Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0074%/8h= −8.1% APRpaid last 24h +0.002%

Price spread now: Orderly against Popdex+0.074%7-day average +0.011% · you sell dearer than you buy

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

Long on Popdex Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.009%+$1 on $10k

Price spread, last 4 days (all we have)−0.027%−$3 · spread now +0.074%, 7d avg +0.011%

Together, before fees−0.018%−$2 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Orderly is 0.062% dearer against Popdex than usual: you sell high and buy low (spread +0.074% now, against its 7-day average of +0.011%): +$6 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 2.8 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Popdex TAOUSDT	312.03	0.0192	pay 0.0024% / 1h	53m 15s	$48K	$662K	20x
Short	Orderly PERP_TAO_USDC	312.26	0.0118	get 0.0059% / 4h	2h 53m	$52K	$290K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now +0.074%Rate

Funding earned: −$15.53
Price spread: +0.074% → +0.011%: $6.25
Slippage, 4 orders: no order book: not counted
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$21.68
Costs to cover: 0.124%
Break-even: never at this rate

Slippage unknown: Popdex: live order book, 61 min ago; Orderly: 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 Popdex live order book, 61 min ago	1.75 bp	10.4 bp −$10	86.8 bp −$868	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

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
dYdX TAO-USD	0.0000%	1h	311.75	−0.091%	$124K	$85K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	312.01	−0.006%	$20K	—	150x	as long as short
Katana Perps TAO-USD	+0.0100%	8h	311.83	−0.064%	$638	$877K	5x	as long as short
Binance TAOUSDT	+0.0100%	4h	312.38	+0.112%	$89.3M	$504.5M	75x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	312.30	+0.087%	$26.1M	$121.4M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	311.90	−0.042%	$13.4M	$50.0M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	312.28	+0.080%	$104.0M	$144.5M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	312.03	0.000%	$17.4M	$31.4M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	312.02	−0.003%	$35.1M	$57.0M	50x	as long as short
edgeX TAOUSDC	+0.0100%	4h	311.81	−0.071%	$41K	$314K	10x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Polymarket Perps TAO-USD	+0.0100%	1h	312.10	+0.022%	$81K	$907K	5x	as long as short
SunX TAO-USDT	+0.0100%	4h	311.77	−0.083%	$2K	$1.9M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	311.42	−0.195%	$111K	$545K	20x	as long as short
Aevo TAO-PERP	+0.0104%	1h	312.28	+0.081%	$171K	$998	3x	as long as short
Orderly PERP_TAO_USDCshort	+0.0118%	4h	312.26	+0.074%	$52K	$290K	10x
GMX TAO/USD [WBTC.b-USDC]	L +0.0133% / S +0.0136%	1h	311.99	−0.013%	$418K	—	100x	as long as short
Aster TAOUSDT	+0.0134%	4h	312.13	+0.032%	$1.3M	$10.5M	50x	as long as short
Popdex TAOUSDTlong	+0.0192%	1h	312.03	long leg	$48K	$662K	20x
GRVT TAO_USDT_Perp	+0.0204%	4h	313.11	+0.345%	$532K	$942K	10x	as long as short
Paradex TAO-USD-PERP	+0.0206%	8h	311.95	−0.025%	$14K	$1K	10x	as long as short
Pacifica TAO	+0.0233%	1h	312.12	+0.030%	$355K	$419K	10x	as long as short
Bulk TAO-USD	+0.0253%	1h	311.89	−0.045%	$166K	$333	10x	as long as short
Kraken Futures PF_TAOUSD	+0.0305%	1h	312.25	+0.070%	$5.5M	$20.7M	50x	as long as short
Bullet TAO-USD	+0.0310%	1h	312.36	+0.105%	$12K	$17K	20x	as long as short
Nado TAO-PERP	+0.0323%	1h	312.22	+0.062%	$776K	$2.2M	10x	as long as short
BloFin TAO-USDT	+0.0340%	4h	312.29	+0.083%	$4.5M	$10.8M	100x	as long as short
Bybit TAOUSDT	+0.0345%	4h	312.38	+0.112%	$67.6M	$151.1M	50x	as long as short
BingX TAO-USDT	+0.0348%	4h	312.26	+0.074%	—	$33.7M	—	as long as short
Extended TAO-USD	+0.0368%	1h	312.24	+0.068%	$903K	$2.4M	25x	as long as short
Variational Omni TAO	+0.0371%	4h	312.91	+0.282%	$5.5M	$10.1M	—	as long as short
Arcus TAO-USD	+0.0483%	1h	312.05	+0.006%	$100K	$370K	5x	as long as short
Phemex TAOUSDT	+0.0484%	4h	312.43	+0.128%	$3.1M	$8.0M	50x	as long as short
Phoenix TAO	+0.0513%	1h	312.80	+0.247%	$311K	$713K	5x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0533%	1h	312.32	+0.092%	$11K	$1.8M	25x	as long as short
Hyperliquid TAO	+0.0672%	1h	312.34	+0.099%	$91.4M	$108.2M	5x	as long as short
Reya TAORUSDPERP	+0.0697%	1h	312.26	+0.074%	$359	—	20x	as long as short
01 Exchange TAOUSD	+0.0744%	1h	312.23	+0.064%	$3K	$4K	5x	as long as short
Lighter TAO	+0.0752%	1h	312.53	+0.160%	$1.5M	$6.5M	5x	as long as short
Backpack TAO_USDC_PERP	+0.0826%	1h	311.90	−0.042%	$310K	$885K	10x	as long as short
Coinbase International TAO-PERP-INTX	+0.0928%	1h	312.88	+0.272%	$1.5M	$6.7M	50x	as long as short
RISEx TAO/USDC	+0.0948%	1h	311.97	−0.019%	$446K	$649K	5x	as long as short
ApeX Omni TAOUSDT	+0.1940%	1h	312.51	+0.154%	$46K	$254K	50x	as long as short
Injective TAO/USDC PERP	+0.3711%	1h	316.07	+1.295%	$23K	$2K	12x	as long as short