Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.1092%/8h= −119.5% APRpaid last 24h −0.285%

Price spread now: Bulk against GRVT−0.462%7-day average −0.151% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$64as in the Price arb table

costs, in and out, $10k−$330.330% of the position

Long on GRVT Short on Bulk

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.317%−$32 on $10k

Price spread, last 3 days (all we have)+0.080%+$8 · spread now −0.462%, 7d avg −0.151%

Together, before fees−0.236%+ Points / potential airdropGRVT: Active · farm board−$24 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$33 a day on $10k at the current rate, and Bulk is 0.311% cheaper against GRVT than usual: you would sell low and buy high (−$31 if the spread goes back to its 7-day average of −0.151%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid -0.317% in total (about -33.7% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GRVT TAO_USDT_Perp	321.55	0.0210	pay 0.0105% / 4h	3h 40m	$533K	$958K	10x
Short	Bulk TAO-USD	320.07	−0.0882	pay 0.0110% / 1h	40m 45s	$170K	$44K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bulk against GRVT. 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 GRVTbpFee BulkbpOrdersPrice spread, now −0.462%Rate

Funding earned: −$229.26
Price spread: −0.462% → −0.151%: −$31.11
Slippage, 4 orders: −$16.95
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee Bulk: 3.5 bp × 2 orders: −$7
Net: −$293.32
Costs to cover: 0.330%
Break-even: never at this rate

Slippage from GRVT: live order book, 32 min ago; Bulk: live order book, 33 min ago.

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 GRVT live order book, 32 min ago	6.56 bp	11.1 bp −$11	14.1 bp −$141	doesn't fit	doesn't fit
Sell Bulk live order book, 33 min ago	0.16 bp	4.6 bp −$5	11.3 bp −$113	21.0 bp −$2,098	doesn't fit

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-USDshort	−0.0882%	1h	320.07	−0.462%	$170K	$44K	10x
Phemex TAOUSDT	−0.0776%	4h	320.09	−0.456%	$3.5M	$7.9M	50x	as long as short
dYdX TAO-USD	0.0000%	1h	319.66	−0.589%	$128K	$88K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	320.07	−0.462%	$21K	—	150x	as long as short
Popdex TAOUSDT	+0.0096%	1h	320.40	−0.359%	$41K	$584K	20x	as long as short
Binance TAOUSDT	+0.0100%	4h	319.84	−0.533%	$92.5M	$442.8M	75x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	319.80	−0.546%	$26.2M	$107.8M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	319.90	−0.515%	$13.0M	$50.1M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	319.84	−0.533%	$106.9M	$133.0M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	319.78	−0.552%	$18.7M	$28.5M	75x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget TAOUSDT	+0.0100%	4h	319.54	−0.627%	$35.6M	$49.5M	50x	as long as short
edgeX TAOUSDC	+0.0100%	4h	322.03	+0.148%	$37K	$287K	10x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	320.32	−0.384%	$49K	$269K	50x	as long as short
Orderly PERP_TAO_USDC	+0.0100%	4h	320.20	−0.421%	$58K	$316K	10x	as long as short
SunX TAO-USDT	+0.0100%	4h	320.16	−0.434%	$1K	$1.9M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	320.38	−0.365%	$128K	$423K	20x	as long as short
Katana Perps TAO-USD	+0.0101%	8h	320.43	−0.350%	$656	$605K	5x	as long as short
Aevo TAO-PERP	+0.0104%	1h	320.39	−0.361%	$176K	$998	3x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0174% / S +0.0089%	1h	320.07	−0.462%	$465K	—	100x	as long as short
Pacifica TAO	+0.0185%	1h	320.08	−0.460%	$379K	$373K	10x	as long as short
Bullet TAO-USD	+0.0198%	1h	320.29	−0.394%	$12K	$18K	20x	as long as short
Arcus TAO-USD	+0.0201%	1h	319.93	−0.505%	$85K	$545K	5x	as long as short
GRVT TAO_USDT_Perplong	+0.0210%	4h	321.55	long leg	$533K	$958K	10x
Paradex TAO-USD-PERP	+0.0235%	8h	319.88	−0.522%	$15K	$1K	10x	as long as short
Aster TAOUSDT	+0.0237%	4h	320.04	−0.472%	$1.1M	$8.1M	50x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0237%	1h	320.09	−0.455%	$23K	$1.5M	25x	as long as short
BloFin TAO-USDT	+0.0340%	4h	320.32	−0.384%	$4.5M	$10.9M	100x	as long as short
Polymarket Perps TAO-USD	+0.0376%	1h	320.51	−0.325%	$95K	$637K	5x	as long as short
Variational Omni TAO	+0.0378%	4h	321.33	−0.071%	$5.6M	$8.6M	—	as long as short
Bybit TAOUSDT	+0.0468%	4h	320.05	−0.468%	$66.2M	$130.9M	50x	as long as short
Kraken Futures PF_TAOUSD	+0.0479%	1h	320.09	−0.456%	$5.8M	$20.3M	50x	as long as short
Phoenix TAO	+0.0525%	1h	322.20	+0.201%	$337K	$624K	5x	as long as short
Injective TAO/USDC PERP	+0.0571%	1h	321.10	−0.141%	$23K	$652	12x	as long as short
BingX TAO-USDT	+0.0680%	4h	319.88	−0.521%	—	$30.8M	—	as long as short
Reya TAORUSDPERP	+0.0695%	1h	320.10	−0.452%	$368	—	20x	as long as short
01 Exchange TAOUSD	+0.0736%	1h	320.45	−0.344%	$3K	$4K	5x	as long as short
Nado TAO-PERP	+0.0770%	1h	320.23	−0.410%	$890K	$2.0M	10x	as long as short
Backpack TAO_USDC_PERP	+0.0933%	1h	319.86	−0.527%	$322K	$820K	10x	as long as short
Coinbase International TAO-PERP-INTX	+0.0984%	1h	322.30	+0.232%	$1.5M	$6.1M	50x	as long as short
Extended TAO-USD	+0.1112%	1h	320.14	−0.440%	$938K	$2.2M	25x	as long as short
RISEx TAO/USDC	+0.1141%	1h	320.41	−0.355%	$424K	$595K	5x	as long as short
Lighter TAO	+0.1544%	1h	320.37	−0.367%	$1.7M	$5.9M	5x	as long as short
Hyperliquid TAO	+0.2670%	1h	320.71	−0.263%	$104.4M	$90.1M	5x	as long as short