Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0448%/8h= −49.0% APRpaid last 24h +0.001%

Price spread now: GMX against Bybit−0.131%7-day average −0.044% · you buy dearer than you sell

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

Long on Bybit Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.102%+$10 on $10k

Price spread, last 4 days (all we have)+0.243%+$24 · spread now −0.131%, 7d avg −0.044%

Together, before fees+0.345%+$35 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$13 a day on $10k at the current rate, and GMX is 0.088% cheaper against Bybit than usual: you would sell low and buy high (−$9 if the spread goes back to its 7-day average of −0.044%). Swap the legs. Mind the row above: over the last 3 days funding on this pair paid +0.102%, 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 3 days it paid 0.102% in total (about 11.0% 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	311.58	0.0310	pay 0.0155% / 4h	2h 59m	$67.4M	$151.0M	50x
Short	GMX TAO/USD [WBTC.b-USDC]	311.17	L +0.0134% / S +0.0138%	pay 0.0017% / 1h	59m 49s	$413K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX 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 GMXbpOrdersPrice spread, now −0.131%Rate

Funding earned: −$94.07
Price spread: −0.131% → −0.044%: −$8.75
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee GMX: 6 bp × 2 orders: −$12
Net: −$125.82
Costs to cover: 0.230%
Break-even: never at this rate

Slippage unknown: Bybit: live order book, 4 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 Bybit live order book, 4 min ago	0.16 bp	10.4 bp −$10	18.5 bp −$185	43.3 bp −$4,333	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
Kraken Futures PF_TAOUSD	−0.0349%	1h	311.42	−0.052%	$5.5M	$20.7M	50x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	311.17	−0.132%	$20K	—	150x	as long as short
dYdX TAO-USD	+0.0022%	1h	310.87	−0.228%	$124K	$85K	5x	as long as short
Popdex TAOUSDT	+0.0096%	1h	311.62	+0.013%	$48K	$662K	20x	as long as short
Katana Perps TAO-USD	+0.0100%	8h	311.37	−0.067%	$637	$867K	5x	as long as short
Pacifica TAO	+0.0100%	1h	311.33	−0.080%	$354K	$416K	10x	as long as short
Binance TAOUSDT	+0.0100%	4h	311.49	−0.029%	$88.9M	$503.6M	75x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	311.60	+0.006%	$26.0M	$121.0M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	311.20	−0.122%	$13.3M	$50.7M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	311.56	−0.006%	$103.3M	$146.0M	300x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin TAOUSDTM	+0.0100%	4h	311.56	−0.006%	$17.4M	$31.4M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	311.37	−0.067%	$35.1M	$56.9M	50x	as long as short
edgeX TAOUSDC	+0.0100%	4h	311.26	−0.102%	$41K	$315K	10x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	311.05	−0.170%	$46K	$254K	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	311.38	−0.064%	$81K	$905K	5x	as long as short
Bullet TAO-USD	+0.0100%	1h	311.52	−0.020%	$12K	$17K	20x	as long as short
SunX TAO-USDT	+0.0100%	4h	311.35	−0.074%	$1K	$1.9M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	310.94	−0.205%	$110K	$542K	20x	as long as short
Aevo TAO-PERP	+0.0104%	1h	311.53	−0.018%	$171K	$998	3x	as long as short
GRVT TAO_USDT_Perp	+0.0114%	4h	311.90	+0.103%	$530K	$942K	10x	as long as short
Aster TAOUSDT	+0.0115%	4h	311.58	−0.001%	$1.3M	$10.5M	50x	as long as short
Orderly PERP_TAO_USDC	+0.0116%	4h	311.47	−0.035%	$51K	$290K	10x	as long as short
GMX TAO/USD [WBTC.b-USDC]short	L +0.0134% / S +0.0138%	1h	311.17	−0.131%	$413K	—	100x
Paradex TAO-USD-PERP	+0.0179%	8h	311.36	−0.070%	$14K	$1K	10x	as long as short
Arcus TAO-USD	+0.0231%	1h	311.78	+0.064%	$100K	$370K	5x	as long as short
Bulk TAO-USD	+0.0253%	1h	311.89	+0.099%	$166K	$333	10x	as long as short
Phemex TAOUSDT	+0.0292%	4h	311.39	−0.061%	$3.1M	$8.0M	50x	as long as short
BingX TAO-USDT	+0.0304%	4h	311.50	−0.026%	—	$33.8M	—	as long as short
Nado TAO-PERP	+0.0305%	1h	311.48	−0.031%	$775K	$2.2M	10x	as long as short
Bybit TAOUSDTlong	+0.0310%	4h	311.58	long leg	$67.4M	$151.0M	50x
Extended TAO-USD	+0.0320%	1h	311.38	−0.065%	$906K	$2.4M	25x	as long as short
BloFin TAO-USDT	+0.0340%	4h	311.24	−0.109%	$4.5M	$10.7M	100x	as long as short
Variational Omni TAO	+0.0350%	4h	311.27	−0.099%	$5.5M	$10.1M	—	as long as short
Phoenix TAO	+0.0457%	1h	312.40	+0.263%	$311K	$711K	5x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0487%	1h	311.47	−0.036%	$12K	$1.8M	25x	as long as short
Backpack TAO_USDC_PERP	+0.0489%	1h	311.67	+0.029%	$310K	$885K	10x	as long as short
01 Exchange TAOUSD	+0.0504%	1h	311.95	+0.119%	$3K	$4K	5x	as long as short
Lighter TAO	+0.0600%	1h	311.82	+0.079%	$1.5M	$6.5M	5x	as long as short
Reya TAORUSDPERP	+0.0697%	1h	311.52	−0.021%	$358	—	20x	as long as short
RISEx TAO/USDC	+0.0816%	1h	311.63	+0.015%	$442K	$648K	5x	as long as short
Hyperliquid TAO	+0.0952%	1h	311.70	+0.039%	$91.3M	$108.2M	5x	as long as short
Coinbase International TAO-PERP-INTX	+0.0952%	1h	312.02	+0.141%	$1.5M	$6.7M	50x	as long as short
Injective TAO/USDC PERP	+0.4092%	1h	315.73	+1.332%	$23K	$2K	12x	as long as short