	7.4 bp −$7	12.7 bp −$127	28.9 bp −$2,890	59.3 bp −$29.7K

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 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-USD	−0.2257%	1h	317.17	−1.175%	$168K	$40K	10x	as long as short
ApeX Omni TAOUSDT	−0.0750%	1h	314.06	−2.144%	$47K	$253K	50x	as long as short
dYdX TAO-USD	0.0000%	1h	317.50	−1.073%	$127K	$84K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	316.70	−1.320%	$10K	—	150x	as long as short
Popdex TAOUSDT	+0.0096%	1h	317.32	−1.128%	$45K	$645K	20x	as long as short
Binance TAOUSDT	+0.0100%	4h	318.24	−0.841%	$91.9M	$467.6M	75x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	318.00	−0.916%	$26.3M	$115.3M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	318.00	−0.916%	$13.0M	$49.1M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	318.23	−0.844%	$104.8M	$137.5M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	318.09	−0.888%	$17.9M	$30.7M	75x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget TAOUSDT	+0.0100%	4h	318.10	−0.885%	$35.5M	$53.4M	50x	as long as short
edgeX TAOUSDC	+0.0100%	4h	314.73	−1.934%	$35K	$300K	10x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	317.10	−1.196%	$78K	$728K	5x	as long as short
Orderly PERP_TAO_USDC	+0.0100%	4h	316.94	−1.246%	$58K	$282K	10x	as long as short
SunX TAO-USDT	+0.0100%	4h	316.71	−1.318%	$2K	$1.9M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	317.03	−1.218%	$130K	$475K	20x	as long as short
Phemex TAOUSDT	+0.0100%	4h	316.98	−1.234%	$3.4M	$7.9M	50x	as long as short
Aevo TAO-PERP	+0.0104%	1h	317.32	−1.128%	$174K	$998	3x	as long as short
Katana Perps TAO-USD	+0.0113%	8h	317.28	−1.140%	$674	$732K	5x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0165% / S +0.0104%	1h	316.67	−1.330%	$430K	—	100x	as long as short
GRVT TAO_USDT_Perp	+0.0190%	4h	316.25	−1.461%	$526K	$946K	10x	as long as short
Kraken Futures PF_TAOUSD	+0.0247%	1h	317.03	−1.217%	$5.6M	$20.5M	50x	as long as short
Aster TAOUSDT	+0.0290%	4h	317.96	−0.929%	$1.2M	$9.3M	50x	as long as short
Bullet TAO-USD	+0.0326%	1h	317.12	−1.190%	$12K	$18K	20x	as long as short
Paradex TAO-USD-PERP	+0.0351%	8h	317.44	−1.091%	$14K	$1K	10x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0393%	1h	317.03	−1.220%	$14K	$1.6M	25x	as long as short
Pacifica TAO	+0.0448%	1h	317.71	−1.006%	$376K	$393K	10x	as long as short
Arcus TAO-USD	+0.0509%	1h	317.73	−1.000%	$100K	$489K	5x	as long as short
Phoenix TAO	+0.0588%	1h	316.10	−1.508%	$332K	$707K	5x	as long as short
Nado TAO-PERP	+0.0609%	1h	316.92	−1.253%	$763K	$2.1M	10x	as long as short
BingX TAO-USDTshort	+0.0686%	4h	318.18	−0.860%	—	$30.3M	—
Reya TAORUSDPERP	+0.0696%	1h	316.96	−1.240%	$365	—	20x	as long as short
Bybit TAOUSDT	+0.0745%	4h	318.24	−0.841%	$67.6M	$138.4M	50x	as long as short
01 Exchange TAOUSD	+0.0752%	1h	317.59	−1.044%	$3K	$4K	5x	as long as short
Backpack TAO_USDC_PERP	+0.0835%	1h	317.84	−0.966%	$321K	$802K	10x	as long as short
Variational Omni TAO	+0.0865%	4h	319.02	−0.598%	$6.0M	$9.6M	—	as long as short
Extended TAO-USD	+0.0912%	1h	318.45	−0.776%	$900K	$2.3M	25x	as long as short
Lighter TAO	+0.1008%	1h	317.65	−1.025%	$1.6M	$6.1M	5x	as long as short
Coinbase International TAO-PERP-INTX	+0.1024%	1h	319.28	−0.517%	$1.5M	$6.5M	50x	as long as short
RISEx TAO/USDC	+0.1159%	1h	317.39	−1.107%	$449K	$626K	5x	as long as short
Hyperliquid TAO	+0.1435%	1h	318.36	−0.804%	$100.7M	$98.1M	5x	as long as short
Injective TAO/USDC PERPlong	+0.4172%	1h	320.94	long leg	$23K	$2K	12x