Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0212%/8h= −23.3% APRpaid last 24h −0.001%

Price spread now: Orderly against Bullet−0.067%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 Orderly

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 −$6 a day on $10k at the current rate, and Orderly is 0.067% cheaper against Bullet than usual: you would sell low and buy high (−$7 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	318.56	0.0329	pay 0.0041% / 1h	15m 14s	$12K	$17K	20x
Short	Orderly PERP_TAO_USDC	318.35	0.0117	get 0.0058% / 4h	2h 15m	$53K	$290K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.067%Rate

Funding earned: −$44.6
Price spread: −0.067% → 0.000%: −$6.71
Slippage, 4 orders: no order book: not counted
Fee Bullet: 4 bp × 2 orders: −$8
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$65.31
Costs to cover: 0.140%
Break-even: never at this rate

Slippage unknown: Bullet: no order-book sample; 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 Bullet no order-book sample	—	—	—	—	—
Sell Orderly no order-book sample	—	—	—	—	—

Bullet and 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-USD	−0.0038%	1h	313.74	−1.514%	$167K	$333	10x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	318.22	−0.108%	$21K	—	150x	as long as short
dYdX TAO-USD	+0.0035%	1h	317.92	−0.202%	$127K	$85K	5x	as long as short
Binance TAOUSDT	+0.0100%	4h	318.48	−0.026%	$91.4M	$512.8M	75x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	318.30	−0.083%	$26.6M	$125.3M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	318.10	−0.146%	$14.2M	$51.5M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	318.42	−0.045%	$100.5M	$147.9M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	318.30	−0.083%	$17.5M	$31.5M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	318.26	−0.095%	$35.9M	$57.5M	50x	as long as short
edgeX TAOUSDC	+0.0100%	4h	318.26	−0.095%	$42K	$316K	10x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Polymarket Perps TAO-USD	+0.0100%	1h	318.28	−0.089%	$91K	$920K	5x	as long as short
SunX TAO-USDT	+0.0100%	4h	318.05	−0.161%	$1K	$1.9M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	317.84	−0.227%	$116K	$565K	20x	as long as short
Phemex TAOUSDT	+0.0100%	4h	318.23	−0.105%	$3.2M	$8.0M	50x	as long as short
Popdex TAOUSDT	+0.0104%	1h	318.49	−0.023%	$53K	$672K	20x	as long as short
Aevo TAO-PERP	+0.0104%	1h	318.56	−0.003%	$175K	$998	3x	as long as short
Katana Perps TAO-USD	+0.0110%	8h	318.40	−0.051%	$652	$943K	5x	as long as short
Orderly PERP_TAO_USDCshort	+0.0117%	4h	318.35	−0.067%	$53K	$290K	10x
GMX TAO/USD [WBTC.b-USDC]	L +0.0127% / S +0.0142%	1h	318.19	−0.117%	$426K	—	100x	as long as short
Pacifica TAO	+0.0233%	1h	318.26	−0.095%	$363K	$420K	10x	as long as short
Aster TAOUSDT	+0.0262%	4h	318.50	−0.021%	$1.3M	$10.7M	50x	as long as short
Paradex TAO-USD-PERP	+0.0274%	8h	318.27	−0.092%	$14K	$1K	10x	as long as short
Nado TAO-PERP	+0.0281%	1h	318.14	−0.132%	$799K	$2.2M	10x	as long as short
Kraken Futures PF_TAOUSD	+0.0299%	1h	318.67	+0.033%	$6.0M	$21.5M	50x	as long as short
Bullet TAO-USDlong	+0.0329%	1h	318.56	long leg	$12K	$17K	20x
BloFin TAO-USDT	+0.0340%	4h	318.52	−0.014%	$4.6M	$11.0M	100x	as long as short
Bybit TAOUSDT	+0.0396%	4h	318.55	−0.004%	$69.6M	$153.6M	50x	as long as short
BingX TAO-USDT	+0.0400%	4h	318.50	−0.020%	—	$33.7M	—	as long as short
GRVT TAO_USDT_Perp	+0.0448%	4h	318.95	+0.122%	$545K	$935K	10x	as long as short
Variational Omni TAO	+0.0467%	4h	317.98	−0.182%	$5.6M	$10.1M	—	as long as short
Arcus TAO-USD	+0.0483%	1h	318.54	−0.007%	$103K	$345K	5x	as long as short
ApeX Omni TAOUSDT	+0.0487%	1h	318.17	−0.124%	$45K	$256K	50x	as long as short
Extended TAO-USD	+0.0504%	1h	318.45	−0.035%	$906K	$2.4M	25x	as long as short
Phoenix TAO	+0.0513%	1h	319.50	+0.294%	$318K	$713K	5x	as long as short
Reya TAORUSDPERP	+0.0697%	1h	318.42	−0.046%	$366	—	20x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0734%	1h	318.56	−0.002%	$15K	$1.8M	25x	as long as short
01 Exchange TAOUSD	+0.0800%	1h	318.45	−0.036%	$3K	$4K	5x	as long as short
Lighter TAO	+0.0816%	1h	318.74	+0.054%	$1.5M	$6.6M	5x	as long as short
Hyperliquid TAO	+0.0820%	1h	318.66	+0.030%	$93.6M	$109.4M	5x	as long as short
Backpack TAO_USDC_PERP	+0.0835%	1h	317.99	−0.180%	$315K	$890K	10x	as long as short
Coinbase International TAO-PERP-INTX	+0.0928%	1h	319.01	+0.140%	$1.5M	$7.0M	50x	as long as short
RISEx TAO/USDC	+0.0948%	1h	318.22	−0.108%	$459K	$650K	5x	as long as short
Injective TAO/USDC PERP	+0.3711%	1h	322.94	+1.374%	$23K	$2K	12x	as long as short