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: Bybit against Popdex+0.246%7-day average +0.023% · 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−$18as in the Price arb table

costs, in and out, $10k−$400.399% of the position

Long on Popdex Short on Bybit

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)−0.385%−$38 · spread now +0.246%, 7d avg +0.023%

Together, before fees−0.381%−$38 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: Bybit is 0.223% dearer against Popdex than usual: you sell high and buy low, +$22 on $10k if it goes back to its 7-day average of +0.023%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Popdex TAOUSDT	308.80	0.0096	pay 0.0012% / 1h	3m 58s	$45K	$542K	20x
Short	Bybit TAOUSDT	309.56	0.0100	get 0.0050% / 4h	1h 03m	$60.3M	$121.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now +0.246%Rate

Funding earned: $0.84
Price spread: +0.246% → +0.023%: $22.26
Slippage, 4 orders: −$22.52
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$16.81
Costs to cover: 0.399%
Break-even: 147.1 days

Slippage from Popdex: live order book, 15 min ago; Bybit: 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 Popdex live order book, 15 min ago	3.43 bp	10.9 bp −$11	73.0 bp −$730	doesn't fit	doesn't fit
Sell Bybit live order book, 10 min ago	0.16 bp	8.4 bp −$8	16.4 bp −$164	41.0 bp −$4,104	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
Bulk TAO-USD	−0.0396%	1h	305.88	−0.947%	$163K	$52K	10x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	309.15	+0.113%	$20K	—	150x	as long as short
dYdX TAO-USD	+0.0012%	1h	308.50	−0.097%	$124K	$88K	5x	as long as short
Popdex TAOUSDTlong	+0.0096%	1h	308.80	long leg	$45K	$542K	20x
Binance TAOUSDT	+0.0100%	4h	309.50	+0.226%	$86.8M	$415.4M	75x	as long as short
Bybit TAOUSDTshort	+0.0100%	4h	309.56	+0.246%	$60.3M	$121.7M	50x
OKX TAO-USDT-SWAP	+0.0100%	8h	309.40	+0.194%	$24.9M	$97.0M	50x	as long as short
Arcus TAO-USD	+0.0100%	1h	309.08	+0.091%	$80K	$643K	5x	as long as short
Gate TAO_USDT	+0.0100%	4h	309.20	+0.130%	$12.3M	$49.3M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	309.41	+0.198%	$116.7M	$126.5M	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	309.42	+0.201%	$18.6M	$27.2M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	309.17	+0.120%	$34.5M	$45.7M	50x	as long as short
BingX TAO-USDT	+0.0100%	4h	309.39	+0.191%	—	$30.2M	—	as long as short
edgeX TAOUSDC	+0.0100%	4h	307.10	−0.550%	$40K	$279K	10x	as long as short
GRVT TAO_USDT_Perp	+0.0100%	4h	307.22	−0.513%	$508K	$967K	10x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	307.07	−0.560%	$46K	$270K	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	309.35	+0.178%	$76K	$550K	5x	as long as short
Bullet TAO-USD	+0.0100%	1h	309.47	+0.217%	$11K	$18K	20x	as long as short
Orderly PERP_TAO_USDC	+0.0100%	4h	309.24	+0.142%	$60K	$276K	10x	as long as short
SunX TAO-USDT	+0.0100%	4h	309.26	+0.149%	$2K	$1.8M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	309.66	+0.278%	$123K	$371K	20x	as long as short
Phemex TAOUSDT	+0.0100%	4h	309.26	+0.149%	$3.3M	$7.9M	50x	as long as short
Aevo TAO-PERP	+0.0104%	1h	309.63	+0.270%	$170K	$998	3x	as long as short
Katana Perps TAO-USD	+0.0109%	8h	308.98	+0.058%	$1K	$511K	5x	as long as short
Variational Omni TAO	+0.0118%	4h	307.52	−0.413%	$3.7M	$6.7M	—	as long as short
Aster TAOUSDT	+0.0138%	4h	309.49	+0.223%	$1.1M	$7.8M	50x	as long as short
Paradex TAO-USD-PERP	+0.0159%	8h	308.78	−0.008%	$14K	$1K	10x	as long as short
Pacifica TAO	+0.0164%	1h	308.80	0.000%	$365K	$369K	10x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0174% / S +0.0069%	1h	309.15	+0.112%	$441K	—	100x	as long as short
Nado TAO-PERP	+0.0312%	1h	309.41	+0.198%	$845K	$1.9M	10x	as long as short
BloFin TAO-USDT	+0.0340%	4h	308.78	−0.006%	$4.3M	$9.5M	100x	as long as short
Lighter TAO	+0.0352%	1h	309.55	+0.244%	$1.7M	$5.4M	5x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0391%	1h	309.39	+0.191%	$21K	$1.4M	25x	as long as short
01 Exchange TAOUSD	+0.0424%	1h	309.22	+0.136%	$3K	$4K	5x	as long as short
Backpack TAO_USDC_PERP	+0.0469%	1h	309.50	+0.227%	$297K	$800K	10x	as long as short
Phoenix TAO	+0.0521%	1h	307.10	−0.551%	$321K	$491K	5x	as long as short
Reya TAORUSDPERP	+0.0695%	1h	309.34	+0.175%	$356	—	20x	as long as short
Extended TAO-USD	+0.0696%	1h	309.32	+0.169%	$838K	$2.0M	25x	as long as short
Coinbase International TAO-PERP-INTX	+0.1008%	1h	309.41	+0.198%	$1.5M	$5.6M	50x	as long as short
Kraken Futures PF_TAOUSD	+0.1021%	1h	309.48	+0.219%	$5.8M	$19.6M	50x	as long as short
RISEx TAO/USDC	+0.1155%	1h	308.98	+0.059%	$421K	$533K	5x	as long as short
Hyperliquid TAO	+0.1182%	1h	309.95	+0.372%	$94.6M	$80.9M	5x	as long as short
Injective TAO/USDC PERP	+0.1621%	1h	308.73	−0.023%	$22K	$264	12x	as long as short