Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0003%/8h= −0.4% APRpaid last 24h 0.000%

Price spread now: OKX against Phemex+0.143%53s7-day average −0.034% · you sell dearer than you buy

Net, funding: paid 7d − costs−$17as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$630.630% of the position

Long on Phemex Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.458%+$46 on $10k

Price spread, last 4 days (all we have)−0.210%−$21 · spread now +0.143%, 7d avg −0.034%

Together, before fees+0.248%+$25 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: OKX is 0.177% dearer against Phemex than usual: you sell high and buy low, +$18 on $10k if it goes back to its 7-day average of −0.034%. The two prices were read 53 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	315.55	0.0103	pay 0.0052% / 4h	1h 03m	$3.2M	$8.1M	50x
Short	OKX TAO-USDT-SWAP	316.00	0.0100	get 0.0100% / 8h	5h 03m	$26.0M	$119.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now +0.143%Rate

Funding earned: −$0.72
Price spread: +0.143% → −0.034%: $17.68
Slippage, 4 orders: −$40.99
Fee Phemex: 6 bp × 2 orders: −$12
Fee OKX: 5 bp × 2 orders: −$10
Net: −$46.03
Costs to cover: 0.630%
Break-even: never at this rate

Slippage from Phemex: live order book, 5 min ago; OKX: live order book, 6 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	9.14 bp	22.1 bp −$22	doesn't fit	doesn't fit	doesn't fit
Sell OKX live order book, 6 min ago	1.58 bp	9.4 bp −$9	18.2 bp −$182	57.0 bp −$5,699	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	−0.0766%	1h	316.69	+0.360%	$168K	$1K	10x	as long as short
dYdX TAO-USD	0.0000%	1h	315.34	−0.067%	$126K	$85K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	315.99	+0.138%	$20K	—	150x	as long as short
Popdex TAOUSDT	+0.0096%	1h	315.95	+0.127%	$41K	$685K	20x	as long as short
Binance TAOUSDT	+0.0100%	4h	316.09	+0.171%	$91.9M	$489.6M	75x	as long as short
OKX TAO-USDT-SWAPshort	+0.0100%	8h	316.00	+0.143%	$26.0M	$119.4M	50x
Gate TAO_USDT	+0.0100%	4h	315.80	+0.079%	$12.9M	$50.5M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	316.08	+0.168%	$104.8M	$144.3M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	315.98	+0.136%	$17.6M	$31.7M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	316.02	+0.149%	$35.2M	$55.8M	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	316.23	+0.216%	$35K	$303K	10x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	316.05	+0.158%	$88K	$794K	5x	as long as short
SunX TAO-USDT	+0.0100%	4h	315.55	0.000%	$1K	$1.9M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	315.33	−0.070%	$109K	$529K	20x	as long as short
Phemex TAOUSDTlong	+0.0103%	4h	315.55	long leg	$3.2M	$8.1M	50x
Aevo TAO-PERP	+0.0104%	1h	315.75	+0.063%	$173K	$998	3x	as long as short
Katana Perps TAO-USD	+0.0112%	8h	315.61	+0.019%	$1K	$778K	5x	as long as short
Bullet TAO-USD	+0.0122%	1h	316.16	+0.192%	$12K	$18K	20x	as long as short
Orderly PERP_TAO_USDC	+0.0127%	4h	316.04	+0.155%	$57K	$275K	10x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0156% / S +0.0113%	1h	315.96	+0.130%	$428K	—	100x	as long as short
GRVT TAO_USDT_Perp	+0.0160%	4h	316.72	+0.370%	$527K	$965K	10x	as long as short
Paradex TAO-USD-PERP	+0.0231%	8h	315.55	+0.001%	$14K	$1K	10x	as long as short
Kraken Futures PF_TAOUSD	+0.0249%	1h	315.73	+0.056%	$5.6M	$20.8M	50x	as long as short
Aster TAOUSDT	+0.0256%	4h	315.65	+0.031%	$1.2M	$10.1M	50x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0274%	1h	315.75	+0.062%	$15K	$1.7M	25x	as long as short
ApeX Omni TAOUSDT	+0.0299%	1h	316.57	+0.323%	$46K	$252K	50x	as long as short
BloFin TAO-USDT	+0.0340%	4h	316.31	+0.241%	$4.6M	$10.9M	100x	as long as short
Bybit TAOUSDT	+0.0351%	4h	316.27	+0.228%	$69.5M	$146.2M	50x	as long as short
BingX TAO-USDT	+0.0386%	4h	316.16	+0.193%	—	$30.3M	—	as long as short
Pacifica TAO	+0.0448%	1h	315.59	+0.012%	$371K	$413K	10x	as long as short
Phoenix TAO	+0.0504%	1h	316.50	+0.301%	$331K	$707K	5x	as long as short
Arcus TAO-USD	+0.0509%	1h	316.16	+0.193%	$100K	$488K	5x	as long as short
Nado TAO-PERP	+0.0559%	1h	315.79	+0.077%	$844K	$2.2M	10x	as long as short
Extended TAO-USD	+0.0560%	1h	315.66	+0.036%	$927K	$2.4M	25x	as long as short
01 Exchange TAOUSD	+0.0632%	1h	315.82	+0.086%	$3K	$4K	5x	as long as short
Reya TAORUSDPERP	+0.0696%	1h	316.09	+0.172%	$364	—	20x	as long as short
Lighter TAO	+0.0704%	1h	315.85	+0.096%	$1.6M	$6.4M	5x	as long as short
Variational Omni TAO	+0.0758%	4h	315.94	+0.125%	$5.9M	$9.8M	—	as long as short
Backpack TAO_USDC_PERP	+0.0814%	1h	315.89	+0.108%	$314K	$926K	10x	as long as short
Hyperliquid TAO	+0.0916%	1h	316.24	+0.219%	$95.4M	$104.3M	5x	as long as short
Coinbase International TAO-PERP-INTX	+0.1024%	1h	317.08	+0.485%	$1.5M	$6.8M	50x	as long as short
RISEx TAO/USDC	+0.1159%	1h	315.89	+0.109%	$435K	$659K	5x	as long as short
Injective TAO/USDC PERP	+0.4172%	1h	321.62	+1.924%	$23K	$2K	12x	as long as short