Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0432%/8h= −47.3% APRpaid last 24h −0.127%

Price spread now: Phemex against Kraken Futures−0.100%7-day average −0.046% · you buy dearer than you sell

Net, funding: paid 7d − costs−$158as in the Funding arb table

Net, price: spread back to 7d avg − costs−$94as in the Price arb table

costs, in and out, $10k−$880.885% of the position

Long on Kraken Futures Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.692%−$69 on $10k

Price spread, last 3 days (all we have)+0.046%+$5 · spread now −0.100%, 7d avg −0.046%

Together, before fees−0.647%−$65 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$13 a day on $10k at the current rate, and Phemex is 0.054% cheaper against Kraken Futures than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of −0.046%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_TAOUSD	318.90	0.0481	pay 0.0060% / 1h	47m 50s	$5.8M	$20.3M	50x
Short	Phemex TAOUSDT	318.58	0.0049	get 0.0024% / 4h	3h 47m	$3.4M	$7.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Kraken Futures. 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 Kraken FuturesbpFee PhemexbpOrdersPrice spread, now −0.100%Rate

Funding earned: −$90.73
Price spread: −0.100% → −0.046%: −$5.39
Slippage, 4 orders: −$66.48
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$184.6
Costs to cover: 0.885%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 1 min ago; Phemex: live order book, 6 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 Kraken Futures live order book, 1 min ago	6.56 bp	14.6 bp −$15	29.2 bp −$292	115.7 bp −$11.6K	doesn't fit
Sell Phemex live order book, 6 min ago	13.83 bp	38.6 bp −$39	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	−0.0882%	1h	320.07	+0.367%	$170K	$44K	10x	as long as short
dYdX TAO-USD	0.0000%	1h	319.36	+0.145%	$128K	$88K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	318.44	−0.143%	$21K	—	150x	as long as short
Phemex TAOUSDTshort	+0.0049%	4h	318.58	−0.100%	$3.4M	$7.9M	50x
Popdex TAOUSDT	+0.0096%	1h	319.44	+0.170%	$42K	$580K	20x	as long as short
Binance TAOUSDT	+0.0100%	4h	319.62	+0.226%	$91.9M	$441.4M	75x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	319.40	+0.157%	$26.0M	$107.1M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	319.30	+0.126%	$12.9M	$49.8M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	319.65	+0.236%	$106.4M	$132.1M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	319.08	+0.057%	$18.9M	$28.4M	75x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget TAOUSDT	+0.0100%	4h	318.96	+0.019%	$35.6M	$49.1M	50x	as long as short
edgeX TAOUSDC	+0.0100%	4h	318.79	−0.033%	$36K	$288K	10x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	319.75	+0.267%	$48K	$269K	50x	as long as short
Orderly PERP_TAO_USDC	+0.0100%	4h	318.73	−0.053%	$57K	$316K	10x	as long as short
SunX TAO-USDT	+0.0100%	4h	318.75	−0.047%	$1K	$1.9M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	319.27	+0.116%	$127K	$422K	20x	as long as short
Katana Perps TAO-USD	+0.0103%	8h	319.68	+0.245%	$657	$598K	5x	as long as short
Aevo TAO-PERP	+0.0104%	1h	319.07	+0.054%	$175K	$998	3x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0104%	1h	318.60	−0.094%	$21K	$1.5M	25x	as long as short
GRVT TAO_USDT_Perp	+0.0168%	4h	320.12	+0.383%	$532K	$945K	10x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0174% / S +0.0085%	1h	318.35	−0.172%	$461K	—	100x	as long as short
Pacifica TAO	+0.0185%	1h	319.87	+0.305%	$379K	$373K	10x	as long as short
Arcus TAO-USD	+0.0201%	1h	319.95	+0.330%	$84K	$545K	5x	as long as short
Paradex TAO-USD-PERP	+0.0232%	8h	319.55	+0.204%	$14K	$1K	10x	as long as short
Aster TAOUSDT	+0.0235%	4h	319.27	+0.118%	$1.1M	$8.1M	50x	as long as short
Bullet TAO-USD	+0.0274%	1h	319.16	+0.082%	$12K	$17K	20x	as long as short
Variational Omni TAO	+0.0305%	4h	320.13	+0.385%	$5.5M	$8.6M	—	as long as short
BloFin TAO-USDT	+0.0340%	4h	321.60	+0.847%	$4.5M	$10.9M	100x	as long as short
Polymarket Perps TAO-USD	+0.0369%	1h	319.56	+0.207%	$99K	$634K	5x	as long as short
BingX TAO-USDT	+0.0378%	4h	319.61	+0.223%	—	$30.7M	—	as long as short
Kraken Futures PF_TAOUSDlong	+0.0481%	1h	318.90	long leg	$5.8M	$20.3M	50x
Phoenix TAO	+0.0525%	1h	319.50	+0.189%	$334K	$624K	5x	as long as short
Injective TAO/USDC PERP	+0.0571%	1h	319.58	+0.214%	$23K	$501	12x	as long as short
Reya TAORUSDPERP	+0.0695%	1h	319.23	+0.105%	$367	—	20x	as long as short
Bybit TAOUSDT	+0.0706%	4h	319.55	+0.204%	$65.9M	$130.5M	50x	as long as short
Nado TAO-PERP	+0.0769%	1h	319.51	+0.193%	$892K	$2.0M	10x	as long as short
01 Exchange TAOUSD	+0.0824%	1h	319.91	+0.317%	$3K	$4K	5x	as long as short
Coinbase International TAO-PERP-INTX	+0.0984%	1h	321.04	+0.671%	$1.5M	$6.1M	50x	as long as short
Backpack TAO_USDC_PERP	+0.0994%	1h	319.21	+0.098%	$321K	$821K	10x	as long as short
Extended TAO-USD	+0.1080%	1h	319.55	+0.205%	$929K	$2.2M	25x	as long as short
RISEx TAO/USDC	+0.1141%	1h	319.75	+0.267%	$423K	$590K	5x	as long as short
Lighter TAO	+0.1688%	1h	319.40	+0.156%	$1.7M	$5.9M	5x	as long as short
Hyperliquid TAO	+0.2854%	1h	320.02	+0.352%	$104.6M	$88.8M	5x	as long as short