Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.011%

Price spread now: Orderly against Deribit+0.014%7-day average −0.017% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Deribit Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days+0.083%+$8 on $10k

Price spread, last 3 days (all we have)−0.039%−$4 · spread now +0.014%, 7d avg −0.017%

Together, before fees+0.044%+$4 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Orderly is 0.031% dearer against Deribit than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of −0.017%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit TAO_USDC-PERPETUAL	306.77	0	get 0.0000% / 1h	24m 57s	$15K	$1.3M	25x
Short	Orderly PERP_TAO_USDC	306.81	0.0100	get 0.0050% / 4h	2h 24m	$59K	$276K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now +0.014%Rate

Funding earned: $21
Price spread: +0.014% → −0.017%: $3.05
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Orderly: 3 bp × 2 orders: −$6
Net: $11.05
Costs to cover: 0.130%
Break-even: 3.3 days

Slippage unknown: Deribit: live order book, 4 min ago; Orderly: no order-book sample. Net counts fees only.

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	3.76 bp	20.3 bp −$20	doesn't fit	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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
dYdX TAO-USD	0.0000%	1h	307.19	+0.137%	$129K	$84K	5x	as long as short
Deribit TAO_USDC-PERPETUALlong	0.0000%	1h	306.77	long leg	$15K	$1.3M	25x
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0005%	1h	306.97	+0.065%	$23K	—	150x	as long as short
Popdex TAOUSDT	+0.0096%	1h	307.52	+0.245%	$42K	$523K	20x	as long as short
Pacifica TAO	+0.0100%	1h	307.57	+0.261%	$363K	$401K	10x	as long as short
Binance TAOUSDT	+0.0100%	4h	307.30	+0.174%	$85.8M	$403.6M	75x	as long as short
Bybit TAOUSDT	+0.0100%	4h	307.61	+0.274%	$59.4M	$118.3M	50x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	307.60	+0.271%	$25.3M	$93.3M	50x	as long as short
Arcus TAO-USD	+0.0100%	1h	307.67	+0.294%	$138K	$597K	5x	as long as short
Bulk TAO-USD	+0.0100%	1h	307.07	+0.098%	$201K	$57K	10x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate TAO_USDT	+0.0100%	4h	307.10	+0.108%	$12.2M	$48.1M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	307.26	+0.160%	$114.2M	$123.8M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	307.10	+0.108%	$18.5M	$26.4M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	307.17	+0.131%	$34.4M	$44.4M	50x	as long as short
BingX TAO-USDT	+0.0100%	4h	307.17	+0.131%	—	$30.5M	—	as long as short
Variational Omni TAO	+0.0100%	4h	305.90	−0.283%	$3.6M	$6.5M	—	as long as short
edgeX TAOUSDC	+0.0100%	4h	305.13	−0.535%	$39K	$276K	10x	as long as short
GRVT TAO_USDT_Perp	+0.0100%	4h	305.16	−0.525%	$535K	$967K	10x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	304.90	−0.609%	$46K	$267K	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	307.67	+0.294%	$78K	$675K	5x	as long as short
Bullet TAO-USD	+0.0100%	1h	307.23	+0.150%	$11K	$18K	20x	as long as short
Orderly PERP_TAO_USDCshort	+0.0100%	4h	306.81	+0.014%	$59K	$276K	10x
SunX TAO-USDT	+0.0100%	4h	306.57	−0.065%	$1K	$1.8M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	307.25	+0.157%	$121K	$353K	20x	as long as short
Phemex TAOUSDT	+0.0100%	4h	306.76	−0.003%	$3.3M	$7.9M	50x	as long as short
Aevo TAO-PERP	+0.0104%	1h	307.43	+0.217%	$169K	$998	3x	as long as short
Katana Perps TAO-USD	+0.0112%	8h	307.70	+0.304%	$1K	$437K	5x	as long as short
Aster TAOUSDT	+0.0149%	4h	307.12	+0.113%	$1.1M	$7.5M	50x	as long as short
Paradex TAO-USD-PERP	+0.0164%	8h	307.52	+0.247%	$14K	$1K	10x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0174% / S +0.0069%	1h	306.98	+0.068%	$439K	—	100x	as long as short
Phoenix TAO	+0.0234%	1h	305.60	−0.381%	$324K	$462K	5x	as long as short
Nado TAO-PERP	+0.0290%	1h	307.32	+0.181%	$840K	$1.9M	10x	as long as short
BloFin TAO-USDT	+0.0340%	4h	306.84	+0.023%	$4.3M	$9.4M	100x	as long as short
01 Exchange TAOUSD	+0.0520%	1h	307.93	+0.379%	$3K	$4K	5x	as long as short
Reya TAORUSDPERP	+0.0694%	1h	307.23	+0.150%	$353	—	20x	as long as short
Extended TAO-USD	+0.0704%	1h	307.21	+0.144%	$902K	$2.0M	25x	as long as short
Lighter TAO	+0.0920%	1h	307.28	+0.166%	$1.7M	$4.8M	5x	as long as short
Coinbase International TAO-PERP-INTX	+0.0960%	1h	308.04	+0.415%	$1.5M	$5.4M	50x	as long as short
Kraken Futures PF_TAOUSD	+0.1026%	1h	307.10	+0.107%	$6.3M	$19.5M	50x	as long as short
RISEx TAO/USDC	+0.1053%	1h	307.67	+0.292%	$411K	$535K	5x	as long as short
Backpack TAO_USDC_PERP	+0.1157%	1h	307.02	+0.082%	$443K	$715K	10x	as long as short
Hyperliquid TAO	+0.1726%	1h	307.46	+0.225%	$94.0M	$76.2M	5x	as long as short
Injective TAO/USDC PERP	+0.4876%	1h	305.96	−0.264%	$22K	$171	12x	as long as short