Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0162%/8h= −17.7% APRpaid last 24h +0.009%

Price spread now: ApeX Omni against Phemex−0.791%77s7-day average +0.001% · you buy dearer than you sell

Net, funding: paid 7d − costs−$24as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$730.730% of the position

Long on Phemex Short on ApeX Omni

What this pair did over the last

the charts below follow

Funding, last 7 days+0.488%+$49 on $10k

Price spread, last 4 days (all we have)+0.634%+$63 · spread now −0.791%, 7d avg +0.001%

Together, before fees+1.123%+$112 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and ApeX Omni is 0.792% cheaper against Phemex than usual: you would sell low and buy high (−$79 if the spread goes back to its 7-day average of +0.001%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.488%, so the current rate has only just turned against you. The two prices were read 77 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex TAOUSDT	322.39	0.0262	pay 0.0131% / 4h	1h 26m	$3.3M	$8.1M	50x
Short	ApeX Omni TAOUSDT	319.84	0.0100	get 0.0013% / 1h	26m 12s	$45K	$259K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

ApeX Omni against Phemex. 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 PhemexbpFee ApeX OmnibpOrdersPrice spread, now −0.791%Rate

Funding earned: −$33.96
Price spread: −0.791% → +0.001%: −$79.2
Slippage, 4 orders: −$50.99
Fee Phemex: 6 bp × 2 orders: −$12
Fee ApeX Omni: 5 bp × 2 orders: −$10
Net: −$186.14
Costs to cover: 0.730%
Break-even: never at this rate

Slippage from Phemex: live order book, 3 min ago; ApeX Omni: live order book, 15 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 Phemex live order book, 3 min ago	13.16 bp	27.9 bp −$28	42.5 bp −$425	doesn't fit	doesn't fit
Sell ApeX Omni live order book, 15 min ago	4.38 bp	11.9 bp −$12	115.4 bp −$1,154	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	−0.1995%	1h	319.47	−0.906%	$170K	$333	10x	as long as short
dYdX TAO-USD	0.0000%	1h	321.65	−0.231%	$128K	$85K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0005%	1h	321.77	−0.194%	$22K	—	150x	as long as short
Popdex TAOUSDT	+0.0096%	1h	322.24	−0.047%	$43K	$705K	20x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	322.20	−0.059%	$26.9M	$130.9M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	321.90	−0.152%	$14.4M	$52.0M	50x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	322.27	−0.037%	$18.0M	$32.1M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	321.99	−0.124%	$36.2M	$58.4M	50x	as long as short
ApeX Omni TAOUSDTshort	+0.0100%	1h	319.84	−0.791%	$45K	$259K	50x
Polymarket Perps TAO-USD	+0.0100%	1h	322.18	−0.065%	$89K	$1.2M	5x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX TAO-USDT	+0.0100%	4h	322.13	−0.081%	$2K	$2.0M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	321.65	−0.230%	$117K	$597K	20x	as long as short
Katana Perps TAO-USD	+0.0109%	8h	322.14	−0.078%	$731	$1.0M	5x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0118% / S +0.0150%	1h	320.83	−0.483%	$429K	—	100x	as long as short
Aevo TAO-PERP	+0.0120%	1h	322.20	−0.060%	$177K	$998	3x	as long as short
Orderly PERP_TAO_USDC	+0.0126%	4h	322.24	−0.047%	$53K	$292K	10x	as long as short
MEXC TAO_USDT	+0.0170%	4h	322.24	−0.047%	$107.3M	$150.3M	300x	as long as short
edgeX TAOUSDC	+0.0170%	4h	319.71	−0.832%	$42K	$316K	10x	as long as short
Binance TAOUSDT	+0.0171%	4h	322.50	+0.034%	$93.4M	$529.4M	75x	as long as short
Phemex TAOUSDTlong	+0.0262%	4h	322.39	long leg	$3.3M	$8.1M	50x
Paradex TAO-USD-PERP	+0.0278%	8h	321.99	−0.125%	$15K	$1K	10x	as long as short
BingX TAO-USDT	+0.0324%	4h	322.15	−0.074%	—	$34.5M	—	as long as short
Aster TAOUSDT	+0.0347%	4h	322.27	−0.036%	$1.3M	$10.9M	50x	as long as short
Bybit TAOUSDT	+0.0350%	4h	322.75	+0.112%	$70.8M	$156.2M	50x	as long as short
GRVT TAO_USDT_Perp	+0.0396%	4h	319.57	−0.874%	$544K	$940K	10x	as long as short
Bullet TAO-USD	+0.0399%	1h	322.20	−0.058%	$12K	$17K	20x	as long as short
BloFin TAO-USDT	+0.0411%	4h	321.16	−0.382%	$4.7M	$11.1M	100x	as long as short
Extended TAO-USD	+0.0464%	1h	322.35	−0.014%	$918K	$2.4M	25x	as long as short
Pacifica TAO	+0.0525%	1h	321.51	−0.274%	$366K	$423K	10x	as long as short
Nado TAO-PERP	+0.0533%	1h	322.16	−0.072%	$804K	$2.0M	10x	as long as short
Variational Omni TAO	+0.0541%	4h	320.05	−0.726%	$5.7M	$10.2M	—	as long as short
Phoenix TAO	+0.0567%	1h	319.40	−0.927%	$318K	$709K	5x	as long as short
Arcus TAO-USD	+0.0641%	1h	322.21	−0.056%	$104K	$389K	5x	as long as short
01 Exchange TAOUSD	+0.0648%	1h	322.81	+0.130%	$3K	$4K	5x	as long as short
Hyperliquid TAO	+0.0655%	1h	322.50	+0.034%	$95.2M	$110.4M	5x	as long as short
Reya TAORUSDPERP	+0.0698%	1h	322.16	−0.071%	$370	—	20x	as long as short
Backpack TAO_USDC_PERP	+0.0718%	1h	321.37	−0.316%	$299K	$905K	10x	as long as short
Lighter TAO	+0.0760%	1h	322.62	+0.071%	$1.6M	$6.8M	5x	as long as short
Coinbase International TAO-PERP-INTX	+0.0944%	1h	322.86	+0.146%	$1.5M	$6.9M	50x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0973%	1h	322.37	−0.006%	$15K	$1.9M	25x	as long as short
RISEx TAO/USDC	+0.1077%	1h	322.13	−0.079%	$461K	$666K	5x	as long as short
Kraken Futures PF_TAOUSD	+0.1145%	1h	322.50	+0.033%	$6.0M	$21.8M	50x	as long as short
Injective TAO/USDC PERP	+0.4723%	1h	323.44	+0.326%	$24K	$2K	12x	as long as short