Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0270%/8h= −29.6% APRpaid last 24h −0.073%

Price spread now: SunX against GMX+0.095%7-day average +0.010% · you sell dearer than you buy

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

Long on GMX Short on SunX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.357%−$36 on $10k

Price spread, last 4 days (all we have)−0.420%−$42 · spread now +0.095%, 7d avg +0.010%

Together, before fees−0.778%−$78 on $10k · with fees, hour by hour

The price spread pays, funding is against you. SunX is 0.084% dearer against GMX than usual: you sell high and buy low (spread +0.095% now, against its 7-day average of +0.010%): +$8 on $10k if it goes back. Holding the pair costs −$8 a day in funding at the current rate, which eats that in about 25 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX TAO/USD [WBTC.b-USDC]	323.38	L +0.0370% / S −0.0109%	pay 0.0046% / 1h	1m 55s	$384K	—	100x
Short	SunX TAO-USDT	323.69	0.0100	get 0.0050% / 4h	3h 01m	$2K	$1.9M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now +0.095%Rate

Funding earned: −$56.7
Price spread: +0.095% → +0.010%: $8.45
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee SunX: 4 bp × 2 orders: −$8
Net: −$68.25
Costs to cover: 0.200%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; SunX: live order book, 4 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 SunX live order book, 4 min ago	500.12 bp	doesn't fit	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	−0.0241%	1h	318.85	−1.403%	$169K	$0	10x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0003%	1h	323.24	−0.044%	$20K	—	150x	as long as short
Popdex TAOUSDT	+0.0096%	1h	324.27	+0.274%	$53K	$700K	20x	as long as short
Bybit TAOUSDT	+0.0100%	4h	324.12	+0.228%	$71.3M	$154.7M	50x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	324.00	+0.191%	$27.1M	$131.7M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	323.60	+0.067%	$15.4M	$51.1M	50x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	323.94	+0.172%	$17.7M	$32.2M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	323.68	+0.092%	$36.5M	$56.6M	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	324.10	+0.222%	$89K	$1.1M	5x	as long as short
SunX TAO-USDTshort	+0.0100%	4h	323.69	+0.095%	$2K	$1.9M	20x

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX TAO-USDT	+0.0100%	4h	323.88	+0.154%	$118K	$552K	20x	as long as short
Phemex TAOUSDT	+0.0100%	4h	323.46	+0.024%	$3.2M	$8.1M	50x	as long as short
Katana Perps TAO-USD	+0.0113%	8h	324.14	+0.234%	$1K	$1.2M	5x	as long as short
Aevo TAO-PERP	+0.0120%	1h	323.98	+0.185%	$178K	$998	3x	as long as short
MEXC TAO_USDT	+0.0156%	4h	324.13	+0.231%	$105.8M	$156.6M	300x	as long as short
Binance TAOUSDT	+0.0156%	4h	324.04	+0.202%	$94.8M	$519.3M	75x	as long as short
BingX TAO-USDT	+0.0162%	4h	323.81	+0.132%	—	$38.9M	—	as long as short
edgeX TAOUSDC	+0.0164%	4h	321.70	−0.522%	$42K	$322K	10x	as long as short
Paradex TAO-USD-PERP	+0.0220%	8h	324.66	+0.394%	$15K	$876	10x	as long as short
Orderly PERP_TAO_USDC	+0.0242%	4h	323.90	+0.160%	$55K	$272K	10x	as long as short
Bullet TAO-USD	+0.0275%	1h	324.08	+0.215%	$13K	$17K	20x	as long as short
Extended TAO-USD	+0.0280%	1h	323.95	+0.175%	$983K	$2.2M	25x	as long as short
GRVT TAO_USDT_Perp	+0.0284%	4h	321.52	−0.577%	$548K	$825K	10x	as long as short
ApeX Omni TAOUSDT	+0.0306%	1h	321.60	−0.551%	$45K	$256K	50x	as long as short
Aster TAOUSDT	+0.0323%	4h	324.00	+0.191%	$1.3M	$11.2M	50x	as long as short
Pacifica TAO	+0.0349%	1h	324.65	+0.391%	$378K	$439K	10x	as long as short
GMX TAO/USD [WBTC.b-USDC]long	L +0.0370% / S −0.0109%	1h	323.38	long leg	$384K	—	100x
Nado TAO-PERP	+0.0393%	1h	324.39	+0.312%	$764K	$2.0M	10x	as long as short
BloFin TAO-USDT	+0.0396%	4h	323.78	+0.123%	$4.8M	$11.0M	100x	as long as short
Arcus TAO-USD	+0.0404%	1h	324.57	+0.367%	$102K	$331K	5x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0520%	1h	323.82	+0.136%	$20K	$1.9M	25x	as long as short
dYdX TAO-USD	+0.0532%	1h	324.25	+0.268%	$273K	$232K	5x	as long as short
Variational Omni TAO	+0.0551%	4h	321.24	−0.662%	$5.7M	$9.8M	—	as long as short
Lighter TAO	+0.0568%	1h	323.94	+0.173%	$1.6M	$6.8M	5x	as long as short
Phoenix TAO	+0.0578%	1h	321.70	−0.520%	$324K	$714K	5x	as long as short
01 Exchange TAOUSD	+0.0640%	1h	324.80	+0.438%	$3K	$4K	5x	as long as short
Hyperliquid TAO	+0.0678%	1h	323.83	+0.139%	$97.8M	$109.7M	5x	as long as short
Reya TAORUSDPERP	+0.0699%	1h	323.70	+0.099%	$372	—	20x	as long as short
Backpack TAO_USDC_PERP	+0.0709%	1h	323.60	+0.067%	$321K	$1.0M	10x	as long as short
Kraken Futures PF_TAOUSD	+0.0769%	1h	323.86	+0.148%	$6.3M	$21.0M	50x	as long as short
RISEx TAO/USDC	+0.0840%	1h	322.86	−0.162%	$440K	$711K	5x	as long as short
Coinbase International TAO-PERP-INTX	+0.0944%	1h	324.78	+0.432%	$1.1M	$7.6M	50x	as long as short
Injective TAO/USDC PERP	+0.3512%	1h	322.62	−0.236%	$23K	$2K	12x	as long as short