Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0624%/8h= +68.3% APRpaid last 24h +0.316%

Price spread now: Orderly against Bulk−0.305%7-day average +0.111% · you buy dearer than you sell

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

Long on Bulk Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.365%+$36 on $10k

Price spread, last 4 days (all we have)+0.413%+$41 · spread now −0.305%, 7d avg +0.111%

Together, before fees+0.777%+$78 on $10k · with fees, hour by hour

Funding pays, the price is against you. Orderly is 0.415% cheaper against Bulk than usual: you would sell low and buy high (spread −0.305% now, against its 7-day average of +0.111%). If the spread goes back, that is −$42 on $10k: about 2.2 days of funding at the current rate (+$19 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bulk TAO-USD	315.15	−0.0499	get 0.0062% / 1h	49m 02s	$167K	$1K	10x
Short	Orderly PERP_TAO_USDC	314.19	0.0124	get 0.0062% / 4h	49m 02s	$57K	$275K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against Bulk. 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 BulkbpFee OrderlybpOrdersPrice spread, now −0.305%Rate

Funding earned: $130.97
Price spread: −0.305% → +0.111%: −$41.51
Slippage, 4 orders: no order book: not counted
Fee Bulk: 3.5 bp × 2 orders: −$7
Fee Orderly: 3 bp × 2 orders: −$6
Net: $76.45
Costs to cover: 0.130%
Break-even: 2.9 days

Slippage unknown: Bulk: live order book, 10 min ago; Orderly: 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 Bulk live order book, 10 min ago	0.16 bp	3.8 bp −$4	7.1 bp −$71	10.5 bp −$1,053	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: 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-USDlong	−0.0499%	1h	315.15	long leg	$167K	$1K	10x
dYdX TAO-USD	0.0000%	1h	314.07	−0.342%	$125K	$85K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	313.92	−0.392%	$20K	—	150x	as long as short
Kraken Futures PF_TAOUSD	+0.0057%	1h	314.33	−0.261%	$5.5M	$20.6M	50x	as long as short
Popdex TAOUSDT	+0.0096%	1h	314.48	−0.213%	$41K	$685K	20x	as long as short
Binance TAOUSDT	+0.0100%	4h	314.71	−0.139%	$90.8M	$488.9M	75x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	314.90	−0.079%	$25.9M	$119.1M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	314.20	−0.301%	$12.9M	$49.4M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	314.46	−0.219%	$104.5M	$142.1M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	314.30	−0.270%	$17.5M	$31.6M	75x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget TAOUSDT	+0.0100%	4h	314.67	−0.152%	$35.2M	$55.8M	50x	as long as short
edgeX TAOUSDC	+0.0100%	4h	316.19	+0.329%	$35K	$303K	10x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	314.46	−0.219%	$46K	$252K	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	314.00	−0.365%	$89K	$789K	5x	as long as short
Bullet TAO-USD	+0.0100%	1h	314.29	−0.273%	$12K	$18K	20x	as long as short
SunX TAO-USDT	+0.0100%	4h	314.27	−0.279%	$1K	$1.9M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	313.91	−0.393%	$109K	$527K	20x	as long as short
Phemex TAOUSDT	+0.0100%	4h	314.21	−0.298%	$3.2M	$8.2M	50x	as long as short
Aevo TAO-PERP	+0.0104%	1h	314.26	−0.282%	$173K	$998	3x	as long as short
Katana Perps TAO-USD	+0.0108%	8h	314.02	−0.359%	$668	$783K	5x	as long as short
GRVT TAO_USDT_Perp	+0.0122%	4h	316.28	+0.357%	$527K	$952K	10x	as long as short
Orderly PERP_TAO_USDCshort	+0.0124%	4h	314.19	−0.305%	$57K	$275K	10x
GMX TAO/USD [WBTC.b-USDC]	L +0.0153% / S +0.0116%	1h	314.00	−0.364%	$426K	—	100x	as long as short
Bybit TAOUSDT	+0.0183%	4h	314.96	−0.060%	$68.7M	$146.1M	50x	as long as short
01 Exchange TAOUSD	+0.0184%	1h	314.19	−0.305%	$3K	$4K	5x	as long as short
Paradex TAO-USD-PERP	+0.0199%	8h	314.37	−0.246%	$14K	$1K	10x	as long as short
Aster TAOUSDT	+0.0218%	4h	314.13	−0.322%	$1.2M	$10.1M	50x	as long as short
Hyperliquid TAO	+0.0236%	1h	314.61	−0.173%	$93.9M	$104.8M	5x	as long as short
BingX TAO-USDT	+0.0244%	4h	314.36	−0.251%	—	$30.2M	—	as long as short
Nado TAO-PERP	+0.0253%	1h	314.21	−0.297%	$818K	$2.2M	10x	as long as short
Backpack TAO_USDC_PERP	+0.0280%	1h	314.54	−0.194%	$315K	$913K	10x	as long as short
BloFin TAO-USDT	+0.0340%	4h	314.22	−0.295%	$4.5M	$10.8M	100x	as long as short
Arcus TAO-USD	+0.0345%	1h	314.37	−0.248%	$99K	$488K	5x	as long as short
Extended TAO-USD	+0.0352%	1h	314.71	−0.139%	$922K	$2.4M	25x	as long as short
Lighter TAO	+0.0360%	1h	314.69	−0.147%	$1.5M	$6.4M	5x	as long as short
Pacifica TAO	+0.0365%	1h	314.30	−0.270%	$360K	$409K	10x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0456%	1h	314.35	−0.252%	$13K	$1.6M	25x	as long as short
Phoenix TAO	+0.0581%	1h	314.50	−0.206%	$313K	$697K	5x	as long as short
Variational Omni TAO	+0.0651%	4h	314.33	−0.260%	$5.8M	$9.8M	—	as long as short
Reya TAORUSDPERP	+0.0696%	1h	314.14	−0.320%	$361	—	20x	as long as short
RISEx TAO/USDC	+0.0991%	1h	314.28	−0.275%	$432K	$657K	5x	as long as short
Coinbase International TAO-PERP-INTX	+0.1008%	1h	315.00	−0.048%	$1.5M	$6.6M	50x	as long as short
Injective TAO/USDC PERP	+0.4222%	1h	319.61	+1.415%	$23K	$2K	12x	as long as short