Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0564%/8h= +61.8% APRpaid last 24h +0.178%

Price spread now: Reya against Orderly−0.037%54s7-day average — · you buy dearer than you sell

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

Long on Orderly Short on Reya

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropReya: Active · farm boardneeds both histories

Funding pays, the price is against you. Reya is 0.037% cheaper against Orderly than usual: you would sell low and buy high (spread −0.037% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$4 on $10k: about 5 hours of funding at the current rate (+$17 a day). The two prices were read 54 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_TAO_USDC	315.30	0.0132	pay 0.0066% / 4h	21m 32s	$57K	$265K	10x
Short	Reya TAORUSDPERP	315.18	0.0697	get 0.0087% / 1h	21m 32s	$362	—	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Reya 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 ReyabpOrdersPrice spread, now −0.037%Rate

Funding earned: $118.53
Price spread: −0.037% → 0.000%: −$3.73
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Reya: 3 bp × 2 orders: −$6
Net: $102.8
Costs to cover: 0.120%
Break-even: 0.9 days

Slippage unknown: Orderly: no order-book sample; Reya: 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 Reya no order-book sample	—	—	—	—	—

Orderly and Reya: 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	314.98	−0.101%	$126K	$85K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	315.12	−0.057%	$20K	—	150x	as long as short
Kraken Futures PF_TAOUSD	+0.0056%	1h	315.22	−0.025%	$5.5M	$20.7M	50x	as long as short
Popdex TAOUSDT	+0.0096%	1h	315.23	−0.022%	$43K	$668K	20x	as long as short
Katana Perps TAO-USD	+0.0098%	8h	315.07	−0.073%	$645	$799K	5x	as long as short
Binance TAOUSDT	+0.0100%	4h	315.23	−0.023%	$91.0M	$494.4M	75x	as long as short
Bybit TAOUSDT	+0.0100%	4h	315.31	+0.003%	$68.1M	$148.6M	50x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	315.10	−0.063%	$26.0M	$120.5M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	314.70	−0.190%	$12.9M	$50.0M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	314.95	−0.111%	$110.5M	$144.0M	300x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin TAOUSDTM	+0.0100%	4h	314.92	−0.121%	$17.6M	$31.7M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	314.93	−0.117%	$35.2M	$56.4M	50x	as long as short
BingX TAO-USDT	+0.0100%	4h	315.07	−0.073%	—	$32.9M	—	as long as short
edgeX TAOUSDC	+0.0100%	4h	315.64	+0.108%	$42K	$312K	10x	as long as short
GRVT TAO_USDT_Perp	+0.0100%	4h	315.78	+0.152%	$522K	$955K	10x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	315.16	−0.044%	$46K	$254K	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	315.06	−0.076%	$77K	$859K	5x	as long as short
Bullet TAO-USD	+0.0100%	1h	315.35	+0.015%	$12K	$18K	20x	as long as short
SunX TAO-USDT	+0.0100%	4h	315.22	−0.025%	$2K	$1.9M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	314.91	−0.124%	$110K	$535K	20x	as long as short
Phemex TAOUSDT	+0.0100%	4h	315.04	−0.082%	$3.2M	$8.1M	50x	as long as short
Aevo TAO-PERP	+0.0104%	1h	315.37	+0.022%	$173K	$998	3x	as long as short
Orderly PERP_TAO_USDClong	+0.0132%	4h	315.30	long leg	$57K	$265K	10x
GMX TAO/USD [WBTC.b-USDC]	L +0.0147% / S +0.0126%	1h	315.09	−0.066%	$420K	—	100x	as long as short
Paradex TAO-USD-PERP	+0.0163%	8h	314.93	−0.118%	$14K	$1K	10x	as long as short
Aster TAOUSDT	+0.0195%	4h	315.25	−0.016%	$1.2M	$10.3M	50x	as long as short
Nado TAO-PERP	+0.0198%	1h	314.98	−0.102%	$800K	$2.2M	10x	as long as short
Extended TAO-USD	+0.0208%	1h	315.06	−0.078%	$922K	$2.4M	25x	as long as short
Hyperliquid TAO	+0.0257%	1h	315.29	−0.003%	$92.7M	$106.4M	5x	as long as short
01 Exchange TAOUSD	+0.0304%	1h	315.41	+0.035%	$3K	$4K	5x	as long as short
Lighter TAO	+0.0312%	1h	315.22	−0.027%	$1.5M	$6.5M	5x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0329%	1h	315.36	+0.018%	$30K	$1.7M	25x	as long as short
BloFin TAO-USDT	+0.0340%	4h	316.00	+0.222%	$4.5M	$10.9M	100x	as long as short
Arcus TAO-USD	+0.0345%	1h	315.38	+0.025%	$99K	$438K	5x	as long as short
Backpack TAO_USDC_PERP	+0.0348%	1h	315.11	−0.060%	$316K	$913K	10x	as long as short
Pacifica TAO	+0.0365%	1h	315.05	−0.080%	$359K	$412K	10x	as long as short
Variational Omni TAO	+0.0526%	4h	314.38	−0.293%	$5.7M	$9.9M	—	as long as short
Phoenix TAO	+0.0581%	1h	315.50	+0.063%	$314K	$697K	5x	as long as short
Reya TAORUSDPERPshort	+0.0697%	1h	315.18	−0.037%	$362	—	20x
Bulk TAO-USD	+0.0933%	1h	314.34	−0.304%	$167K	$2K	10x	as long as short
RISEx TAO/USDC	+0.0991%	1h	315.23	−0.021%	$435K	$651K	5x	as long as short
Coinbase International TAO-PERP-INTX	+0.1008%	1h	316.02	+0.228%	$1.5M	$6.7M	50x	as long as short
Injective TAO/USDC PERP	+0.4222%	1h	318.85	+1.126%	$23K	$2K	12x	as long as short