Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0149%/8h= −16.3% APRpaid last 24h −0.010%

Price spread now: OKX against Deribit+0.113%7-day average −0.048% · you sell dearer than you buy

Net, funding: paid 7d − costs−$22as in the Funding arb table

Net, price: spread back to 7d avg − costs−$18as in the Price arb table

costs, in and out, $10k−$340.343% of the position

Long on Deribit Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.118%+$12 on $10k

Price spread, last 4 days (all we have)−0.161%−$16 · spread now +0.113%, 7d avg −0.048%

Together, before fees−0.043%−$4 on $10k · with fees, hour by hour

The price spread pays, funding is against you. OKX is 0.160% dearer against Deribit than usual: you sell high and buy low (spread +0.113% now, against its 7-day average of −0.048%): +$16 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 3.6 days. Mind the row above: over the last 7 days funding on this pair paid +0.118%, 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	311.55	0.0249	pay 0.0031% / 1h	50m 01s	$21K	$1.7M	25x
Short	OKX TAO-USDT-SWAP	311.90	0.0100	get 0.0100% / 8h	3h 50m	$25.8M	$120.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now +0.113%Rate

Funding earned: −$31.29
Price spread: +0.113% → −0.048%: $16.04
Slippage, 4 orders: −$17.27
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee OKX: 5 bp × 2 orders: −$10
Net: −$49.52
Costs to cover: 0.343%
Break-even: never at this rate

Slippage from Deribit: live order book, 4 min ago; OKX: live order book, 4 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, 4 min ago	3.98 bp	7.5 bp −$7	14.9 bp −$149	doesn't fit	doesn't fit
Sell OKX live order book, 4 min ago	1.59 bp	9.5 bp −$9	18.3 bp −$183	67.9 bp −$6,794	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
Kraken Futures PF_TAOUSD	−0.0348%	1h	311.57	+0.006%	$5.5M	$20.6M	50x	as long as short
Gate TAO_USDT	−0.0044%	4h	311.60	+0.017%	$12.9M	$49.4M	50x	as long as short
dYdX TAO-USD	0.0000%	1h	312.28	+0.235%	$125K	$85K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	311.42	−0.043%	$20K	—	150x	as long as short
Popdex TAOUSDT	+0.0096%	1h	311.71	+0.052%	$43K	$653K	20x	as long as short
Katana Perps TAO-USD	+0.0098%	8h	311.59	+0.013%	$638	$808K	5x	as long as short
Pacifica TAO	+0.0100%	1h	312.48	+0.299%	$356K	$412K	10x	as long as short
Binance TAOUSDT	+0.0100%	4h	312.06	+0.164%	$89.9M	$497.4M	75x	as long as short
Bybit TAOUSDT	+0.0100%	4h	312.05	+0.161%	$67.3M	$149.5M	50x	as long as short
OKX TAO-USDT-SWAPshort	+0.0100%	8h	311.90	+0.113%	$25.8M	$120.1M	50x

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bulk TAO-USD	+0.0100%	1h	315.10	+1.140%	$167K	$2K	10x	as long as short
MEXC TAO_USDT	+0.0100%	4h	312.00	+0.145%	$101.1M	$144.0M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	311.88	+0.106%	$17.7M	$31.2M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	311.77	+0.071%	$34.9M	$56.7M	50x	as long as short
BingX TAO-USDT	+0.0100%	4h	312.02	+0.151%	—	$33.0M	—	as long as short
edgeX TAOUSDC	+0.0100%	4h	314.18	+0.844%	$42K	$312K	10x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	314.25	+0.867%	$46K	$255K	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	311.41	−0.044%	$80K	$867K	5x	as long as short
Bullet TAO-USD	+0.0100%	1h	311.74	+0.061%	$11K	$18K	20x	as long as short
SunX TAO-USDT	+0.0100%	4h	311.62	+0.023%	$1K	$1.9M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	311.27	−0.089%	$108K	$536K	20x	as long as short
Aevo TAO-PERP	+0.0104%	1h	311.67	+0.039%	$171K	$998	3x	as long as short
GRVT TAO_USDT_Perp	+0.0112%	4h	314.50	+0.948%	$533K	$955K	10x	as long as short
Orderly PERP_TAO_USDC	+0.0119%	4h	311.57	+0.007%	$52K	$270K	10x	as long as short
Aster TAOUSDT	+0.0126%	4h	311.58	+0.009%	$1.2M	$10.4M	50x	as long as short
Hyperliquid TAO	+0.0126%	1h	312.17	+0.200%	$91.5M	$106.8M	5x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0142% / S +0.0125%	1h	311.44	−0.034%	$423K	—	100x	as long as short
Paradex TAO-USD-PERP	+0.0142%	8h	312.26	+0.227%	$14K	$1K	10x	as long as short
Extended TAO-USD	+0.0184%	1h	311.94	+0.125%	$913K	$2.4M	25x	as long as short
Arcus TAO-USD	+0.0231%	1h	312.49	+0.302%	$101K	$441K	5x	as long as short
Deribit TAO_USDC-PERPETUALlong	+0.0249%	1h	311.55	long leg	$21K	$1.7M	25x
Nado TAO-PERP	+0.0266%	1h	311.60	+0.017%	$791K	$2.2M	10x	as long as short
BloFin TAO-USDT	+0.0340%	4h	312.43	+0.283%	$4.5M	$10.8M	100x	as long as short
Variational Omni TAO	+0.0346%	4h	312.61	+0.341%	$5.6M	$10.0M	—	as long as short
Backpack TAO_USDC_PERP	+0.0380%	1h	312.04	+0.158%	$310K	$914K	10x	as long as short
Lighter TAO	+0.0384%	1h	312.04	+0.159%	$1.5M	$6.4M	5x	as long as short
01 Exchange TAOUSD	+0.0408%	1h	311.86	+0.100%	$3K	$4K	5x	as long as short
Phoenix TAO	+0.0457%	1h	313.90	+0.755%	$312K	$711K	5x	as long as short
Reya TAORUSDPERP	+0.0697%	1h	311.65	+0.032%	$358	—	20x	as long as short
RISEx TAO/USDC	+0.0816%	1h	312.14	+0.190%	$433K	$653K	5x	as long as short
Coinbase International TAO-PERP-INTX	+0.0952%	1h	312.27	+0.232%	$1.5M	$6.6M	50x	as long as short
Phemex TAOUSDT	+0.1382%	4h	311.68	+0.042%	$3.2M	$8.1M	50x	as long as short
Injective TAO/USDC PERP	+0.4092%	1h	317.38	+1.872%	$23K	$2K	12x	as long as short