Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0247%/8h= −27.0% APRpaid last 24h +0.006%

Price spread now: GMX against Orderly+0.052%7-day average −0.022% · you sell dearer than you buy

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

Long on Orderly Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.108%+$11 on $10k

Price spread, last 4 days (all we have)+0.089%+$9 · spread now +0.052%, 7d avg −0.022%

Together, before fees+0.197%+$20 on $10k · with fees, hour by hour

The price spread pays, funding is against you. GMX is 0.074% dearer against Orderly than usual: you sell high and buy low (spread +0.052% now, against its 7-day average of −0.022%): +$7 on $10k if it goes back. Holding the pair costs −$7 a day in funding at the current rate, which eats that in about 24 hours. Mind the row above: over the last 3 days funding on this pair paid +0.108%, 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	313.66	0.0122	pay 0.0061% / 4h	3h 54m	$52K	$271K	10x
Short	GMX TAO/USD [WBTC.b-USDC]	313.82	L +0.0143% / S +0.0124%	pay 0.0016% / 1h	54m 23s	$426K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX 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 GMXbpOrdersPrice spread, now +0.052%Rate

Funding earned: −$51.79
Price spread: +0.052% → −0.022%: $7.39
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee GMX: 6 bp × 2 orders: −$12
Net: −$62.4
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; 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 Orderly no order-book sample	—	—	—	—	—
Sell GMX no order-book sample	—	—	—	—	—

Orderly and 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
Kraken Futures PF_TAOUSD	−0.0346%	1h	313.56	−0.031%	$5.5M	$20.6M	50x	as long as short
dYdX TAO-USD	0.0000%	1h	314.04	+0.120%	$125K	$85K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	313.84	+0.057%	$20K	—	150x	as long as short
Gate TAO_USDT	+0.0008%	4h	313.60	−0.019%	$13.0M	$49.2M	50x	as long as short
Popdex TAOUSDT	+0.0096%	1h	313.95	+0.092%	$43K	$653K	20x	as long as short
Katana Perps TAO-USD	+0.0098%	8h	313.86	+0.064%	$644	$806K	5x	as long as short
Pacifica TAO	+0.0100%	1h	314.22	+0.178%	$358K	$412K	10x	as long as short
Binance TAOUSDT	+0.0100%	4h	313.98	+0.102%	$90.5M	$496.0M	75x	as long as short
Bybit TAOUSDT	+0.0100%	4h	314.00	+0.108%	$67.6M	$149.2M	50x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	313.70	+0.013%	$26.1M	$120.4M	50x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bulk TAO-USD	+0.0100%	1h	315.10	+0.459%	$167K	$2K	10x	as long as short
MEXC TAO_USDT	+0.0100%	4h	313.89	+0.073%	$100.9M	$143.6M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	313.73	+0.022%	$17.7M	$31.7M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	313.39	−0.086%	$35.0M	$56.5M	50x	as long as short
BingX TAO-USDT	+0.0100%	4h	313.83	+0.054%	—	$33.0M	—	as long as short
edgeX TAOUSDC	+0.0100%	4h	314.50	+0.269%	$42K	$312K	10x	as long as short
GRVT TAO_USDT_Perp	+0.0100%	4h	313.64	−0.008%	$532K	$955K	10x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	314.57	+0.290%	$46K	$255K	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	313.70	+0.013%	$77K	$863K	5x	as long as short
Bullet TAO-USD	+0.0100%	1h	314.02	+0.115%	$12K	$18K	20x	as long as short
SunX TAO-USDT	+0.0100%	4h	313.56	−0.032%	$1K	$1.9M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	313.51	−0.048%	$109K	$535K	20x	as long as short
Hyperliquid TAO	+0.0101%	1h	313.94	+0.089%	$92.1M	$106.6M	5x	as long as short
Aevo TAO-PERP	+0.0104%	1h	314.09	+0.137%	$172K	$998	3x	as long as short
Orderly PERP_TAO_USDClong	+0.0122%	4h	313.66	long leg	$52K	$271K	10x
Aster TAOUSDT	+0.0131%	4h	314.10	+0.140%	$1.2M	$10.4M	50x	as long as short
GMX TAO/USD [WBTC.b-USDC]short	L +0.0143% / S +0.0124%	1h	313.82	+0.052%	$426K	—	100x
Paradex TAO-USD-PERP	+0.0144%	8h	314.19	+0.168%	$14K	$1K	10x	as long as short
Extended TAO-USD	+0.0184%	1h	313.61	−0.016%	$918K	$2.4M	25x	as long as short
Nado TAO-PERP	+0.0195%	1h	313.78	+0.037%	$797K	$2.2M	10x	as long as short
Arcus TAO-USD	+0.0231%	1h	314.22	+0.179%	$102K	$441K	5x	as long as short
BloFin TAO-USDT	+0.0340%	4h	314.51	+0.271%	$4.6M	$10.8M	100x	as long as short
Backpack TAO_USDC_PERP	+0.0349%	1h	314.66	+0.319%	$313K	$914K	10x	as long as short
01 Exchange TAOUSD	+0.0352%	1h	314.20	+0.172%	$3K	$4K	5x	as long as short
Variational Omni TAO	+0.0362%	4h	313.70	+0.013%	$5.6M	$9.9M	—	as long as short
Lighter TAO	+0.0400%	1h	313.81	+0.047%	$1.5M	$6.4M	5x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0404%	1h	313.69	+0.009%	$21K	$1.7M	25x	as long as short
Phoenix TAO	+0.0581%	1h	313.60	−0.019%	$312K	$711K	5x	as long as short
Reya TAORUSDPERP	+0.0697%	1h	313.75	+0.029%	$361	—	20x	as long as short
RISEx TAO/USDC	+0.0816%	1h	314.08	+0.133%	$435K	$653K	5x	as long as short
Coinbase International TAO-PERP-INTX	+0.0952%	1h	314.92	+0.402%	$1.5M	$6.7M	50x	as long as short
Phemex TAOUSDT	+0.1188%	4h	313.73	+0.022%	$3.2M	$8.1M	50x	as long as short
Injective TAO/USDC PERP	+0.4092%	1h	317.67	+1.278%	$23K	$2K	12x	as long as short