Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0122%/8h= +13.4% APRpaid last 24h −0.008%

Price spread now: Orderly against dYdX−0.115%7-day average +0.050% · you buy dearer than you sell

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

Long on dYdX Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days−0.192%−$19 on $10k

Price spread, last 4 days (all we have)+0.149%+$15 · spread now −0.115%, 7d avg +0.050%

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

Funding pays, the price is against you. Orderly is 0.164% cheaper against dYdX than usual: you would sell low and buy high (spread −0.115% now, against its 7-day average of +0.050%). If the spread goes back, that is −$16 on $10k: about 4.5 days of funding at the current rate (+$4 a day). Mind the row above: over the last 7 days funding on this pair cost −0.192%, 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	314.02	0	get 0.0000% / 1h	53m 47s	$125K	$85K	5x
Short	Orderly PERP_TAO_USDC	313.66	0.0122	get 0.0061% / 4h	3h 53m	$52K	$271K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.115%Rate

Funding earned: $25.72
Price spread: −0.115% → +0.050%: −$16.44
Slippage, 4 orders: no order book: not counted
Fee dYdX: 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$6.72
Costs to cover: 0.160%
Break-even: 8.8 days

Slippage unknown: dYdX: live order book, 65 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 dYdX live order book, 65 min ago	46.16 bp	51.3 bp −$51	67.7 bp −$677	139.5 bp −$13.9K	752.2 bp −$376.1K
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
Kraken Futures PF_TAOUSD	−0.0346%	1h	313.56	−0.145%	$5.5M	$20.6M	50x	as long as short
dYdX TAO-USDlong	0.0000%	1h	314.02	long leg	$125K	$85K	5x
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	313.84	−0.057%	$20K	—	150x	as long as short
Gate TAO_USDT	+0.0008%	4h	313.60	−0.134%	$13.0M	$49.2M	50x	as long as short
Popdex TAOUSDT	+0.0096%	1h	313.95	−0.022%	$43K	$653K	20x	as long as short
Katana Perps TAO-USD	+0.0098%	8h	313.86	−0.051%	$644	$806K	5x	as long as short
Pacifica TAO	+0.0100%	1h	314.22	+0.063%	$358K	$412K	10x	as long as short
Binance TAOUSDT	+0.0100%	4h	314.27	+0.078%	$90.6M	$496.0M	75x	as long as short
Bybit TAOUSDT	+0.0100%	4h	314.20	+0.057%	$67.6M	$149.3M	50x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	314.00	−0.006%	$26.0M	$120.6M	50x	as long as short

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	+0.344%	$167K	$2K	10x	as long as short
MEXC TAO_USDT	+0.0100%	4h	313.80	−0.070%	$100.8M	$143.6M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	313.68	−0.108%	$17.7M	$31.7M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	313.70	−0.102%	$35.1M	$56.5M	50x	as long as short
BingX TAO-USDT	+0.0100%	4h	313.82	−0.064%	—	$33.0M	—	as long as short
edgeX TAOUSDC	+0.0100%	4h	314.50	+0.154%	$42K	$312K	10x	as long as short
GRVT TAO_USDT_Perp	+0.0100%	4h	313.64	−0.122%	$532K	$955K	10x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	314.57	+0.175%	$46K	$255K	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	313.70	−0.102%	$77K	$863K	5x	as long as short
Bullet TAO-USD	+0.0100%	1h	314.02	0.000%	$12K	$18K	20x	as long as short
SunX TAO-USDT	+0.0100%	4h	313.56	−0.146%	$1K	$1.9M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	313.51	−0.162%	$109K	$535K	20x	as long as short
Aevo TAO-PERP	+0.0104%	1h	314.09	+0.022%	$172K	$998	3x	as long as short
Orderly PERP_TAO_USDCshort	+0.0122%	4h	313.66	−0.115%	$52K	$271K	10x
Hyperliquid TAO	+0.0134%	1h	314.11	+0.029%	$92.2M	$106.6M	5x	as long as short
Aster TAOUSDT	+0.0137%	4h	313.85	−0.055%	$1.2M	$10.4M	50x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0143% / S +0.0124%	1h	313.82	−0.063%	$426K	—	100x	as long as short
Paradex TAO-USD-PERP	+0.0144%	8h	314.19	+0.053%	$14K	$1K	10x	as long as short
Extended TAO-USD	+0.0184%	1h	313.85	−0.054%	$918K	$2.4M	25x	as long as short
Nado TAO-PERP	+0.0195%	1h	313.78	−0.077%	$797K	$2.2M	10x	as long as short
Arcus TAO-USD	+0.0231%	1h	314.22	+0.064%	$102K	$441K	5x	as long as short
BloFin TAO-USDT	+0.0340%	4h	314.51	+0.156%	$4.6M	$10.8M	100x	as long as short
01 Exchange TAOUSD	+0.0352%	1h	314.20	+0.057%	$3K	$4K	5x	as long as short
Backpack TAO_USDC_PERP	+0.0361%	1h	313.58	−0.140%	$311K	$914K	10x	as long as short
Variational Omni TAO	+0.0362%	4h	313.70	−0.102%	$5.6M	$9.9M	—	as long as short
Lighter TAO	+0.0400%	1h	314.37	+0.111%	$1.5M	$6.4M	5x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0404%	1h	313.69	−0.105%	$21K	$1.7M	25x	as long as short
Phoenix TAO	+0.0581%	1h	313.60	−0.134%	$312K	$711K	5x	as long as short
Reya TAORUSDPERP	+0.0697%	1h	313.75	−0.086%	$361	—	20x	as long as short
RISEx TAO/USDC	+0.0816%	1h	314.08	+0.018%	$435K	$653K	5x	as long as short
Coinbase International TAO-PERP-INTX	+0.0952%	1h	314.92	+0.287%	$1.5M	$6.7M	50x	as long as short
Phemex TAOUSDT	+0.1188%	4h	313.73	−0.092%	$3.2M	$8.1M	50x	as long as short
Injective TAO/USDC PERP	+0.4092%	1h	317.67	+1.162%	$23K	$2K	12x	as long as short