Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h −0.001%

Price spread now: Popdex against Phemex+0.026%7-day average −0.010% · 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−$59as in the Price arb table

costs, in and out, $10k−$630.627% of the position

Long on Phemex Short on Popdex

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.004%$0 on $10k

Price spread, last 3 days (all we have)−0.086%−$9 · spread now +0.026%, 7d avg −0.010%

Together, before fees−0.090%−$9 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: Popdex is 0.036% dearer against Phemex than usual: you sell high and buy low, +$4 on $10k if it goes back to its 7-day average of −0.010%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex TAOUSDT	304.79	0.0100	pay 0.0050% / 4h	1h 23m	$3.2M	$7.9M	50x
Short	Popdex TAOUSDT	304.87	0.0096	get 0.0012% / 1h	23m 45s	$44K	$538K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Popdex 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 PopdexbpOrdersPrice spread, now +0.026%Rate

Funding earned: −$0.84
Price spread: +0.026% → −0.010%: $3.64
Slippage, 4 orders: −$44.27
Fee Phemex: 6 bp × 2 orders: −$12
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Net: −$59.88
Costs to cover: 0.627%
Break-even: never at this rate

Slippage from Phemex: live order book, 5 min ago; Popdex: live order book, 60 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	6.91 bp	18.6 bp −$19	doesn't fit	doesn't fit	doesn't fit
Sell Popdex live order book, 60 min ago	1.78 bp	11.1 bp −$11	84.7 bp −$847	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 −0.0007%	1h	304.84	+0.017%	$26K	—	150x	as long as short
dYdX TAO-USD	+0.0018%	1h	304.37	−0.139%	$125K	$85K	5x	as long as short
Popdex TAOUSDTshort	+0.0096%	1h	304.87	+0.026%	$44K	$538K	20x
Binance TAOUSDT	+0.0100%	4h	305.04	+0.081%	$85.3M	$414.2M	75x	as long as short
Bybit TAOUSDT	+0.0100%	4h	305.03	+0.079%	$58.9M	$121.3M	50x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	305.00	+0.069%	$24.5M	$95.2M	50x	as long as short
Arcus TAO-USD	+0.0100%	1h	304.84	+0.016%	$79K	$643K	5x	as long as short
Bulk TAO-USD	+0.0100%	1h	303.38	−0.464%	$162K	$54K	10x	as long as short
Gate TAO_USDT	+0.0100%	4h	304.80	+0.003%	$12.2M	$48.9M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	304.98	+0.062%	$111.8M	$125.4M	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	304.84	+0.016%	$18.5M	$27.2M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	304.83	+0.013%	$34.0M	$46.0M	50x	as long as short
BingX TAO-USDT	+0.0100%	4h	304.92	+0.043%	—	$30.4M	—	as long as short
edgeX TAOUSDC	+0.0100%	4h	303.78	−0.330%	$39K	$277K	10x	as long as short
GRVT TAO_USDT_Perp	+0.0100%	4h	303.76	−0.339%	$502K	$967K	10x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	305.00	+0.069%	$75K	$580K	5x	as long as short
Bullet TAO-USD	+0.0100%	1h	305.15	+0.117%	$11K	$18K	20x	as long as short
Orderly PERP_TAO_USDC	+0.0100%	4h	304.91	+0.039%	$58K	$276K	10x	as long as short
SunX TAO-USDT	+0.0100%	4h	304.81	+0.007%	$1K	$1.8M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	305.04	+0.082%	$122K	$364K	20x	as long as short
Phemex TAOUSDTlong	+0.0100%	4h	304.79	long leg	$3.2M	$7.9M	50x
Variational Omni TAO	+0.0104%	4h	303.54	−0.411%	$3.7M	$6.7M	—	as long as short
Aevo TAO-PERP	+0.0104%	1h	305.02	+0.076%	$168K	$998	3x	as long as short
Aster TAOUSDT	+0.0107%	4h	305.03	+0.079%	$1.1M	$7.7M	50x	as long as short
Katana Perps TAO-USD	+0.0110%	8h	304.68	−0.036%	$624	$503K	5x	as long as short
ApeX Omni TAOUSDT	+0.0112%	1h	303.77	−0.335%	$46K	$269K	50x	as long as short
Paradex TAO-USD-PERP	+0.0158%	8h	304.46	−0.107%	$14K	$1K	10x	as long as short
Pacifica TAO	+0.0164%	1h	304.45	−0.112%	$360K	$372K	10x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0174% / S +0.0069%	1h	304.87	+0.026%	$435K	—	100x	as long as short
Nado TAO-PERP	+0.0330%	1h	304.87	+0.025%	$823K	$1.9M	10x	as long as short
BloFin TAO-USDT	+0.0340%	4h	304.00	−0.259%	$4.2M	$9.4M	100x	as long as short
Lighter TAO	+0.0400%	1h	305.13	+0.113%	$1.6M	$5.3M	5x	as long as short
01 Exchange TAOUSD	+0.0400%	1h	305.04	+0.082%	$3K	$4K	5x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0449%	1h	304.95	+0.054%	$22K	$1.4M	25x	as long as short
Backpack TAO_USDC_PERP	+0.0459%	1h	305.09	+0.098%	$294K	$799K	10x	as long as short
Phoenix TAO	+0.0521%	1h	303.80	−0.325%	$322K	$491K	5x	as long as short
Reya TAORUSDPERP	+0.0695%	1h	304.93	+0.047%	$351	—	20x	as long as short
Extended TAO-USD	+0.0816%	1h	304.91	+0.040%	$829K	$2.0M	25x	as long as short
Coinbase International TAO-PERP-INTX	+0.1008%	1h	305.60	+0.266%	$1.5M	$5.5M	50x	as long as short
Kraken Futures PF_TAOUSD	+0.1036%	1h	304.97	+0.060%	$5.8M	$19.7M	50x	as long as short
Hyperliquid TAO	+0.1070%	1h	305.46	+0.220%	$92.8M	$80.4M	5x	as long as short
RISEx TAO/USDC	+0.1155%	1h	304.93	+0.047%	$414K	$543K	5x	as long as short
Injective TAO/USDC PERP	+0.1621%	1h	308.73	+1.293%	$22K	$264	12x	as long as short