Funding arb · Price arb /

TAO

all TAO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0852%/8h= +93.3% APRpaid last 24h +0.242%

Price spread now: Coinbase International against GRVT+0.072%76s7-day average +0.159% · you sell dearer than you buy

Net, funding: paid 7d − costs+$8as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$500.496% of the position

Long on GRVT Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.572%+$57 on $10k

Price spread, last 4 days (all we have)+0.063%+$6 · spread now +0.072%, 7d avg +0.159%

Together, before fees+0.635%+ Points / potential airdropGRVT: Active · farm board+$64 on $10k · with fees, hour by hour

Funding pays, the price is against you. Coinbase International is 0.087% cheaper against GRVT than usual: you would sell low and buy high (spread +0.072% now, against its 7-day average of +0.159%). If the spread goes back, that is −$9 on $10k: about 8 hours of funding at the current rate (+$26 a day). At the pace of the last 7 days (+0.572% in total) that is about 26 hours. The two prices were read 76 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.572% in total (about 29.8% 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	315.30	0.0100	pay 0.0050% / 4h	3h 57m	$535K	$969K	10x
Short	Coinbase International TAO-PERP-INTX	315.53	0.0952	get 0.0119% / 1h	57m 46s	$1.5M	$6.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International 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 Coinbase InternationalbpOrdersPrice spread, now +0.072%Rate

Funding earned: $178.92
Price spread: +0.072% → +0.159%: −$8.69
Slippage, 4 orders: −$30.61
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: $120.62
Costs to cover: 0.496%
Break-even: 2.3 days

Slippage from GRVT: live order book, 60 min ago; Coinbase International: live order book, 1 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, 60 min ago	1.59 bp	11.9 bp −$12	33.3 bp −$333	doesn't fit	doesn't fit
Sell Coinbase International live order book, 1 min ago	7.61 bp	14.6 bp −$15	22.6 bp −$226	doesn't fit	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
Kraken Futures PF_TAOUSD	−0.0344%	1h	315.81	+0.162%	$5.6M	$20.6M	50x	as long as short
dYdX TAO-USD	0.0000%	1h	314.80	−0.159%	$126K	$85K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	314.96	−0.109%	$20K	—	150x	as long as short
Popdex TAOUSDT	+0.0096%	1h	315.03	−0.086%	$43K	$656K	20x	as long as short
Katana Perps TAO-USD	+0.0098%	8h	314.91	−0.124%	$2K	$801K	5x	as long as short
Pacifica TAO	+0.0100%	1h	315.02	−0.089%	$359K	$412K	10x	as long as short
Binance TAOUSDT	+0.0100%	4h	314.90	−0.126%	$91.0M	$495.2M	75x	as long as short
Bybit TAOUSDT	+0.0100%	4h	314.91	−0.124%	$67.8M	$149.0M	50x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	314.70	−0.191%	$26.0M	$120.6M	50x	as long as short
Bulk TAO-USD	+0.0100%	1h	314.80	−0.159%	$167K	$2K	10x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate TAO_USDT	+0.0100%	4h	315.10	−0.064%	$13.1M	$49.2M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	314.67	−0.200%	$100.9M	$143.4M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	315.00	−0.096%	$17.8M	$31.7M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	314.12	−0.375%	$35.1M	$56.5M	50x	as long as short
BingX TAO-USDT	+0.0100%	4h	314.60	−0.223%	—	$32.9M	—	as long as short
edgeX TAOUSDC	+0.0100%	4h	315.12	−0.059%	$42K	$313K	10x	as long as short
GRVT TAO_USDT_Perplong	+0.0100%	4h	315.30	long leg	$535K	$969K	10x
ApeX Omni TAOUSDT	+0.0100%	1h	315.19	−0.035%	$46K	$255K	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	314.90	−0.127%	$77K	$863K	5x	as long as short
Bullet TAO-USD	+0.0100%	1h	315.19	−0.035%	$12K	$18K	20x	as long as short
SunX TAO-USDT	+0.0100%	4h	314.72	−0.185%	$1K	$1.9M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	314.41	−0.283%	$109K	$535K	20x	as long as short
Phemex TAOUSDT	+0.0100%	4h	315.75	+0.142%	$3.2M	$8.1M	50x	as long as short
Aevo TAO-PERP	+0.0104%	1h	315.24	−0.019%	$173K	$998	3x	as long as short
Orderly PERP_TAO_USDC	+0.0125%	4h	315.21	−0.029%	$52K	$271K	10x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0143% / S +0.0124%	1h	314.95	−0.112%	$428K	—	100x	as long as short
Nado TAO-PERP	+0.0144%	1h	315.13	−0.054%	$801K	$2.2M	10x	as long as short
Paradex TAO-USD-PERP	+0.0146%	8h	314.85	−0.144%	$14K	$1K	10x	as long as short
Aster TAOUSDT	+0.0151%	4h	315.52	+0.069%	$1.2M	$10.4M	50x	as long as short
Hyperliquid TAO	+0.0154%	1h	315.46	+0.050%	$92.7M	$106.7M	5x	as long as short
Extended TAO-USD	+0.0208%	1h	315.60	+0.095%	$923K	$2.4M	25x	as long as short
Arcus TAO-USD	+0.0231%	1h	314.72	−0.185%	$101K	$440K	5x	as long as short
Lighter TAO	+0.0312%	1h	315.30	−0.001%	$1.5M	$6.4M	5x	as long as short
01 Exchange TAOUSD	+0.0328%	1h	315.02	−0.089%	$3K	$4K	5x	as long as short
BloFin TAO-USDT	+0.0340%	4h	314.69	−0.194%	$4.5M	$10.9M	100x	as long as short
Backpack TAO_USDC_PERP	+0.0346%	1h	315.87	+0.180%	$314K	$914K	10x	as long as short
Variational Omni TAO	+0.0396%	4h	315.16	−0.045%	$5.7M	$9.9M	—	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0499%	1h	315.39	+0.027%	$22K	$1.7M	25x	as long as short
Phoenix TAO	+0.0581%	1h	315.50	+0.063%	$314K	$695K	5x	as long as short
Reya TAORUSDPERP	+0.0697%	1h	315.06	−0.076%	$362	—	20x	as long as short
RISEx TAO/USDC	+0.0816%	1h	314.97	−0.105%	$437K	$652K	5x	as long as short
Coinbase International TAO-PERP-INTXshort	+0.0952%	1h	315.53	+0.072%	$1.5M	$6.7M	50x
Injective TAO/USDC PERP	+0.4092%	1h	317.67	+0.751%	$23K	$2K	12x	as long as short