Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0332%/8h= −36.3% APRpaid last 24h −0.020%

Price spread now: GRVT against Bullet−0.500%7-day average — · you buy dearer than you sell

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

Long on Bullet Short on GRVT

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—+ Points / potential airdropGRVT: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$10 a day on $10k at the current rate, and GRVT is 0.500% cheaper against Bullet than usual: you would sell low and buy high (−$50 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	Bullet TAO-USD	319.02	0.0432	pay 0.0054% / 1h	59m 16s	$12K	$17K	20x
Short	GRVT TAO_USDT_Perp	317.42	0.0100	get 0.0050% / 4h	3h 59m	$531K	$942K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GRVT against Bullet. 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 BulletbpFee GRVTbpOrdersPrice spread, now −0.500%Rate

Funding earned: −$69.71
Price spread: −0.500% → 0.000%: −$50
Slippage, 4 orders: no order book: not counted
Fee Bullet: 4 bp × 2 orders: −$8
Fee GRVT: 4.5 bp × 2 orders: −$9
Net: −$136.71
Costs to cover: 0.170%
Break-even: never at this rate

Slippage unknown: Bullet: no order-book sample; GRVT: live order book, 14 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 Bullet no order-book sample	—	—	—	—	—
Sell GRVT live order book, 14 min ago	6.56 bp	11.1 bp −$11	doesn't fit	doesn't fit	doesn't fit

Bullet: 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 42 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	−0.2086%	1h	311.96	−2.213%	$167K	$47K	10x	as long as short
dYdX TAO-USD	0.0000%	1h	319.20	+0.056%	$128K	$88K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	318.57	−0.139%	$21K	—	150x	as long as short
Popdex TAOUSDT	+0.0096%	1h	318.78	−0.075%	$40K	$572K	20x	as long as short
Pacifica TAO	+0.0100%	1h	319.44	+0.130%	$378K	$371K	10x	as long as short
Binance TAOUSDT	+0.0100%	4h	319.12	+0.031%	$90.5M	$434.9M	75x	as long as short
Bybit TAOUSDT	+0.0100%	4h	319.61	+0.185%	$65.5M	$129.1M	50x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	320.00	+0.307%	$25.8M	$106.1M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	318.40	−0.194%	$12.8M	$49.2M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	318.50	−0.163%	$114.2M	$130.2M	300x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin TAOUSDTM	+0.0100%	4h	319.21	+0.060%	$19.0M	$28.0M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	320.14	+0.351%	$35.9M	$48.1M	50x	as long as short
BingX TAO-USDT	+0.0100%	4h	319.11	+0.028%	—	$30.7M	—	as long as short
edgeX TAOUSDC	+0.0100%	4h	315.96	−0.958%	$42K	$283K	10x	as long as short
GRVT TAO_USDT_Perpshort	+0.0100%	4h	317.42	−0.500%	$531K	$942K	10x
ApeX Omni TAOUSDT	+0.0100%	1h	315.82	−1.003%	$47K	$268K	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	318.20	−0.257%	$117K	$613K	5x	as long as short
Orderly PERP_TAO_USDC	+0.0100%	4h	319.83	+0.254%	$61K	$281K	10x	as long as short
SunX TAO-USDT	+0.0100%	4h	319.90	+0.276%	$1K	$1.8M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	317.76	−0.395%	$127K	$422K	20x	as long as short
Phemex TAOUSDT	+0.0100%	4h	317.87	−0.360%	$3.4M	$7.9M	50x	as long as short
Aevo TAO-PERP	+0.0104%	1h	320.18	+0.364%	$176K	$998	3x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0174% / S +0.0071%	1h	318.58	−0.136%	$453K	—	100x	as long as short
Arcus TAO-USD	+0.0186%	1h	319.59	+0.179%	$84K	$545K	5x	as long as short
Aster TAOUSDT	+0.0194%	4h	318.81	−0.067%	$1.1M	$8.0M	50x	as long as short
Paradex TAO-USD-PERP	+0.0210%	8h	319.53	+0.160%	$14K	$1K	10x	as long as short
Variational Omni TAO	+0.0233%	4h	316.35	−0.836%	$5.4M	$8.5M	—	as long as short
BloFin TAO-USDT	+0.0340%	4h	317.54	−0.464%	$4.4M	$10.7M	100x	as long as short
Bullet TAO-USDlong	+0.0432%	1h	319.02	long leg	$12K	$17K	20x
Kraken Futures PF_TAOUSD	+0.0479%	1h	319.93	+0.286%	$5.8M	$20.2M	50x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0521%	1h	319.84	+0.258%	$29K	$1.5M	25x	as long as short
Phoenix TAO	+0.0537%	1h	316.20	−0.884%	$331K	$519K	5x	as long as short
Backpack TAO_USDC_PERP	+0.0562%	1h	318.31	−0.223%	$317K	$816K	10x	as long as short
Injective TAO/USDC PERP	+0.0571%	1h	317.85	−0.367%	$23K	$370	12x	as long as short
Reya TAORUSDPERP	+0.0695%	1h	318.18	−0.263%	$366	—	20x	as long as short
Extended TAO-USD	+0.0928%	1h	320.04	+0.320%	$920K	$2.2M	25x	as long as short
Coinbase International TAO-PERP-INTX	+0.0984%	1h	320.30	+0.401%	$1.5M	$6.0M	50x	as long as short
RISEx TAO/USDC	+0.1141%	1h	319.47	+0.140%	$422K	$584K	5x	as long as short
Lighter TAO	+0.1208%	1h	319.51	+0.153%	$1.7M	$5.8M	5x	as long as short
01 Exchange TAOUSD	+0.1248%	1h	320.02	+0.313%	$3K	$4K	5x	as long as short
Nado TAO-PERP	+0.2190%	1h	318.06	−0.300%	$880K	$2.0M	10x	as long as short
Hyperliquid TAO	+0.2438%	1h	319.18	+0.050%	$103.8M	$87.4M	5x	as long as short