Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 20:00 UTC+0.0594%/8hpaid last 24h +0.177%

Price spread now: Reya against Phemex−0.008%7-day average — · you buy dearer than you sell

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

Long on Phemex Short on Reya

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

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

Together, before fees—+ Points / potential airdropReya: Active · farm boardneeds both histories

The price spread sits at zero (this spread has no 7-day history yet), so right now this pair is about funding alone: +$18 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex TAOUSDT	292.15	0.0100	pay 0.0050% / 4h	23m 04s	$3.1M	$7.5M	50x
Short	Reya TAORUSDPERP	292.13	0.0694	get 0.0087% / 1h	23m 04s	$336	—	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Reya 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 ReyabpOrdersPrice spread, now −0.008%Rate

Funding earned: $124.64
Price spread: −0.008% → 0.000%: −$0.77
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Reya: 3 bp × 2 orders: −$6
Net: $105.86
Costs to cover: 0.180%
Break-even: 1.1 days

Slippage unknown: Phemex: live order book, 5 min ago; Reya: 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, 5 min ago	1.19 bp	28.1 bp −$28	doesn't fit	doesn't fit	doesn't fit
Sell Reya no order-book sample	—	—	—	—	—

Reya: 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
Bulk TAO-USD	−0.0948%	1h	288.22	−1.345%	$190K	$44K	10x	as long as short
Kraken Futures PF_TAOUSD	−0.0159%	1h	292.38	+0.077%	$5.3M	$13.8M	50x	as long as short
dYdX TAO-USD	0.0000%	1h	292.40	+0.086%	$75K	$35K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0007%	1h	292.14	−0.002%	$28K	—	150x	as long as short
Popdex TAOUSDT	+0.0096%	1h	292.20	+0.017%	$33K	$476K	20x	as long as short
Aster TAOUSDT	+0.0100%	4h	292.37	+0.076%	$1.7M	$4.9M	50x	as long as short
Pacifica TAO	+0.0100%	1h	292.39	+0.081%	$339K	$373K	10x	as long as short
Binance TAOUSDT	+0.0100%	4h	292.23	+0.028%	$79.4M	$333.8M	75x	as long as short
Bybit TAOUSDT	+0.0100%	4h	292.21	+0.021%	$51.2M	$87.9M	50x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	292.10	−0.017%	$23.3M	$71.2M	50x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Arcus TAO-USD	+0.0100%	1h	292.56	+0.140%	$128K	$579K	5x	as long as short
Gate TAO_USDT	+0.0100%	4h	291.90	−0.086%	$11.6M	$44.9M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	292.14	−0.003%	$104.6M	$105.4M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	292.22	+0.024%	$19.7M	$21.1M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	292.06	−0.031%	$33.1M	$36.8M	50x	as long as short
BingX TAO-USDT	+0.0100%	4h	292.21	+0.021%	—	$29.7M	—	as long as short
Variational Omni TAO	+0.0100%	4h	294.61	+0.843%	$3.2M	$5.3M	—	as long as short
edgeX TAOUSDC	+0.0100%	4h	293.87	+0.588%	$38K	$272K	10x	as long as short
GRVT TAO_USDT_Perp	+0.0100%	4h	294.38	+0.763%	$516K	$871K	10x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	293.54	+0.476%	$44K	$266K	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	292.40	+0.086%	$83K	$506K	5x	as long as short
Bullet TAO-USD	+0.0100%	1h	292.23	+0.027%	$11K	$18K	20x	as long as short
Orderly PERP_TAO_USDC	+0.0100%	4h	292.08	−0.024%	$54K	$235K	10x	as long as short
SunX TAO-USDT	+0.0100%	4h	292.06	−0.031%	$1K	$1.6M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	292.33	+0.062%	$122K	$312K	20x	as long as short
Phemex TAOUSDTlong	+0.0100%	4h	292.15	long leg	$3.1M	$7.5M	50x
Katana Perps TAO-USD	+0.0100%	8h	292.37	+0.075%	$3K	$339K	5x	as long as short
Aevo TAO-PERP	+0.0104%	1h	292.30	+0.050%	$161K	$998	3x	as long as short
Paradex TAO-USD-PERP	+0.0105%	8h	292.24	+0.031%	$14K	$376	10x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0135%	1h	292.29	+0.047%	$23K	$1.0M	25x	as long as short
Extended TAO-USD	+0.0168%	1h	292.14	−0.002%	$805K	$1.4M	25x	as long as short
Nado TAO-PERP	+0.0170%	1h	292.26	+0.038%	$1.0M	$1.3M	10x	as long as short
Phoenix TAO	+0.0336%	1h	294.20	+0.702%	$312K	$158K	5x	as long as short
BloFin TAO-USDT	+0.0340%	4h	292.24	+0.031%	$4.0M	$7.2M	100x	as long as short
01 Exchange TAOUSD	+0.0432%	1h	292.46	+0.106%	$3K	$4K	5x	as long as short
Lighter TAO	+0.0440%	1h	292.55	+0.137%	$1.3M	$2.4M	5x	as long as short
RISEx TAO/USDC	+0.0478%	1h	292.31	+0.056%	$336K	$451K	5x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0480% / S −0.0195%	1h	292.17	+0.009%	$440K	—	100x	as long as short
Reya TAORUSDPERPshort	+0.0694%	1h	292.13	−0.008%	$336	—	20x
Coinbase International TAO-PERP-INTX	+0.0872%	1h	293.09	+0.322%	$1.5M	$4.2M	50x	as long as short
Backpack TAO_USDC_PERP	+0.0893%	1h	292.59	+0.151%	$405K	$498K	10x	as long as short
Hyperliquid TAO	+0.1296%	1h	292.75	+0.205%	$83.5M	$55.4M	5x	as long as short
Injective TAO/USDC PERP	+0.2947%	1h	291.06	−0.373%	$21K	$39K	12x	as long as short