Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.4004%/8h= +438.4% APRpaid last 24h +0.733%

Price spread now: Injective against Phemex+1.974%65s7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Phemex Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days+4.009%+$401 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work for this trade now. Funding pays +$120 a day on $10k at the current rate, and Injective is 1.974% dearer against Phemex than usual: you sell high and buy low: +$197 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 65 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	316.69	0.0509	pay 0.0255% / 4h	35m 53s	$3.2M	$8.2M	50x
Short	Injective TAO/USDC PERP	322.94	0.4513	get 0.0564% / 1h	35m 53s	$23K	$2K	12x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now +1.974%Rate

Funding earned: $840.74
Price spread: +1.974% → 0.000%: $197.35
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: $1,026.08
Costs to cover: 0.120%
Break-even: from the start

Slippage unknown: Phemex: live order book, 3 min ago; Injective: no order-book sample. Net counts fees only.

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	14.53 bp	24.4 bp −$24	49.7 bp −$497	doesn't fit	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

Injective: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0005%	1h	316.51	−0.056%	$22K	—	150x	as long as short
dYdX TAO-USD	+0.0039%	1h	316.06	−0.200%	$126K	$85K	5x	as long as short
Popdex TAOUSDT	+0.0096%	1h	316.44	−0.079%	$44K	$711K	20x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	316.70	+0.003%	$26.4M	$130.3M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	316.70	+0.003%	$14.4M	$51.3M	50x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	316.85	+0.051%	$17.7M	$32.4M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	316.45	−0.076%	$35.6M	$58.0M	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	316.44	−0.079%	$88K	$1.2M	5x	as long as short
SunX TAO-USDT	+0.0100%	4h	316.64	−0.016%	$1K	$2.0M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	315.90	−0.249%	$115K	$604K	20x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Katana Perps TAO-USD	+0.0107%	8h	316.30	−0.123%	$4K	$1.1M	5x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0107% / S +0.0136%	1h	316.52	−0.052%	$403K	—	100x	as long as short
Aevo TAO-PERP	+0.0128%	1h	316.92	+0.071%	$174K	$998	3x	as long as short
Orderly PERP_TAO_USDC	+0.0149%	4h	316.68	−0.003%	$52K	$294K	10x	as long as short
Binance TAOUSDT	+0.0171%	4h	316.89	+0.062%	$91.8M	$530.6M	75x	as long as short
MEXC TAO_USDT	+0.0174%	4h	316.73	+0.013%	$99.9M	$151.5M	300x	as long as short
edgeX TAOUSDC	+0.0185%	4h	317.37	+0.213%	$42K	$319K	10x	as long as short
ApeX Omni TAOUSDT	+0.0187%	1h	318.97	+0.720%	$46K	$260K	50x	as long as short
Paradex TAO-USD-PERP	+0.0237%	8h	316.45	−0.075%	$14K	$1K	10x	as long as short
Bullet TAO-USD	+0.0269%	1h	316.84	+0.048%	$12K	$17K	20x	as long as short
Bybit TAOUSDT	+0.0270%	4h	316.93	+0.076%	$69.4M	$156.7M	50x	as long as short
BingX TAO-USDT	+0.0280%	4h	316.88	+0.060%	—	$37.0M	—	as long as short
Pacifica TAO	+0.0313%	1h	316.52	−0.054%	$371K	$452K	10x	as long as short
Bulk TAO-USD	+0.0317%	1h	319.23	+0.802%	$170K	$0	10x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0318%	1h	316.74	+0.016%	$15K	$1.9M	25x	as long as short
GRVT TAO_USDT_Perp	+0.0318%	4h	317.09	+0.127%	$541K	$918K	10x	as long as short
Extended TAO-USD	+0.0320%	1h	316.80	+0.033%	$903K	$2.4M	25x	as long as short
Aster TAOUSDT	+0.0330%	4h	316.76	+0.024%	$1.3M	$11.0M	50x	as long as short
BloFin TAO-USDT	+0.0415%	4h	316.72	+0.009%	$4.7M	$10.9M	100x	as long as short
Arcus TAO-USD	+0.0473%	1h	316.60	−0.028%	$102K	$381K	5x	as long as short
Nado TAO-PERP	+0.0500%	1h	316.30	−0.124%	$786K	$2.0M	10x	as long as short
Phemex TAOUSDTlong	+0.0509%	4h	316.69	long leg	$3.2M	$8.2M	50x
Lighter TAO	+0.0528%	1h	316.99	+0.094%	$1.6M	$6.9M	5x	as long as short
Variational Omni TAO	+0.0534%	4h	316.88	+0.061%	$5.5M	$10.2M	—	as long as short
Phoenix TAO	+0.0629%	1h	319.50	+0.887%	$318K	$703K	5x	as long as short
Backpack TAO_USDC_PERP	+0.0675%	1h	316.98	+0.092%	$292K	$906K	10x	as long as short
01 Exchange TAOUSD	+0.0688%	1h	316.46	−0.073%	$3K	$4K	5x	as long as short
Reya TAORUSDPERP	+0.0698%	1h	316.63	−0.019%	$364	—	20x	as long as short
Hyperliquid TAO	+0.0743%	1h	317.00	+0.099%	$93.7M	$110.1M	5x	as long as short
RISEx TAO/USDC	+0.0831%	1h	316.31	−0.120%	$443K	$670K	5x	as long as short
Kraken Futures PF_TAOUSD	+0.0836%	1h	316.90	+0.067%	$5.9M	$21.6M	50x	as long as short
Coinbase International TAO-PERP-INTX	+0.0984%	1h	316.71	+0.006%	$1.4M	$6.9M	50x	as long as short
Injective TAO/USDC PERPshort	+0.4513%	1h	322.94	+1.974%	$23K	$2K	12x