Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0019%/8h= −2.1% APRpaid last 24h −0.002%

Price spread now: Phemex against Polymarket Perps+0.149%7-day average +0.019% · you sell dearer than you buy

Net, funding: paid 7d − costs−$125as in the Funding arb table

Net, price: spread back to 7d avg − costs−$73as in the Price arb table

costs, in and out, $10k−$860.860% of the position

Long on Polymarket Perps Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.388%−$39 on $10k

Price spread, last 3 days (all we have)−0.122%−$12 · spread now +0.149%, 7d avg +0.019%

Together, before fees−0.511%−$51 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phemex is 0.130% dearer against Polymarket Perps than usual: you sell high and buy low (spread +0.149% now, against its 7-day average of +0.019%): +$13 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 23 days. At the pace of the last 7 days (−0.388% in total) that is about 2.3 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Polymarket Perps TAO-USD	315.02	0.0119	pay 0.0015% / 1h	18m 12s	$80K	$681K	5x
Short	Phemex TAOUSDT	315.49	0.0100	get 0.0050% / 4h	2h 18m	$3.4M	$7.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Polymarket Perps. 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 Polymarket PerpsbpFee PhemexbpOrdersPrice spread, now +0.149%Rate

Funding earned: −$3.95
Price spread: +0.149% → +0.019%: $13.03
Slippage, 4 orders: −$65.96
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$76.88
Costs to cover: 0.860%
Break-even: never at this rate

Slippage from Polymarket Perps: live order book, 50 min ago; Phemex: 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 Polymarket Perps live order book, 50 min ago	2.84 bp	6.8 bp −$7	7.3 bp −$73	doesn't fit	doesn't fit
Sell Phemex live order book, 6 min ago	17.23 bp	38.8 bp −$39	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
dYdX TAO-USD	0.0000%	1h	315.35	+0.104%	$126K	$84K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	315.21	+0.062%	$10K	—	150x	as long as short
Popdex TAOUSDT	+0.0096%	1h	314.71	−0.098%	$43K	$634K	20x	as long as short
Binance TAOUSDT	+0.0100%	4h	315.59	+0.181%	$90.6M	$467.5M	75x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	315.40	+0.121%	$26.1M	$113.1M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	315.30	+0.089%	$12.9M	$50.5M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	315.45	+0.136%	$111.7M	$139.4M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	316.04	+0.324%	$18.1M	$30.2M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	315.20	+0.057%	$35.2M	$53.8M	50x	as long as short
edgeX TAOUSDC	+0.0100%	4h	315.73	+0.225%	$35K	$300K	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
ApeX Omni TAOUSDT	+0.0100%	1h	315.68	+0.210%	$47K	$252K	50x	as long as short
Orderly PERP_TAO_USDC	+0.0100%	4h	315.46	+0.140%	$57K	$282K	10x	as long as short
SunX TAO-USDT	+0.0100%	4h	315.87	+0.270%	$2K	$1.9M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	315.47	+0.143%	$129K	$473K	20x	as long as short
Phemex TAOUSDTshort	+0.0100%	4h	315.49	+0.149%	$3.4M	$7.9M	50x
Aevo TAO-PERP	+0.0104%	1h	315.79	+0.244%	$173K	$998	3x	as long as short
Katana Perps TAO-USD	+0.0118%	8h	314.77	−0.079%	$1K	$711K	5x	as long as short
Polymarket Perps TAO-USDlong	+0.0119%	1h	315.02	long leg	$80K	$681K	5x
Kraken Futures PF_TAOUSD	+0.0167%	1h	315.89	+0.276%	$5.6M	$20.5M	50x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0168% / S +0.0099%	1h	315.24	+0.071%	$431K	—	100x	as long as short
GRVT TAO_USDT_Perp	+0.0174%	4h	317.11	+0.664%	$523K	$954K	10x	as long as short
Bullet TAO-USD	+0.0247%	1h	315.65	+0.200%	$12K	$17K	20x	as long as short
Aster TAOUSDT	+0.0254%	4h	315.13	+0.033%	$1.3M	$9.4M	50x	as long as short
Pacifica TAO	+0.0285%	1h	315.68	+0.210%	$371K	$384K	10x	as long as short
Arcus TAO-USD	+0.0337%	1h	315.26	+0.076%	$99K	$529K	5x	as long as short
Paradex TAO-USD-PERP	+0.0363%	8h	315.69	+0.212%	$14K	$1K	10x	as long as short
Injective TAO/USDC PERP	+0.0470%	1h	318.67	+1.159%	$23K	$2K	12x	as long as short
Nado TAO-PERP	+0.0528%	1h	315.05	+0.009%	$786K	$2.1M	10x	as long as short
Phoenix TAO	+0.0588%	1h	317.30	+0.724%	$332K	$681K	5x	as long as short
01 Exchange TAOUSD	+0.0672%	1h	315.01	−0.003%	$3K	$4K	5x	as long as short
Reya TAORUSDPERP	+0.0696%	1h	315.21	+0.061%	$362	—	20x	as long as short
BingX TAO-USDT	+0.0780%	4h	315.39	+0.117%	—	$30.9M	—	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0811%	1h	315.99	+0.309%	$22K	$1.5M	25x	as long as short
Bybit TAOUSDT	+0.0823%	4h	315.66	+0.203%	$66.3M	$138.0M	50x	as long as short
Variational Omni TAO	+0.0845%	4h	315.73	+0.224%	$5.5M	$8.9M	—	as long as short
Extended TAO-USD	+0.0920%	1h	315.99	+0.309%	$902K	$2.3M	25x	as long as short
Backpack TAO_USDC_PERP	+0.0930%	1h	315.64	+0.197%	$319K	$810K	10x	as long as short
Coinbase International TAO-PERP-INTX	+0.1024%	1h	316.30	+0.406%	$1.5M	$6.5M	50x	as long as short
RISEx TAO/USDC	+0.1132%	1h	314.70	−0.102%	$449K	$631K	5x	as long as short
Hyperliquid TAO	+0.1330%	1h	315.88	+0.273%	$100.3M	$95.2M	5x	as long as short
Lighter TAO	+0.1416%	1h	316.40	+0.438%	$1.7M	$6.1M	5x	as long as short
Bulk TAO-USD	+0.2752%	1h	308.95	−1.928%	$164K	$40K	10x	as long as short