Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0525%/8h= +57.5% APRpaid last 24h −0.095%

Price spread now: Bybit against GMX+0.174%7-day average +0.037% · you sell dearer than you buy

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

Long on GMX Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.353%−$35 on $10k

Price spread, last 3 days (all we have)−0.195%−$20 · spread now +0.174%, 7d avg +0.037%

Together, before fees−0.549%−$55 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$16 a day on $10k at the current rate, and Bybit is 0.137% dearer against GMX than usual: you sell high and buy low: +$14 more if the spread goes back to its 7-day average of +0.037%. Mind the row above: over the last 3 days funding on this pair cost −0.353%, 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	GMX TAO/USD [WBTC.b-USDC]	316.38	L +0.0172% / S +0.0101%	pay 0.0022% / 1h	11m 24s	$449K	—	100x
Short	Bybit TAOUSDT	316.93	0.0697	get 0.0349% / 4h	3h 11m	$65.2M	$133.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now +0.174%Rate

Funding earned: $110.26
Price spread: +0.174% → +0.037%: $13.75
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: $101
Costs to cover: 0.230%
Break-even: 0.6 days

Slippage unknown: GMX: no order-book sample; Bybit: live order book, 3 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 Bybit live order book, 3 min ago	0.16 bp	12.0 bp −$12	18.8 bp −$188	35.5 bp −$3,554	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
Bulk TAO-USD	−0.1821%	1h	318.67	+0.724%	$169K	$40K	10x	as long as short
dYdX TAO-USD	0.0000%	1h	315.59	−0.249%	$126K	$88K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	316.38	+0.002%	$21K	—	150x	as long as short
Popdex TAOUSDT	+0.0096%	1h	316.50	+0.038%	$42K	$598K	20x	as long as short
Binance TAOUSDT	+0.0100%	4h	316.63	+0.079%	$90.8M	$450.1M	75x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	316.60	+0.070%	$25.8M	$109.0M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	316.50	+0.038%	$12.8M	$51.1M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	316.67	+0.092%	$99.0M	$136.4M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	316.50	+0.038%	$18.0M	$29.4M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	316.55	+0.054%	$35.2M	$51.3M	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	316.13	−0.078%	$40K	$294K	10x	as long as short
GRVT TAO_USDT_Perp	+0.0100%	4h	316.09	−0.090%	$524K	$958K	10x	as long as short
Orderly PERP_TAO_USDC	+0.0100%	4h	316.60	+0.070%	$57K	$316K	10x	as long as short
SunX TAO-USDT	+0.0100%	4h	315.93	−0.142%	$2K	$1.9M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	316.39	+0.004%	$126K	$422K	20x	as long as short
Phemex TAOUSDT	+0.0100%	4h	316.47	+0.029%	$3.4M	$7.8M	50x	as long as short
Bullet TAO-USD	+0.0100%	1h	316.76	+0.121%	$12K	$17K	20x	as long as short
Aevo TAO-PERP	+0.0104%	1h	317.14	+0.241%	$174K	$998	3x	as long as short
Katana Perps TAO-USD	+0.0121%	8h	316.52	+0.045%	$1K	$636K	5x	as long as short
GMX TAO/USD [WBTC.b-USDC]long	L +0.0172% / S +0.0101%	1h	316.38	long leg	$449K	—	100x
Pacifica TAO	+0.0185%	1h	316.05	−0.103%	$374K	$375K	10x	as long as short
Arcus TAO-USD	+0.0201%	1h	316.72	+0.108%	$84K	$550K	5x	as long as short
Aster TAOUSDT	+0.0202%	4h	316.22	−0.050%	$1.3M	$8.8M	50x	as long as short
Paradex TAO-USD-PERP	+0.0233%	8h	315.90	−0.151%	$14K	$1K	10x	as long as short
ApeX Omni TAOUSDT	+0.0247%	1h	316.20	−0.056%	$48K	$267K	50x	as long as short
Polymarket Perps TAO-USD	+0.0272%	1h	316.91	+0.168%	$93K	$633K	5x	as long as short
BloFin TAO-USDT	+0.0340%	4h	316.46	+0.026%	$4.5M	$10.8M	100x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0365%	1h	316.22	−0.050%	$17K	$1.5M	25x	as long as short
Kraken Futures PF_TAOUSD	+0.0485%	1h	316.26	−0.037%	$5.7M	$20.3M	50x	as long as short
Phoenix TAO	+0.0525%	1h	316.60	+0.070%	$331K	$624K	5x	as long as short
Variational Omni TAO	+0.0546%	4h	316.94	+0.178%	$5.5M	$8.7M	—	as long as short
01 Exchange TAOUSD	+0.0560%	1h	316.84	+0.146%	$3K	$4K	5x	as long as short
Injective TAO/USDC PERP	+0.0571%	1h	317.77	+0.440%	$23K	$802	12x	as long as short
BingX TAO-USDT	+0.0628%	4h	316.70	+0.102%	—	$30.5M	—	as long as short
Reya TAORUSDPERP	+0.0696%	1h	316.86	+0.152%	$364	—	20x	as long as short
Bybit TAOUSDTshort	+0.0697%	4h	316.93	+0.174%	$65.2M	$133.4M	50x
Nado TAO-PERP	+0.0758%	1h	316.43	+0.015%	$876K	$2.0M	10x	as long as short
Backpack TAO_USDC_PERP	+0.0803%	1h	316.24	−0.044%	$320K	$816K	10x	as long as short
Coinbase International TAO-PERP-INTX	+0.0984%	1h	316.73	+0.111%	$1.5M	$6.4M	50x	as long as short
Extended TAO-USD	+0.1112%	1h	316.43	+0.015%	$886K	$2.3M	25x	as long as short
RISEx TAO/USDC	+0.1141%	1h	316.59	+0.068%	$420K	$593K	5x	as long as short
Lighter TAO	+0.1432%	1h	316.55	+0.053%	$1.7M	$6.1M	5x	as long as short
Hyperliquid TAO	+0.1843%	1h	316.91	+0.167%	$101.5M	$91.8M	5x	as long as short