Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0214%/8h= +23.5% APRpaid last 24h +0.059%

Price spread now: Nado against GRVT+0.074%61s7-day average −0.002% · you sell dearer than you buy

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

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

costs, in and out, $10k−$300.302% of the position

Long on GRVT Short on Nado

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.068%+$7 on $10k

Price spread, last 3 days (all we have)−0.231%−$23 · spread now +0.074%, 7d avg −0.002%

Together, before fees−0.163%+ Points / potential airdropGRVT: Active · Nado: Active · farm board−$16 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$6 a day on $10k at the current rate, and Nado is 0.076% dearer against GRVT than usual: you sell high and buy low: +$8 more if the spread goes back to its 7-day average of −0.002%. The two prices were read 61 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GRVT TAO_USDT_Perp	307.12	0.0100	pay 0.0050% / 4h	2h 20m	$538K	$967K	10x
Short	Nado TAO-PERP	307.35	0.0314	get 0.0039% / 1h	20m 28s	$843K	$1.9M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Nado 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 NadobpOrdersPrice spread, now +0.074%Rate

Funding earned: $45.03
Price spread: +0.074% → −0.002%: $7.61
Slippage, 4 orders: −$14.24
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee Nado: 3.5 bp × 2 orders: −$7
Net: $22.4
Costs to cover: 0.302%
Break-even: 3.5 days

Slippage from GRVT: live order book, 3 min ago; Nado: live order book, 3 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, 3 min ago	1.47 bp	9.9 bp −$10	18.1 bp −$181	doesn't fit	doesn't fit
Sell Nado live order book, 3 min ago	0.65 bp	4.1 bp −$4	14.2 bp −$142	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
dYdX TAO-USD	0.0000%	1h	306.68	−0.143%	$129K	$84K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0007%	1h	307.17	+0.015%	$26K	—	150x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0034%	1h	308.35	+0.401%	$16K	$1.3M	25x	as long as short
Bulk TAO-USD	+0.0052%	1h	305.44	−0.547%	$200K	$57K	10x	as long as short
Popdex TAOUSDT	+0.0096%	1h	306.91	−0.068%	$41K	$530K	20x	as long as short
Pacifica TAO	+0.0100%	1h	307.12	0.000%	$363K	$401K	10x	as long as short
Binance TAOUSDT	+0.0100%	4h	307.25	+0.044%	$85.9M	$404.3M	75x	as long as short
Bybit TAOUSDT	+0.0100%	4h	307.45	+0.107%	$59.4M	$118.6M	50x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	307.40	+0.091%	$25.3M	$93.2M	50x	as long as short
Arcus TAO-USD	+0.0100%	1h	307.42	+0.098%	$137K	$599K	5x	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	306.70	−0.137%	$12.2M	$48.2M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	307.29	+0.055%	$115.3M	$124.5M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	307.17	+0.016%	$18.5M	$26.4M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	307.07	−0.016%	$34.4M	$44.5M	50x	as long as short
BingX TAO-USDT	+0.0100%	4h	307.30	+0.059%	—	$30.4M	—	as long as short
Variational Omni TAO	+0.0100%	4h	305.90	−0.397%	$3.6M	$6.5M	—	as long as short
edgeX TAOUSDC	+0.0100%	4h	307.92	+0.260%	$40K	$277K	10x	as long as short
GRVT TAO_USDT_Perplong	+0.0100%	4h	307.12	long leg	$538K	$967K	10x
ApeX Omni TAOUSDT	+0.0100%	1h	307.95	+0.270%	$46K	$268K	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	307.41	+0.094%	$77K	$675K	5x	as long as short
Bullet TAO-USD	+0.0100%	1h	307.31	+0.062%	$11K	$18K	20x	as long as short
Orderly PERP_TAO_USDC	+0.0100%	4h	308.28	+0.378%	$59K	$276K	10x	as long as short
SunX TAO-USDT	+0.0100%	4h	308.23	+0.361%	$2K	$1.8M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	308.36	+0.404%	$121K	$353K	20x	as long as short
Phemex TAOUSDT	+0.0100%	4h	308.19	+0.348%	$3.3M	$7.9M	50x	as long as short
Aevo TAO-PERP	+0.0104%	1h	308.48	+0.444%	$169K	$998	3x	as long as short
Katana Perps TAO-USD	+0.0112%	8h	306.91	−0.068%	$877	$438K	5x	as long as short
Paradex TAO-USD-PERP	+0.0163%	8h	306.89	−0.075%	$14K	$1K	10x	as long as short
Aster TAOUSDT	+0.0169%	4h	307.01	−0.034%	$1.1M	$7.5M	50x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0174% / S +0.0069%	1h	307.17	+0.016%	$438K	—	100x	as long as short
Phoenix TAO	+0.0234%	1h	307.90	+0.254%	$326K	$462K	5x	as long as short
Nado TAO-PERPshort	+0.0314%	1h	307.35	+0.074%	$843K	$1.9M	10x
BloFin TAO-USDT	+0.0340%	4h	308.32	+0.391%	$4.3M	$9.4M	100x	as long as short
01 Exchange TAOUSD	+0.0512%	1h	307.21	+0.029%	$3K	$4K	5x	as long as short
Reya TAORUSDPERP	+0.0694%	1h	307.30	+0.059%	$353	—	20x	as long as short
Extended TAO-USD	+0.0712%	1h	306.87	−0.083%	$902K	$2.0M	25x	as long as short
Lighter TAO	+0.0912%	1h	307.06	−0.021%	$1.6M	$4.8M	5x	as long as short
Coinbase International TAO-PERP-INTX	+0.0960%	1h	309.18	+0.671%	$1.5M	$5.4M	50x	as long as short
Kraken Futures PF_TAOUSD	+0.1022%	1h	308.52	+0.456%	$6.3M	$19.2M	50x	as long as short
RISEx TAO/USDC	+0.1053%	1h	307.09	−0.010%	$411K	$539K	5x	as long as short
Backpack TAO_USDC_PERP	+0.1081%	1h	308.30	+0.384%	$445K	$715K	10x	as long as short
Hyperliquid TAO	+0.1733%	1h	307.93	+0.264%	$94.3M	$75.8M	5x	as long as short
Injective TAO/USDC PERP	+0.4876%	1h	305.96	−0.378%	$22K	$171	12x	as long as short