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: BingX against Popdex−0.033%7-day average −0.002% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$38as in the Price arb table

costs, in and out, $10k−$350.345% of the position

Long on Popdex Short on BingX

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 4 days (all we have)+0.047%+$5 · spread now −0.033%, 7d avg −0.002%

Together, before fees+0.051%+$5 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: BingX is 0.031% cheaper against Popdex than usual: you would sell low and buy high, −$3 on $10k if it goes back to its 7-day average of −0.002%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Popdex TAOUSDT	304.01	0.0096	pay 0.0012% / 1h	48m 01s	$43K	$533K	20x
Short	BingX TAO-USDT	303.91	0.0100	get 0.0050% / 4h	1h 48m	—	$30.4M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Popdex. 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 PopdexbpFee BingXbpOrdersPrice spread, now −0.033%Rate

Funding earned: $0.84
Price spread: −0.033% → −0.002%: −$3.06
Slippage, 4 orders: −$18.13
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Fee BingX: 5 bp × 2 orders: −$10
Net: −$36.75
Costs to cover: 0.345%
Break-even: 313.2 days

Slippage from Popdex: live order book, 36 min ago; BingX: 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 Popdex live order book, 36 min ago	1.78 bp	11.2 bp −$11	91.6 bp −$916	doesn't fit	doesn't fit
Sell BingX live order book, 6 min ago	0.49 bp	6.6 bp −$7	13.6 bp −$136	21.7 bp −$2,171	47.1 bp −$23.5K

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	−0.0466%	1h	307.38	+1.109%	$202K	$17K	10x	as long as short
dYdX TAO-USD	0.0000%	1h	303.87	−0.045%	$125K	$87K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0007%	1h	303.66	−0.114%	$26K	—	150x	as long as short
Popdex TAOUSDTlong	+0.0096%	1h	304.01	long leg	$43K	$533K	20x
Binance TAOUSDT	+0.0100%	4h	303.86	−0.050%	$85.3M	$410.0M	75x	as long as short
Bybit TAOUSDT	+0.0100%	4h	303.97	−0.013%	$58.9M	$120.5M	50x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	304.00	−0.003%	$24.4M	$94.5M	50x	as long as short
Arcus TAO-USD	+0.0100%	1h	304.43	+0.138%	$79K	$642K	5x	as long as short
Gate TAO_USDT	+0.0100%	4h	303.60	−0.135%	$12.1M	$48.3M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	303.80	−0.069%	$120.6M	$123.9M	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	303.69	−0.105%	$18.2M	$26.9M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	303.84	−0.056%	$34.0M	$45.5M	50x	as long as short
BingX TAO-USDTshort	+0.0100%	4h	303.91	−0.033%	—	$30.4M	—
Variational Omni TAO	+0.0100%	4h	305.07	+0.348%	$3.6M	$6.6M	—	as long as short
edgeX TAOUSDC	+0.0100%	4h	304.88	+0.287%	$39K	$278K	10x	as long as short
GRVT TAO_USDT_Perp	+0.0100%	4h	304.81	+0.263%	$504K	$977K	10x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	306.50	+0.819%	$46K	$269K	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	303.92	−0.030%	$77K	$607K	5x	as long as short
Bullet TAO-USD	+0.0100%	1h	303.92	−0.028%	$11K	$18K	20x	as long as short
Orderly PERP_TAO_USDC	+0.0100%	4h	303.72	−0.095%	$58K	$276K	10x	as long as short
SunX TAO-USDT	+0.0100%	4h	303.63	−0.125%	$2K	$1.8M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	304.22	+0.069%	$121K	$356K	20x	as long as short
Phemex TAOUSDT	+0.0100%	4h	303.72	−0.095%	$3.2M	$7.8M	50x	as long as short
Aevo TAO-PERP	+0.0104%	1h	303.82	−0.061%	$167K	$998	3x	as long as short
Aster TAOUSDT	+0.0111%	4h	303.68	−0.109%	$1.1M	$7.6M	50x	as long as short
Katana Perps TAO-USD	+0.0112%	8h	303.99	−0.007%	$2K	$488K	5x	as long as short
Paradex TAO-USD-PERP	+0.0155%	8h	303.93	−0.026%	$14K	$1K	10x	as long as short
Pacifica TAO	+0.0164%	1h	304.04	+0.010%	$359K	$370K	10x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0174% / S +0.0069%	1h	303.59	−0.138%	$434K	—	100x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0334%	1h	303.80	−0.070%	$22K	$1.4M	25x	as long as short
BloFin TAO-USDT	+0.0340%	4h	303.61	−0.132%	$4.3M	$9.3M	100x	as long as short
Backpack TAO_USDC_PERP	+0.0368%	1h	304.02	+0.003%	$376K	$756K	10x	as long as short
Lighter TAO	+0.0384%	1h	303.99	−0.008%	$1.7M	$5.2M	5x	as long as short
01 Exchange TAOUSD	+0.0408%	1h	304.29	+0.092%	$3K	$4K	5x	as long as short
Nado TAO-PERP	+0.0481%	1h	303.80	−0.068%	$827K	$1.9M	10x	as long as short
Phoenix TAO	+0.0521%	1h	307.40	+1.115%	$326K	$491K	5x	as long as short
Reya TAORUSDPERP	+0.0694%	1h	303.78	−0.075%	$349	—	20x	as long as short
Extended TAO-USD	+0.0840%	1h	303.84	−0.057%	$840K	$2.0M	25x	as long as short
Coinbase International TAO-PERP-INTX	+0.1008%	1h	305.27	+0.414%	$1.5M	$5.6M	50x	as long as short
Kraken Futures PF_TAOUSD	+0.1040%	1h	303.69	−0.104%	$5.8M	$19.8M	50x	as long as short
RISEx TAO/USDC	+0.1155%	1h	304.31	+0.100%	$410K	$545K	5x	as long as short
Hyperliquid TAO	+0.1354%	1h	304.30	+0.095%	$93.2M	$79.5M	5x	as long as short
Injective TAO/USDC PERP	+0.1621%	1h	308.73	+1.553%	$22K	$264	12x	as long as short