Funding arb · Price arb /

TAO

all TAO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0233%/8h= −25.5% APRpaid last 24h −0.069%

Price spread now: Phemex against Nado+0.014%7-day average +0.021% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$57as in the Price arb table

costs, in and out, $10k−$560.564% of the position

Long on Nado Short on Phemex

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 4 days (all we have)+0.098%+$10 · spread now +0.014%, 7d avg +0.021%

Together, before fees+0.021%+ Points / potential airdropNado: Active · farm board+$2 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.021%, 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	312.59	0.0333	pay 0.0042% / 1h	15m 48s	$789K	$2.2M	10x
Short	Phemex TAOUSDT	312.63	0.0100	get 0.0050% / 4h	3h 15m	$3.1M	$8.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now +0.014%Rate

Funding earned: −$48.88
Price spread: +0.014% → +0.021%: −$0.78
Slippage, 4 orders: −$37.44
Fee Nado: 3.5 bp × 2 orders: −$7
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$106.09
Costs to cover: 0.564%
Break-even: never at this rate

Slippage from Nado: live order book, 3 min ago; Phemex: live order book, 3 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, 3 min ago	0.96 bp	7.3 bp −$7	18.5 bp −$185	doesn't fit	doesn't fit
Sell Phemex live order book, 3 min ago	3.52 bp	24.1 bp −$24	42.7 bp −$427	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
Kraken Futures PF_TAOUSD	−0.0347%	1h	312.44	−0.048%	$5.5M	$20.7M	50x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	312.33	−0.082%	$20K	—	150x	as long as short
dYdX TAO-USD	+0.0011%	1h	312.57	−0.006%	$125K	$85K	5x	as long as short
Popdex TAOUSDT	+0.0096%	1h	312.56	−0.009%	$46K	$656K	20x	as long as short
Katana Perps TAO-USD	+0.0099%	8h	312.45	−0.044%	$640	$845K	5x	as long as short
Pacifica TAO	+0.0100%	1h	312.87	+0.091%	$356K	$416K	10x	as long as short
Binance TAOUSDT	+0.0100%	4h	312.96	+0.120%	$89.6M	$501.3M	75x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	312.90	+0.100%	$26.1M	$121.1M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	312.50	−0.028%	$13.3M	$50.4M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	312.66	+0.023%	$103.1M	$145.6M	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	312.59	+0.001%	$17.8M	$31.3M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	312.51	−0.025%	$35.1M	$56.5M	50x	as long as short
edgeX TAOUSDC	+0.0100%	4h	311.63	−0.307%	$41K	$314K	10x	as long as short
GRVT TAO_USDT_Perp	+0.0100%	4h	311.55	−0.333%	$529K	$956K	10x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	312.33	−0.082%	$46K	$254K	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	312.40	−0.060%	$82K	$905K	5x	as long as short
Bullet TAO-USD	+0.0100%	1h	312.63	+0.014%	$12K	$17K	20x	as long as short
SunX TAO-USDT	+0.0100%	4h	312.33	−0.082%	$2K	$1.9M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	312.20	−0.124%	$110K	$542K	20x	as long as short
Phemex TAOUSDTshort	+0.0100%	4h	312.63	+0.014%	$3.1M	$8.0M	50x
BingX TAO-USDT	+0.0104%	4h	312.75	+0.052%	—	$33.7M	—	as long as short
Aevo TAO-PERP	+0.0104%	1h	312.71	+0.041%	$172K	$998	3x	as long as short
Orderly PERP_TAO_USDC	+0.0115%	4h	312.53	−0.018%	$52K	$290K	10x	as long as short
Aster TAOUSDT	+0.0117%	4h	312.85	+0.085%	$1.3M	$10.5M	50x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0136% / S +0.0132%	1h	312.30	−0.093%	$422K	—	100x	as long as short
Paradex TAO-USD-PERP	+0.0160%	8h	312.93	+0.108%	$14K	$1K	10x	as long as short
Bybit TAOUSDT	+0.0200%	4h	312.96	+0.119%	$67.4M	$150.6M	50x	as long as short
Arcus TAO-USD	+0.0231%	1h	313.06	+0.151%	$101K	$394K	5x	as long as short
Extended TAO-USD	+0.0320%	1h	312.61	+0.007%	$914K	$2.4M	25x	as long as short
Variational Omni TAO	+0.0323%	4h	312.65	+0.020%	$5.5M	$10.1M	—	as long as short
Nado TAO-PERPlong	+0.0333%	1h	312.59	long leg	$789K	$2.2M	10x
BloFin TAO-USDT	+0.0340%	4h	313.40	+0.260%	$4.5M	$10.8M	100x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0428%	1h	312.50	−0.027%	$13K	$1.8M	25x	as long as short
Phoenix TAO	+0.0457%	1h	313.70	+0.356%	$312K	$711K	5x	as long as short
Hyperliquid TAO	+0.0478%	1h	313.03	+0.142%	$91.9M	$107.8M	5x	as long as short
01 Exchange TAOUSD	+0.0488%	1h	312.97	+0.122%	$3K	$4K	5x	as long as short
Backpack TAO_USDC_PERP	+0.0505%	1h	312.63	+0.014%	$311K	$885K	10x	as long as short
Lighter TAO	+0.0640%	1h	313.16	+0.183%	$1.5M	$6.5M	5x	as long as short
Reya TAORUSDPERP	+0.0697%	1h	312.52	−0.021%	$359	—	20x	as long as short
RISEx TAO/USDC	+0.0816%	1h	312.63	+0.014%	$443K	$647K	5x	as long as short
Bulk TAO-USD	+0.0817%	1h	310.92	−0.533%	$165K	$333	10x	as long as short
Coinbase International TAO-PERP-INTX	+0.0952%	1h	313.56	+0.311%	$1.5M	$6.7M	50x	as long as short
Injective TAO/USDC PERP	+0.4092%	1h	316.67	+1.306%	$23K	$2K	12x	as long as short