Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0512%/8h= −56.1% APRpaid last 24h −0.009%

Price spread now: dYdX against Bybit−0.142%7-day average −0.071% · you buy dearer than you sell

Net, funding: paid 7d − costs−$78as in the Funding arb table

Net, price: spread back to 7d avg − costs−$92as in the Price arb table

costs, in and out, $10k−$850.848% of the position

Long on Bybit Short on dYdX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.072%+$7 on $10k

Price spread, last 4 days (all we have)+0.120%+$12 · spread now −0.142%, 7d avg −0.071%

Together, before fees+0.192%+$19 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$15 a day on $10k at the current rate, and dYdX is 0.070% cheaper against Bybit than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of −0.071%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.072%, so the current rate has only just turned against you.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.072% in total (about 3.7% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit TAOUSDT	316.98	0.0598	pay 0.0299% / 4h	3h 49m	$69.8M	$156.3M	50x
Short	dYdX TAO-USD	316.53	0.0086	get 0.0011% / 1h	49m 00s	$127K	$86K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX against Bybit. 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 BybitbpFee dYdXbpOrdersPrice spread, now −0.142%Rate

Funding earned: −$107.5
Price spread: −0.142% → −0.071%: −$7.05
Slippage, 4 orders: −$63.83
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee dYdX: 5 bp × 2 orders: −$10
Net: −$199.37
Costs to cover: 0.848%
Break-even: never at this rate

Slippage from Bybit: live order book, 5 min ago; dYdX: live order book, 50 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 Bybit live order book, 5 min ago	0.16 bp	8.5 bp −$8	18.7 bp −$187	54.7 bp −$5,470	doesn't fit
Sell dYdX live order book, 50 min ago	27.37 bp	33.3 bp −$33	54.5 bp −$545	143.9 bp −$14.4K	571.4 bp −$285.7K

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
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0005%	1h	316.67	−0.097%	$22K	—	150x	as long as short
dYdX TAO-USDshort	+0.0086%	1h	316.53	−0.142%	$127K	$86K	5x
Popdex TAOUSDT	+0.0096%	1h	316.75	−0.073%	$49K	$717K	20x	as long as short
Katana Perps TAO-USD	+0.0100%	8h	316.49	−0.155%	$2K	$1.2M	5x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	317.00	+0.006%	$26.4M	$131.3M	50x	as long as short
Bulk TAO-USD	+0.0100%	1h	317.09	+0.035%	$168K	$0	10x	as long as short
Gate TAO_USDT	+0.0100%	4h	316.70	−0.088%	$14.8M	$49.1M	50x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	317.09	+0.035%	$17.8M	$32.4M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	316.79	−0.060%	$35.7M	$57.7M	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	316.83	−0.047%	$87K	$1.2M	5x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX TAO-USDT	+0.0100%	4h	316.81	−0.054%	$2K	$1.9M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	316.26	−0.227%	$116K	$589K	20x	as long as short
Aevo TAO-PERP	+0.0120%	1h	316.93	−0.017%	$174K	$998	3x	as long as short
GRVT TAO_USDT_Perp	+0.0140%	4h	316.42	−0.178%	$542K	$887K	10x	as long as short
Binance TAOUSDT	+0.0158%	4h	316.93	−0.016%	$92.8M	$531.9M	75x	as long as short
MEXC TAO_USDT	+0.0164%	4h	317.17	+0.060%	$104.2M	$151.5M	300x	as long as short
edgeX TAOUSDC	+0.0167%	4h	316.51	−0.148%	$42K	$320K	10x	as long as short
Orderly PERP_TAO_USDC	+0.0202%	4h	317.03	+0.016%	$54K	$299K	10x	as long as short
Phemex TAOUSDT	+0.0247%	4h	316.98	0.000%	$3.2M	$8.2M	50x	as long as short
Paradex TAO-USD-PERP	+0.0251%	8h	316.75	−0.072%	$14K	$876	10x	as long as short
Bullet TAO-USD	+0.0253%	1h	317.24	+0.082%	$12K	$17K	20x	as long as short
ApeX Omni TAOUSDT	+0.0308%	1h	316.74	−0.076%	$46K	$259K	50x	as long as short
Aster TAOUSDT	+0.0316%	4h	316.91	−0.023%	$1.2M	$11.1M	50x	as long as short
Pacifica TAO	+0.0349%	1h	316.47	−0.161%	$371K	$442K	10x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0366% / S −0.0107%	1h	316.79	−0.060%	$372K	—	100x	as long as short
Extended TAO-USD	+0.0384%	1h	317.12	+0.044%	$899K	$2.4M	25x	as long as short
BloFin TAO-USDT	+0.0398%	4h	316.98	0.000%	$4.8M	$10.9M	100x	as long as short
Arcus TAO-USD	+0.0404%	1h	317.03	+0.016%	$100K	$377K	5x	as long as short
Hyperliquid TAO	+0.0555%	1h	317.25	+0.085%	$93.6M	$109.9M	5x	as long as short
Nado TAO-PERP	+0.0557%	1h	316.76	−0.069%	$770K	$2.0M	10x	as long as short
Phoenix TAO	+0.0578%	1h	315.60	−0.435%	$317K	$714K	5x	as long as short
Bybit TAOUSDTlong	+0.0598%	4h	316.98	long leg	$69.8M	$156.3M	50x
Variational Omni TAO	+0.0612%	4h	316.00	−0.308%	$5.6M	$10.1M	—	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0613%	1h	317.20	+0.070%	$15K	$1.9M	25x	as long as short
01 Exchange TAOUSD	+0.0616%	1h	316.84	−0.044%	$3K	$4K	5x	as long as short
Lighter TAO	+0.0680%	1h	317.32	+0.106%	$1.6M	$6.6M	5x	as long as short
Reya TAORUSDPERP	+0.0698%	1h	317.15	+0.054%	$365	—	20x	as long as short
Backpack TAO_USDC_PERP	+0.0773%	1h	317.23	+0.079%	$317K	$1.0M	10x	as long as short
Kraken Futures PF_TAOUSD	+0.0785%	1h	317.19	+0.066%	$6.0M	$21.3M	50x	as long as short
RISEx TAO/USDC	+0.0840%	1h	316.75	−0.072%	$448K	$669K	5x	as long as short
Coinbase International TAO-PERP-INTX	+0.0944%	1h	317.20	+0.069%	$1.2M	$7.3M	50x	as long as short
BingX TAO-USDT	+0.1210%	4h	317.07	+0.028%	—	$37.4M	—	as long as short
Injective TAO/USDC PERP	+0.3512%	1h	321.91	+1.555%	$23K	$2K	12x	as long as short