Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0105%/8h= −11.5% APRpaid last 24h −0.007%

Price spread now: GRVT against Deribit−0.225%7-day average −0.025% · you buy dearer than you sell

Net, funding: paid 7d − costs−$21as in the Funding arb table

Net, price: spread back to 7d avg − costs−$58as in the Price arb table

costs, in and out, $10k−$380.377% of the position

Long on Deribit Short on GRVT

What this pair did over the last

the charts below follow

Funding, last 7 days+0.172%+$17 on $10k

Price spread, last 3 days (all we have)+0.163%+$16 · spread now −0.225%, 7d avg −0.025%

Together, before fees+0.335%+ Points / potential airdropGRVT: Active · farm board+$34 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and GRVT is 0.200% cheaper against Deribit than usual: you would sell low and buy high (−$20 if the spread goes back to its 7-day average of −0.025%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.172%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit TAO_USDC-PERPETUAL	303.26	0.0205	pay 0.0026% / 1h	32m 59s	$21K	$1.4M	25x
Short	GRVT TAO_USDT_Perp	302.58	0.0100	get 0.0050% / 4h	1h 32m	$500K	$967K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GRVT against Deribit. 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 DeribitbpFee GRVTbpOrdersPrice spread, now −0.225%Rate

Funding earned: −$22.05
Price spread: −0.225% → −0.025%: −$19.96
Slippage, 4 orders: −$21.7
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee GRVT: 4.5 bp × 2 orders: −$9
Net: −$79.71
Costs to cover: 0.377%
Break-even: never at this rate

Slippage from Deribit: live order book, 1 min ago; GRVT: 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 Deribit live order book, 1 min ago	5.93 bp	9.4 bp −$9	doesn't fit	doesn't fit	doesn't fit
Sell GRVT live order book, 50 min ago	1.47 bp	8.7 bp −$9	16.2 bp −$162	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	−0.0186%	1h	303.81	+0.180%	$162K	$54K	10x	as long as short
dYdX TAO-USD	0.0000%	1h	303.13	−0.044%	$124K	$85K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0007%	1h	303.09	−0.059%	$26K	—	150x	as long as short
Popdex TAOUSDT	+0.0096%	1h	303.38	+0.038%	$44K	$536K	20x	as long as short
Aster TAOUSDT	+0.0100%	4h	303.04	−0.074%	$1.1M	$7.7M	50x	as long as short
Binance TAOUSDT	+0.0100%	4h	302.98	−0.094%	$84.7M	$412.9M	75x	as long as short
Bybit TAOUSDT	+0.0100%	4h	303.08	−0.061%	$58.6M	$121.0M	50x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	303.00	−0.087%	$24.4M	$95.0M	50x	as long as short
Arcus TAO-USD	+0.0100%	1h	303.54	+0.091%	$79K	$643K	5x	as long as short
Gate TAO_USDT	+0.0100%	4h	303.00	−0.087%	$12.1M	$48.7M	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	303.16	−0.035%	$110.1M	$124.9M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	303.25	−0.005%	$18.5M	$27.2M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	302.90	−0.120%	$33.8M	$46.0M	50x	as long as short
BingX TAO-USDT	+0.0100%	4h	303.08	−0.061%	—	$30.3M	—	as long as short
Variational Omni TAO	+0.0100%	4h	303.56	+0.097%	$3.7M	$6.7M	—	as long as short
edgeX TAOUSDC	+0.0100%	4h	302.63	−0.208%	$39K	$278K	10x	as long as short
GRVT TAO_USDT_Perpshort	+0.0100%	4h	302.58	−0.225%	$500K	$967K	10x
ApeX Omni TAOUSDT	+0.0100%	1h	302.62	−0.213%	$45K	$269K	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	303.45	+0.061%	$74K	$604K	5x	as long as short
Bullet TAO-USD	+0.0100%	1h	303.26	−0.002%	$11K	$18K	20x	as long as short
Orderly PERP_TAO_USDC	+0.0100%	4h	303.25	−0.005%	$58K	$276K	10x	as long as short
SunX TAO-USDT	+0.0100%	4h	303.08	−0.061%	$2K	$1.8M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	303.24	−0.008%	$121K	$363K	20x	as long as short
Phemex TAOUSDT	+0.0100%	4h	303.12	−0.048%	$3.2M	$7.9M	50x	as long as short
Aevo TAO-PERP	+0.0104%	1h	303.59	+0.106%	$167K	$998	3x	as long as short
Katana Perps TAO-USD	+0.0111%	8h	303.35	+0.028%	$3K	$493K	5x	as long as short
Paradex TAO-USD-PERP	+0.0155%	8h	303.27	+0.003%	$14K	$1K	10x	as long as short
Pacifica TAO	+0.0164%	1h	303.42	+0.051%	$358K	$371K	10x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0174% / S +0.0069%	1h	303.05	−0.070%	$433K	—	100x	as long as short
Deribit TAO_USDC-PERPETUALlong	+0.0205%	1h	303.26	long leg	$21K	$1.4M	25x
BloFin TAO-USDT	+0.0340%	4h	302.95	−0.104%	$4.2M	$9.3M	100x	as long as short
Lighter TAO	+0.0344%	1h	303.41	+0.049%	$1.6M	$5.3M	5x	as long as short
Nado TAO-PERP	+0.0348%	1h	303.35	+0.029%	$820K	$1.9M	10x	as long as short
01 Exchange TAOUSD	+0.0400%	1h	303.62	+0.117%	$3K	$4K	5x	as long as short
Backpack TAO_USDC_PERP	+0.0435%	1h	303.26	−0.002%	$377K	$757K	10x	as long as short
Phoenix TAO	+0.0521%	1h	302.70	−0.186%	$321K	$491K	5x	as long as short
Reya TAORUSDPERP	+0.0695%	1h	303.32	+0.017%	$349	—	20x	as long as short
Extended TAO-USD	+0.0824%	1h	302.94	−0.107%	$825K	$2.0M	25x	as long as short
Coinbase International TAO-PERP-INTX	+0.1008%	1h	304.02	+0.249%	$1.5M	$5.6M	50x	as long as short
Kraken Futures PF_TAOUSD	+0.1042%	1h	303.17	−0.033%	$5.7M	$19.6M	50x	as long as short
Hyperliquid TAO	+0.1063%	1h	303.42	+0.051%	$92.1M	$80.4M	5x	as long as short
RISEx TAO/USDC	+0.1155%	1h	303.52	+0.084%	$411K	$545K	5x	as long as short
Injective TAO/USDC PERP	+0.1621%	1h	308.73	+1.802%	$22K	$264	12x	as long as short