Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0074%/8h= +8.1% APRpaid last 24h +0.072%

Price spread now: Nado against Phemex+0.058%7-day average −0.020% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$53as in the Price arb table

costs, in and out, $10k−$610.607% of the position

Long on Phemex Short on Nado

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.081%+$8 on $10k

Price spread, last 4 days (all we have)−0.144%−$14 · spread now +0.058%, 7d avg −0.020%

Together, before fees−0.063%+ Points / potential airdropNado: Active · farm board−$6 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Nado is 0.078% dearer against Phemex than usual: you sell high and buy low: +$8 more if the spread goes back to its 7-day average of −0.020%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex TAOUSDT	312.75	0.0201	pay 0.0101% / 4h	2h 25m	$3.1M	$8.0M	50x
Short	Nado TAO-PERP	312.93	0.0275	get 0.0034% / 1h	25m 57s	$771K	$2.2M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Nado 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 NadobpOrdersPrice spread, now +0.058%Rate

Funding earned: $15.46
Price spread: +0.058% → −0.020%: $7.82
Slippage, 4 orders: −$41.72
Fee Phemex: 6 bp × 2 orders: −$12
Fee Nado: 3.5 bp × 2 orders: −$7
Net: −$37.45
Costs to cover: 0.607%
Break-even: 24.0 days

Slippage from Phemex: live order book, 3 min ago; Nado: 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	6.86 bp	27.5 bp −$28	doesn't fit	doesn't fit	doesn't fit
Sell Nado live order book, 3 min ago	0.64 bp	6.5 bp −$6	16.2 bp −$162	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
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	312.54	−0.068%	$20K	—	150x	as long as short
dYdX TAO-USD	+0.0046%	1h	312.85	+0.032%	$125K	$85K	5x	as long as short
Binance TAOUSDT	+0.0100%	4h	312.88	+0.041%	$89.8M	$508.2M	75x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	312.60	−0.048%	$26.2M	$121.8M	50x	as long as short
Bulk TAO-USD	+0.0100%	1h	313.47	+0.231%	$167K	$333	10x	as long as short
Gate TAO_USDT	+0.0100%	4h	312.50	−0.080%	$13.9M	$51.1M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	312.74	−0.003%	$107.4M	$145.8M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	312.54	−0.067%	$17.2M	$31.4M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	312.41	−0.109%	$35.2M	$57.0M	50x	as long as short
edgeX TAOUSDC	+0.0100%	4h	314.21	+0.468%	$42K	$314K	10x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Polymarket Perps TAO-USD	+0.0100%	1h	312.86	+0.035%	$89K	$920K	5x	as long as short
SunX TAO-USDT	+0.0100%	4h	312.70	−0.016%	$2K	$1.9M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	312.24	−0.163%	$113K	$554K	20x	as long as short
Katana Perps TAO-USD	+0.0103%	8h	313.03	+0.090%	$641	$923K	5x	as long as short
Aevo TAO-PERP	+0.0104%	1h	312.96	+0.067%	$172K	$998	3x	as long as short
Orderly PERP_TAO_USDC	+0.0121%	4h	312.76	+0.003%	$52K	$290K	10x	as long as short
Popdex TAOUSDT	+0.0128%	1h	313.09	+0.109%	$51K	$668K	20x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0129% / S +0.0140%	1h	312.56	−0.062%	$419K	—	100x	as long as short
Phemex TAOUSDTlong	+0.0201%	4h	312.75	long leg	$3.1M	$8.0M	50x
Aster TAOUSDT	+0.0207%	4h	312.89	+0.045%	$1.3M	$10.6M	50x	as long as short
Pacifica TAO	+0.0233%	1h	313.05	+0.097%	$356K	$419K	10x	as long as short
Paradex TAO-USD-PERP	+0.0267%	8h	312.97	+0.070%	$14K	$1K	10x	as long as short
Nado TAO-PERPshort	+0.0275%	1h	312.93	+0.058%	$771K	$2.2M	10x
Kraken Futures PF_TAOUSD	+0.0304%	1h	313.05	+0.096%	$5.9M	$21.4M	50x	as long as short
Bullet TAO-USD	+0.0323%	1h	312.97	+0.070%	$12K	$17K	20x	as long as short
BloFin TAO-USDT	+0.0340%	4h	313.29	+0.173%	$4.6M	$10.9M	100x	as long as short
GRVT TAO_USDT_Perp	+0.0348%	4h	314.02	+0.405%	$533K	$923K	10x	as long as short
ApeX Omni TAOUSDT	+0.0400%	1h	314.32	+0.502%	$44K	$256K	50x	as long as short
Bybit TAOUSDT	+0.0420%	4h	312.68	−0.022%	$67.9M	$152.4M	50x	as long as short
BingX TAO-USDT	+0.0430%	4h	313.04	+0.093%	—	$33.7M	—	as long as short
Variational Omni TAO	+0.0439%	4h	313.02	+0.086%	$5.5M	$10.1M	—	as long as short
Extended TAO-USD	+0.0472%	1h	312.71	−0.013%	$896K	$2.4M	25x	as long as short
Arcus TAO-USD	+0.0483%	1h	313.39	+0.205%	$101K	$345K	5x	as long as short
Phoenix TAO	+0.0513%	1h	314.20	+0.464%	$313K	$713K	5x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0592%	1h	312.77	+0.008%	$15K	$1.8M	25x	as long as short
Reya TAORUSDPERP	+0.0697%	1h	313.03	+0.089%	$360	—	20x	as long as short
01 Exchange TAOUSD	+0.0760%	1h	313.49	+0.237%	$3K	$4K	5x	as long as short
Lighter TAO	+0.0768%	1h	313.13	+0.122%	$1.5M	$6.6M	5x	as long as short
Hyperliquid TAO	+0.0797%	1h	312.91	+0.051%	$91.4M	$109.0M	5x	as long as short
Backpack TAO_USDC_PERP	+0.0808%	1h	312.84	+0.029%	$311K	$890K	10x	as long as short
Coinbase International TAO-PERP-INTX	+0.0928%	1h	313.93	+0.377%	$1.5M	$6.8M	50x	as long as short
RISEx TAO/USDC	+0.0948%	1h	313.15	+0.128%	$454K	$649K	5x	as long as short
Injective TAO/USDC PERP	+0.3711%	1h	319.48	+2.152%	$23K	$2K	12x	as long as short