Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h −0.001%

Price spread now: Popdex against OKX−0.006%7-day average +0.028% · you buy dearer than you sell

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

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

costs, in and out, $10k−$390.387% of the position

Long on OKX Short on Popdex

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.010%−$1 on $10k

Price spread, last 4 days (all we have)+0.093%+$9 · spread now −0.006%, 7d avg +0.028%

Together, before fees+0.083%+$8 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Popdex is 0.034% cheaper against OKX than usual: you would sell low and buy high, −$3 on $10k if it goes back to its 7-day average of +0.028%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX TAO-USDT-SWAP	318.90	0.0100	pay 0.0100% / 8h	6h 03m	$26.4M	$115.1M	50x
Short	Popdex TAOUSDT	318.88	0.0096	get 0.0012% / 1h	3m 29s	$44K	$645K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Popdex 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 PopdexbpOrdersPrice spread, now −0.006%Rate

Funding earned: −$0.84
Price spread: −0.006% → +0.028%: −$3.38
Slippage, 4 orders: −$22.32
Fee OKX: 5 bp × 2 orders: −$10
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Net: −$42.93
Costs to cover: 0.387%
Break-even: never at this rate

Slippage from OKX: live order book, 6 min ago; Popdex: live order book, 66 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, 6 min ago	1.59 bp	7.5 bp −$7	15.2 bp −$152	55.4 bp −$5,541	doesn't fit
Sell Popdex live order book, 66 min ago	1.74 bp	10.9 bp −$11	92.1 bp −$921	doesn't fit	doesn't fit

TAO on 42 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	−0.0185%	1h	315.28	−1.135%	$167K	$40K	10x	as long as short
dYdX TAO-USD	0.0000%	1h	318.58	−0.100%	$127K	$84K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	316.73	−0.680%	$10K	—	150x	as long as short
Popdex TAOUSDTshort	+0.0096%	1h	318.88	−0.006%	$44K	$645K	20x
Binance TAOUSDT	+0.0100%	4h	318.88	−0.008%	$92.0M	$466.6M	75x	as long as short
OKX TAO-USDT-SWAPlong	+0.0100%	8h	318.90	long leg	$26.4M	$115.1M	50x
Gate TAO_USDT	+0.0100%	4h	318.50	−0.125%	$13.0M	$50.9M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	318.69	−0.066%	$115.1M	$140.6M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	318.81	−0.028%	$18.2M	$30.4M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	318.54	−0.113%	$35.6M	$53.4M	50x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
edgeX TAOUSDC	+0.0100%	4h	316.38	−0.791%	$36K	$300K	10x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	317.06	−0.577%	$77K	$713K	5x	as long as short
Orderly PERP_TAO_USDC	+0.0100%	4h	316.98	−0.602%	$58K	$282K	10x	as long as short
SunX TAO-USDT	+0.0100%	4h	316.81	−0.655%	$1K	$1.9M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	317.22	−0.527%	$130K	$471K	20x	as long as short
Phemex TAOUSDT	+0.0100%	4h	317.29	−0.505%	$3.4M	$7.9M	50x	as long as short
Aevo TAO-PERP	+0.0104%	1h	317.38	−0.475%	$174K	$998	3x	as long as short
Katana Perps TAO-USD	+0.0115%	8h	318.76	−0.044%	$2K	$727K	5x	as long as short
ApeX Omni TAOUSDT	+0.0149%	1h	316.28	−0.822%	$47K	$253K	50x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0166% / S +0.0102%	1h	316.75	−0.675%	$431K	—	100x	as long as short
Kraken Futures PF_TAOUSD	+0.0167%	1h	317.16	−0.544%	$5.6M	$20.5M	50x	as long as short
GRVT TAO_USDT_Perp	+0.0192%	4h	316.84	−0.646%	$527K	$957K	10x	as long as short
Bullet TAO-USD	+0.0233%	1h	316.93	−0.618%	$12K	$18K	20x	as long as short
Aster TAOUSDT	+0.0273%	4h	318.82	−0.025%	$1.2M	$9.3M	50x	as long as short
Pacifica TAO	+0.0285%	1h	318.87	−0.008%	$371K	$396K	10x	as long as short
Arcus TAO-USD	+0.0337%	1h	319.08	+0.056%	$100K	$489K	5x	as long as short
Paradex TAO-USD-PERP	+0.0363%	8h	318.79	−0.033%	$14K	$1K	10x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0410%	1h	317.08	−0.571%	$15K	$1.6M	25x	as long as short
Injective TAO/USDC PERP	+0.0470%	1h	321.23	+0.731%	$23K	$2K	12x	as long as short
Nado TAO-PERP	+0.0521%	1h	318.73	−0.053%	$761K	$2.1M	10x	as long as short
Phoenix TAO	+0.0588%	1h	315.80	−0.972%	$330K	$681K	5x	as long as short
01 Exchange TAOUSD	+0.0656%	1h	319.20	+0.094%	$3K	$4K	5x	as long as short
Reya TAORUSDPERP	+0.0696%	1h	317.01	−0.592%	$365	—	20x	as long as short
Bybit TAOUSDT	+0.0739%	4h	319.08	+0.056%	$67.7M	$138.1M	50x	as long as short
BingX TAO-USDT	+0.0768%	4h	318.78	−0.038%	—	$30.9M	—	as long as short
Variational Omni TAO	+0.0857%	4h	316.54	−0.740%	$6.1M	$9.5M	—	as long as short
Extended TAO-USD	+0.0904%	1h	318.72	−0.056%	$906K	$2.3M	25x	as long as short
Backpack TAO_USDC_PERP	+0.0923%	1h	317.81	−0.342%	$321K	$807K	10x	as long as short
Coinbase International TAO-PERP-INTX	+0.1024%	1h	317.87	−0.323%	$1.5M	$6.4M	50x	as long as short
RISEx TAO/USDC	+0.1132%	1h	318.91	+0.003%	$450K	$625K	5x	as long as short
Hyperliquid TAO	+0.1351%	1h	319.18	+0.089%	$100.4M	$97.2M	5x	as long as short
Lighter TAO	+0.1384%	1h	318.94	+0.013%	$1.7M	$6.1M	5x	as long as short