Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0008%/8h= −0.9% APRpaid last 24h −0.075%

Price spread now: Bitget against GMX−0.112%7-day average −0.027% · you buy dearer than you sell

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

Long on GMX Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.364%−$36 on $10k

Price spread, last 4 days (all we have)+0.043%+$4 · spread now −0.112%, 7d avg −0.027%

Together, before fees−0.321%−$32 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Bitget is 0.085% cheaper against GMX than usual: you would sell low and buy high, −$9 on $10k if it goes back to its 7-day average of −0.027%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX TAO/USD [WBTC.b-USDC]	318.55	L +0.0108% / S +0.0133%	pay 0.0014% / 1h	42m 37s	$410K	—	100x
Short	Bitget TAOUSDT	318.19	0.0100	get 0.0050% / 4h	42m 37s	$35.8M	$57.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now −0.112%Rate

Funding earned: −$1.7
Price spread: −0.112% → −0.027%: −$8.54
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$34.25
Costs to cover: 0.240%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Bitget: live order book, 1 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 Bitget live order book, 1 min ago	1.57 bp	13.5 bp −$13	24.6 bp −$246	33.4 bp −$3,337	doesn't fit

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
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0005%	1h	318.31	−0.076%	$22K	—	150x	as long as short
dYdX TAO-USD	+0.0053%	1h	318.34	−0.066%	$127K	$85K	5x	as long as short
Popdex TAOUSDT	+0.0096%	1h	318.89	+0.107%	$44K	$709K	20x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	318.50	−0.015%	$26.4M	$130.7M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	318.20	−0.109%	$14.5M	$51.1M	50x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	318.64	+0.029%	$17.9M	$32.4M	75x	as long as short
Bitget TAOUSDTshort	+0.0100%	4h	318.19	−0.112%	$35.8M	$57.9M	50x
Polymarket Perps TAO-USD	+0.0100%	1h	318.79	+0.076%	$89K	$1.2M	5x	as long as short
SunX TAO-USDT	+0.0100%	4h	318.12	−0.134%	$1K	$2.0M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	318.65	+0.032%	$116K	$604K	20x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Katana Perps TAO-USD	+0.0107%	8h	318.80	+0.079%	$723	$1.1M	5x	as long as short
GMX TAO/USD [WBTC.b-USDC]long	L +0.0108% / S +0.0133%	1h	318.55	long leg	$410K	—	100x
Aevo TAO-PERP	+0.0128%	1h	318.50	−0.015%	$175K	$998	3x	as long as short
Orderly PERP_TAO_USDC	+0.0149%	4h	318.36	−0.059%	$53K	$293K	10x	as long as short
edgeX TAOUSDC	+0.0178%	4h	318.66	+0.036%	$42K	$320K	10x	as long as short
Binance TAOUSDT	+0.0184%	4h	318.42	−0.040%	$92.4M	$529.4M	75x	as long as short
MEXC TAO_USDT	+0.0186%	4h	318.34	−0.065%	$100.2M	$151.2M	300x	as long as short
Paradex TAO-USD-PERP	+0.0253%	8h	318.60	+0.015%	$14K	$1K	10x	as long as short
Bybit TAOUSDT	+0.0296%	4h	318.61	+0.020%	$70.0M	$156.4M	50x	as long as short
BingX TAO-USDT	+0.0298%	4h	318.52	−0.009%	—	$37.0M	—	as long as short
ApeX Omni TAOUSDT	+0.0309%	1h	318.62	+0.023%	$46K	$260K	50x	as long as short
Pacifica TAO	+0.0313%	1h	318.53	−0.006%	$362K	$429K	10x	as long as short
Bulk TAO-USD	+0.0314%	1h	317.73	−0.257%	$169K	$333	10x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0318%	1h	318.39	−0.049%	$15K	$2.0M	25x	as long as short
GRVT TAO_USDT_Perp	+0.0334%	4h	318.97	+0.134%	$544K	$926K	10x	as long as short
Aster TAOUSDT	+0.0344%	4h	318.72	+0.054%	$1.3M	$11.0M	50x	as long as short
Bullet TAO-USD	+0.0366%	1h	318.87	+0.100%	$12K	$17K	20x	as long as short
Extended TAO-USD	+0.0368%	1h	318.24	−0.096%	$908K	$2.4M	25x	as long as short
BloFin TAO-USDT	+0.0426%	4h	319.21	+0.208%	$4.7M	$10.9M	100x	as long as short
Arcus TAO-USD	+0.0473%	1h	318.84	+0.092%	$103K	$381K	5x	as long as short
Nado TAO-PERP	+0.0497%	1h	318.85	+0.096%	$790K	$2.0M	10x	as long as short
Phemex TAOUSDT	+0.0527%	4h	318.59	+0.013%	$3.2M	$8.2M	50x	as long as short
Variational Omni TAO	+0.0534%	4h	319.26	+0.224%	$5.6M	$10.3M	—	as long as short
Lighter TAO	+0.0536%	1h	318.63	+0.025%	$1.6M	$6.9M	5x	as long as short
Phoenix TAO	+0.0629%	1h	319.10	+0.173%	$318K	$703K	5x	as long as short
Reya TAORUSDPERP	+0.0698%	1h	318.80	+0.078%	$367	—	20x	as long as short
Backpack TAO_USDC_PERP	+0.0773%	1h	318.55	+0.001%	$297K	$904K	10x	as long as short
01 Exchange TAOUSD	+0.0792%	1h	319.36	+0.255%	$3K	$4K	5x	as long as short
Hyperliquid TAO	+0.0795%	1h	318.56	+0.004%	$94.2M	$110.1M	5x	as long as short
RISEx TAO/USDC	+0.0831%	1h	318.83	+0.089%	$450K	$673K	5x	as long as short
Kraken Futures PF_TAOUSD	+0.0832%	1h	318.48	−0.020%	$6.0M	$21.6M	50x	as long as short
Coinbase International TAO-PERP-INTX	+0.0984%	1h	318.70	+0.048%	$1.5M	$6.9M	50x	as long as short
Injective TAO/USDC PERP	+0.4513%	1h	322.94	+1.379%	$23K	$2K	12x	as long as short