Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0782%/8h= −85.6% APRpaid last 24h −0.179%

Price spread now: Bybit against RISEx−0.012%7-day average +0.006% · 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−$31as in the Price arb table

costs, in and out, $10k−$290.291% of the position

Long on RISEx Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.503%−$50 on $10k

Price spread, last 4 days (all we have)−0.122%−$12 · spread now −0.012%, 7d avg +0.006%

Together, before fees−0.624%−$62 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.006%, so right now this pair is about funding alone: −$23 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	RISEx TAO/USDC	320.90	0.1077	pay 0.0135% / 1h	14m 31s	$444K	$674K	5x
Short	Bybit TAOUSDT	320.86	0.0295	get 0.0147% / 4h	1h 14m	$70.5M	$155.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against RISEx. 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 RISExbpFee BybitbpOrdersPrice spread, now −0.012%Rate

Funding earned: −$164.25
Price spread: −0.012% → +0.006%: −$1.86
Slippage, 4 orders: −$12.08
Fee RISEx: 3 bp × 2 orders: −$6
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$195.19
Costs to cover: 0.291%
Break-even: never at this rate

Slippage from RISEx: live order book, 29 min ago; Bybit: live order book, 5 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 RISEx live order book, 29 min ago	1.09 bp	4.1 bp −$4	25.4 bp −$254	doesn't fit	doesn't fit
Sell Bybit live order book, 5 min ago	0.16 bp	11.2 bp −$11	20.9 bp −$209	56.5 bp −$5,647	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	−0.2264%	1h	322.24	+0.418%	$171K	$333	10x	as long as short
dYdX TAO-USD	0.0000%	1h	320.54	−0.112%	$128K	$85K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0005%	1h	320.81	−0.029%	$22K	—	150x	as long as short
Popdex TAOUSDT	+0.0096%	1h	320.81	−0.028%	$44K	$705K	20x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	320.70	−0.062%	$26.9M	$130.2M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	320.70	−0.062%	$14.4M	$52.3M	50x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	320.70	−0.062%	$18.0M	$32.1M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	320.26	−0.199%	$36.0M	$58.0M	50x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	320.89	−0.003%	$45K	$258K	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	320.62	−0.087%	$85K	$1.2M	5x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX TAO-USDT	+0.0100%	4h	320.87	−0.009%	$2K	$2.0M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	320.85	−0.016%	$117K	$598K	20x	as long as short
Katana Perps TAO-USD	+0.0108%	8h	320.94	+0.012%	$1K	$1.1M	5x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0115% / S +0.0154%	1h	320.71	−0.058%	$423K	—	100x	as long as short
Aevo TAO-PERP	+0.0128%	1h	321.05	+0.047%	$176K	$998	3x	as long as short
Orderly PERP_TAO_USDC	+0.0128%	4h	320.96	+0.019%	$53K	$293K	10x	as long as short
Binance TAOUSDT	+0.0196%	4h	320.76	−0.044%	$93.1M	$527.9M	75x	as long as short
MEXC TAO_USDT	+0.0196%	4h	320.97	+0.022%	$107.3M	$151.1M	300x	as long as short
edgeX TAOUSDC	+0.0206%	4h	320.99	+0.027%	$42K	$319K	10x	as long as short
Paradex TAO-USD-PERP	+0.0265%	8h	320.80	−0.032%	$15K	$1K	10x	as long as short
Bybit TAOUSDTshort	+0.0295%	4h	320.86	−0.012%	$70.5M	$155.9M	50x
BingX TAO-USDT	+0.0316%	4h	321.01	+0.034%	—	$35.0M	—	as long as short
Phemex TAOUSDT	+0.0331%	4h	321.00	+0.031%	$3.3M	$8.1M	50x	as long as short
Bullet TAO-USD	+0.0338%	1h	320.51	−0.120%	$12K	$17K	20x	as long as short
Aster TAOUSDT	+0.0363%	4h	320.90	0.000%	$1.3M	$10.9M	50x	as long as short
Extended TAO-USD	+0.0400%	1h	320.80	−0.031%	$913K	$2.4M	25x	as long as short
GRVT TAO_USDT_Perp	+0.0418%	4h	321.37	+0.145%	$545K	$937K	10x	as long as short
BloFin TAO-USDT	+0.0437%	4h	321.30	+0.125%	$4.7M	$11.1M	100x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0475%	1h	321.11	+0.066%	$15K	$2.0M	25x	as long as short
Nado TAO-PERP	+0.0517%	1h	320.41	−0.152%	$797K	$2.0M	10x	as long as short
Variational Omni TAO	+0.0519%	4h	320.56	−0.106%	$5.7M	$10.2M	—	as long as short
Pacifica TAO	+0.0525%	1h	320.83	−0.023%	$366K	$428K	10x	as long as short
Phoenix TAO	+0.0567%	1h	322.20	+0.405%	$321K	$709K	5x	as long as short
Hyperliquid TAO	+0.0640%	1h	320.65	−0.078%	$94.9M	$110.0M	5x	as long as short
Arcus TAO-USD	+0.0641%	1h	321.11	+0.065%	$104K	$389K	5x	as long as short
01 Exchange TAOUSD	+0.0648%	1h	321.08	+0.056%	$3K	$4K	5x	as long as short
Lighter TAO	+0.0688%	1h	320.88	−0.007%	$1.6M	$6.8M	5x	as long as short
Reya TAORUSDPERP	+0.0698%	1h	320.36	−0.167%	$368	—	20x	as long as short
Backpack TAO_USDC_PERP	+0.0714%	1h	321.19	+0.090%	$299K	$905K	10x	as long as short
Coinbase International TAO-PERP-INTX	+0.0944%	1h	321.77	+0.271%	$1.5M	$6.9M	50x	as long as short
RISEx TAO/USDClong	+0.1077%	1h	320.90	long leg	$444K	$674K	5x
Kraken Futures PF_TAOUSD	+0.1149%	1h	321.21	+0.096%	$6.0M	$21.7M	50x	as long as short
Injective TAO/USDC PERP	+0.4723%	1h	325.94	+1.571%	$24K	$2K	12x	as long as short