Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0093%/8h= −10.2% APRpaid last 24h −0.011%

Price spread now: Deribit against Orderly+0.034%7-day average +0.017% · you sell dearer than you buy

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

Long on Orderly Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.083%−$8 on $10k

Price spread, last 3 days (all we have)−0.008%−$1 · spread now +0.034%, 7d avg +0.017%

Together, before fees−0.091%−$9 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.017%, so right now this pair is about funding alone: −$3 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_TAO_USDC	307.22	0.0100	pay 0.0050% / 4h	2h 24m	$59K	$276K	10x
Short	Deribit TAO_USDC-PERPETUAL	307.32	0.0007	get 0.0001% / 1h	24m 10s	$15K	$1.3M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Orderly. 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 OrderlybpFee DeribitbpOrdersPrice spread, now +0.034%Rate

Funding earned: −$19.53
Price spread: +0.034% → +0.017%: $1.68
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$30.85
Costs to cover: 0.130%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; Deribit: live order book, 5 min ago. 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 Orderly no order-book sample	—	—	—	—	—
Sell Deribit live order book, 5 min ago	3.76 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit

Orderly: 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
dYdX TAO-USD	0.0000%	1h	306.93	−0.094%	$129K	$84K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0006%	1h	307.17	−0.018%	$26K	—	150x	as long as short
Deribit TAO_USDC-PERPETUALshort	+0.0007%	1h	307.32	+0.034%	$15K	$1.3M	25x
Popdex TAOUSDT	+0.0096%	1h	307.03	−0.062%	$42K	$526K	20x	as long as short
Pacifica TAO	+0.0100%	1h	307.21	−0.003%	$363K	$401K	10x	as long as short
Binance TAOUSDT	+0.0100%	4h	307.38	+0.051%	$85.9M	$403.7M	75x	as long as short
Bybit TAOUSDT	+0.0100%	4h	307.49	+0.088%	$59.3M	$118.3M	50x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	307.40	+0.059%	$25.4M	$93.2M	50x	as long as short
Arcus TAO-USD	+0.0100%	1h	307.51	+0.094%	$137K	$598K	5x	as long as short
Bulk TAO-USD	+0.0100%	1h	307.07	−0.049%	$201K	$57K	10x	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	307.30	+0.026%	$12.2M	$48.1M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	307.37	+0.049%	$114.2M	$123.9M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	307.36	+0.046%	$18.5M	$26.4M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	307.24	+0.007%	$34.4M	$44.4M	50x	as long as short
BingX TAO-USDT	+0.0100%	4h	307.41	+0.062%	—	$30.5M	—	as long as short
Variational Omni TAO	+0.0100%	4h	305.90	−0.430%	$3.6M	$6.5M	—	as long as short
edgeX TAOUSDC	+0.0100%	4h	305.13	−0.682%	$39K	$276K	10x	as long as short
GRVT TAO_USDT_Perp	+0.0100%	4h	305.16	−0.672%	$535K	$967K	10x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	304.90	−0.755%	$46K	$267K	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	307.37	+0.049%	$77K	$675K	5x	as long as short
Bullet TAO-USD	+0.0100%	1h	307.22	0.000%	$11K	$18K	20x	as long as short
Orderly PERP_TAO_USDClong	+0.0100%	4h	307.22	long leg	$59K	$276K	10x
SunX TAO-USDT	+0.0100%	4h	307.15	−0.023%	$1K	$1.8M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	307.30	+0.026%	$121K	$353K	20x	as long as short
Phemex TAOUSDT	+0.0100%	4h	307.29	+0.023%	$3.3M	$7.9M	50x	as long as short
Aevo TAO-PERP	+0.0104%	1h	307.72	+0.162%	$169K	$998	3x	as long as short
Katana Perps TAO-USD	+0.0112%	8h	307.10	−0.039%	$1K	$437K	5x	as long as short
Aster TAOUSDT	+0.0162%	4h	307.33	+0.035%	$1.1M	$7.5M	50x	as long as short
Paradex TAO-USD-PERP	+0.0165%	8h	307.10	−0.038%	$14K	$1K	10x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0174% / S +0.0069%	1h	307.10	−0.038%	$438K	—	100x	as long as short
Phoenix TAO	+0.0234%	1h	305.60	−0.527%	$324K	$462K	5x	as long as short
Nado TAO-PERP	+0.0297%	1h	307.02	−0.064%	$840K	$1.9M	10x	as long as short
BloFin TAO-USDT	+0.0340%	4h	306.84	−0.124%	$4.3M	$9.4M	100x	as long as short
01 Exchange TAOUSD	+0.0520%	1h	307.39	+0.055%	$3K	$4K	5x	as long as short
Reya TAORUSDPERP	+0.0694%	1h	307.32	+0.032%	$353	—	20x	as long as short
Extended TAO-USD	+0.0696%	1h	307.29	+0.023%	$902K	$2.0M	25x	as long as short
Lighter TAO	+0.0920%	1h	307.86	+0.209%	$1.7M	$4.8M	5x	as long as short
Coinbase International TAO-PERP-INTX	+0.0960%	1h	308.04	+0.267%	$1.5M	$5.4M	50x	as long as short
Kraken Futures PF_TAOUSD	+0.1025%	1h	307.54	+0.103%	$6.3M	$19.3M	50x	as long as short
RISEx TAO/USDC	+0.1053%	1h	307.23	+0.003%	$414K	$537K	5x	as long as short
Backpack TAO_USDC_PERP	+0.1135%	1h	307.53	+0.101%	$444K	$715K	10x	as long as short
Hyperliquid TAO	+0.1734%	1h	308.03	+0.264%	$94.2M	$75.7M	5x	as long as short
Injective TAO/USDC PERP	+0.4876%	1h	305.96	−0.410%	$22K	$171	12x	as long as short