Funding arb · Price arb /

TAO

all TAO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0231%/8h= −25.3% APRpaid last 24h −0.069%

Price spread now: Bybit against Nado−0.007%7-day average −0.003% · 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−$33as in the Price arb table

costs, in and out, $10k−$330.329% of the position

Long on Nado Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.077%−$8 on $10k

Price spread, last 7 days+0.021%+$2 · spread now −0.007%, 7d avg −0.003%

Together, before fees−0.055%+ Points / potential airdropNado: Active · farm board−$6 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.003%, so right now this pair is about funding alone: −$7 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid -0.077% in total (about -8.2% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Nado TAO-PERP	312.54	0.0336	pay 0.0042% / 1h	19m 25s	$789K	$2.2M	10x
Short	Bybit TAOUSDT	312.52	0.0105	get 0.0052% / 4h	3h 19m	$67.3M	$150.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Nado. 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 NadobpFee BybitbpOrdersPrice spread, now −0.007%Rate

Funding earned: −$48.47
Price spread: −0.007% → −0.003%: −$0.45
Slippage, 4 orders: −$14.92
Fee Nado: 3.5 bp × 2 orders: −$7
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$81.84
Costs to cover: 0.329%
Break-even: never at this rate

Slippage from Nado: live order book, 4 min ago; Bybit: 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 Nado live order book, 4 min ago	0.32 bp	7.7 bp −$8	17.1 bp −$171	doesn't fit	doesn't fit
Sell Bybit live order book, 5 min ago	0.16 bp	9.1 bp −$9	18.0 bp −$180	46.3 bp −$4,628	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
Kraken Futures PF_TAOUSD	−0.0348%	1h	312.22	−0.104%	$5.5M	$20.6M	50x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	312.10	−0.142%	$20K	—	150x	as long as short
dYdX TAO-USD	+0.0012%	1h	311.79	−0.242%	$124K	$85K	5x	as long as short
Popdex TAOUSDT	+0.0096%	1h	312.49	−0.017%	$46K	$656K	20x	as long as short
Katana Perps TAO-USD	+0.0099%	8h	312.23	−0.100%	$639	$842K	5x	as long as short
Pacifica TAO	+0.0100%	1h	312.16	−0.123%	$355K	$416K	10x	as long as short
Binance TAOUSDT	+0.0100%	4h	312.41	−0.042%	$89.5M	$500.9M	75x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	312.30	−0.078%	$26.0M	$120.7M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	312.10	−0.142%	$13.3M	$50.2M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	312.38	−0.052%	$102.5M	$145.3M	300x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin TAOUSDTM	+0.0100%	4h	312.40	−0.046%	$17.8M	$31.2M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	312.09	−0.145%	$35.0M	$56.5M	50x	as long as short
BingX TAO-USDT	+0.0100%	4h	312.34	−0.065%	—	$33.8M	—	as long as short
edgeX TAOUSDC	+0.0100%	4h	311.63	−0.292%	$41K	$314K	10x	as long as short
GRVT TAO_USDT_Perp	+0.0100%	4h	311.55	−0.318%	$529K	$956K	10x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	311.69	−0.273%	$46K	$254K	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	312.33	−0.068%	$79K	$901K	5x	as long as short
Bullet TAO-USD	+0.0100%	1h	312.31	−0.074%	$11K	$17K	20x	as long as short
SunX TAO-USDT	+0.0100%	4h	311.68	−0.276%	$2K	$1.9M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	311.70	−0.270%	$110K	$542K	20x	as long as short
Phemex TAOUSDT	+0.0100%	4h	312.08	−0.148%	$3.1M	$8.0M	50x	as long as short
Aevo TAO-PERP	+0.0104%	1h	312.45	−0.029%	$172K	$998	3x	as long as short
Aster TAOUSDT	+0.0104%	4h	312.38	−0.052%	$1.3M	$10.5M	50x	as long as short
Bybit TAOUSDTshort	+0.0105%	4h	312.52	−0.007%	$67.3M	$150.4M	50x
Orderly PERP_TAO_USDC	+0.0115%	4h	312.28	−0.084%	$52K	$290K	10x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0137% / S +0.0135%	1h	312.03	−0.163%	$414K	—	100x	as long as short
Paradex TAO-USD-PERP	+0.0150%	8h	312.18	−0.116%	$14K	$1K	10x	as long as short
Arcus TAO-USD	+0.0231%	1h	312.60	+0.018%	$101K	$394K	5x	as long as short
Extended TAO-USD	+0.0304%	1h	312.23	−0.100%	$909K	$2.4M	25x	as long as short
Variational Omni TAO	+0.0308%	4h	311.97	−0.183%	$5.5M	$10.1M	—	as long as short
Nado TAO-PERPlong	+0.0336%	1h	312.54	long leg	$789K	$2.2M	10x
BloFin TAO-USDT	+0.0340%	4h	311.79	−0.241%	$4.5M	$10.8M	100x	as long as short
Phoenix TAO	+0.0457%	1h	312.30	−0.078%	$311K	$711K	5x	as long as short
Hyperliquid TAO	+0.0463%	1h	312.67	+0.041%	$91.9M	$107.7M	5x	as long as short
01 Exchange TAOUSD	+0.0480%	1h	312.67	+0.041%	$3K	$4K	5x	as long as short
Backpack TAO_USDC_PERP	+0.0495%	1h	312.17	−0.119%	$310K	$885K	10x	as long as short
Lighter TAO	+0.0576%	1h	312.43	−0.038%	$1.5M	$6.5M	5x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0627%	1h	312.37	−0.057%	$14K	$1.8M	25x	as long as short
Reya TAORUSDPERP	+0.0697%	1h	312.42	−0.039%	$359	—	20x	as long as short
RISEx TAO/USDC	+0.0816%	1h	312.41	−0.041%	$443K	$653K	5x	as long as short
Bulk TAO-USD	+0.0817%	1h	310.92	−0.519%	$165K	$333	10x	as long as short
Coinbase International TAO-PERP-INTX	+0.0952%	1h	312.08	−0.148%	$1.5M	$6.7M	50x	as long as short
Injective TAO/USDC PERP	+0.4092%	1h	315.24	+0.863%	$23K	$2K	12x	as long as short