Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0595%/8h= −65.2% APRpaid last 24h −0.177%

Price spread now: Orderly against Reya−0.034%7-day average — · you buy dearer than you sell

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

Long on Reya Short on Orderly

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

Both sides work against this trade now: funding costs −$18 a day on $10k at the current rate, and Orderly is 0.034% cheaper against Reya than usual: you would sell low and buy high (−$3 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Reya TAORUSDPERP	313.44	0.0695	pay 0.0087% / 1h	26m 48s	$360	—	20x
Short	Orderly PERP_TAO_USDC	313.33	0.0100	get 0.0050% / 4h	26m 48s	$60K	$275K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against Reya. 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 ReyabpFee OrderlybpOrdersPrice spread, now −0.034%Rate

Funding earned: −$124.95
Price spread: −0.034% → 0.000%: −$3.42
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$140.37
Costs to cover: 0.120%
Break-even: never at this rate

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

Reya and 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
Bulk TAO-USD	−0.4493%	1h	315.57	+0.680%	$169K	$47K	10x	as long as short
dYdX TAO-USD	0.0000%	1h	312.75	−0.219%	$125K	$88K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	313.20	−0.075%	$21K	—	150x	as long as short
Injective TAO/USDC PERP	+0.0033%	1h	314.95	+0.483%	$23K	$361	12x	as long as short
Popdex TAOUSDT	+0.0096%	1h	313.10	−0.108%	$35K	$571K	20x	as long as short
Pacifica TAO	+0.0100%	1h	313.10	−0.108%	$371K	$363K	10x	as long as short
Binance TAOUSDT	+0.0100%	4h	313.10	−0.107%	$88.8M	$427.0M	75x	as long as short
Bybit TAOUSDT	+0.0100%	4h	313.11	−0.104%	$61.4M	$125.0M	50x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	312.90	−0.171%	$25.2M	$101.6M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	313.30	−0.044%	$12.5M	$49.9M	50x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC TAO_USDT	+0.0100%	4h	313.34	−0.031%	$110.5M	$130.1M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	313.67	+0.074%	$18.8M	$27.7M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	312.77	−0.213%	$34.9M	$46.6M	50x	as long as short
BingX TAO-USDT	+0.0100%	4h	313.05	−0.124%	—	$30.2M	—	as long as short
edgeX TAOUSDC	+0.0100%	4h	313.93	+0.158%	$41K	$279K	10x	as long as short
GRVT TAO_USDT_Perp	+0.0100%	4h	313.05	−0.124%	$519K	$956K	10x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	313.77	+0.106%	$47K	$268K	50x	as long as short
Bullet TAO-USD	+0.0100%	1h	313.42	−0.005%	$11K	$17K	20x	as long as short
Orderly PERP_TAO_USDCshort	+0.0100%	4h	313.33	−0.034%	$60K	$275K	10x
SunX TAO-USDT	+0.0100%	4h	313.14	−0.095%	$2K	$1.8M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	313.59	+0.049%	$127K	$402K	20x	as long as short
Phemex TAOUSDT	+0.0100%	4h	313.26	−0.057%	$3.3M	$7.9M	50x	as long as short
Polymarket Perps TAO-USD	+0.0102%	1h	313.58	+0.046%	$77K	$489K	5x	as long as short
Aevo TAO-PERP	+0.0104%	1h	313.49	+0.017%	$172K	$998	3x	as long as short
Katana Perps TAO-USD	+0.0110%	8h	313.10	−0.108%	$1K	$552K	5x	as long as short
Arcus TAO-USD	+0.0186%	1h	313.23	−0.066%	$83K	$586K	5x	as long as short
Paradex TAO-USD-PERP	+0.0191%	8h	312.91	−0.169%	$14K	$1K	10x	as long as short
Aster TAOUSDT	+0.0196%	4h	313.45	+0.003%	$1.1M	$7.9M	50x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0196%	1h	313.29	−0.048%	$21K	$1.5M	25x	as long as short
Variational Omni TAO	+0.0200%	4h	313.88	+0.141%	$4.0M	$7.0M	—	as long as short
BloFin TAO-USDT	+0.0340%	4h	313.32	−0.037%	$4.4M	$10.5M	100x	as long as short
Nado TAO-PERP	+0.0441%	1h	313.20	−0.076%	$827K	$2.0M	10x	as long as short
Kraken Futures PF_TAOUSD	+0.0449%	1h	313.19	−0.078%	$5.7M	$19.9M	50x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0476% / S −0.0175%	1h	313.18	−0.083%	$449K	—	100x	as long as short
Backpack TAO_USDC_PERP	+0.0524%	1h	313.66	+0.071%	$293K	$804K	10x	as long as short
Phoenix TAO	+0.0537%	1h	314.20	+0.243%	$329K	$521K	5x	as long as short
01 Exchange TAOUSD	+0.0632%	1h	313.23	−0.066%	$3K	$4K	5x	as long as short
Reya TAORUSDPERPlong	+0.0695%	1h	313.44	long leg	$360	—	20x
Extended TAO-USD	+0.0856%	1h	313.49	+0.017%	$859K	$2.1M	25x	as long as short
Coinbase International TAO-PERP-INTX	+0.0960%	1h	313.27	−0.053%	$1.5M	$5.8M	50x	as long as short
Lighter TAO	+0.1232%	1h	313.73	+0.092%	$1.6M	$5.8M	5x	as long as short
RISEx TAO/USDC	+0.1238%	1h	313.15	−0.091%	$436K	$567K	5x	as long as short
Hyperliquid TAO	+0.1730%	1h	313.54	+0.033%	$97.8M	$83.9M	5x	as long as short