Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h +0.011%

Price spread now: GRVT against Popdex−0.201%58s7-day average +0.009% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$380.382% of the position

Long on Popdex Short on GRVT

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.003%$0 on $10k

Price spread, last 4 days (all we have)+1.769%+$177 · spread now −0.201%, 7d avg +0.009%

Together, before fees+1.772%+ Points / potential airdropGRVT: Active · farm board+$177 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: GRVT is 0.210% cheaper against Popdex than usual: you would sell low and buy high, −$21 on $10k if it goes back to its 7-day average of +0.009%. The two prices were read 58 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	Popdex TAOUSDT	316.82	0.0096	pay 0.0012% / 1h	51m 50s	$49K	$718K	20x
Short	GRVT TAO_USDT_Perp	316.18	0.0100	get 0.0050% / 4h	3h 51m	$541K	$887K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GRVT against Popdex. 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 PopdexbpFee GRVTbpOrdersPrice spread, now −0.201%Rate

Funding earned: $0.84
Price spread: −0.201% → +0.009%: −$21.03
Slippage, 4 orders: −$22.77
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Fee GRVT: 4.5 bp × 2 orders: −$9
Net: −$58.36
Costs to cover: 0.382%
Break-even: 493.3 days

Slippage from Popdex: live order book, 47 min ago; GRVT: live order book, 46 min ago.

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 Popdex live order book, 47 min ago	2.21 bp	10.1 bp −$10	72.5 bp −$725	doesn't fit	doesn't fit
Sell GRVT live order book, 46 min ago	2.68 bp	9.0 bp −$9	18.1 bp −$181	doesn't fit	doesn't fit

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	315.63	−0.374%	$22K	—	150x	as long as short
Popdex TAOUSDTlong	+0.0096%	1h	316.82	long leg	$49K	$718K	20x
Katana Perps TAO-USD	+0.0100%	8h	316.63	−0.060%	$1K	$1.2M	5x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	316.40	−0.133%	$26.3M	$130.8M	50x	as long as short
Bulk TAO-USD	+0.0100%	1h	317.09	+0.085%	$168K	$0	10x	as long as short
Gate TAO_USDT	+0.0100%	4h	316.10	−0.227%	$14.8M	$49.0M	50x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	316.35	−0.148%	$17.8M	$32.5M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	316.15	−0.211%	$35.6M	$57.7M	50x	as long as short
GRVT TAO_USDT_Perpshort	+0.0100%	4h	316.18	−0.201%	$541K	$887K	10x
Polymarket Perps TAO-USD	+0.0100%	1h	316.37	−0.142%	$87K	$1.2M	5x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX TAO-USDT	+0.0100%	4h	315.89	−0.294%	$1K	$1.9M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	316.14	−0.215%	$116K	$589K	20x	as long as short
ApeX Omni TAOUSDT	+0.0101%	1h	315.82	−0.316%	$45K	$259K	50x	as long as short
Aevo TAO-PERP	+0.0120%	1h	316.30	−0.166%	$174K	$998	3x	as long as short
dYdX TAO-USD	+0.0122%	1h	316.17	−0.205%	$127K	$86K	5x	as long as short
MEXC TAO_USDT	+0.0164%	4h	316.44	−0.120%	$104.0M	$151.3M	300x	as long as short
Binance TAOUSDT	+0.0166%	4h	316.36	−0.145%	$92.5M	$531.8M	75x	as long as short
edgeX TAOUSDC	+0.0172%	4h	315.95	−0.276%	$42K	$320K	10x	as long as short
BingX TAO-USDT	+0.0176%	4h	316.43	−0.123%	—	$37.3M	—	as long as short
Orderly PERP_TAO_USDC	+0.0197%	4h	316.26	−0.177%	$54K	$299K	10x	as long as short
Paradex TAO-USD-PERP	+0.0251%	8h	316.31	−0.160%	$14K	$876	10x	as long as short
Bullet TAO-USD	+0.0293%	1h	316.58	−0.076%	$12K	$17K	20x	as long as short
Aster TAOUSDT	+0.0323%	4h	316.24	−0.182%	$1.3M	$11.1M	50x	as long as short
Pacifica TAO	+0.0349%	1h	316.41	−0.128%	$371K	$454K	10x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0366% / S −0.0107%	1h	316.15	−0.211%	$372K	—	100x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0373%	1h	316.13	−0.219%	$15K	$1.9M	25x	as long as short
Extended TAO-USD	+0.0384%	1h	316.43	−0.124%	$899K	$2.4M	25x	as long as short
Arcus TAO-USD	+0.0404%	1h	316.83	+0.003%	$100K	$377K	5x	as long as short
BloFin TAO-USDT	+0.0405%	4h	316.62	−0.063%	$4.8M	$10.9M	100x	as long as short
Nado TAO-PERP	+0.0564%	1h	316.82	−0.001%	$777K	$2.0M	10x	as long as short
Hyperliquid TAO	+0.0573%	1h	316.48	−0.109%	$93.6M	$109.5M	5x	as long as short
Phoenix TAO	+0.0578%	1h	318.30	+0.467%	$320K	$714K	5x	as long as short
Variational Omni TAO	+0.0589%	4h	316.63	−0.059%	$5.6M	$10.1M	—	as long as short
Lighter TAO	+0.0648%	1h	316.39	−0.136%	$1.6M	$6.6M	5x	as long as short
01 Exchange TAOUSD	+0.0648%	1h	317.15	+0.104%	$3K	$4K	5x	as long as short
Reya TAORUSDPERP	+0.0698%	1h	316.52	−0.094%	$364	—	20x	as long as short
Kraken Futures PF_TAOUSD	+0.0787%	1h	316.21	−0.192%	$5.9M	$21.3M	50x	as long as short
Backpack TAO_USDC_PERP	+0.0823%	1h	316.40	−0.133%	$316K	$1.0M	10x	as long as short
RISEx TAO/USDC	+0.0840%	1h	316.76	−0.017%	$449K	$668K	5x	as long as short
Bybit TAOUSDT	+0.0881%	4h	316.43	−0.123%	$69.6M	$156.3M	50x	as long as short
Coinbase International TAO-PERP-INTX	+0.0944%	1h	317.34	+0.164%	$1.2M	$7.3M	50x	as long as short
Phemex TAOUSDT	+0.1184%	4h	316.33	−0.155%	$3.2M	$8.2M	50x	as long as short
Injective TAO/USDC PERP	+0.3512%	1h	321.91	+1.607%	$23K	$2K	12x	as long as short