Funding arb · Price arb /

TAO

all TAO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0316%/8h= +34.6% APRpaid last 24h +0.223%

Price spread now: Coinbase International against Phemex+0.245%7-day average +0.173% · you sell dearer than you buy

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

Net, price: spread back to 7d avg − costs−$88as in the Price arb table

costs, in and out, $10k−$950.952% of the position

Long on Phemex Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+1.024%+$102 on $10k

Price spread, last 3 days (all we have)−0.132%−$13 · spread now +0.245%, 7d avg +0.173%

Together, before fees+0.892%+$89 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$9 a day on $10k at the current rate, and Coinbase International is 0.072% dearer against Phemex than usual: you sell high and buy low: +$7 more if the spread goes back to its 7-day average of +0.173%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex TAOUSDT	313.70	0.0668	pay 0.0334% / 4h	3h 00m	$3.4M	$7.8M	50x
Short	Coinbase International TAO-PERP-INTX	314.47	0.0984	get 0.0123% / 1h	0m 56s	$1.5M	$6.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International 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 Coinbase InternationalbpOrdersPrice spread, now +0.245%Rate

Funding earned: $66.4
Price spread: +0.245% → +0.173%: $7.21
Slippage, 4 orders: −$73.17
Fee Phemex: 6 bp × 2 orders: −$12
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$21.57
Costs to cover: 0.952%
Break-even: 9.3 days

Slippage from Phemex: live order book, 3 min ago; Coinbase International: 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 Phemex live order book, 3 min ago	19.72 bp	32.0 bp −$32	doesn't fit	doesn't fit	doesn't fit
Sell Coinbase International live order book, 3 min ago	8.25 bp	13.9 bp −$14	17.5 bp −$175	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	−0.1228%	1h	316.14	+0.778%	$168K	$40K	10x	as long as short
dYdX TAO-USD	0.0000%	1h	313.92	+0.070%	$126K	$88K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0002%	1h	313.53	−0.055%	$12K	—	150x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0037%	1h	313.45	−0.079%	$16K	$1.5M	25x	as long as short
Popdex TAOUSDT	+0.0096%	1h	313.76	+0.019%	$42K	$605K	20x	as long as short
Binance TAOUSDT	+0.0100%	4h	312.61	−0.348%	$89.8M	$453.4M	75x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	312.50	−0.383%	$25.5M	$108.1M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	312.40	−0.414%	$12.7M	$51.4M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	312.94	−0.242%	$100.6M	$138.0M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	312.85	−0.271%	$18.2M	$29.8M	75x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget TAOUSDT	+0.0100%	4h	312.79	−0.290%	$34.8M	$51.8M	50x	as long as short
edgeX TAOUSDC	+0.0100%	4h	315.16	+0.465%	$40K	$294K	10x	as long as short
GRVT TAO_USDT_Perp	+0.0100%	4h	316.35	+0.845%	$524K	$958K	10x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	314.60	+0.287%	$48K	$267K	50x	as long as short
Orderly PERP_TAO_USDC	+0.0100%	4h	313.55	−0.048%	$56K	$316K	10x	as long as short
SunX TAO-USDT	+0.0100%	4h	313.42	−0.089%	$2K	$1.9M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	314.00	+0.096%	$125K	$422K	20x	as long as short
Aevo TAO-PERP	+0.0104%	1h	314.05	+0.111%	$172K	$998	3x	as long as short
Bullet TAO-USD	+0.0112%	1h	313.83	+0.042%	$12K	$17K	20x	as long as short
Katana Perps TAO-USD	+0.0119%	8h	313.76	+0.019%	$1K	$648K	5x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0172% / S +0.0105%	1h	313.46	−0.076%	$442K	—	100x	as long as short
Pacifica TAO	+0.0185%	1h	314.21	+0.163%	$372K	$376K	10x	as long as short
Aster TAOUSDT	+0.0191%	4h	312.69	−0.322%	$1.3M	$9.0M	50x	as long as short
Arcus TAO-USD	+0.0201%	1h	314.17	+0.150%	$83K	$550K	5x	as long as short
Paradex TAO-USD-PERP	+0.0239%	8h	314.07	+0.119%	$14K	$1K	10x	as long as short
Polymarket Perps TAO-USD	+0.0259%	1h	313.93	+0.073%	$92K	$633K	5x	as long as short
BloFin TAO-USDT	+0.0340%	4h	313.38	−0.102%	$4.4M	$10.7M	100x	as long as short
Kraken Futures PF_TAOUSD	+0.0489%	1h	313.40	−0.095%	$5.6M	$20.3M	50x	as long as short
Phoenix TAO	+0.0525%	1h	313.80	+0.032%	$328K	$624K	5x	as long as short
01 Exchange TAOUSD	+0.0560%	1h	313.96	+0.083%	$3K	$4K	5x	as long as short
Injective TAO/USDC PERP	+0.0571%	1h	316.84	+1.001%	$23K	$2K	12x	as long as short
Variational Omni TAO	+0.0606%	4h	314.06	+0.115%	$5.4M	$8.7M	—	as long as short
Phemex TAOUSDTlong	+0.0668%	4h	313.70	long leg	$3.4M	$7.8M	50x
Reya TAORUSDPERP	+0.0696%	1h	313.94	+0.075%	$361	—	20x	as long as short
BingX TAO-USDT	+0.0704%	4h	312.62	−0.344%	—	$30.8M	—	as long as short
Nado TAO-PERP	+0.0749%	1h	313.98	+0.090%	$778K	$2.1M	10x	as long as short
Bybit TAOUSDT	+0.0772%	4h	312.69	−0.322%	$63.8M	$134.5M	50x	as long as short
Backpack TAO_USDC_PERP	+0.0797%	1h	313.01	−0.220%	$316K	$818K	10x	as long as short
Coinbase International TAO-PERP-INTXshort	+0.0984%	1h	314.47	+0.245%	$1.5M	$6.4M	50x
Extended TAO-USD	+0.1080%	1h	313.00	−0.222%	$910K	$2.4M	25x	as long as short
RISEx TAO/USDC	+0.1141%	1h	313.82	+0.038%	$416K	$602K	5x	as long as short
Lighter TAO	+0.1432%	1h	313.96	+0.083%	$1.6M	$6.1M	5x	as long as short
Hyperliquid TAO	+0.1713%	1h	313.17	−0.169%	$100.2M	$91.8M	5x	as long as short