Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0080%/8h= −8.8% APRpaid last 24h +0.009%

Price spread now: dYdX against Binance−0.080%7-day average −0.041% · you buy dearer than you sell

Net, funding: paid 7d − costs−$80as in the Funding arb table

Net, price: spread back to 7d avg − costs−$97as in the Price arb table

costs, in and out, $10k−$930.932% of the position

Long on Binance Short on dYdX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.136%+$14 on $10k

Price spread, last 4 days (all we have)+0.076%+$8 · spread now −0.080%, 7d avg −0.041%

Together, before fees+0.212%+$21 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and dYdX is 0.039% cheaper against Binance than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of −0.041%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.136%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance TAOUSDT	310.93	0.0100	pay 0.0050% / 4h	3h 02m	$88.8M	$503.4M	75x
Short	dYdX TAO-USD	310.68	0.0020	get 0.0002% / 1h	2m 12s	$124K	$85K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX against Binance. 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 BinancebpFee dYdXbpOrdersPrice spread, now −0.080%Rate

Funding earned: −$16.89
Price spread: −0.080% → −0.041%: −$3.9
Slippage, 4 orders: −$73.22
Fee Binance: 5 bp × 2 orders: −$10
Fee dYdX: 5 bp × 2 orders: −$10
Net: −$114.01
Costs to cover: 0.932%
Break-even: never at this rate

Slippage from Binance: live order book, 12 min ago; dYdX: live order book, 52 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 Binance live order book, 12 min ago	0.48 bp	6.2 bp −$6	13.1 bp −$131	36.0 bp −$3,600	doesn't fit
Sell dYdX live order book, 52 min ago	31.65 bp	36.7 bp −$37	43.0 bp −$430	149.9 bp −$15.0K	558.3 bp −$279.1K

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
Kraken Futures PF_TAOUSD	−0.0349%	1h	310.93	−0.001%	$5.5M	$20.7M	50x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	310.73	−0.064%	$20K	—	150x	as long as short
dYdX TAO-USDshort	+0.0020%	1h	310.68	−0.080%	$124K	$85K	5x
Popdex TAOUSDT	+0.0096%	1h	310.84	−0.029%	$48K	$662K	20x	as long as short
Katana Perps TAO-USD	+0.0100%	8h	310.80	−0.042%	$1K	$864K	5x	as long as short
Pacifica TAO	+0.0100%	1h	311.05	+0.040%	$354K	$416K	10x	as long as short
Binance TAOUSDTlong	+0.0100%	4h	310.93	long leg	$88.8M	$503.4M	75x
OKX TAO-USDT-SWAP	+0.0100%	8h	310.90	−0.010%	$25.9M	$120.6M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	310.80	−0.042%	$13.3M	$50.6M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	311.10	+0.055%	$103.0M	$145.9M	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	310.91	−0.006%	$17.4M	$31.4M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	310.78	−0.048%	$35.0M	$56.8M	50x	as long as short
edgeX TAOUSDC	+0.0100%	4h	312.13	+0.385%	$41K	$314K	10x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	312.06	+0.363%	$46K	$254K	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	310.87	−0.019%	$81K	$905K	5x	as long as short
Bullet TAO-USD	+0.0100%	1h	311.04	+0.034%	$12K	$17K	20x	as long as short
SunX TAO-USDT	+0.0100%	4h	310.68	−0.080%	$2K	$1.9M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	309.89	−0.334%	$110K	$542K	20x	as long as short
Aevo TAO-PERP	+0.0104%	1h	311.07	+0.045%	$171K	$998	3x	as long as short
Aster TAOUSDT	+0.0110%	4h	311.09	+0.052%	$1.3M	$10.5M	50x	as long as short
GRVT TAO_USDT_Perp	+0.0114%	4h	311.90	+0.312%	$530K	$942K	10x	as long as short
Orderly PERP_TAO_USDC	+0.0115%	4h	310.92	−0.003%	$51K	$290K	10x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0134% / S +0.0137%	1h	310.66	−0.087%	$413K	—	100x	as long as short
Phemex TAOUSDT	+0.0150%	4h	311.00	+0.023%	$3.1M	$8.0M	50x	as long as short
Paradex TAO-USD-PERP	+0.0176%	8h	310.91	−0.007%	$14K	$1K	10x	as long as short
Arcus TAO-USD	+0.0231%	1h	311.23	+0.096%	$100K	$370K	5x	as long as short
Bulk TAO-USD	+0.0253%	1h	311.89	+0.309%	$166K	$333	10x	as long as short
Bybit TAOUSDT	+0.0286%	4h	310.79	−0.045%	$67.2M	$150.9M	50x	as long as short
BingX TAO-USDT	+0.0304%	4h	310.94	+0.003%	—	$33.8M	—	as long as short
Nado TAO-PERP	+0.0310%	1h	311.10	+0.054%	$785K	$2.2M	10x	as long as short
Extended TAO-USD	+0.0312%	1h	310.99	+0.020%	$907K	$2.4M	25x	as long as short
Variational Omni TAO	+0.0338%	4h	312.45	+0.489%	$5.5M	$10.1M	—	as long as short
BloFin TAO-USDT	+0.0340%	4h	310.93	0.000%	$4.5M	$10.7M	100x	as long as short
Phoenix TAO	+0.0457%	1h	312.40	+0.473%	$311K	$711K	5x	as long as short
Hyperliquid TAO	+0.0460%	1h	311.19	+0.084%	$91.2M	$108.1M	5x	as long as short
Backpack TAO_USDC_PERP	+0.0478%	1h	310.90	−0.010%	$309K	$885K	10x	as long as short
01 Exchange TAOUSD	+0.0496%	1h	311.36	+0.138%	$3K	$4K	5x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0509%	1h	311.01	+0.027%	$12K	$1.8M	25x	as long as short
Lighter TAO	+0.0592%	1h	311.12	+0.060%	$1.5M	$6.6M	5x	as long as short
Reya TAORUSDPERP	+0.0697%	1h	311.05	+0.040%	$358	—	20x	as long as short
RISEx TAO/USDC	+0.0816%	1h	311.01	+0.026%	$441K	$648K	5x	as long as short
Coinbase International TAO-PERP-INTX	+0.0952%	1h	312.01	+0.347%	$1.5M	$6.7M	50x	as long as short
Injective TAO/USDC PERP	+0.4092%	1h	315.73	+1.544%	$23K	$2K	12x	as long as short