Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0200%/8h= −21.9% APRpaid last 24h −0.064%

Price spread now: BingX against GMX+0.103%7-day average +0.012% · you sell dearer than you buy

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

Long on GMX Short on BingX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.348%−$35 on $10k

Price spread, last 4 days (all we have)−0.462%−$46 · spread now +0.103%, 7d avg +0.012%

Together, before fees−0.810%−$81 on $10k · with fees, hour by hour

The price spread pays, funding is against you. BingX is 0.091% dearer against GMX than usual: you sell high and buy low (spread +0.103% now, against its 7-day average of +0.012%): +$9 on $10k if it goes back. Holding the pair costs −$6 a day in funding at the current rate, which eats that in about 36 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX TAO/USD [WBTC.b-USDC]	319.09	L +0.0366% / S −0.0109%	pay 0.0046% / 1h	14m 00s	$378K	—	100x
Short	BingX TAO-USDT	319.42	0.0166	get 0.0083% / 4h	3h 14m	—	$38.8M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against GMX. 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 GMXbpFee BingXbpOrdersPrice spread, now +0.103%Rate

Funding earned: −$42.07
Price spread: +0.103% → +0.012%: $9.08
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee BingX: 5 bp × 2 orders: −$10
Net: −$54.99
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; BingX: live order book, 10 min ago. 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 GMX no order-book sample	—	—	—	—	—
Sell BingX live order book, 10 min ago	2.04 bp	7.8 bp −$8	11.8 bp −$118	24.1 bp −$2,407	59.2 bp −$29.6K

GMX: 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
Bulk TAO-USD	−0.0269%	1h	313.94	−1.614%	$167K	$0	10x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0003%	1h	319.24	+0.045%	$20K	—	150x	as long as short
Popdex TAOUSDT	+0.0096%	1h	319.52	+0.134%	$50K	$697K	20x	as long as short
Bybit TAOUSDT	+0.0100%	4h	318.79	−0.095%	$69.7M	$153.8M	50x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	318.80	−0.091%	$26.6M	$129.0M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	319.30	+0.065%	$15.2M	$50.3M	50x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	318.79	−0.095%	$17.6M	$32.3M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	318.68	−0.129%	$35.9M	$56.7M	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	319.24	+0.046%	$88K	$1.1M	5x	as long as short
SunX TAO-USDT	+0.0100%	4h	319.22	+0.040%	$2K	$1.9M	20x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX TAO-USDT	+0.0100%	4h	318.97	−0.038%	$116K	$539K	20x	as long as short
Phemex TAOUSDT	+0.0100%	4h	319.33	+0.075%	$3.2M	$8.1M	50x	as long as short
Aevo TAO-PERP	+0.0120%	1h	319.45	+0.114%	$175K	$998	3x	as long as short
Katana Perps TAO-USD	+0.0121%	8h	319.39	+0.093%	$1K	$1.2M	5x	as long as short
MEXC TAO_USDT	+0.0164%	4h	318.79	−0.095%	$111.6M	$154.3M	300x	as long as short
Binance TAOUSDT	+0.0165%	4h	318.88	−0.065%	$92.9M	$517.1M	75x	as long as short
BingX TAO-USDTshort	+0.0166%	4h	319.42	+0.103%	—	$38.8M	—
edgeX TAOUSDC	+0.0168%	4h	318.13	−0.301%	$42K	$322K	10x	as long as short
Paradex TAO-USD-PERP	+0.0241%	8h	319.47	+0.118%	$14K	$876	10x	as long as short
Orderly PERP_TAO_USDC	+0.0241%	4h	319.44	+0.109%	$54K	$272K	10x	as long as short
ApeX Omni TAOUSDT	+0.0283%	1h	318.30	−0.248%	$45K	$256K	50x	as long as short
Bullet TAO-USD	+0.0297%	1h	319.44	+0.108%	$12K	$17K	20x	as long as short
Aster TAOUSDT	+0.0333%	4h	318.79	−0.096%	$1.3M	$11.1M	50x	as long as short
GRVT TAO_USDT_Perp	+0.0342%	4h	318.82	−0.084%	$540K	$838K	10x	as long as short
Pacifica TAO	+0.0349%	1h	319.34	+0.077%	$362K	$437K	10x	as long as short
dYdX TAO-USD	+0.0363%	1h	318.81	−0.087%	$128K	$87K	5x	as long as short
GMX TAO/USD [WBTC.b-USDC]long	L +0.0366% / S −0.0109%	1h	319.09	long leg	$378K	—	100x
Arcus TAO-USD	+0.0404%	1h	319.67	+0.181%	$101K	$340K	5x	as long as short
BloFin TAO-USDT	+0.0404%	4h	319.11	+0.006%	$4.8M	$10.9M	100x	as long as short
Extended TAO-USD	+0.0440%	1h	318.81	−0.088%	$933K	$2.2M	25x	as long as short
Nado TAO-PERP	+0.0454%	1h	319.43	+0.105%	$771K	$1.9M	10x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0512%	1h	319.44	+0.110%	$9K	$1.8M	25x	as long as short
Phoenix TAO	+0.0578%	1h	319.00	−0.029%	$321K	$714K	5x	as long as short
Variational Omni TAO	+0.0612%	4h	318.74	−0.111%	$5.6M	$9.9M	—	as long as short
Hyperliquid TAO	+0.0625%	1h	319.77	+0.212%	$94.9M	$109.6M	5x	as long as short
Lighter TAO	+0.0664%	1h	319.78	+0.217%	$1.6M	$6.7M	5x	as long as short
01 Exchange TAOUSD	+0.0672%	1h	319.96	+0.272%	$3K	$4K	5x	as long as short
Reya TAORUSDPERP	+0.0699%	1h	318.80	−0.090%	$367	—	20x	as long as short
Backpack TAO_USDC_PERP	+0.0744%	1h	319.58	+0.153%	$317K	$1.0M	10x	as long as short
Kraken Futures PF_TAOUSD	+0.0779%	1h	319.52	+0.136%	$6.2M	$21.0M	50x	as long as short
RISEx TAO/USDC	+0.0840%	1h	318.81	−0.088%	$447K	$709K	5x	as long as short
Coinbase International TAO-PERP-INTX	+0.0944%	1h	320.03	+0.294%	$1.1M	$7.4M	50x	as long as short
Injective TAO/USDC PERP	+0.3512%	1h	317.77	−0.414%	$23K	$2K	12x	as long as short