Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0385%/8h= −42.2% APRpaid last 24h −0.099%

Price spread now: Phemex against GMX−0.005%7-day average +0.015% · you buy dearer than you sell

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

Long on GMX Short on Phemex

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)−0.110%−$11 · spread now −0.005%, 7d avg +0.015%

Together, before fees−0.454%−$45 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$12 a day on $10k at the current rate, and Phemex is 0.020% cheaper against GMX than usual: you would sell low and buy high (−$2 if the spread goes back to its 7-day average of +0.015%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX TAO/USD [WBTC.b-USDC]	308.14	L +0.0485% / S −0.0184%	pay 0.0061% / 1h	11m 19s	$453K	—	100x
Short	Phemex TAOUSDT	308.12	0.0100	get 0.0050% / 4h	2h 11m	$3.3M	$7.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now −0.005%Rate

Funding earned: −$80.86
Price spread: −0.005% → +0.015%: −$2
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$106.86
Costs to cover: 0.240%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Phemex: 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 Phemex live order book, 3 min ago	1.62 bp	14.3 bp −$14	doesn't fit	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	−0.0601%	1h	309.73	+0.517%	$203K	$57K	10x	as long as short
dYdX TAO-USD	0.0000%	1h	307.30	−0.273%	$129K	$84K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0007%	1h	308.07	−0.023%	$26K	—	150x	as long as short
Popdex TAOUSDT	+0.0096%	1h	307.91	−0.073%	$41K	$528K	20x	as long as short
Pacifica TAO	+0.0100%	1h	307.66	−0.156%	$364K	$367K	10x	as long as short
Binance TAOUSDT	+0.0100%	4h	308.27	+0.043%	$86.4M	$405.1M	75x	as long as short
Bybit TAOUSDT	+0.0100%	4h	308.26	+0.040%	$60.0M	$119.3M	50x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	308.10	−0.012%	$25.4M	$93.6M	50x	as long as short
Arcus TAO-USD	+0.0100%	1h	308.01	−0.041%	$137K	$603K	5x	as long as short
Gate TAO_USDT	+0.0100%	4h	308.20	+0.021%	$12.3M	$48.6M	50x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC TAO_USDT	+0.0100%	4h	308.12	−0.005%	$118.2M	$125.8M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	307.99	−0.047%	$18.7M	$26.5M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	308.10	−0.012%	$34.5M	$44.6M	50x	as long as short
BingX TAO-USDT	+0.0100%	4h	308.30	+0.053%	—	$30.4M	—	as long as short
Variational Omni TAO	+0.0100%	4h	309.10	+0.312%	$3.7M	$6.6M	—	as long as short
edgeX TAOUSDC	+0.0100%	4h	309.74	+0.521%	$40K	$278K	10x	as long as short
GRVT TAO_USDT_Perp	+0.0100%	4h	308.77	+0.207%	$549K	$965K	10x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	309.90	+0.573%	$47K	$268K	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	308.44	+0.099%	$78K	$675K	5x	as long as short
Bullet TAO-USD	+0.0100%	1h	308.50	+0.118%	$11K	$18K	20x	as long as short
Orderly PERP_TAO_USDC	+0.0100%	4h	308.13	−0.002%	$59K	$276K	10x	as long as short
SunX TAO-USDT	+0.0100%	4h	308.39	+0.083%	$2K	$1.8M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	307.60	−0.174%	$121K	$353K	20x	as long as short
Phemex TAOUSDTshort	+0.0100%	4h	308.12	−0.005%	$3.3M	$7.9M	50x
Aevo TAO-PERP	+0.0104%	1h	308.15	+0.004%	$169K	$998	3x	as long as short
Katana Perps TAO-USD	+0.0111%	8h	307.83	−0.099%	$880	$449K	5x	as long as short
Aster TAOUSDT	+0.0154%	4h	308.20	+0.022%	$1.1M	$7.5M	50x	as long as short
Paradex TAO-USD-PERP	+0.0157%	8h	307.65	−0.157%	$14K	$1K	10x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0210%	1h	308.19	+0.019%	$14K	$1.3M	25x	as long as short
Phoenix TAO	+0.0234%	1h	308.80	+0.216%	$327K	$462K	5x	as long as short
Nado TAO-PERP	+0.0309%	1h	308.00	−0.043%	$852K	$1.9M	10x	as long as short
BloFin TAO-USDT	+0.0340%	4h	308.31	+0.057%	$4.3M	$9.5M	100x	as long as short
GMX TAO/USD [WBTC.b-USDC]long	L +0.0485% / S −0.0184%	1h	308.14	long leg	$453K	—	100x
01 Exchange TAOUSD	+0.0528%	1h	308.19	+0.018%	$3K	$4K	5x	as long as short
Reya TAORUSDPERP	+0.0694%	1h	308.18	+0.015%	$354	—	20x	as long as short
Extended TAO-USD	+0.0728%	1h	308.18	+0.014%	$907K	$2.0M	25x	as long as short
Lighter TAO	+0.0912%	1h	308.66	+0.169%	$1.7M	$4.8M	5x	as long as short
Backpack TAO_USDC_PERP	+0.0954%	1h	308.20	+0.021%	$383K	$753K	10x	as long as short
Coinbase International TAO-PERP-INTX	+0.0960%	1h	310.60	+0.800%	$1.5M	$5.5M	50x	as long as short
Kraken Futures PF_TAOUSD	+0.1022%	1h	308.44	+0.097%	$6.4M	$19.1M	50x	as long as short
RISEx TAO/USDC	+0.1053%	1h	307.96	−0.058%	$412K	$542K	5x	as long as short
Hyperliquid TAO	+0.1807%	1h	308.79	+0.214%	$96.5M	$77.4M	5x	as long as short
Injective TAO/USDC PERP	+0.4876%	1h	308.73	+0.193%	$22K	$271	12x	as long as short