Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h +0.027%

Price spread now: dYdX against OKX−0.271%7-day average −0.012% · you buy dearer than you sell

Net, funding: paid 7d − costs−$86as in the Funding arb table

Net, price: spread back to 7d avg − costs−$125as in the Price arb table

costs, in and out, $10k−$990.993% of the position

Long on OKX Short on dYdX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.136%+$14 on $10k

Price spread, last 4 days (all we have)+0.316%+$32 · spread now −0.271%, 7d avg −0.012%

Together, before fees+0.452%+$45 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and dYdX is 0.259% cheaper against OKX than usual: you would sell low and buy high (−$26 if the spread goes back to its 7-day average of −0.012%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.136%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX TAO-USDT-SWAP	313.60	0.0100	pay 0.0100% / 8h	26m 57s	$25.2M	$101.8M	50x
Short	dYdX TAO-USD	312.75	0	get 0.0000% / 1h	26m 57s	$125K	$88K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX 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 dYdXbpOrdersPrice spread, now −0.271%Rate

Funding earned: −$21
Price spread: −0.271% → −0.012%: −$25.94
Slippage, 4 orders: −$79.26
Fee OKX: 5 bp × 2 orders: −$10
Fee dYdX: 5 bp × 2 orders: −$10
Net: −$146.21
Costs to cover: 0.993%
Break-even: never at this rate

Slippage from OKX: live order book, 2 min ago; dYdX: live order book, 52 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, 2 min ago	1.60 bp	9.7 bp −$10	17.7 bp −$177	58.6 bp −$5,861	doesn't fit
Sell dYdX live order book, 52 min ago	36.40 bp	41.5 bp −$42	64.9 bp −$649	185.3 bp −$18.5K	1078.0 bp −$539.0K

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	−0.4493%	1h	315.57	+0.628%	$169K	$47K	10x	as long as short
dYdX TAO-USDshort	0.0000%	1h	312.75	−0.271%	$125K	$88K	5x
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	313.20	−0.127%	$21K	—	150x	as long as short
Injective TAO/USDC PERP	+0.0033%	1h	314.95	+0.430%	$23K	$361	12x	as long as short
Popdex TAOUSDT	+0.0096%	1h	313.10	−0.159%	$35K	$571K	20x	as long as short
Pacifica TAO	+0.0100%	1h	313.10	−0.159%	$371K	$363K	10x	as long as short
Binance TAOUSDT	+0.0100%	4h	313.63	+0.010%	$88.9M	$426.9M	75x	as long as short
Bybit TAOUSDT	+0.0100%	4h	313.88	+0.089%	$61.6M	$125.0M	50x	as long as short
OKX TAO-USDT-SWAPlong	+0.0100%	8h	313.60	long leg	$25.2M	$101.8M	50x
Gate TAO_USDT	+0.0100%	4h	313.30	−0.096%	$12.5M	$49.9M	50x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC TAO_USDT	+0.0100%	4h	313.28	−0.102%	$110.5M	$130.0M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	313.27	−0.105%	$18.8M	$27.7M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	313.39	−0.067%	$34.9M	$46.6M	50x	as long as short
BingX TAO-USDT	+0.0100%	4h	313.36	−0.077%	—	$30.2M	—	as long as short
edgeX TAOUSDC	+0.0100%	4h	313.93	+0.106%	$41K	$279K	10x	as long as short
GRVT TAO_USDT_Perp	+0.0100%	4h	313.05	−0.176%	$519K	$956K	10x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	313.77	+0.054%	$47K	$268K	50x	as long as short
Bullet TAO-USD	+0.0100%	1h	313.42	−0.057%	$11K	$17K	20x	as long as short
Orderly PERP_TAO_USDC	+0.0100%	4h	313.33	−0.086%	$60K	$275K	10x	as long as short
SunX TAO-USDT	+0.0100%	4h	313.14	−0.147%	$2K	$1.8M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	313.59	−0.003%	$127K	$402K	20x	as long as short
Phemex TAOUSDT	+0.0100%	4h	313.26	−0.108%	$3.3M	$7.9M	50x	as long as short
Polymarket Perps TAO-USD	+0.0102%	1h	313.58	−0.006%	$77K	$489K	5x	as long as short
Aevo TAO-PERP	+0.0104%	1h	313.49	−0.035%	$172K	$998	3x	as long as short
Katana Perps TAO-USD	+0.0110%	8h	313.10	−0.159%	$1K	$552K	5x	as long as short
Arcus TAO-USD	+0.0186%	1h	313.23	−0.118%	$83K	$586K	5x	as long as short
Paradex TAO-USD-PERP	+0.0191%	8h	312.91	−0.220%	$14K	$1K	10x	as long as short
Aster TAOUSDT	+0.0196%	4h	313.24	−0.115%	$1.1M	$7.9M	50x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0196%	1h	313.29	−0.100%	$21K	$1.5M	25x	as long as short
Variational Omni TAO	+0.0200%	4h	313.88	+0.089%	$4.0M	$7.0M	—	as long as short
BloFin TAO-USDT	+0.0340%	4h	313.32	−0.089%	$4.4M	$10.5M	100x	as long as short
Nado TAO-PERP	+0.0441%	1h	313.20	−0.128%	$827K	$2.0M	10x	as long as short
Kraken Futures PF_TAOUSD	+0.0449%	1h	313.19	−0.130%	$5.7M	$19.9M	50x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0476% / S −0.0175%	1h	313.18	−0.135%	$449K	—	100x	as long as short
Backpack TAO_USDC_PERP	+0.0524%	1h	313.66	+0.019%	$293K	$804K	10x	as long as short
Phoenix TAO	+0.0537%	1h	314.20	+0.191%	$329K	$521K	5x	as long as short
01 Exchange TAOUSD	+0.0632%	1h	313.23	−0.118%	$3K	$4K	5x	as long as short
Reya TAORUSDPERP	+0.0695%	1h	313.44	−0.052%	$360	—	20x	as long as short
Extended TAO-USD	+0.0856%	1h	313.49	−0.035%	$859K	$2.1M	25x	as long as short
Coinbase International TAO-PERP-INTX	+0.0960%	1h	313.27	−0.105%	$1.5M	$5.8M	50x	as long as short
Lighter TAO	+0.1232%	1h	313.73	+0.040%	$1.6M	$5.8M	5x	as long as short
RISEx TAO/USDC	+0.1238%	1h	313.15	−0.143%	$436K	$567K	5x	as long as short
Hyperliquid TAO	+0.1736%	1h	314.04	+0.140%	$98.0M	$83.9M	5x	as long as short