Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0244%/8h= −26.7% APRpaid last 24h −0.003%

Price spread now: GMX against OKX−0.007%7-day average +0.007% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on OKX Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.100%+$10 on $10k

Price spread, last 4 days (all we have)+0.078%+$8 · spread now −0.007%, 7d avg +0.007%

Together, before fees+0.178%+$18 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.007%, so right now this pair is about funding alone: −$7 a day on $10k at the current rate. Mind the row above: over the last 3 days funding on this pair paid +0.100%, 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	318.80	0.0100	pay 0.0100% / 8h	2h 11m	$26.7M	$125.4M	50x
Short	GMX TAO/USD [WBTC.b-USDC]	318.78	L +0.0126% / S +0.0144%	pay 0.0018% / 1h	11m 50s	$423K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX 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 GMXbpOrdersPrice spread, now −0.007%Rate

Funding earned: −$51.24
Price spread: −0.007% → +0.007%: −$1.44
Slippage, 4 orders: no order book: not counted
Fee OKX: 5 bp × 2 orders: −$10
Fee GMX: 6 bp × 2 orders: −$12
Net: −$74.67
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: OKX: live order book, 2 min ago; GMX: no order-book sample. Net counts fees only.

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	1.57 bp	8.5 bp −$9	18.2 bp −$182	58.9 bp −$5,886	doesn't fit
Sell GMX no order-book sample	—	—	—	—	—

GMX: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.1195%	1h	319.01	+0.067%	$169K	$333	10x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	318.72	−0.025%	$21K	—	150x	as long as short
dYdX TAO-USD	+0.0032%	1h	318.55	−0.080%	$127K	$85K	5x	as long as short
OKX TAO-USDT-SWAPlong	+0.0100%	8h	318.80	long leg	$26.7M	$125.4M	50x
Gate TAO_USDT	+0.0100%	4h	318.60	−0.063%	$14.2M	$51.6M	50x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	318.86	+0.019%	$17.6M	$31.5M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	318.70	−0.031%	$35.9M	$57.4M	50x	as long as short
edgeX TAOUSDC	+0.0100%	4h	318.35	−0.143%	$42K	$317K	10x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	318.92	+0.038%	$91K	$920K	5x	as long as short
SunX TAO-USDT	+0.0100%	4h	318.73	−0.022%	$2K	$1.9M	20x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX TAO-USDT	+0.0100%	4h	318.54	−0.082%	$116K	$565K	20x	as long as short
Phemex TAOUSDT	+0.0100%	4h	318.75	−0.016%	$3.2M	$8.1M	50x	as long as short
MEXC TAO_USDT	+0.0104%	4h	318.99	+0.060%	$101.4M	$148.1M	300x	as long as short
Aevo TAO-PERP	+0.0104%	1h	319.38	+0.183%	$175K	$998	3x	as long as short
Katana Perps TAO-USD	+0.0110%	8h	318.91	+0.035%	$1K	$946K	5x	as long as short
Binance TAOUSDT	+0.0110%	4h	319.00	+0.062%	$91.5M	$513.3M	75x	as long as short
Orderly PERP_TAO_USDC	+0.0116%	4h	319.03	+0.072%	$53K	$291K	10x	as long as short
GMX TAO/USD [WBTC.b-USDC]short	L +0.0126% / S +0.0144%	1h	318.78	−0.007%	$423K	—	100x
Popdex TAOUSDT	+0.0128%	1h	319.02	+0.069%	$54K	$671K	20x	as long as short
Pacifica TAO	+0.0233%	1h	318.99	+0.060%	$364K	$420K	10x	as long as short
Aster TAOUSDT	+0.0271%	4h	318.99	+0.060%	$1.3M	$10.7M	50x	as long as short
Paradex TAO-USD-PERP	+0.0278%	8h	319.13	+0.103%	$14K	$1K	10x	as long as short
Nado TAO-PERP	+0.0290%	1h	319.16	+0.114%	$802K	$2.2M	10x	as long as short
Kraken Futures PF_TAOUSD	+0.0299%	1h	319.10	+0.095%	$6.0M	$21.6M	50x	as long as short
Bullet TAO-USD	+0.0322%	1h	319.11	+0.098%	$12K	$17K	20x	as long as short
BloFin TAO-USDT	+0.0344%	4h	319.43	+0.198%	$3.7M	$11.0M	100x	as long as short
BingX TAO-USDT	+0.0388%	4h	318.94	+0.044%	—	$33.8M	—	as long as short
Bybit TAOUSDT	+0.0391%	4h	319.09	+0.091%	$69.9M	$153.6M	50x	as long as short
GRVT TAO_USDT_Perp	+0.0436%	4h	318.55	−0.078%	$545K	$935K	10x	as long as short
Variational Omni TAO	+0.0467%	4h	317.98	−0.256%	$5.6M	$10.1M	—	as long as short
Arcus TAO-USD	+0.0483%	1h	319.52	+0.226%	$103K	$351K	5x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0496%	1h	319.06	+0.082%	$15K	$1.8M	25x	as long as short
ApeX Omni TAOUSDT	+0.0504%	1h	318.01	−0.248%	$45K	$256K	50x	as long as short
Extended TAO-USD	+0.0504%	1h	318.82	+0.006%	$906K	$2.4M	25x	as long as short
Phoenix TAO	+0.0513%	1h	318.90	+0.031%	$317K	$713K	5x	as long as short
Reya TAORUSDPERP	+0.0697%	1h	319.08	+0.088%	$367	—	20x	as long as short
Lighter TAO	+0.0800%	1h	319.22	+0.132%	$1.5M	$6.6M	5x	as long as short
01 Exchange TAOUSD	+0.0800%	1h	319.51	+0.223%	$3K	$4K	5x	as long as short
Hyperliquid TAO	+0.0804%	1h	319.17	+0.116%	$93.7M	$109.5M	5x	as long as short
Backpack TAO_USDC_PERP	+0.0835%	1h	319.10	+0.094%	$316K	$890K	10x	as long as short
Coinbase International TAO-PERP-INTX	+0.0928%	1h	319.97	+0.367%	$1.5M	$6.9M	50x	as long as short
RISEx TAO/USDC	+0.0948%	1h	319.05	+0.079%	$461K	$649K	5x	as long as short
Injective TAO/USDC PERP	+0.3711%	1h	322.94	+1.299%	$23K	$2K	12x	as long as short