Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0080%/8h= −8.7% APRpaid last 24h +0.027%

Price spread now: dYdX against Orderly−0.130%7-day average −0.042% · you buy dearer than you sell

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

Long on Orderly Short on dYdX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.218%+$22 on $10k

Price spread, last 3 days (all we have)+0.031%+$3 · spread now −0.130%, 7d avg −0.042%

Together, before fees+0.249%+$25 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and dYdX is 0.088% cheaper against Orderly than usual: you would sell low and buy high (−$9 if the spread goes back to its 7-day average of −0.042%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.218%, 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	Orderly PERP_TAO_USDC	303.06	0.0100	pay 0.0050% / 4h	1h 27m	$58K	$276K	10x
Short	dYdX TAO-USD	302.67	0.0020	get 0.0003% / 1h	27m 27s	$124K	$85K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX 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 dYdXbpOrdersPrice spread, now −0.130%Rate

Funding earned: −$16.75
Price spread: −0.130% → −0.042%: −$8.84
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee dYdX: 5 bp × 2 orders: −$10
Net: −$41.6
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; dYdX: live order book, 56 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 dYdX live order book, 56 min ago	43.74 bp	49.8 bp −$50	63.6 bp −$636	174.1 bp −$17.4K	377.9 bp −$188.9K

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
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0007%	1h	303.01	−0.015%	$26K	—	150x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0014%	1h	303.01	−0.017%	$21K	$1.4M	25x	as long as short
dYdX TAO-USDshort	+0.0020%	1h	302.67	−0.130%	$124K	$85K	5x
Popdex TAOUSDT	+0.0096%	1h	303.21	+0.049%	$45K	$537K	20x	as long as short
Binance TAOUSDT	+0.0100%	4h	303.10	+0.015%	$84.8M	$413.9M	75x	as long as short
Bybit TAOUSDT	+0.0100%	4h	303.23	+0.056%	$58.6M	$121.2M	50x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	303.10	+0.013%	$24.4M	$95.3M	50x	as long as short
Arcus TAO-USD	+0.0100%	1h	303.29	+0.076%	$79K	$643K	5x	as long as short
Bulk TAO-USD	+0.0100%	1h	303.38	+0.104%	$162K	$54K	10x	as long as short
Gate TAO_USDT	+0.0100%	4h	302.80	−0.086%	$12.1M	$48.8M	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	302.99	−0.023%	$111.2M	$125.2M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	302.92	−0.046%	$18.4M	$27.2M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	302.86	−0.066%	$33.8M	$46.1M	50x	as long as short
BingX TAO-USDT	+0.0100%	4h	303.13	+0.023%	—	$30.4M	—	as long as short
Variational Omni TAO	+0.0100%	4h	303.79	+0.240%	$3.7M	$6.7M	—	as long as short
edgeX TAOUSDC	+0.0100%	4h	303.78	+0.239%	$39K	$277K	10x	as long as short
GRVT TAO_USDT_Perp	+0.0100%	4h	303.76	+0.230%	$502K	$967K	10x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	303.17	+0.036%	$74K	$589K	5x	as long as short
Bullet TAO-USD	+0.0100%	1h	303.23	+0.056%	$11K	$18K	20x	as long as short
Orderly PERP_TAO_USDClong	+0.0100%	4h	303.06	long leg	$58K	$276K	10x
SunX TAO-USDT	+0.0100%	4h	303.77	+0.234%	$2K	$1.8M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	303.25	+0.063%	$122K	$364K	20x	as long as short
Phemex TAOUSDT	+0.0100%	4h	302.85	−0.069%	$3.2M	$7.9M	50x	as long as short
Aster TAOUSDT	+0.0102%	4h	303.13	+0.022%	$1.1M	$7.7M	50x	as long as short
Aevo TAO-PERP	+0.0104%	1h	303.16	+0.031%	$166K	$998	3x	as long as short
Katana Perps TAO-USD	+0.0111%	8h	302.97	−0.030%	$620	$498K	5x	as long as short
ApeX Omni TAOUSDT	+0.0112%	1h	303.77	+0.234%	$46K	$269K	50x	as long as short
Paradex TAO-USD-PERP	+0.0155%	8h	302.92	−0.045%	$14K	$1K	10x	as long as short
Pacifica TAO	+0.0164%	1h	303.09	+0.010%	$358K	$372K	10x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0174% / S +0.0069%	1h	302.96	−0.033%	$433K	—	100x	as long as short
BloFin TAO-USDT	+0.0340%	4h	303.93	+0.287%	$4.2M	$9.4M	100x	as long as short
Nado TAO-PERP	+0.0342%	1h	303.06	+0.001%	$818K	$1.9M	10x	as long as short
Lighter TAO	+0.0384%	1h	303.16	+0.032%	$1.6M	$5.3M	5x	as long as short
01 Exchange TAOUSD	+0.0400%	1h	303.23	+0.056%	$3K	$4K	5x	as long as short
Backpack TAO_USDC_PERP	+0.0441%	1h	302.99	−0.023%	$292K	$799K	10x	as long as short
Phoenix TAO	+0.0521%	1h	303.50	+0.145%	$321K	$491K	5x	as long as short
Reya TAORUSDPERP	+0.0695%	1h	303.00	−0.019%	$348	—	20x	as long as short
Extended TAO-USD	+0.0816%	1h	303.09	+0.011%	$825K	$2.0M	25x	as long as short
Coinbase International TAO-PERP-INTX	+0.1008%	1h	303.73	+0.221%	$1.5M	$5.6M	50x	as long as short
Kraken Futures PF_TAOUSD	+0.1043%	1h	302.84	−0.073%	$5.7M	$19.7M	50x	as long as short
Hyperliquid TAO	+0.1051%	1h	303.39	+0.109%	$92.1M	$80.5M	5x	as long as short
RISEx TAO/USDC	+0.1155%	1h	303.24	+0.060%	$410K	$545K	5x	as long as short
Injective TAO/USDC PERP	+0.1621%	1h	308.73	+1.871%	$22K	$264	12x	as long as short