Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0692%/8h= −75.8% APRpaid last 24h −0.078%

Price spread now: Phemex against 01 Exchange−0.160%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on 01 Exchange Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$21 a day on $10k at the current rate, and Phemex is 0.160% cheaper against 01 Exchange than usual: you would sell low and buy high (−$16 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	01 Exchange TAOUSD	313.44	0.0792	pay 0.0099% / 1h	43m 31s	$3K	$4K	5x
Short	Phemex TAOUSDT	312.94	0.0100	get 0.0050% / 4h	43m 31s	$3.3M	$7.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against 01 Exchange. 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 01 ExchangebpFee PhemexbpOrdersPrice spread, now −0.160%Rate

Funding earned: −$145.32
Price spread: −0.160% → 0.000%: −$15.95
Slippage, 4 orders: no order book: not counted
Fee 01 Exchange: 3.5 bp × 2 orders: −$7
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$180.27
Costs to cover: 0.190%
Break-even: never at this rate

Slippage unknown: 01 Exchange: no order-book sample; Phemex: live order book, 5 min ago. Net counts fees only.

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 01 Exchange no order-book sample	—	—	—	—	—
Sell Phemex live order book, 5 min ago	13.56 bp	24.3 bp −$24	doesn't fit	doesn't fit	doesn't fit

01 Exchange: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.4722%	1h	314.01	+0.182%	$168K	$48K	10x	as long as short
dYdX TAO-USD	0.0000%	1h	313.08	−0.115%	$125K	$88K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	312.65	−0.253%	$21K	—	150x	as long as short
Injective TAO/USDC PERP	+0.0033%	1h	314.39	+0.303%	$23K	$260	12x	as long as short
Popdex TAOUSDT	+0.0096%	1h	313.18	−0.083%	$40K	$551K	20x	as long as short
Pacifica TAO	+0.0100%	1h	313.23	−0.066%	$371K	$372K	10x	as long as short
Binance TAOUSDT	+0.0100%	4h	313.10	−0.108%	$88.6M	$424.3M	75x	as long as short
Bybit TAOUSDT	+0.0100%	4h	312.58	−0.274%	$61.2M	$123.8M	50x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	312.80	−0.204%	$25.1M	$100.5M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	313.10	−0.108%	$12.7M	$49.2M	50x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC TAO_USDT	+0.0100%	4h	313.33	−0.035%	$119.9M	$127.4M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	312.91	−0.169%	$19.0M	$27.7M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	313.18	−0.083%	$34.9M	$46.4M	50x	as long as short
BingX TAO-USDT	+0.0100%	4h	313.19	−0.080%	—	$30.2M	—	as long as short
edgeX TAOUSDC	+0.0100%	4h	312.83	−0.193%	$40K	$281K	10x	as long as short
GRVT TAO_USDT_Perp	+0.0100%	4h	313.31	−0.040%	$528K	$948K	10x	as long as short
Orderly PERP_TAO_USDC	+0.0100%	4h	313.13	−0.099%	$60K	$276K	10x	as long as short
SunX TAO-USDT	+0.0100%	4h	312.83	−0.195%	$1K	$1.8M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	313.00	−0.140%	$128K	$394K	20x	as long as short
Phemex TAOUSDTshort	+0.0100%	4h	312.94	−0.160%	$3.3M	$7.9M	50x
Aevo TAO-PERP	+0.0104%	1h	313.16	−0.088%	$172K	$998	3x	as long as short
Katana Perps TAO-USD	+0.0110%	8h	313.06	−0.121%	$829	$539K	5x	as long as short
Polymarket Perps TAO-USD	+0.0146%	1h	313.56	+0.038%	$77K	$521K	5x	as long as short
Bullet TAO-USD	+0.0154%	1h	313.11	−0.105%	$11K	$17K	20x	as long as short
Arcus TAO-USD	+0.0186%	1h	313.43	−0.003%	$83K	$626K	5x	as long as short
Variational Omni TAO	+0.0188%	4h	313.49	+0.015%	$3.9M	$7.0M	—	as long as short
Paradex TAO-USD-PERP	+0.0189%	8h	313.13	−0.098%	$14K	$1K	10x	as long as short
Aster TAOUSDT	+0.0208%	4h	313.03	−0.129%	$1.1M	$7.9M	50x	as long as short
ApeX Omni TAOUSDT	+0.0226%	1h	312.79	−0.207%	$47K	$270K	50x	as long as short
BloFin TAO-USDT	+0.0340%	4h	312.23	−0.386%	$4.3M	$9.8M	100x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0353%	1h	313.11	−0.105%	$19K	$1.4M	25x	as long as short
Kraken Futures PF_TAOUSD	+0.0449%	1h	313.17	−0.087%	$5.8M	$19.8M	50x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0475% / S −0.0175%	1h	312.76	−0.217%	$449K	—	100x	as long as short
Nado TAO-PERP	+0.0529%	1h	313.15	−0.093%	$834K	$2.0M	10x	as long as short
Phoenix TAO	+0.0537%	1h	312.60	−0.268%	$327K	$521K	5x	as long as short
Backpack TAO_USDC_PERP	+0.0586%	1h	312.70	−0.236%	$300K	$799K	10x	as long as short
Reya TAORUSDPERP	+0.0695%	1h	313.40	−0.014%	$360	—	20x	as long as short
01 Exchange TAOUSDlong	+0.0792%	1h	313.44	long leg	$3K	$4K	5x
Extended TAO-USD	+0.0880%	1h	313.12	−0.102%	$864K	$2.1M	25x	as long as short
Coinbase International TAO-PERP-INTX	+0.0960%	1h	313.29	−0.048%	$1.5M	$5.7M	50x	as long as short
RISEx TAO/USDC	+0.1238%	1h	313.38	−0.018%	$431K	$536K	5x	as long as short
Lighter TAO	+0.1432%	1h	313.61	+0.054%	$1.6M	$5.8M	5x	as long as short
Hyperliquid TAO	+0.2075%	1h	313.50	+0.019%	$97.6M	$83.2M	5x	as long as short