Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0041%/8h= −4.5% APRpaid last 24h −0.078%

Price spread now: Bybit against GMX+0.054%7-day average +0.044% · you sell dearer than you buy

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

Long on GMX Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.356%−$36 on $10k

Price spread, last 4 days (all we have)−0.167%−$17 · spread now +0.054%, 7d avg +0.044%

Together, before fees−0.523%−$52 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.044%, so right now this pair is about funding alone: −$1 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX TAO/USD [WBTC.b-USDC]	311.74	L +0.0141% / S +0.0131%	pay 0.0018% / 1h	44m 59s	$415K	—	100x
Short	Bybit TAOUSDT	311.91	0.0100	get 0.0050% / 4h	3h 44m	$67.1M	$149.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against GMX. 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 GMXbpFee BybitbpOrdersPrice spread, now +0.054%Rate

Funding earned: −$8.64
Price spread: +0.054% → +0.044%: $1.06
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$30.58
Costs to cover: 0.230%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Bybit: live order book, 4 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 Bybit live order book, 4 min ago	0.16 bp	14.5 bp −$14	22.8 bp −$228	48.9 bp −$4,890	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
Kraken Futures PF_TAOUSD	−0.0348%	1h	312.12	+0.121%	$5.5M	$20.6M	50x	as long as short
dYdX TAO-USD	0.0000%	1h	311.36	−0.122%	$124K	$85K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	311.82	+0.026%	$20K	—	150x	as long as short
Popdex TAOUSDT	+0.0096%	1h	311.83	+0.029%	$45K	$656K	20x	as long as short
Katana Perps TAO-USD	+0.0098%	8h	311.88	+0.045%	$2K	$813K	5x	as long as short
Pacifica TAO	+0.0100%	1h	311.65	−0.030%	$356K	$413K	10x	as long as short
Binance TAOUSDT	+0.0100%	4h	311.93	+0.061%	$89.6M	$497.8M	75x	as long as short
Bybit TAOUSDTshort	+0.0100%	4h	311.91	+0.054%	$67.1M	$149.9M	50x
OKX TAO-USDT-SWAP	+0.0100%	8h	311.80	+0.019%	$25.9M	$120.2M	50x	as long as short
Bulk TAO-USD	+0.0100%	1h	315.10	+1.078%	$167K	$2K	10x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate TAO_USDT	+0.0100%	4h	311.80	+0.019%	$13.0M	$49.5M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	311.85	+0.035%	$101.1M	$144.2M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	311.73	−0.003%	$17.7M	$31.3M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	311.56	−0.058%	$34.9M	$56.6M	50x	as long as short
BingX TAO-USDT	+0.0100%	4h	312.07	+0.106%	—	$33.1M	—	as long as short
edgeX TAOUSDC	+0.0100%	4h	312.19	+0.146%	$41K	$314K	10x	as long as short
GRVT TAO_USDT_Perp	+0.0100%	4h	311.93	+0.060%	$529K	$955K	10x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	311.96	+0.071%	$46K	$254K	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	311.59	−0.048%	$82K	$870K	5x	as long as short
Bullet TAO-USD	+0.0100%	1h	311.94	+0.064%	$11K	$18K	20x	as long as short
SunX TAO-USDT	+0.0100%	4h	311.75	+0.003%	$1K	$1.9M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	311.63	−0.035%	$109K	$536K	20x	as long as short
Aevo TAO-PERP	+0.0104%	1h	312.02	+0.091%	$171K	$998	3x	as long as short
Orderly PERP_TAO_USDC	+0.0114%	4h	312.06	+0.103%	$52K	$270K	10x	as long as short
Aster TAOUSDT	+0.0117%	4h	312.05	+0.098%	$1.2M	$10.4M	50x	as long as short
Phemex TAOUSDT	+0.0127%	4h	312.00	+0.083%	$3.2M	$8.1M	50x	as long as short
GMX TAO/USD [WBTC.b-USDC]long	L +0.0141% / S +0.0131%	1h	311.74	long leg	$415K	—	100x
Paradex TAO-USD-PERP	+0.0141%	8h	311.92	+0.059%	$14K	$1K	10x	as long as short
Extended TAO-USD	+0.0176%	1h	311.78	+0.013%	$913K	$2.4M	25x	as long as short
Hyperliquid TAO	+0.0216%	1h	312.29	+0.176%	$91.7M	$107.2M	5x	as long as short
Arcus TAO-USD	+0.0231%	1h	311.93	+0.061%	$101K	$392K	5x	as long as short
Nado TAO-PERP	+0.0255%	1h	311.77	+0.010%	$790K	$2.2M	10x	as long as short
Variational Omni TAO	+0.0324%	4h	312.10	+0.116%	$5.5M	$10.0M	—	as long as short
BloFin TAO-USDT	+0.0340%	4h	312.24	+0.160%	$4.5M	$10.8M	100x	as long as short
Backpack TAO_USDC_PERP	+0.0396%	1h	312.18	+0.141%	$310K	$906K	10x	as long as short
Lighter TAO	+0.0400%	1h	312.44	+0.225%	$1.5M	$6.5M	5x	as long as short
01 Exchange TAOUSD	+0.0416%	1h	311.92	+0.058%	$3K	$4K	5x	as long as short
Phoenix TAO	+0.0457%	1h	312.50	+0.244%	$311K	$711K	5x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0624%	1h	312.22	+0.154%	$33K	$1.8M	25x	as long as short
Reya TAORUSDPERP	+0.0697%	1h	311.81	+0.021%	$359	—	20x	as long as short
RISEx TAO/USDC	+0.0816%	1h	311.81	+0.021%	$433K	$650K	5x	as long as short
Coinbase International TAO-PERP-INTX	+0.0952%	1h	312.68	+0.301%	$1.5M	$6.8M	50x	as long as short
Injective TAO/USDC PERP	+0.4092%	1h	317.38	+1.809%	$23K	$2K	12x	as long as short