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Funding arb · Price arb /

TAO

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Alert: spread
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Funding you earn now, next payment 02:00 UTC−0.1024%/8h= −112.1% APRnext payment −$1.28 per $10,000 · paid last 24h −0.226%
Price spread now: dYdX against Coinbase International−0.019%7-day average −0.225% · you buy dearer than you sell
Net, funding: paid 7d − costs−$163as in the Funding arb table
Net, price: spread back to 7d avg − costs−$96as in the Price arb table
costs, in and out, $10k−$1171.171% of the position
Long on Coinbase InternationalShort on dYdX
What this pair did over the last
the charts below follow
Funding, last 7 days−0.455%−$45 on $10k
Price spread, last 4 days (all we have)−0.173%−$17 · spread now −0.019%, 7d avg −0.225%
Together, before fees−0.628%−$63 on $10k · with fees, hour by hour
The price spread pays, funding is against you. dYdX is 0.206% dearer against Coinbase International than usual: you sell high and buy low (spread −0.019% now, against its 7-day average of −0.225%): +$21 on $10k if it goes back. Holding the pair costs −$31 a day in funding at the current rate, which eats that in about 16 hours. At the pace of the last 7 days (−0.455% in total) that is about 3.2 days.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.455% in total (about -23.7% a year). A funding rate is set anew for every payment; at this rate the next one is about −$1.28 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongCoinbase International TAO-PERP-INTX324.090.1024pay 0.0128% / 1h31m 52s$1.5M$6.7M50x
ShortdYdX TAO-USD324.030get 0.0000% / 1h31m 52s$129K$85K5x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

dYdX against Coinbase International. Falling: the short leg gains. Rising: it loses.
latest
Price spreadloading…

Funding on every exchange

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latest
How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Funding earned
−$215.04
Price spread: −0.019% → −0.225%
$20.64
Slippage, 4 orders
−$97.08
Fee Coinbase International: 5 bp × 2 orders
−$10
Fee dYdX: 5 bp × 2 orders
−$10
Net
−$311.48
Costs to cover
1.171%
Break-even
never at this rate
Slippage from Coinbase International: live order book, 2 min ago; dYdX: live order book, 32 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again
LegHalf-spread$10k$100k$1M$5M
Buy Coinbase International live order book, 2 min ago8.00 bp13.0 bp −$1318.1 bp −$181doesn't fitdoesn't fit
Sell dYdX live order book, 32 min ago38.70 bp43.7 bp −$4458.9 bp −$589210.2 bp −$21.0K437.5 bp −$218.8K

TAO on 43 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Bulk TAO-USD−0.5583%1h316.49−2.345%$168K$1K10xas long as short
dYdX TAO-USDshort0.0000%1h324.03−0.019%$129K$85K5x
gTrade (Gains Network) TAO/USDL +0.0004% / S −0.0004%1h323.11−0.303%$21K—150xas long as short
Popdex TAOUSDT+0.0096%1h324.15+0.019%$35K$671K20xas long as short
Binance TAOUSDT+0.0100%4h323.47−0.191%$94.3M$477.6M75xas long as short
OKX TAO-USDT-SWAP+0.0100%8h323.40−0.213%$26.7M$119.5M50xas long as short
Gate TAO_USDT+0.0100%4h323.40−0.213%$13.3M$49.6M50xas long as short
MEXC TAO_USDT+0.0100%4h323.56−0.164%$99.3M$141.1M300xas long as short
KuCoin TAOUSDTM+0.0100%4h323.58−0.157%$17.9M$31.1M75xas long as short
Bitget TAOUSDT+0.0100%4h323.43−0.204%$36.2M$54.5M50xas long as short
Show all 43 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
edgeX TAOUSDC+0.0100%4h322.54−0.477%$36K$302K10xas long as short
Polymarket Perps TAO-USD+0.0100%1h323.98−0.034%$87K$789K5xas long as short
SunX TAO-USDT+0.0100%4h323.01−0.333%$2K$1.9M20xas long as short
HTX TAO-USDT+0.0100%4h322.62−0.454%$131K$481K20xas long as short
Phemex TAOUSDT+0.0100%4h323.60−0.151%$3.5M$7.9M50xas long as short
Aevo TAO-PERP+0.0104%1h323.18−0.280%$177K$9983xas long as short
Orderly PERP_TAO_USDC+0.0111%4h322.98−0.342%$59K$281K10xas long as short
Katana Perps TAO-USD+0.0117%8h324.16+0.022%$689$773K5xas long as short
GMX TAO/USD [WBTC.b-USDC]L +0.0161% / S +0.0124%1h323.07−0.316%$450K—100xas long as short
Kraken Futures PF_TAOUSD+0.0243%1h323.51−0.180%$5.7M$20.6M50xas long as short
GRVT TAO_USDT_Perp+0.0264%4h324.65+0.174%$540K$963K10xas long as short
Bullet TAO-USD+0.0318%1h323.51−0.178%$12K$18K20xas long as short
Paradex TAO-USD-PERP+0.0322%8h324.12+0.010%$15K$1K10xas long as short
BloFin TAO-USDT+0.0340%4h324.60+0.157%$4.5M$10.9M100xas long as short
Aster TAOUSDT+0.0373%4h323.83−0.080%$1.2M$9.6M50xas long as short
Deribit TAO_USDC-PERPETUAL+0.0404%1h322.98−0.343%$28K$1.6M25xas long as short
Pacifica TAO+0.0448%1h324.27+0.055%$383K$396K10xas long as short
Phoenix TAO+0.0504%1h324.60+0.157%$339K$707K5xas long as short
Arcus TAO-USD+0.0509%1h324.46+0.114%$101K$489K5xas long as short
Nado TAO-PERP+0.0543%1h323.49−0.184%$791K$2.2M10xas long as short
BingX TAO-USDT+0.0566%4h323.40−0.213%—$30.2M—as long as short
Bybit TAOUSDT+0.0602%4h323.60−0.151%$71.0M$143.2M50xas long as short
Reya TAORUSDPERP+0.0696%1h323.53−0.174%$372—20xas long as short
01 Exchange TAOUSD+0.0784%1h324.69+0.185%$3K$4K5xas long as short
ApeX Omni TAOUSDT+0.0804%1h322.29−0.555%$47K$254K50xas long as short
Variational Omni TAO+0.0866%4h320.39−1.141%$5.9M$9.7M—as long as short
Lighter TAO+0.0896%1h323.56−0.164%$1.6M$6.3M5xas long as short
Extended TAO-USD+0.0896%1h323.54−0.170%$949K$2.3M25xas long as short
Coinbase International TAO-PERP-INTXlong+0.1024%1h324.09long leg$1.5M$6.7M50x
Backpack TAO_USDC_PERP+0.1075%1h323.66−0.133%$445K$860K10xas long as short
RISEx TAO/USDC+0.1159%1h324.22+0.040%$460K$628K5xas long as short
Hyperliquid TAO+0.1319%1h324.01−0.025%$101.8M$98.9M5xas long as short
Injective TAO/USDC PERP+0.4172%1h323.37−0.222%$24K$2K12xas long as short