Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0051%/8h= −5.6% APRpaid last 24h −0.082%

Price spread now: Binance against GMX+0.053%7-day average +0.013% · you sell dearer than you buy

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

Long on GMX Short on Binance

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.360%−$36 on $10k

Price spread, last 4 days (all we have)−0.253%−$25 · spread now +0.053%, 7d avg +0.013%

Together, before fees−0.613%−$61 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Binance is 0.040% dearer against GMX than usual: you sell high and buy low (spread +0.053% now, against its 7-day average of +0.013%): +$4 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 2.6 days. At the pace of the last 3 days (−0.360% in total) that is about 9 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX TAO/USD [WBTC.b-USDC]	314.96	L +0.0151% / S +0.0122%	pay 0.0019% / 1h	38m 59s	$421K	—	100x
Short	Binance TAOUSDT	315.13	0.0100	get 0.0050% / 4h	38m 59s	$90.8M	$490.9M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against GMX. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 GMXbpFee BinancebpOrdersPrice spread, now +0.053%Rate

Funding earned: −$10.66
Price spread: +0.053% → +0.013%: $3.97
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Binance: 5 bp × 2 orders: −$10
Net: −$28.69
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Binance: live order book, 5 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 GMX no order-book sample	—	—	—	—	—
Sell Binance live order book, 5 min ago	0.16 bp	8.3 bp −$8	13.9 bp −$139	33.6 bp −$3,364	doesn't fit

GMX: 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	−0.0482%	1h	315.13	+0.054%	$167K	$1K	10x	as long as short
dYdX TAO-USD	0.0000%	1h	315.72	+0.241%	$126K	$85K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	314.93	−0.010%	$20K	—	150x	as long as short
Kraken Futures PF_TAOUSD	+0.0056%	1h	314.78	−0.059%	$5.5M	$20.6M	50x	as long as short
Popdex TAOUSDT	+0.0096%	1h	315.97	+0.320%	$42K	$686K	20x	as long as short
Binance TAOUSDTshort	+0.0100%	4h	315.13	+0.053%	$90.8M	$490.9M	75x
OKX TAO-USDT-SWAP	+0.0100%	8h	315.30	+0.108%	$25.9M	$119.7M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	314.70	−0.083%	$12.9M	$49.6M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	314.98	+0.006%	$105.7M	$142.7M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	314.79	−0.054%	$17.5M	$31.6M	75x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget TAOUSDT	+0.0100%	4h	314.70	−0.083%	$35.2M	$55.9M	50x	as long as short
edgeX TAOUSDC	+0.0100%	4h	315.41	+0.143%	$35K	$302K	10x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	314.94	−0.007%	$46K	$252K	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	315.73	+0.244%	$89K	$790K	5x	as long as short
Bullet TAO-USD	+0.0100%	1h	315.25	+0.090%	$12K	$18K	20x	as long as short
SunX TAO-USDT	+0.0100%	4h	314.80	−0.051%	$1K	$1.9M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	314.75	−0.067%	$109K	$527K	20x	as long as short
Phemex TAOUSDT	+0.0100%	4h	314.81	−0.048%	$3.2M	$8.1M	50x	as long as short
Katana Perps TAO-USD	+0.0101%	8h	315.58	+0.196%	$1K	$787K	5x	as long as short
GRVT TAO_USDT_Perp	+0.0104%	4h	316.85	+0.600%	$528K	$944K	10x	as long as short
Aevo TAO-PERP	+0.0104%	1h	315.05	+0.028%	$173K	$998	3x	as long as short
Bybit TAOUSDT	+0.0116%	4h	315.36	+0.127%	$68.5M	$146.8M	50x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0126%	1h	314.88	−0.027%	$11K	$1.6M	25x	as long as short
Orderly PERP_TAO_USDC	+0.0127%	4h	314.81	−0.048%	$57K	$275K	10x	as long as short
BingX TAO-USDT	+0.0146%	4h	314.86	−0.032%	—	$30.1M	—	as long as short
GMX TAO/USD [WBTC.b-USDC]long	L +0.0151% / S +0.0122%	1h	314.96	long leg	$421K	—	100x
Nado TAO-PERP	+0.0183%	1h	315.72	+0.242%	$805K	$2.2M	10x	as long as short
Paradex TAO-USD-PERP	+0.0186%	8h	315.90	+0.298%	$14K	$1K	10x	as long as short
Aster TAOUSDT	+0.0224%	4h	314.96	+0.001%	$1.2M	$10.2M	50x	as long as short
01 Exchange TAOUSD	+0.0248%	1h	316.01	+0.333%	$3K	$4K	5x	as long as short
Hyperliquid TAO	+0.0272%	1h	315.03	+0.022%	$93.3M	$105.6M	5x	as long as short
Extended TAO-USD	+0.0288%	1h	314.83	−0.042%	$922K	$2.4M	25x	as long as short
Backpack TAO_USDC_PERP	+0.0339%	1h	314.83	−0.042%	$315K	$913K	10x	as long as short
BloFin TAO-USDT	+0.0340%	4h	315.25	+0.092%	$4.5M	$10.9M	100x	as long as short
Arcus TAO-USD	+0.0345%	1h	316.21	+0.397%	$100K	$488K	5x	as long as short
Pacifica TAO	+0.0365%	1h	316.12	+0.369%	$361K	$411K	10x	as long as short
Lighter TAO	+0.0376%	1h	315.21	+0.078%	$1.5M	$6.5M	5x	as long as short
Phoenix TAO	+0.0581%	1h	317.30	+0.743%	$316K	$697K	5x	as long as short
Variational Omni TAO	+0.0615%	4h	315.95	+0.313%	$5.8M	$9.8M	—	as long as short
Reya TAORUSDPERP	+0.0696%	1h	315.44	+0.152%	$363	—	20x	as long as short
RISEx TAO/USDC	+0.0991%	1h	315.96	+0.317%	$438K	$659K	5x	as long as short
Coinbase International TAO-PERP-INTX	+0.1008%	1h	318.13	+1.006%	$1.5M	$6.7M	50x	as long as short
Injective TAO/USDC PERP	+0.4222%	1h	319.61	+1.476%	$23K	$2K	12x	as long as short