TAO

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0649%/8h= +71.1% APRnext payment +$3.25 per $10,000 · paid last 24h 0.000%

Price spread now: Bybit against Phemex−0.863%7-day average +0.019% · 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−$162as in the Price arb table

costs, in and out, $10k−$740.736% of the position

Long on Phemex Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.501%+$50 on $10k

Price spread, last 3 days (all we have)+0.867%+$87 · spread now −0.863%, 7d avg +0.019%

Together, before fees+1.368%+$137 on $10k · with fees, hour by hour

Funding pays, the price is against you. Bybit is 0.882% cheaper against Phemex than usual: you would sell low and buy high (spread −0.863% now, against its 7-day average of +0.019%). If the spread goes back, that is −$88 on $10k: about 4.5 days of funding at the current rate (+$19 a day). At the pace of the last 7 days (+0.501% in total) that is about 12 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex TAOUSDT	317.37	0.0103	pay 0.0051% / 4h	3h 03m	$3.4M	$7.8M	50x
Short	Bybit TAOUSDT	314.63	0.0752	get 0.0376% / 4h	3h 03m	$64.8M	$133.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.863%Rate

Funding earned: $136.33
Price spread: −0.863% → +0.019%: −$88.21
Slippage, 4 orders: −$50.61
Fee Phemex: 6 bp × 2 orders: −$12
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$25.49
Costs to cover: 0.736%
Break-even: 8.3 days

Slippage from Phemex: live order book, 5 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 Phemex live order book, 5 min ago	14.55 bp	29.5 bp −$30	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 5 min ago	0.16 bp	10.7 bp −$11	18.8 bp −$188	39.4 bp −$3,941	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	−0.1228%	1h	316.14	−0.388%	$168K	$40K	10x	as long as short
dYdX TAO-USD	0.0000%	1h	314.55	−0.889%	$126K	$88K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0002%	1h	316.94	−0.137%	$12K	—	150x	as long as short
Popdex TAOUSDT	+0.0096%	1h	317.72	+0.110%	$44K	$603K	20x	as long as short
Binance TAOUSDT	+0.0100%	4h	314.84	−0.796%	$90.2M	$452.0M	75x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	314.40	−0.936%	$25.6M	$108.5M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	316.20	−0.369%	$12.8M	$51.3M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	314.44	−0.923%	$100.2M	$137.4M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	314.68	−0.848%	$17.8M	$29.3M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	314.53	−0.895%	$35.0M	$51.6M	50x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
edgeX TAOUSDC	+0.0100%	4h	317.06	−0.099%	$40K	$294K	10x	as long as short
GRVT TAO_USDT_Perp	+0.0100%	4h	315.81	−0.492%	$523K	$958K	10x	as long as short
Orderly PERP_TAO_USDC	+0.0100%	4h	317.24	−0.041%	$57K	$316K	10x	as long as short
SunX TAO-USDT	+0.0100%	4h	317.27	−0.032%	$2K	$1.9M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	317.38	+0.003%	$127K	$422K	20x	as long as short
Phemex TAOUSDTlong	+0.0103%	4h	317.37	long leg	$3.4M	$7.8M	50x
Aevo TAO-PERP	+0.0104%	1h	317.49	+0.037%	$174K	$998	3x	as long as short
Bullet TAO-USD	+0.0105%	1h	317.35	−0.006%	$12K	$17K	20x	as long as short
Katana Perps TAO-USD	+0.0122%	8h	317.74	+0.117%	$1K	$644K	5x	as long as short
ApeX Omni TAOUSDT	+0.0154%	1h	316.14	−0.388%	$48K	$267K	50x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0172% / S +0.0102%	1h	316.91	−0.145%	$450K	—	100x	as long as short
Pacifica TAO	+0.0185%	1h	314.69	−0.844%	$373K	$376K	10x	as long as short
Arcus TAO-USD	+0.0201%	1h	317.58	+0.066%	$84K	$550K	5x	as long as short
Aster TAOUSDT	+0.0204%	4h	316.36	−0.319%	$1.3M	$8.9M	50x	as long as short
Paradex TAO-USD-PERP	+0.0235%	8h	314.64	−0.859%	$14K	$1K	10x	as long as short
Polymarket Perps TAO-USD	+0.0267%	1h	317.77	+0.126%	$93K	$633K	5x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0275%	1h	317.11	−0.083%	$17K	$1.5M	25x	as long as short
BloFin TAO-USDT	+0.0340%	4h	316.47	−0.284%	$4.4M	$10.8M	100x	as long as short
Kraken Futures PF_TAOUSD	+0.0484%	1h	317.05	−0.101%	$5.7M	$20.3M	50x	as long as short
Phoenix TAO	+0.0525%	1h	317.00	−0.117%	$332K	$624K	5x	as long as short
01 Exchange TAOUSD	+0.0560%	1h	317.57	+0.063%	$3K	$4K	5x	as long as short
Injective TAO/USDC PERP	+0.0571%	1h	320.46	+0.974%	$23K	$2K	12x	as long as short
Variational Omni TAO	+0.0571%	4h	316.78	−0.187%	$5.5M	$8.7M	—	as long as short
Reya TAORUSDPERP	+0.0696%	1h	317.52	+0.048%	$365	—	20x	as long as short
BingX TAO-USDT	+0.0702%	4h	314.74	−0.829%	—	$30.7M	—	as long as short
Nado TAO-PERP	+0.0746%	1h	317.67	+0.095%	$790K	$2.1M	10x	as long as short
Bybit TAOUSDTshort	+0.0752%	4h	314.63	−0.863%	$64.8M	$133.8M	50x
Backpack TAO_USDC_PERP	+0.0800%	1h	317.11	−0.082%	$320K	$816K	10x	as long as short
Coinbase International TAO-PERP-INTX	+0.0984%	1h	317.25	−0.038%	$1.5M	$6.4M	50x	as long as short
Extended TAO-USD	+0.1104%	1h	316.30	−0.337%	$884K	$2.3M	25x	as long as short
RISEx TAO/USDC	+0.1141%	1h	317.39	+0.006%	$421K	$593K	5x	as long as short
Lighter TAO	+0.1400%	1h	315.40	−0.620%	$1.6M	$6.1M	5x	as long as short
Hyperliquid TAO	+0.1745%	1h	315.23	−0.674%	$100.8M	$91.7M	5x	as long as short