Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC−0.0601%/8h= −65.8% APRpaid last 24h −0.180%

Price spread now: Phemex against RISEx−0.061%7-day average −0.007% · 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−$56as in the Price arb table

costs, in and out, $10k−$510.506% of the position

Long on RISEx Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.505%−$51 on $10k

Price spread, last 4 days (all we have)+0.161%+$16 · spread now −0.061%, 7d avg −0.007%

Together, before fees−0.345%−$34 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$18 a day on $10k at the current rate, and Phemex is 0.054% cheaper against RISEx than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of −0.007%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	RISEx TAO/USDC	320.31	0.0701	pay 0.0088% / 1h	55m 04s	$443K	$714K	5x
Short	Phemex TAOUSDT	320.11	0.0100	get 0.0050% / 4h	2h 55m	$3.2M	$8.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now −0.061%Rate

Funding earned: −$126.28
Price spread: −0.061% → −0.007%: −$5.42
Slippage, 4 orders: −$32.59
Fee RISEx: 3 bp × 2 orders: −$6
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$182.29
Costs to cover: 0.506%
Break-even: never at this rate

Slippage from RISEx: live order book, 38 min ago; Phemex: live order book, 4 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, 38 min ago	2.70 bp	5.9 bp −$6	32.7 bp −$327	doesn't fit	doesn't fit
Sell Phemex live order book, 4 min ago	11.47 bp	19.6 bp −$20	38.9 bp −$389	doesn't fit	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	−0.0985%	1h	321.65	+0.420%	$171K	$0	10x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0003%	1h	324.21	+1.219%	$20K	—	150x	as long as short
Bybit TAOUSDT	+0.0100%	4h	319.19	−0.348%	$70.1M	$155.4M	50x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	319.20	−0.345%	$26.6M	$130.0M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	318.90	−0.439%	$15.3M	$48.0M	50x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	320.37	+0.020%	$17.5M	$32.3M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	319.07	−0.386%	$36.2M	$57.1M	50x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	322.38	+0.648%	$46K	$256K	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	320.55	+0.076%	$84K	$1.1M	5x	as long as short
SunX TAO-USDT	+0.0100%	4h	320.11	−0.061%	$2K	$1.9M	20x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX TAO-USDT	+0.0100%	4h	319.91	−0.123%	$117K	$555K	20x	as long as short
Phemex TAOUSDTshort	+0.0100%	4h	320.11	−0.061%	$3.2M	$8.1M	50x
Popdex TAOUSDT	+0.0104%	1h	320.44	+0.042%	$50K	$690K	20x	as long as short
Katana Perps TAO-USD	+0.0114%	8h	320.39	+0.027%	$656	$1.2M	5x	as long as short
Aevo TAO-PERP	+0.0120%	1h	320.41	+0.033%	$176K	$998	3x	as long as short
MEXC TAO_USDT	+0.0154%	4h	319.38	−0.289%	$106.9M	$149.4M	300x	as long as short
BingX TAO-USDT	+0.0158%	4h	319.08	−0.382%	—	$39.0M	—	as long as short
Binance TAOUSDT	+0.0161%	4h	319.28	−0.320%	$94.0M	$521.1M	75x	as long as short
edgeX TAOUSDC	+0.0161%	4h	322.73	+0.758%	$43K	$322K	10x	as long as short
Paradex TAO-USD-PERP	+0.0223%	8h	320.69	+0.121%	$15K	$876	10x	as long as short
Orderly PERP_TAO_USDC	+0.0247%	4h	320.63	+0.101%	$53K	$274K	10x	as long as short
Extended TAO-USD	+0.0288%	1h	319.25	−0.331%	$964K	$2.2M	25x	as long as short
Pacifica TAO	+0.0301%	1h	320.96	+0.204%	$374K	$439K	10x	as long as short
GRVT TAO_USDT_Perp	+0.0308%	4h	322.97	+0.832%	$549K	$826K	10x	as long as short
Aster TAOUSDT	+0.0325%	4h	319.20	−0.345%	$1.3M	$11.2M	50x	as long as short
Lighter TAO	+0.0344%	1h	320.49	+0.058%	$1.6M	$6.6M	5x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0364% / S −0.0107%	1h	320.06	−0.078%	$376K	—	100x	as long as short
Arcus TAO-USD	+0.0364%	1h	321.16	+0.267%	$101K	$329K	5x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0390%	1h	320.44	+0.041%	$19K	$1.9M	25x	as long as short
BloFin TAO-USDT	+0.0401%	4h	320.44	+0.042%	$4.8M	$11.0M	100x	as long as short
Bullet TAO-USD	+0.0496%	1h	320.49	+0.058%	$13K	$17K	20x	as long as short
Variational Omni TAO	+0.0521%	4h	322.30	+0.624%	$5.7M	$9.8M	—	as long as short
Phoenix TAO	+0.0578%	1h	323.80	+1.091%	$326K	$712K	5x	as long as short
Kraken Futures PF_TAOUSD	+0.0678%	1h	320.44	+0.044%	$6.3M	$20.9M	50x	as long as short
Reya TAORUSDPERP	+0.0699%	1h	320.36	+0.018%	$368	—	20x	as long as short
RISEx TAO/USDClong	+0.0701%	1h	320.31	long leg	$443K	$714K	5x
Nado TAO-PERP	+0.0722%	1h	320.15	−0.048%	$733K	$2.0M	10x	as long as short
01 Exchange TAOUSD	+0.0768%	1h	320.76	+0.142%	$3K	$4K	5x	as long as short
Backpack TAO_USDC_PERP	+0.0782%	1h	319.12	−0.370%	$299K	$1.1M	10x	as long as short
Coinbase International TAO-PERP-INTX	+0.0832%	1h	320.57	+0.083%	$1.1M	$7.5M	50x	as long as short
Hyperliquid TAO	+0.1045%	1h	319.49	−0.254%	$96.4M	$110.4M	5x	as long as short
dYdX TAO-USD	+0.1238%	1h	320.43	+0.039%	$270K	$232K	5x	as long as short
Injective TAO/USDC PERP	+0.3320%	1h	327.96	+2.390%	$24K	$2K	12x	as long as short