Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h −0.027%

Price spread now: Bybit against dYdX+0.295%7-day average +0.064% · you sell dearer than you buy

Net, funding: paid 7d − costs−$122as in the Funding arb table

Net, price: spread back to 7d avg − costs−$90as in the Price arb table

costs, in and out, $10k−$1131.129% of the position

Long on dYdX Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.092%−$9 on $10k

Price spread, last 4 days (all we have)−0.310%−$31 · spread now +0.295%, 7d avg +0.064%

Together, before fees−0.402%−$40 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 Bybit is 0.231% dearer against dYdX than usual: you sell high and buy low: +$23 more if the spread goes back to its 7-day average of +0.064%. Mind the row above: over the last 7 days funding on this pair cost −0.092%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	dYdX TAO-USD	317.45	0	get 0.0000% / 1h	0m 19s	$127K	$88K	5x
Short	Bybit TAOUSDT	318.39	0.0100	get 0.0050% / 4h	0m 19s	$65.4M	$128.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against dYdX. 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 dYdXbpFee BybitbpOrdersPrice spread, now +0.295%Rate

Funding earned: $21
Price spread: +0.295% → +0.064%: $23.09
Slippage, 4 orders: −$91.92
Fee dYdX: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$68.83
Costs to cover: 1.129%
Break-even: 29.9 days

Slippage from dYdX: live order book, 14 min ago; Bybit: live order book, 9 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 dYdX live order book, 14 min ago	40.38 bp	45.4 bp −$45	62.7 bp −$627	151.3 bp −$15.1K	390.6 bp −$195.3K
Sell Bybit live order book, 9 min ago	0.16 bp	9.7 bp −$10	17.0 bp −$170	38.0 bp −$3,800	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	−1.730%	$167K	$47K	10x	as long as short
dYdX TAO-USDlong	0.0000%	1h	317.45	long leg	$127K	$88K	5x
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	317.25	−0.063%	$21K	—	150x	as long as short
Injective TAO/USDC PERP	+0.0033%	1h	315.12	−0.735%	$23K	$374	12x	as long as short
Popdex TAOUSDT	+0.0096%	1h	317.36	−0.029%	$39K	$569K	20x	as long as short
Pacifica TAO	+0.0100%	1h	317.87	+0.132%	$376K	$363K	10x	as long as short
Binance TAOUSDT	+0.0100%	4h	318.07	+0.195%	$90.2M	$432.9M	75x	as long as short
Bybit TAOUSDTshort	+0.0100%	4h	318.39	+0.295%	$65.4M	$128.5M	50x
OKX TAO-USDT-SWAP	+0.0100%	8h	318.00	+0.173%	$25.6M	$104.8M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	317.40	−0.017%	$12.7M	$50.7M	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	317.40	−0.017%	$113.8M	$133.2M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	317.84	+0.122%	$18.9M	$28.0M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	318.01	+0.176%	$35.6M	$47.8M	50x	as long as short
BingX TAO-USDT	+0.0100%	4h	317.75	+0.094%	—	$30.5M	—	as long as short
edgeX TAOUSDC	+0.0100%	4h	316.07	−0.435%	$41K	$282K	10x	as long as short
GRVT TAO_USDT_Perp	+0.0100%	4h	312.90	−1.435%	$524K	$952K	10x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	316.22	−0.388%	$47K	$268K	50x	as long as short
Bullet TAO-USD	+0.0100%	1h	317.83	+0.119%	$12K	$17K	20x	as long as short
Orderly PERP_TAO_USDC	+0.0100%	4h	317.86	+0.128%	$61K	$275K	10x	as long as short
SunX TAO-USDT	+0.0100%	4h	317.96	+0.160%	$1K	$1.8M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	317.76	+0.097%	$127K	$422K	20x	as long as short
Phemex TAOUSDT	+0.0100%	4h	317.87	+0.132%	$3.4M	$7.9M	50x	as long as short
Aevo TAO-PERP	+0.0104%	1h	318.31	+0.269%	$175K	$998	3x	as long as short
Katana Perps TAO-USD	+0.0112%	8h	317.54	+0.028%	$2K	$577K	5x	as long as short
Polymarket Perps TAO-USD	+0.0122%	1h	317.67	+0.069%	$77K	$450K	5x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0174% / S +0.0071%	1h	317.46	+0.004%	$453K	—	100x	as long as short
Aster TAOUSDT	+0.0182%	4h	317.89	+0.137%	$1.1M	$7.9M	50x	as long as short
Arcus TAO-USD	+0.0186%	1h	318.05	+0.188%	$84K	$545K	5x	as long as short
Paradex TAO-USD-PERP	+0.0204%	8h	317.78	+0.103%	$14K	$1K	10x	as long as short
Variational Omni TAO	+0.0233%	4h	316.35	−0.347%	$5.4M	$8.5M	—	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0305%	1h	318.04	+0.186%	$30K	$1.5M	25x	as long as short
BloFin TAO-USDT	+0.0340%	4h	317.54	+0.028%	$4.4M	$10.7M	100x	as long as short
Nado TAO-PERP	+0.0417%	1h	317.33	−0.039%	$861K	$2.0M	10x	as long as short
Kraken Futures PF_TAOUSD	+0.0442%	1h	318.08	+0.198%	$5.8M	$19.9M	50x	as long as short
Phoenix TAO	+0.0537%	1h	316.20	−0.395%	$331K	$521K	5x	as long as short
Backpack TAO_USDC_PERP	+0.0552%	1h	317.67	+0.069%	$316K	$813K	10x	as long as short
01 Exchange TAOUSD	+0.0592%	1h	317.98	+0.166%	$3K	$4K	5x	as long as short
Reya TAORUSDPERP	+0.0695%	1h	317.42	−0.011%	$365	—	20x	as long as short
Extended TAO-USD	+0.0912%	1h	318.12	+0.210%	$900K	$2.2M	25x	as long as short
Coinbase International TAO-PERP-INTX	+0.0960%	1h	318.22	+0.242%	$1.5M	$5.9M	50x	as long as short
Lighter TAO	+0.1208%	1h	318.52	+0.338%	$1.7M	$5.8M	5x	as long as short
RISEx TAO/USDC	+0.1238%	1h	317.81	+0.114%	$421K	$584K	5x	as long as short
Hyperliquid TAO	+0.1595%	1h	317.71	+0.081%	$100.3M	$85.3M	5x	as long as short