Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h −0.036%

Price spread now: GRVT against dYdX+0.141%7-day average +0.066% · you sell dearer than you buy

Net, funding: paid 7d − costs−$129as in the Funding arb table

Net, price: spread back to 7d avg − costs−$109as in the Price arb table

costs, in and out, $10k−$1161.161% of the position

Long on dYdX Short on GRVT

What this pair did over the last

the charts below follow

Funding, last 7 days−0.126%−$13 on $10k

Price spread, last 3 days (all we have)+0.141%+$14 · spread now +0.141%, 7d avg +0.066%

Together, before fees+0.016%+ Points / potential airdropGRVT: Active · farm board+$2 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 GRVT is 0.075% dearer against dYdX than usual: you sell high and buy low: +$7 more if the spread goes back to its 7-day average of +0.066%. Mind the row above: over the last 7 days funding on this pair cost −0.126%, 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	315.65	0	get 0.0000% / 1h	8m 51s	$126K	$88K	5x
Short	GRVT TAO_USDT_Perp	316.09	0.0100	get 0.0050% / 4h	3h 08m	$524K	$958K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GRVT 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 GRVTbpOrdersPrice spread, now +0.141%Rate

Funding earned: $21
Price spread: +0.141% → +0.066%: $7.46
Slippage, 4 orders: −$97.14
Fee dYdX: 5 bp × 2 orders: −$10
Fee GRVT: 4.5 bp × 2 orders: −$9
Net: −$87.68
Costs to cover: 1.161%
Break-even: 36.2 days

Slippage from dYdX: live order book, 65 min ago; GRVT: live order book, 64 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, 65 min ago	40.38 bp	45.4 bp −$45	62.7 bp −$627	151.3 bp −$15.1K	390.6 bp −$195.3K
Sell GRVT live order book, 64 min ago	6.56 bp	11.1 bp −$11	doesn't fit	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	−0.1821%	1h	318.67	+0.957%	$169K	$40K	10x	as long as short
dYdX TAO-USDlong	0.0000%	1h	315.65	long leg	$126K	$88K	5x
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	315.83	+0.057%	$21K	—	150x	as long as short
Popdex TAOUSDT	+0.0096%	1h	316.37	+0.228%	$42K	$598K	20x	as long as short
Binance TAOUSDT	+0.0100%	4h	316.09	+0.138%	$90.6M	$450.2M	75x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	316.10	+0.143%	$25.7M	$108.9M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	315.90	+0.079%	$12.8M	$51.2M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	316.21	+0.178%	$99.0M	$136.5M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	315.72	+0.022%	$17.9M	$29.3M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	315.92	+0.086%	$35.2M	$51.4M	50x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
edgeX TAOUSDC	+0.0100%	4h	316.43	+0.246%	$40K	$293K	10x	as long as short
GRVT TAO_USDT_Perpshort	+0.0100%	4h	316.09	+0.141%	$524K	$958K	10x
Orderly PERP_TAO_USDC	+0.0100%	4h	315.92	+0.086%	$57K	$316K	10x	as long as short
SunX TAO-USDT	+0.0100%	4h	315.66	+0.003%	$2K	$1.9M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	316.28	+0.200%	$126K	$422K	20x	as long as short
Bullet TAO-USD	+0.0102%	1h	316.22	+0.182%	$12K	$17K	20x	as long as short
Aevo TAO-PERP	+0.0104%	1h	316.17	+0.165%	$174K	$998	3x	as long as short
Katana Perps TAO-USD	+0.0119%	8h	316.36	+0.225%	$1K	$643K	5x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0172% / S +0.0101%	1h	315.81	+0.052%	$448K	—	100x	as long as short
Pacifica TAO	+0.0185%	1h	315.97	+0.100%	$374K	$376K	10x	as long as short
ApeX Omni TAOUSDT	+0.0185%	1h	316.14	+0.155%	$48K	$267K	50x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0194%	1h	315.79	+0.045%	$17K	$1.5M	25x	as long as short
Arcus TAO-USD	+0.0201%	1h	316.52	+0.276%	$84K	$550K	5x	as long as short
Aster TAOUSDT	+0.0204%	4h	315.85	+0.063%	$1.2M	$8.8M	50x	as long as short
Paradex TAO-USD-PERP	+0.0235%	8h	315.99	+0.108%	$14K	$1K	10x	as long as short
Polymarket Perps TAO-USD	+0.0272%	1h	316.47	+0.260%	$93K	$633K	5x	as long as short
BloFin TAO-USDT	+0.0340%	4h	316.05	+0.127%	$4.4M	$10.7M	100x	as long as short
Phemex TAOUSDT	+0.0347%	4h	316.22	+0.181%	$3.4M	$7.8M	50x	as long as short
Kraken Futures PF_TAOUSD	+0.0486%	1h	315.69	+0.012%	$5.7M	$20.3M	50x	as long as short
Phoenix TAO	+0.0525%	1h	316.60	+0.301%	$331K	$624K	5x	as long as short
Variational Omni TAO	+0.0546%	4h	316.94	+0.410%	$5.5M	$8.7M	—	as long as short
01 Exchange TAOUSD	+0.0560%	1h	316.46	+0.257%	$3K	$4K	5x	as long as short
Injective TAO/USDC PERP	+0.0571%	1h	317.77	+0.672%	$23K	$802	12x	as long as short
BingX TAO-USDT	+0.0628%	4h	316.17	+0.165%	—	$30.7M	—	as long as short
Reya TAORUSDPERP	+0.0696%	1h	316.16	+0.161%	$364	—	20x	as long as short
Bybit TAOUSDT	+0.0738%	4h	316.41	+0.241%	$65.1M	$133.4M	50x	as long as short
Nado TAO-PERP	+0.0759%	1h	316.33	+0.216%	$876K	$2.0M	10x	as long as short
Backpack TAO_USDC_PERP	+0.0804%	1h	315.97	+0.102%	$319K	$816K	10x	as long as short
Coinbase International TAO-PERP-INTX	+0.0984%	1h	317.15	+0.475%	$1.5M	$6.4M	50x	as long as short
Extended TAO-USD	+0.1120%	1h	316.12	+0.149%	$886K	$2.3M	25x	as long as short
RISEx TAO/USDC	+0.1141%	1h	316.40	+0.239%	$420K	$593K	5x	as long as short
Lighter TAO	+0.1424%	1h	316.37	+0.228%	$1.7M	$6.1M	5x	as long as short
Hyperliquid TAO	+0.1812%	1h	316.14	+0.155%	$101.2M	$91.5M	5x	as long as short