Funding arb · Price arb /

TAO

all TAO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0384%/8h= −42.1% APRpaid last 24h −0.099%

Price spread now: KuCoin against GMX+0.121%7-day average +0.015% · you sell dearer than you buy

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

Long on GMX Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.344%−$34 on $10k

Price spread, last 3 days (all we have)−0.331%−$33 · spread now +0.121%, 7d avg +0.015%

Together, before fees−0.675%−$68 on $10k · with fees, hour by hour

The price spread pays, funding is against you. KuCoin is 0.106% dearer against GMX than usual: you sell high and buy low (spread +0.121% now, against its 7-day average of +0.015%): +$11 on $10k if it goes back. Holding the pair costs −$12 a day in funding at the current rate, which eats that in about 22 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX TAO/USD [WBTC.b-USDC]	307.14	L +0.0484% / S −0.0184%	pay 0.0061% / 1h	59m 05s	$451K	—	100x
Short	KuCoin TAOUSDTM	307.51	0.0100	get 0.0050% / 4h	1h 59m	$18.9M	$26.8M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now +0.121%Rate

Funding earned: −$80.7
Price spread: +0.121% → +0.015%: $10.64
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$94.06
Costs to cover: 0.240%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; KuCoin: 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 KuCoin live order book, 10 min ago	1.13 bp	12.9 bp −$13	33.6 bp −$336	doesn't fit	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	−0.0306%	1h	307.82	+0.222%	$202K	$57K	10x	as long as short
dYdX TAO-USD	0.0000%	1h	306.64	−0.162%	$129K	$84K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0007%	1h	307.36	+0.073%	$26K	—	150x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0071%	1h	307.42	+0.091%	$11K	$1.3M	25x	as long as short
Popdex TAOUSDT	+0.0096%	1h	307.34	+0.066%	$42K	$532K	20x	as long as short
Nado TAO-PERP	+0.0100%	1h	307.31	+0.057%	$847K	$1.9M	10x	as long as short
Pacifica TAO	+0.0100%	1h	307.22	+0.027%	$363K	$369K	10x	as long as short
Binance TAOUSDT	+0.0100%	4h	307.33	+0.063%	$86.3M	$407.0M	75x	as long as short
Bybit TAOUSDT	+0.0100%	4h	307.39	+0.082%	$59.8M	$119.9M	50x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	307.30	+0.053%	$24.9M	$94.7M	50x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Arcus TAO-USD	+0.0100%	1h	307.51	+0.121%	$137K	$584K	5x	as long as short
Gate TAO_USDT	+0.0100%	4h	307.70	+0.183%	$12.3M	$47.9M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	307.96	+0.268%	$120.1M	$122.8M	300x	as long as short
KuCoin TAOUSDTMshort	+0.0100%	4h	307.51	+0.121%	$18.9M	$26.8M	75x
Bitget TAOUSDT	+0.0100%	4h	307.80	+0.216%	$34.7M	$45.4M	50x	as long as short
BingX TAO-USDT	+0.0100%	4h	307.80	+0.216%	—	$30.4M	—	as long as short
Variational Omni TAO	+0.0100%	4h	308.90	+0.575%	$3.7M	$6.6M	—	as long as short
edgeX TAOUSDC	+0.0100%	4h	308.80	+0.540%	$40K	$279K	10x	as long as short
GRVT TAO_USDT_Perp	+0.0100%	4h	308.79	+0.538%	$549K	$949K	10x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	308.85	+0.557%	$46K	$268K	50x	as long as short
Bullet TAO-USD	+0.0100%	1h	307.31	+0.057%	$11K	$18K	20x	as long as short
Orderly PERP_TAO_USDC	+0.0100%	4h	307.45	+0.102%	$59K	$276K	10x	as long as short
SunX TAO-USDT	+0.0100%	4h	307.18	+0.014%	$1K	$1.8M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	307.48	+0.111%	$121K	$354K	20x	as long as short
Phemex TAOUSDT	+0.0100%	4h	307.66	+0.170%	$3.3M	$7.9M	50x	as long as short
Aevo TAO-PERP	+0.0104%	1h	307.55	+0.134%	$169K	$998	3x	as long as short
Katana Perps TAO-USD	+0.0113%	8h	307.34	+0.066%	$3K	$472K	5x	as long as short
Aster TAOUSDT	+0.0153%	4h	307.60	+0.150%	$1.1M	$7.6M	50x	as long as short
Paradex TAO-USD-PERP	+0.0160%	8h	307.15	+0.003%	$14K	$1K	10x	as long as short
Phoenix TAO	+0.0234%	1h	309.20	+0.671%	$327K	$462K	5x	as long as short
Backpack TAO_USDC_PERP	+0.0289%	1h	308.10	+0.313%	$383K	$754K	10x	as long as short
Polymarket Perps TAO-USD	+0.0311%	1h	307.50	+0.118%	$78K	$651K	5x	as long as short
BloFin TAO-USDT	+0.0340%	4h	307.53	+0.128%	$4.3M	$9.5M	100x	as long as short
GMX TAO/USD [WBTC.b-USDC]long	L +0.0484% / S −0.0184%	1h	307.14	long leg	$451K	—	100x
01 Exchange TAOUSD	+0.0552%	1h	307.65	+0.167%	$3K	$4K	5x	as long as short
Reya TAORUSDPERP	+0.0694%	1h	307.26	+0.040%	$353	—	20x	as long as short
Extended TAO-USD	+0.0824%	1h	307.40	+0.085%	$898K	$2.0M	25x	as long as short
Lighter TAO	+0.0968%	1h	307.72	+0.191%	$1.7M	$4.9M	5x	as long as short
Coinbase International TAO-PERP-INTX	+0.1008%	1h	307.74	+0.196%	$1.5M	$5.5M	50x	as long as short
Kraken Futures PF_TAOUSD	+0.1026%	1h	307.81	+0.218%	$6.3M	$19.1M	50x	as long as short
RISEx TAO/USDC	+0.1155%	1h	307.45	+0.103%	$414K	$544K	5x	as long as short
Injective TAO/USDC PERP	+0.1621%	1h	308.73	+0.518%	$22K	$264	12x	as long as short
Hyperliquid TAO	+0.1880%	1h	308.39	+0.408%	$96.4M	$77.9M	5x	as long as short