Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0089%/8h= −9.7% APRpaid last 24h +0.009%

Price spread now: dYdX against Phemex−0.192%7-day average −0.048% · you buy dearer than you sell

Net, funding: paid 7d − costs−$66as in the Funding arb table

Net, price: spread back to 7d avg − costs−$136as in the Price arb table

costs, in and out, $10k−$1221.216% of the position

Long on Phemex Short on dYdX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.555%+$55 on $10k

Price spread, last 4 days (all we have)+0.079%+$8 · spread now −0.192%, 7d avg −0.048%

Together, before fees+0.634%+$63 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and dYdX is 0.143% cheaper against Phemex than usual: you would sell low and buy high (−$14 if the spread goes back to its 7-day average of −0.048%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.555%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex TAOUSDT	313.17	0.0100	pay 0.0050% / 4h	3h 16m	$3.1M	$8.0M	50x
Short	dYdX TAO-USD	312.57	0.0011	get 0.0001% / 1h	16m 30s	$125K	$85K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX 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 dYdXbpOrdersPrice spread, now −0.192%Rate

Funding earned: −$18.66
Price spread: −0.192% → −0.048%: −$14.31
Slippage, 4 orders: −$99.62
Fee Phemex: 6 bp × 2 orders: −$12
Fee dYdX: 5 bp × 2 orders: −$10
Net: −$154.59
Costs to cover: 1.216%
Break-even: never at this rate

Slippage from Phemex: live order book, 2 min ago; dYdX: live order book, 37 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, 2 min ago	3.52 bp	18.3 bp −$18	36.4 bp −$364	doesn't fit	doesn't fit
Sell dYdX live order book, 37 min ago	31.65 bp	36.7 bp −$37	43.0 bp −$430	149.9 bp −$15.0K	558.3 bp −$279.1K

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	−0.0346%	1h	313.37	+0.064%	$5.6M	$20.7M	50x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	313.03	−0.043%	$20K	—	150x	as long as short
dYdX TAO-USDshort	+0.0011%	1h	312.57	−0.192%	$125K	$85K	5x
Popdex TAOUSDT	+0.0096%	1h	312.56	−0.195%	$46K	$656K	20x	as long as short
Katana Perps TAO-USD	+0.0099%	8h	312.45	−0.230%	$640	$845K	5x	as long as short
Pacifica TAO	+0.0100%	1h	312.87	−0.095%	$356K	$416K	10x	as long as short
Binance TAOUSDT	+0.0100%	4h	312.52	−0.208%	$89.5M	$501.3M	75x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	312.50	−0.214%	$26.1M	$120.9M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	312.70	−0.150%	$13.3M	$50.4M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	312.96	−0.067%	$103.0M	$145.5M	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	−0.185%	$17.8M	$31.3M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	312.20	−0.310%	$35.0M	$56.5M	50x	as long as short
edgeX TAOUSDC	+0.0100%	4h	311.63	−0.492%	$41K	$314K	10x	as long as short
GRVT TAO_USDT_Perp	+0.0100%	4h	311.55	−0.518%	$529K	$956K	10x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	312.33	−0.268%	$46K	$254K	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	312.40	−0.246%	$82K	$905K	5x	as long as short
Bullet TAO-USD	+0.0100%	1h	313.38	+0.069%	$12K	$17K	20x	as long as short
SunX TAO-USDT	+0.0100%	4h	313.16	−0.003%	$2K	$1.9M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	313.03	−0.045%	$111K	$542K	20x	as long as short
Phemex TAOUSDTlong	+0.0100%	4h	313.17	long leg	$3.1M	$8.0M	50x
BingX TAO-USDT	+0.0104%	4h	312.94	−0.073%	—	$33.7M	—	as long as short
Aevo TAO-PERP	+0.0104%	1h	313.49	+0.101%	$172K	$998	3x	as long as short
Orderly PERP_TAO_USDC	+0.0115%	4h	313.31	+0.045%	$52K	$290K	10x	as long as short
Aster TAOUSDT	+0.0117%	4h	312.59	−0.185%	$1.3M	$10.5M	50x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0136% / S +0.0136%	1h	313.04	−0.040%	$416K	—	100x	as long as short
Paradex TAO-USD-PERP	+0.0160%	8h	312.93	−0.078%	$14K	$1K	10x	as long as short
Bybit TAOUSDT	+0.0200%	4h	312.67	−0.160%	$67.4M	$150.6M	50x	as long as short
Arcus TAO-USD	+0.0231%	1h	313.06	−0.035%	$101K	$394K	5x	as long as short
Variational Omni TAO	+0.0308%	4h	311.97	−0.383%	$5.5M	$10.1M	—	as long as short
Extended TAO-USD	+0.0320%	1h	312.88	−0.093%	$914K	$2.4M	25x	as long as short
Nado TAO-PERP	+0.0333%	1h	312.59	−0.186%	$789K	$2.2M	10x	as long as short
BloFin TAO-USDT	+0.0340%	4h	313.40	+0.073%	$4.5M	$10.8M	100x	as long as short
Phoenix TAO	+0.0457%	1h	313.70	+0.169%	$312K	$711K	5x	as long as short
Hyperliquid TAO	+0.0475%	1h	312.90	−0.086%	$91.9M	$107.8M	5x	as long as short
01 Exchange TAOUSD	+0.0488%	1h	312.97	−0.064%	$3K	$4K	5x	as long as short
Backpack TAO_USDC_PERP	+0.0509%	1h	312.89	−0.089%	$311K	$885K	10x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0554%	1h	313.31	+0.044%	$13K	$1.8M	25x	as long as short
Lighter TAO	+0.0632%	1h	313.05	−0.040%	$1.5M	$6.5M	5x	as long as short
Reya TAORUSDPERP	+0.0697%	1h	312.52	−0.207%	$359	—	20x	as long as short
RISEx TAO/USDC	+0.0816%	1h	312.63	−0.172%	$443K	$647K	5x	as long as short
Bulk TAO-USD	+0.0817%	1h	310.92	−0.718%	$165K	$333	10x	as long as short
Coinbase International TAO-PERP-INTX	+0.0952%	1h	314.25	+0.345%	$1.5M	$6.7M	50x	as long as short
Injective TAO/USDC PERP	+0.4092%	1h	316.67	+1.118%	$23K	$2K	12x	as long as short