Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0665%/8h= +72.8% APRpaid last 24h +0.189%

Price spread now: RISEx against Orderly−0.301%7-day average +0.006% · you buy dearer than you sell

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

Long on Orderly Short on RISEx

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.514%+$51 on $10k

Price spread, last 4 days (all we have)+0.304%+$30 · spread now −0.301%, 7d avg +0.006%

Together, before fees+0.817%+$82 on $10k · with fees, hour by hour

Funding pays, the price is against you. RISEx is 0.307% cheaper against Orderly than usual: you would sell low and buy high (spread −0.301% now, against its 7-day average of +0.006%). If the spread goes back, that is −$31 on $10k: about 37 hours of funding at the current rate (+$20 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_TAO_USDC	318.49	0.0166	pay 0.0083% / 4h	17m 47s	$52K	$294K	10x
Short	RISEx TAO/USDC	317.53	0.0831	get 0.0104% / 1h	17m 47s	$449K	$655K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

RISEx 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 RISExbpOrdersPrice spread, now −0.301%Rate

Funding earned: $139.7
Price spread: −0.301% → +0.006%: −$30.69
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee RISEx: 3 bp × 2 orders: −$6
Net: $97.01
Costs to cover: 0.120%
Break-even: 2.1 days

Slippage unknown: Orderly: no order-book sample; RISEx: live order book, 21 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 RISEx live order book, 21 min ago	2.68 bp	5.7 bp −$6	27.0 bp −$270	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
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0005%	1h	318.12	−0.115%	$22K	—	150x	as long as short
dYdX TAO-USD	+0.0075%	1h	317.18	−0.411%	$126K	$85K	5x	as long as short
Popdex TAOUSDT	+0.0096%	1h	317.61	−0.276%	$45K	$714K	20x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	318.10	−0.122%	$26.4M	$131.2M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	318.00	−0.154%	$14.7M	$51.9M	50x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	318.15	−0.107%	$17.9M	$32.5M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	317.84	−0.204%	$35.7M	$57.9M	50x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	316.06	−0.763%	$45K	$260K	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	317.73	−0.239%	$88K	$1.2M	5x	as long as short
SunX TAO-USDT	+0.0100%	4h	318.21	−0.088%	$2K	$2.0M	20x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX TAO-USDT	+0.0100%	4h	317.76	−0.229%	$116K	$603K	20x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0104% / S +0.0138%	1h	318.13	−0.113%	$406K	—	100x	as long as short
Katana Perps TAO-USD	+0.0106%	8h	317.36	−0.355%	$2K	$1.1M	5x	as long as short
Aevo TAO-PERP	+0.0128%	1h	318.55	+0.019%	$175K	$998	3x	as long as short
edgeX TAOUSDC	+0.0165%	4h	315.99	−0.786%	$42K	$319K	10x	as long as short
Orderly PERP_TAO_USDClong	+0.0166%	4h	318.49	long leg	$52K	$294K	10x
MEXC TAO_USDT	+0.0176%	4h	318.24	−0.078%	$103.3M	$152.4M	300x	as long as short
Binance TAOUSDT	+0.0177%	4h	318.18	−0.097%	$92.0M	$531.4M	75x	as long as short
Paradex TAO-USD-PERP	+0.0251%	8h	317.61	−0.276%	$14K	$1K	10x	as long as short
BingX TAO-USDT	+0.0253%	4h	318.13	−0.113%	—	$37.3M	—	as long as short
Bybit TAOUSDT	+0.0258%	4h	318.29	−0.063%	$69.7M	$156.9M	50x	as long as short
Bullet TAO-USD	+0.0283%	1h	318.55	+0.019%	$12K	$17K	20x	as long as short
GRVT TAO_USDT_Perp	+0.0306%	4h	315.58	−0.914%	$537K	$907K	10x	as long as short
Pacifica TAO	+0.0313%	1h	317.55	−0.294%	$372K	$466K	10x	as long as short
Aster TAOUSDT	+0.0345%	4h	318.24	−0.078%	$1.3M	$11.0M	50x	as long as short
Extended TAO-USD	+0.0368%	1h	318.05	−0.138%	$903K	$2.4M	25x	as long as short
BloFin TAO-USDT	+0.0417%	4h	317.93	−0.176%	$4.7M	$10.9M	100x	as long as short
Phemex TAOUSDT	+0.0439%	4h	318.23	−0.082%	$3.2M	$8.2M	50x	as long as short
Nado TAO-PERP	+0.0459%	1h	317.53	−0.302%	$781K	$2.0M	10x	as long as short
Arcus TAO-USD	+0.0473%	1h	317.84	−0.204%	$100K	$384K	5x	as long as short
Lighter TAO	+0.0552%	1h	318.69	+0.062%	$1.6M	$6.9M	5x	as long as short
Variational Omni TAO	+0.0557%	4h	315.52	−0.933%	$5.5M	$10.2M	—	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0585%	1h	318.51	+0.007%	$15K	$1.9M	25x	as long as short
Phoenix TAO	+0.0629%	1h	316.40	−0.656%	$318K	$703K	5x	as long as short
Backpack TAO_USDC_PERP	+0.0677%	1h	318.42	−0.022%	$297K	$906K	10x	as long as short
01 Exchange TAOUSD	+0.0680%	1h	318.04	−0.141%	$3K	$4K	5x	as long as short
Reya TAORUSDPERP	+0.0698%	1h	318.23	−0.081%	$366	—	20x	as long as short
Hyperliquid TAO	+0.0714%	1h	318.30	−0.060%	$94.0M	$110.5M	5x	as long as short
RISEx TAO/USDCshort	+0.0831%	1h	317.53	−0.301%	$449K	$655K	5x
Kraken Futures PF_TAOUSD	+0.0832%	1h	318.61	+0.039%	$6.0M	$21.7M	50x	as long as short
Coinbase International TAO-PERP-INTX	+0.0984%	1h	317.99	−0.157%	$1.4M	$7.0M	50x	as long as short
Bulk TAO-USD	+0.1572%	1h	317.17	−0.414%	$169K	$0	10x	as long as short
Injective TAO/USDC PERP	+0.4513%	1h	318.80	+0.097%	$23K	$2K	12x	as long as short