Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0131%/8h= +14.3% APRpaid last 24h +0.004%

Price spread now: Deribit against KuCoin+0.441%7-day average +0.020% · you sell dearer than you buy

Net, funding: paid 7d − costs−$70as in the Funding arb table

Net, price: spread back to 7d avg − costs−$13as in the Price arb table

costs, in and out, $10k−$550.549% of the position

Long on KuCoin Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.148%−$15 on $10k

Price spread, last 4 days (all we have)−0.347%−$35 · spread now +0.441%, 7d avg +0.020%

Together, before fees−0.495%−$50 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$4 a day on $10k at the current rate, and Deribit is 0.421% dearer against KuCoin than usual: you sell high and buy low: +$42 more if the spread goes back to its 7-day average of +0.020%. Mind the row above: over the last 7 days funding on this pair cost −0.148%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin TAOUSDTM	313.23	0.0100	pay 0.0050% / 4h	36m 47s	$17.4M	$31.7M	75x
Short	Deribit TAO_USDC-PERPETUAL	314.61	0.0231	get 0.0029% / 1h	36m 47s	$11K	$1.6M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against KuCoin. 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 KuCoinbpFee DeribitbpOrdersPrice spread, now +0.441%Rate

Funding earned: $27.51
Price spread: +0.441% → +0.020%: $42.11
Slippage, 4 orders: −$35.89
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $14.73
Costs to cover: 0.549%
Break-even: 3.3 days

Slippage from KuCoin: live order book, 2 min ago; Deribit: live order book, 2 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 KuCoin live order book, 2 min ago	1.75 bp	14.9 bp −$15	30.8 bp −$308	doesn't fit	doesn't fit
Sell Deribit live order book, 2 min ago	3.49 bp	7.0 bp −$7	14.6 bp −$146	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	−0.0482%	1h	315.13	+0.607%	$167K	$1K	10x	as long as short
dYdX TAO-USD	0.0000%	1h	313.15	−0.025%	$125K	$85K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	314.72	+0.476%	$20K	—	150x	as long as short
Kraken Futures PF_TAOUSD	+0.0056%	1h	314.68	+0.462%	$5.5M	$20.6M	50x	as long as short
Popdex TAOUSDT	+0.0096%	1h	314.82	+0.508%	$42K	$688K	20x	as long as short
Binance TAOUSDT	+0.0100%	4h	313.36	+0.043%	$90.3M	$491.7M	75x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	313.10	−0.042%	$25.8M	$119.1M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	312.90	−0.105%	$12.8M	$49.7M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	313.49	+0.083%	$106.8M	$142.9M	300x	as long as short
KuCoin TAOUSDTMlong	+0.0100%	4h	313.23	long leg	$17.4M	$31.7M	75x

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget TAOUSDT	+0.0100%	4h	313.05	−0.057%	$35.0M	$56.0M	50x	as long as short
edgeX TAOUSDC	+0.0100%	4h	315.76	+0.808%	$35K	$303K	10x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	315.75	+0.805%	$46K	$252K	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	314.99	+0.562%	$89K	$790K	5x	as long as short
Bullet TAO-USD	+0.0100%	1h	315.08	+0.591%	$12K	$18K	20x	as long as short
SunX TAO-USDT	+0.0100%	4h	314.81	+0.504%	$1K	$1.9M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	314.81	+0.504%	$109K	$527K	20x	as long as short
Phemex TAOUSDT	+0.0100%	4h	314.72	+0.476%	$3.2M	$8.1M	50x	as long as short
Katana Perps TAO-USD	+0.0101%	8h	314.95	+0.549%	$645	$787K	5x	as long as short
Bybit TAOUSDT	+0.0102%	4h	313.24	+0.003%	$68.3M	$147.3M	50x	as long as short
GRVT TAO_USDT_Perp	+0.0104%	4h	316.85	+1.156%	$528K	$944K	10x	as long as short
Aevo TAO-PERP	+0.0104%	1h	314.79	+0.498%	$173K	$998	3x	as long as short
BingX TAO-USDT	+0.0116%	4h	313.07	−0.051%	—	$30.0M	—	as long as short
Orderly PERP_TAO_USDC	+0.0127%	4h	314.56	+0.425%	$57K	$275K	10x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0150% / S +0.0123%	1h	314.63	+0.448%	$419K	—	100x	as long as short
Paradex TAO-USD-PERP	+0.0184%	8h	315.51	+0.727%	$14K	$1K	10x	as long as short
Nado TAO-PERP	+0.0185%	1h	315.02	+0.572%	$803K	$2.2M	10x	as long as short
Aster TAOUSDT	+0.0208%	4h	313.43	+0.065%	$1.2M	$10.2M	50x	as long as short
Deribit TAO_USDC-PERPETUALshort	+0.0231%	1h	314.61	+0.441%	$11K	$1.6M	25x
Hyperliquid TAO	+0.0255%	1h	313.24	+0.002%	$92.3M	$106.0M	5x	as long as short
01 Exchange TAOUSD	+0.0256%	1h	315.19	+0.626%	$3K	$4K	5x	as long as short
Extended TAO-USD	+0.0272%	1h	313.37	+0.044%	$917K	$2.4M	25x	as long as short
Backpack TAO_USDC_PERP	+0.0337%	1h	313.89	+0.211%	$314K	$913K	10x	as long as short
BloFin TAO-USDT	+0.0340%	4h	314.41	+0.377%	$4.5M	$10.8M	100x	as long as short
Arcus TAO-USD	+0.0345%	1h	315.49	+0.722%	$99K	$488K	5x	as long as short
Pacifica TAO	+0.0365%	1h	313.37	+0.045%	$357K	$411K	10x	as long as short
Lighter TAO	+0.0408%	1h	313.75	+0.167%	$1.5M	$6.5M	5x	as long as short
Phoenix TAO	+0.0581%	1h	317.30	+1.299%	$316K	$697K	5x	as long as short
Variational Omni TAO	+0.0615%	4h	315.95	+0.867%	$5.8M	$9.8M	—	as long as short
Reya TAORUSDPERP	+0.0696%	1h	315.10	+0.597%	$362	—	20x	as long as short
RISEx TAO/USDC	+0.0991%	1h	315.16	+0.616%	$437K	$656K	5x	as long as short
Coinbase International TAO-PERP-INTX	+0.1008%	1h	315.66	+0.776%	$1.5M	$6.6M	50x	as long as short
Injective TAO/USDC PERP	+0.4222%	1h	319.92	+2.136%	$23K	$2K	12x	as long as short