Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0860%/8h= −94.2% APRpaid last 24h −0.235%

Price spread now: GRVT against Coinbase International−1.530%76s7-day average −0.147% · you buy dearer than you sell

Net, funding: paid 7d − costs−$110as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$550.550% of the position

Long on Coinbase International Short on GRVT

What this pair did over the last

the charts below follow

Funding, last 7 days−0.550%−$55 on $10k

Price spread, last 3 days (all we have)+1.327%+$133 · spread now −1.530%, 7d avg −0.147%

Together, before fees+0.777%+ Points / potential airdropGRVT: Active · farm board+$78 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$26 a day on $10k at the current rate, and GRVT is 1.383% cheaper against Coinbase International than usual: you would sell low and buy high (−$138 if the spread goes back to its 7-day average of −0.147%). Swap the legs. The two prices were read 76 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.550% in total (about -28.7% 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	Coinbase International TAO-PERP-INTX	317.76	0.0960	pay 0.0120% / 1h	2m 07s	$1.5M	$5.9M	50x
Short	GRVT TAO_USDT_Perp	312.90	0.0100	get 0.0050% / 4h	2m 07s	$524K	$952K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GRVT against Coinbase International. 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 Coinbase InternationalbpFee GRVTbpOrdersPrice spread, now −1.530%Rate

Funding earned: −$180.6
Price spread: −1.530% → −0.147%: −$138.3
Slippage, 4 orders: −$36.04
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee GRVT: 4.5 bp × 2 orders: −$9
Net: −$373.94
Costs to cover: 0.550%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 2 min ago; GRVT: live order book, 11 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 Coinbase International live order book, 2 min ago	10.40 bp	15.4 bp −$15	21.1 bp −$211	doesn't fit	doesn't fit
Sell GRVT live order book, 11 min ago	6.56 bp	11.1 bp −$11	doesn't fit	doesn't fit	doesn't fit

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	−0.2086%	1h	311.96	−1.825%	$167K	$47K	10x	as long as short
dYdX TAO-USD	0.0000%	1h	314.75	−0.947%	$126K	$88K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	315.55	−0.695%	$21K	—	150x	as long as short
Injective TAO/USDC PERP	+0.0033%	1h	315.12	−0.831%	$23K	$374	12x	as long as short
Popdex TAOUSDT	+0.0096%	1h	315.77	−0.626%	$39K	$568K	20x	as long as short
Pacifica TAO	+0.0100%	1h	315.35	−0.758%	$373K	$363K	10x	as long as short
Binance TAOUSDT	+0.0100%	4h	315.70	−0.648%	$89.6M	$431.5M	75x	as long as short
Bybit TAOUSDT	+0.0100%	4h	316.05	−0.538%	$65.0M	$128.1M	50x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	315.80	−0.617%	$25.4M	$103.6M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	315.60	−0.680%	$12.6M	$50.6M	50x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC TAO_USDT	+0.0100%	4h	315.97	−0.563%	$111.7M	$132.8M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	316.07	−0.532%	$18.8M	$28.0M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	315.58	−0.686%	$35.3M	$47.6M	50x	as long as short
BingX TAO-USDT	+0.0100%	4h	315.79	−0.620%	—	$30.5M	—	as long as short
edgeX TAOUSDC	+0.0100%	4h	313.07	−1.476%	$41K	$281K	10x	as long as short
GRVT TAO_USDT_Perpshort	+0.0100%	4h	312.90	−1.530%	$524K	$952K	10x
ApeX Omni TAOUSDT	+0.0100%	1h	312.33	−1.709%	$47K	$268K	50x	as long as short
Bullet TAO-USD	+0.0100%	1h	315.85	−0.601%	$12K	$17K	20x	as long as short
Orderly PERP_TAO_USDC	+0.0100%	4h	315.72	−0.642%	$61K	$276K	10x	as long as short
SunX TAO-USDT	+0.0100%	4h	315.61	−0.677%	$1K	$1.8M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	315.47	−0.721%	$129K	$422K	20x	as long as short
Phemex TAOUSDT	+0.0100%	4h	315.87	−0.595%	$3.4M	$7.9M	50x	as long as short
Aevo TAO-PERP	+0.0104%	1h	316.23	−0.480%	$174K	$998	3x	as long as short
Polymarket Perps TAO-USD	+0.0111%	1h	315.94	−0.573%	$77K	$450K	5x	as long as short
Katana Perps TAO-USD	+0.0112%	8h	315.77	−0.626%	$1K	$577K	5x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0174% / S +0.0071%	1h	315.57	−0.690%	$450K	—	100x	as long as short
Arcus TAO-USD	+0.0186%	1h	315.76	−0.629%	$83K	$545K	5x	as long as short
Aster TAOUSDT	+0.0187%	4h	315.80	−0.618%	$1.1M	$7.9M	50x	as long as short
Paradex TAO-USD-PERP	+0.0198%	8h	315.39	−0.746%	$14K	$1K	10x	as long as short
Variational Omni TAO	+0.0220%	4h	312.31	−1.714%	$3.9M	$7.1M	—	as long as short
BloFin TAO-USDT	+0.0340%	4h	315.59	−0.683%	$4.4M	$10.6M	100x	as long as short
Nado TAO-PERP	+0.0431%	1h	315.72	−0.641%	$857K	$2.0M	10x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0443%	1h	315.89	−0.588%	$25K	$1.5M	25x	as long as short
Kraken Futures PF_TAOUSD	+0.0444%	1h	316.13	−0.512%	$5.8M	$19.9M	50x	as long as short
Phoenix TAO	+0.0537%	1h	315.70	−0.648%	$330K	$521K	5x	as long as short
Backpack TAO_USDC_PERP	+0.0546%	1h	315.95	−0.570%	$314K	$813K	10x	as long as short
01 Exchange TAOUSD	+0.0592%	1h	316.01	−0.551%	$3K	$4K	5x	as long as short
Reya TAORUSDPERP	+0.0695%	1h	315.77	−0.625%	$363	—	20x	as long as short
Extended TAO-USD	+0.0888%	1h	315.94	−0.571%	$926K	$2.2M	25x	as long as short
Coinbase International TAO-PERP-INTXlong	+0.0960%	1h	317.76	long leg	$1.5M	$5.9M	50x
Lighter TAO	+0.1192%	1h	316.45	−0.411%	$1.7M	$5.8M	5x	as long as short
RISEx TAO/USDC	+0.1238%	1h	315.82	−0.611%	$418K	$585K	5x	as long as short
Hyperliquid TAO	+0.1589%	1h	316.29	−0.463%	$99.1M	$84.8M	5x	as long as short