Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0197%/8h= −21.6% APRpaid last 24h +0.020%

Price spread now: GMX against Bitget+0.023%7-day average +0.027% · you sell dearer than you buy

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

Long on Bitget Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.116%+$12 on $10k

Price spread, last 3 days (all we have)+0.041%+$4 · spread now +0.023%, 7d avg +0.027%

Together, before fees+0.157%+$16 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.027%, so right now this pair is about funding alone: −$6 a day on $10k at the current rate. Mind the row above: over the last 3 days funding on this pair paid +0.116%, 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	Bitget TAOUSDT	316.60	0.0100	pay 0.0050% / 4h	3h 14m	$35.2M	$51.2M	50x
Short	GMX TAO/USD [WBTC.b-USDC]	316.67	L +0.0173% / S +0.0097%	pay 0.0012% / 1h	14m 21s	$452K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against Bitget. 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 BitgetbpFee GMXbpOrdersPrice spread, now +0.023%Rate

Funding earned: −$41.35
Price spread: +0.023% → +0.027%: −$0.45
Slippage, 4 orders: no order book: not counted
Fee Bitget: 6 bp × 2 orders: −$12
Fee GMX: 6 bp × 2 orders: −$12
Net: −$65.81
Costs to cover: 0.240%
Break-even: never at this rate

Slippage unknown: Bitget: live order book, 5 min ago; GMX: no order-book sample. 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 Bitget live order book, 5 min ago	1.42 bp	9.9 bp −$10	22.8 bp −$228	doesn't fit	doesn't fit
Sell GMX no order-book sample	—	—	—	—	—

GMX: 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	−0.1821%	1h	318.67	+0.654%	$169K	$40K	10x	as long as short
dYdX TAO-USD	0.0000%	1h	315.79	−0.256%	$126K	$88K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	316.63	+0.009%	$21K	—	150x	as long as short
Popdex TAOUSDT	+0.0096%	1h	316.64	+0.013%	$42K	$597K	20x	as long as short
Binance TAOUSDT	+0.0100%	4h	316.78	+0.057%	$90.8M	$450.0M	75x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	317.00	+0.126%	$25.8M	$109.1M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	316.60	0.000%	$12.8M	$51.1M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	316.89	+0.092%	$110.0M	$136.1M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	316.63	+0.009%	$18.0M	$29.4M	75x	as long as short
Bitget TAOUSDTlong	+0.0100%	4h	316.60	long leg	$35.2M	$51.2M	50x

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
edgeX TAOUSDC	+0.0100%	4h	317.20	+0.191%	$40K	$294K	10x	as long as short
GRVT TAO_USDT_Perp	+0.0100%	4h	316.85	+0.078%	$525K	$958K	10x	as long as short
Bullet TAO-USD	+0.0100%	1h	316.98	+0.120%	$12K	$17K	20x	as long as short
Orderly PERP_TAO_USDC	+0.0100%	4h	316.90	+0.095%	$57K	$316K	10x	as long as short
SunX TAO-USDT	+0.0100%	4h	315.99	−0.193%	$2K	$1.9M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	316.19	−0.130%	$126K	$422K	20x	as long as short
Phemex TAOUSDT	+0.0100%	4h	316.23	−0.117%	$3.4M	$7.8M	50x	as long as short
Aevo TAO-PERP	+0.0104%	1h	316.39	−0.068%	$174K	$998	3x	as long as short
Katana Perps TAO-USD	+0.0109%	8h	316.49	−0.035%	$1K	$633K	5x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0161%	1h	315.95	−0.205%	$17K	$1.5M	25x	as long as short
GMX TAO/USD [WBTC.b-USDC]short	L +0.0173% / S +0.0097%	1h	316.67	+0.023%	$452K	—	100x
Pacifica TAO	+0.0185%	1h	316.14	−0.145%	$375K	$375K	10x	as long as short
Arcus TAO-USD	+0.0201%	1h	316.82	+0.069%	$84K	$550K	5x	as long as short
Aster TAOUSDT	+0.0203%	4h	316.29	−0.099%	$1.2M	$8.8M	50x	as long as short
Paradex TAO-USD-PERP	+0.0231%	8h	316.08	−0.165%	$14K	$1K	10x	as long as short
ApeX Omni TAOUSDT	+0.0254%	1h	317.11	+0.161%	$49K	$267K	50x	as long as short
Polymarket Perps TAO-USD	+0.0269%	1h	316.92	+0.101%	$93K	$633K	5x	as long as short
BloFin TAO-USDT	+0.0340%	4h	316.00	−0.190%	$4.5M	$10.7M	100x	as long as short
Kraken Futures PF_TAOUSD	+0.0485%	1h	316.09	−0.160%	$5.7M	$20.3M	50x	as long as short
Variational Omni TAO	+0.0516%	4h	316.67	+0.021%	$5.5M	$8.7M	—	as long as short
Phoenix TAO	+0.0525%	1h	318.00	+0.442%	$333K	$624K	5x	as long as short
01 Exchange TAOUSD	+0.0560%	1h	316.88	+0.088%	$3K	$4K	5x	as long as short
Injective TAO/USDC PERP	+0.0571%	1h	317.77	+0.370%	$23K	$802	12x	as long as short
BingX TAO-USDT	+0.0596%	4h	316.87	+0.085%	—	$30.5M	—	as long as short
Bybit TAOUSDT	+0.0662%	4h	317.14	+0.171%	$65.3M	$133.3M	50x	as long as short
Reya TAORUSDPERP	+0.0695%	1h	316.76	+0.050%	$364	—	20x	as long as short
Nado TAO-PERP	+0.0768%	1h	316.66	+0.020%	$879K	$2.0M	10x	as long as short
Backpack TAO_USDC_PERP	+0.0808%	1h	316.91	+0.098%	$320K	$816K	10x	as long as short
Coinbase International TAO-PERP-INTX	+0.0984%	1h	316.73	+0.041%	$1.5M	$6.4M	50x	as long as short
Extended TAO-USD	+0.1128%	1h	316.44	−0.050%	$886K	$2.3M	25x	as long as short
RISEx TAO/USDC	+0.1141%	1h	316.70	+0.033%	$419K	$593K	5x	as long as short
Lighter TAO	+0.1432%	1h	316.57	−0.009%	$1.6M	$6.0M	5x	as long as short
Hyperliquid TAO	+0.1868%	1h	317.20	+0.190%	$101.6M	$91.8M	5x	as long as short