Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0348%/8h= +38.1% APRpaid last 24h +0.002%

Price spread now: Pacifica against Phemex+0.322%7-day average 0.000% · you sell dearer than you buy

Net, funding: paid 7d − costs−$31as in the Funding arb table

Net, price: spread back to 7d avg − costs−$51as in the Price arb table

costs, in and out, $10k−$830.828% of the position

Long on Phemex Short on Pacifica

What this pair did over the last

the charts below follow

Funding, last 7 days+0.523%+$52 on $10k

Price spread, last 3 days (all we have)−0.384%−$38 · spread now +0.322%, 7d avg 0.000%

Together, before fees+0.139%+ Points / potential airdropPacifica: Active · farm board+$14 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$10 a day on $10k at the current rate, and Pacifica is 0.322% dearer against Phemex than usual: you sell high and buy low: +$32 more if the spread goes back to its 7-day average of 0.000%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex TAOUSDT	317.15	0.0100	pay 0.0050% / 4h	1h 53m	$3.4M	$7.9M	50x
Short	Pacifica TAO	318.17	0.0448	get 0.0056% / 1h	53m 57s	$376K	$393K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Pacifica 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 PacificabpOrdersPrice spread, now +0.322%Rate

Funding earned: $73.06
Price spread: +0.322% → 0.000%: $32.18
Slippage, 4 orders: −$62.78
Fee Phemex: 6 bp × 2 orders: −$12
Fee Pacifica: 4 bp × 2 orders: −$8
Net: $22.46
Costs to cover: 0.828%
Break-even: 4.8 days

Slippage from Phemex: live order book, 5 min ago; Pacifica: live order book, 10 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	15.82 bp	26.8 bp −$27	doesn't fit	doesn't fit	doesn't fit
Sell Pacifica live order book, 10 min ago	3.77 bp	10.5 bp −$11	doesn't fit	doesn't fit	doesn't fit

TAO on 42 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	−0.2257%	1h	317.17	+0.006%	$168K	$40K	10x	as long as short
ApeX Omni TAOUSDT	−0.0750%	1h	314.06	−0.974%	$47K	$253K	50x	as long as short
dYdX TAO-USD	0.0000%	1h	317.56	+0.129%	$127K	$84K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	317.09	−0.018%	$10K	—	150x	as long as short
Popdex TAOUSDT	+0.0096%	1h	317.49	+0.107%	$45K	$646K	20x	as long as short
Binance TAOUSDT	+0.0100%	4h	317.19	+0.013%	$91.6M	$467.6M	75x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	317.40	+0.079%	$26.2M	$115.1M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	316.90	−0.079%	$13.0M	$49.1M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	317.18	+0.009%	$104.6M	$137.6M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	317.12	−0.009%	$18.2M	$30.7M	75x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget TAOUSDT	+0.0100%	4h	317.22	+0.022%	$35.4M	$53.4M	50x	as long as short
edgeX TAOUSDC	+0.0100%	4h	314.73	−0.762%	$35K	$300K	10x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	317.40	+0.079%	$79K	$729K	5x	as long as short
Orderly PERP_TAO_USDC	+0.0100%	4h	317.29	+0.044%	$58K	$282K	10x	as long as short
SunX TAO-USDT	+0.0100%	4h	317.22	+0.022%	$2K	$1.9M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	317.96	+0.255%	$130K	$475K	20x	as long as short
Phemex TAOUSDTlong	+0.0100%	4h	317.15	long leg	$3.4M	$7.9M	50x
Aevo TAO-PERP	+0.0104%	1h	317.73	+0.184%	$174K	$998	3x	as long as short
Katana Perps TAO-USD	+0.0113%	8h	317.62	+0.148%	$675	$732K	5x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0165% / S +0.0104%	1h	317.07	−0.025%	$431K	—	100x	as long as short
GRVT TAO_USDT_Perp	+0.0190%	4h	316.25	−0.283%	$526K	$946K	10x	as long as short
Kraken Futures PF_TAOUSD	+0.0247%	1h	317.28	+0.041%	$5.6M	$20.5M	50x	as long as short
Aster TAOUSDT	+0.0292%	4h	317.30	+0.047%	$1.2M	$9.3M	50x	as long as short
Bullet TAO-USD	+0.0330%	1h	317.45	+0.095%	$12K	$18K	20x	as long as short
Paradex TAO-USD-PERP	+0.0350%	8h	317.99	+0.265%	$14K	$1K	10x	as long as short
Pacifica TAOshort	+0.0448%	1h	318.17	+0.322%	$376K	$393K	10x
Deribit TAO_USDC-PERPETUAL	+0.0458%	1h	317.32	+0.053%	$14K	$1.6M	25x	as long as short
Arcus TAO-USD	+0.0509%	1h	318.13	+0.309%	$100K	$489K	5x	as long as short
Nado TAO-PERP	+0.0545%	1h	317.66	+0.160%	$765K	$2.1M	10x	as long as short
Phoenix TAO	+0.0588%	1h	316.10	−0.331%	$332K	$707K	5x	as long as short
BingX TAO-USDT	+0.0686%	4h	317.01	−0.044%	—	$30.3M	—	as long as short
Reya TAORUSDPERP	+0.0696%	1h	317.35	+0.062%	$365	—	20x	as long as short
Bybit TAOUSDT	+0.0737%	4h	317.42	+0.085%	$67.4M	$138.5M	50x	as long as short
01 Exchange TAOUSD	+0.0744%	1h	318.15	+0.315%	$3K	$4K	5x	as long as short
Variational Omni TAO	+0.0865%	4h	319.02	+0.590%	$6.0M	$9.6M	—	as long as short
Backpack TAO_USDC_PERP	+0.0867%	1h	317.06	−0.028%	$320K	$802K	10x	as long as short
Extended TAO-USD	+0.0912%	1h	317.45	+0.094%	$900K	$2.3M	25x	as long as short
Lighter TAO	+0.1008%	1h	317.73	+0.183%	$1.6M	$6.1M	5x	as long as short
Coinbase International TAO-PERP-INTX	+0.1024%	1h	319.28	+0.672%	$1.5M	$6.5M	50x	as long as short
RISEx TAO/USDC	+0.1159%	1h	317.79	+0.201%	$450K	$626K	5x	as long as short
Hyperliquid TAO	+0.1415%	1h	317.49	+0.107%	$100.4M	$98.1M	5x	as long as short
Injective TAO/USDC PERP	+0.4172%	1h	320.94	+1.195%	$23K	$2K	12x	as long as short