Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC+0.0860%/8h= +94.2% APRpaid last 24h +0.200%

Price spread now: Coinbase International against OKX+0.285%7-day average +0.207% · you sell dearer than you buy

Net, funding: paid 7d − costs+$4as in the Funding arb table

Net, price: spread back to 7d avg − costs−$42as in the Price arb table

costs, in and out, $10k−$500.500% of the position

Long on OKX Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.537%+$54 on $10k

Price spread, last 3 days (all we have)−0.152%−$15 · spread now +0.285%, 7d avg +0.207%

Together, before fees+0.386%+$39 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$26 a day on $10k at the current rate, and Coinbase International is 0.078% dearer against OKX than usual: you sell high and buy low: +$8 more if the spread goes back to its 7-day average of +0.207%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.537% in total (about 28.0% 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	OKX TAO-USDT-SWAP	308.30	0.0100	pay 0.0100% / 8h	2h 21m	$25.4M	$93.5M	50x
Short	Coinbase International TAO-PERP-INTX	309.18	0.0960	get 0.0120% / 1h	21m 13s	$1.5M	$5.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against OKX. 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 OKXbpFee Coinbase InternationalbpOrdersPrice spread, now +0.285%Rate

Funding earned: $180.6
Price spread: +0.285% → +0.207%: $7.81
Slippage, 4 orders: −$29.98
Fee OKX: 5 bp × 2 orders: −$10
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: $138.43
Costs to cover: 0.500%
Break-even: 1.6 days

Slippage from OKX: live order book, 3 min ago; Coinbase International: 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 OKX live order book, 3 min ago	1.62 bp	11.3 bp −$11	16.6 bp −$166	65.1 bp −$6,509	doesn't fit
Sell Coinbase International live order book, 3 min ago	7.93 bp	15.4 bp −$15	21.2 bp −$212	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	308.50	+0.065%	$130K	$84K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0007%	1h	307.94	−0.118%	$26K	—	150x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0034%	1h	308.35	+0.016%	$16K	$1.3M	25x	as long as short
Bulk TAO-USD	+0.0052%	1h	305.44	−0.928%	$200K	$57K	10x	as long as short
Popdex TAOUSDT	+0.0096%	1h	308.37	+0.023%	$41K	$530K	20x	as long as short
Pacifica TAO	+0.0100%	1h	308.72	+0.136%	$365K	$401K	10x	as long as short
Binance TAOUSDT	+0.0100%	4h	308.24	−0.019%	$86.1M	$404.3M	75x	as long as short
Bybit TAOUSDT	+0.0100%	4h	308.29	−0.003%	$59.4M	$118.5M	50x	as long as short
OKX TAO-USDT-SWAPlong	+0.0100%	8h	308.30	long leg	$25.4M	$93.5M	50x
Arcus TAO-USD	+0.0100%	1h	308.85	+0.178%	$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	308.20	−0.032%	$12.2M	$48.2M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	308.24	−0.019%	$115.5M	$124.3M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	308.23	−0.023%	$18.6M	$26.4M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	308.04	−0.084%	$34.5M	$44.5M	50x	as long as short
BingX TAO-USDT	+0.0100%	4h	308.24	−0.019%	—	$30.4M	—	as long as short
Variational Omni TAO	+0.0100%	4h	305.90	−0.779%	$3.6M	$6.5M	—	as long as short
edgeX TAOUSDC	+0.0100%	4h	307.92	−0.123%	$40K	$277K	10x	as long as short
GRVT TAO_USDT_Perp	+0.0100%	4h	307.12	−0.383%	$538K	$967K	10x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	307.95	−0.114%	$46K	$268K	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	308.45	+0.049%	$78K	$675K	5x	as long as short
Bullet TAO-USD	+0.0100%	1h	308.16	−0.045%	$11K	$18K	20x	as long as short
Orderly PERP_TAO_USDC	+0.0100%	4h	308.28	−0.006%	$59K	$276K	10x	as long as short
SunX TAO-USDT	+0.0100%	4h	308.23	−0.023%	$2K	$1.8M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	308.36	+0.019%	$121K	$353K	20x	as long as short
Phemex TAOUSDT	+0.0100%	4h	308.19	−0.036%	$3.3M	$7.9M	50x	as long as short
Aevo TAO-PERP	+0.0104%	1h	308.48	+0.060%	$169K	$998	3x	as long as short
Katana Perps TAO-USD	+0.0112%	8h	308.50	+0.065%	$882	$438K	5x	as long as short
Aster TAOUSDT	+0.0162%	4h	308.09	−0.067%	$1.1M	$7.5M	50x	as long as short
Paradex TAO-USD-PERP	+0.0164%	8h	308.71	+0.132%	$14K	$1K	10x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0174% / S +0.0069%	1h	307.98	−0.105%	$440K	—	100x	as long as short
Phoenix TAO	+0.0234%	1h	307.90	−0.130%	$326K	$462K	5x	as long as short
Nado TAO-PERP	+0.0290%	1h	308.33	+0.011%	$846K	$1.9M	10x	as long as short
BloFin TAO-USDT	+0.0340%	4h	308.32	+0.006%	$4.3M	$9.4M	100x	as long as short
01 Exchange TAOUSD	+0.0520%	1h	308.78	+0.156%	$3K	$4K	5x	as long as short
Reya TAORUSDPERP	+0.0694%	1h	307.72	−0.188%	$354	—	20x	as long as short
Extended TAO-USD	+0.0712%	1h	308.28	−0.006%	$906K	$2.0M	25x	as long as short
Lighter TAO	+0.0912%	1h	308.74	+0.142%	$1.7M	$4.8M	5x	as long as short
Coinbase International TAO-PERP-INTXshort	+0.0960%	1h	309.18	+0.285%	$1.5M	$5.4M	50x
Kraken Futures PF_TAOUSD	+0.1022%	1h	308.52	+0.071%	$6.3M	$19.2M	50x	as long as short
RISEx TAO/USDC	+0.1053%	1h	308.67	+0.118%	$413K	$539K	5x	as long as short
Backpack TAO_USDC_PERP	+0.1081%	1h	308.30	0.000%	$445K	$715K	10x	as long as short
Hyperliquid TAO	+0.1740%	1h	308.88	+0.188%	$94.5M	$75.7M	5x	as long as short
Injective TAO/USDC PERP	+0.4876%	1h	305.96	−0.759%	$22K	$171	12x	as long as short