Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0628%/8h= −68.8% APRpaid last 24h −0.250%

Price spread now: OKX against Coinbase International+0.056%7-day average −0.202% · you sell dearer than you buy

Net, funding: paid 7d − costs−$112as in the Funding arb table

Net, price: spread back to 7d avg − costs−$20as in the Price arb table

costs, in and out, $10k−$460.463% of the position

Long on Coinbase International Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.655%−$66 on $10k

Price spread, last 4 days (all we have)−0.225%−$22 · spread now +0.056%, 7d avg −0.202%

Together, before fees−0.880%−$88 on $10k · with fees, hour by hour

The price spread pays, funding is against you. OKX is 0.258% dearer against Coinbase International than usual: you sell high and buy low (spread +0.056% now, against its 7-day average of −0.202%): +$26 on $10k if it goes back. Holding the pair costs −$19 a day in funding at the current rate, which eats that in about 33 hours. At the pace of the last 7 days (−0.655% in total) that is about 2.8 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International TAO-PERP-INTX	322.82	0.0728	pay 0.0091% / 1h	9m 45s	$1.1M	$7.4M	50x
Short	OKX TAO-USDT-SWAP	323.00	0.0100	get 0.0100% / 8h	4h 09m	$27.8M	$127.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now +0.056%Rate

Funding earned: −$131.88
Price spread: +0.056% → −0.202%: $25.81
Slippage, 4 orders: −$26.29
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee OKX: 5 bp × 2 orders: −$10
Net: −$152.35
Costs to cover: 0.463%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 2 min ago; OKX: live order book, 2 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	8.88 bp	14.1 bp −$14	17.1 bp −$171	doesn't fit	doesn't fit
Sell OKX live order book, 2 min ago	1.56 bp	8.7 bp −$9	15.6 bp −$156	60.0 bp −$6,001	doesn't fit

TAO on 43 exchanges

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 −0.0003%	1h	322.29	−0.164%	$20K	—	150x	as long as short
Popdex TAOUSDT	+0.0096%	1h	322.24	−0.180%	$60K	$610K	20x	as long as short
OKX TAO-USDT-SWAPshort	+0.0100%	8h	323.00	+0.056%	$27.8M	$127.6M	50x
Bulk TAO-USD	+0.0100%	1h	319.24	−1.109%	$169K	$662	10x	as long as short
Gate TAO_USDT	+0.0100%	4h	322.70	−0.037%	$16.9M	$47.8M	50x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	322.79	−0.009%	$17.9M	$30.2M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	322.81	−0.003%	$36.5M	$53.0M	50x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	319.09	−1.155%	$45K	$251K	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	322.36	−0.142%	$68K	$1.1M	5x	as long as short
SunX TAO-USDT	+0.0100%	4h	322.40	−0.130%	$2K	$1.7M	20x	as long as short

Show all 43 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX TAO-USDT	+0.0100%	4h	322.08	−0.229%	$117K	$520K	20x	as long as short
Katana Perps TAO-USD	+0.0101%	8h	322.31	−0.158%	$2K	$1.3M	5x	as long as short
Extended TAO-USD	+0.0104%	1h	323.02	+0.063%	$908K	$2.1M	25x	as long as short
Phemex TAOUSDT	+0.0120%	4h	322.21	−0.189%	$3.2M	$8.3M	50x	as long as short
Aevo TAO-PERP	+0.0120%	1h	322.68	−0.043%	$177K	$998	3x	as long as short
dYdX TAO-USD	+0.0132%	1h	322.65	−0.053%	$272K	$226K	5x	as long as short
MEXC TAO_USDT	+0.0144%	4h	322.96	+0.043%	$114.6M	$152.5M	300x	as long as short
edgeX TAOUSDC	+0.0145%	4h	319.74	−0.953%	$42K	$324K	10x	as long as short
Binance TAOUSDT	+0.0149%	4h	322.98	+0.049%	$96.3M	$499.4M	75x	as long as short
Bullet TAO-USD	+0.0170%	1h	322.53	−0.090%	$12K	$15K	20x	as long as short
Pacifica TAO	+0.0223%	1h	322.99	+0.054%	$392K	$448K	10x	as long as short
Paradex TAO-USD-PERP	+0.0235%	8h	323.11	+0.089%	$15K	$769	10x	as long as short
GRVT TAO_USDT_Perp	+0.0240%	4h	320.23	−0.802%	$542K	$782K	10x	as long as short
Bybit TAOUSDT	+0.0255%	4h	323.12	+0.093%	$71.8M	$152.0M	50x	as long as short
Orderly PERP_TAO_USDC	+0.0257%	4h	322.54	−0.087%	$54K	$262K	10x	as long as short
BingX TAO-USDT	+0.0280%	4h	322.95	+0.040%	—	$36.8M	—	as long as short
Nado TAO-PERP	+0.0312%	1h	320.27	−0.791%	$666K	$1.9M	10x	as long as short
Aster TAOUSDT	+0.0333%	4h	322.96	+0.042%	$1.3M	$11.4M	50x	as long as short
BloFin TAO-USDT	+0.0384%	4h	320.42	−0.743%	$4.9M	$9.9M	100x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0390% / S −0.0121%	1h	322.23	−0.184%	$391K	—	100x	as long as short
Hyperliquid TAO	+0.0495%	1h	323.32	+0.155%	$96.9M	$104.2M	5x	as long as short
Lighter TAO	+0.0496%	1h	323.22	+0.124%	$1.7M	$6.8M	5x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0512%	1h	322.56	−0.082%	$44K	$1.9M	25x	as long as short
Variational Omni TAO	+0.0520%	4h	320.67	−0.667%	$6.6M	$9.8M	—	as long as short
Arcus TAO-USD	+0.0587%	1h	322.52	−0.093%	$102K	$285K	5x	as long as short
Phoenix TAO	+0.0636%	1h	319.70	−0.966%	$321K	$701K	5x	as long as short
Backpack TAO_USDC_PERP	+0.0689%	1h	322.87	+0.015%	$307K	$1.1M	10x	as long as short
RISEx TAO/USDC	+0.0694%	1h	322.23	−0.184%	$431K	$652K	5x	as long as short
Reya TAORUSDPERP	+0.0700%	1h	322.44	−0.116%	$371	—	20x	as long as short
01 Exchange TAOUSD	+0.0712%	1h	322.74	−0.025%	$3K	$2K	5x	as long as short
Coinbase International TAO-PERP-INTXlong	+0.0728%	1h	322.82	long leg	$1.1M	$7.4M	50x
Kraken Futures PF_TAOUSD	+0.0837%	1h	322.76	−0.019%	$6.5M	$19.4M	50x	as long as short
Injective TAO/USDC PERP	+0.4136%	1h	322.02	−0.248%	$23K	$2K	12x	as long as short