Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0034%/8h= −3.8% APRpaid last 24h −0.078%

Price spread now: KuCoin against GMX+0.049%7-day average +0.017% · you sell dearer than you buy

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

Long on GMX Short on KuCoin

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)−0.171%−$17 · spread now +0.049%, 7d avg +0.017%

Together, before fees−0.527%−$53 on $10k · with fees, hour by hour

The price spread pays, funding is against you. KuCoin is 0.032% dearer against GMX than usual: you sell high and buy low (spread +0.049% now, against its 7-day average of +0.017%): +$3 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 3.1 days. At the pace of the last 3 days (−0.356% in total) that is about 7 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX TAO/USD [WBTC.b-USDC]	311.43	L +0.0134% / S +0.0137%	pay 0.0017% / 1h	3m 46s	$414K	—	100x
Short	KuCoin TAOUSDTM	311.58	0.0100	get 0.0050% / 4h	3h 03m	$17.4M	$31.4M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now +0.049%Rate

Funding earned: −$7.23
Price spread: +0.049% → +0.017%: $3.2
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$28.03
Costs to cover: 0.240%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; KuCoin: live order book, 10 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 KuCoin live order book, 10 min ago	1.76 bp	15.5 bp −$15	22.0 bp −$220	doesn't fit	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	311.81	+0.122%	$5.5M	$20.7M	50x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	311.53	+0.033%	$20K	—	150x	as long as short
dYdX TAO-USD	+0.0018%	1h	310.95	−0.153%	$124K	$85K	5x	as long as short
Popdex TAOUSDT	+0.0096%	1h	311.94	+0.165%	$48K	$662K	20x	as long as short
Katana Perps TAO-USD	+0.0100%	8h	311.85	+0.136%	$638	$862K	5x	as long as short
Pacifica TAO	+0.0100%	1h	311.24	−0.060%	$354K	$416K	10x	as long as short
Binance TAOUSDT	+0.0100%	4h	311.18	−0.079%	$88.9M	$502.9M	75x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	311.20	−0.073%	$25.9M	$120.6M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	310.90	−0.169%	$13.3M	$50.6M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	311.24	−0.060%	$103.0M	$145.8M	300x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin TAOUSDTMshort	+0.0100%	4h	311.58	+0.049%	$17.4M	$31.4M	75x
Bitget TAOUSDT	+0.0100%	4h	310.85	−0.185%	$35.0M	$56.7M	50x	as long as short
edgeX TAOUSDC	+0.0100%	4h	311.50	+0.023%	$41K	$313K	10x	as long as short
GRVT TAO_USDT_Perp	+0.0100%	4h	312.18	+0.244%	$530K	$942K	10x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	312.06	+0.204%	$46K	$254K	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	311.66	+0.075%	$81K	$905K	5x	as long as short
Bullet TAO-USD	+0.0100%	1h	311.83	+0.130%	$12K	$17K	20x	as long as short
SunX TAO-USDT	+0.0100%	4h	311.80	+0.120%	$1K	$1.9M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	311.64	+0.069%	$110K	$542K	20x	as long as short
Phemex TAOUSDT	+0.0100%	4h	311.86	+0.139%	$3.1M	$8.0M	50x	as long as short
Aevo TAO-PERP	+0.0104%	1h	311.95	+0.167%	$171K	$998	3x	as long as short
Aster TAOUSDT	+0.0112%	4h	311.26	−0.053%	$1.3M	$10.5M	50x	as long as short
Orderly PERP_TAO_USDC	+0.0115%	4h	311.77	+0.110%	$51K	$290K	10x	as long as short
GMX TAO/USD [WBTC.b-USDC]long	L +0.0134% / S +0.0137%	1h	311.43	long leg	$414K	—	100x
Paradex TAO-USD-PERP	+0.0175%	8h	311.10	−0.105%	$14K	$1K	10x	as long as short
Arcus TAO-USD	+0.0231%	1h	311.47	+0.014%	$101K	$369K	5x	as long as short
BingX TAO-USDT	+0.0256%	4h	311.13	−0.095%	—	$33.8M	—	as long as short
Bybit TAOUSDT	+0.0282%	4h	311.25	−0.057%	$67.3M	$150.9M	50x	as long as short
Nado TAO-PERP	+0.0305%	1h	311.91	+0.155%	$787K	$2.2M	10x	as long as short
Extended TAO-USD	+0.0312%	1h	311.09	−0.109%	$908K	$2.4M	25x	as long as short
Variational Omni TAO	+0.0338%	4h	312.45	+0.329%	$5.5M	$10.1M	—	as long as short
BloFin TAO-USDT	+0.0340%	4h	312.08	+0.210%	$4.5M	$10.8M	100x	as long as short
Phoenix TAO	+0.0457%	1h	312.40	+0.313%	$311K	$711K	5x	as long as short
Hyperliquid TAO	+0.0459%	1h	311.79	+0.117%	$91.4M	$108.0M	5x	as long as short
Bulk TAO-USD	+0.0468%	1h	310.75	−0.217%	$165K	$333	10x	as long as short
Backpack TAO_USDC_PERP	+0.0479%	1h	311.92	+0.159%	$310K	$885K	10x	as long as short
01 Exchange TAOUSD	+0.0496%	1h	312.20	+0.248%	$3K	$4K	5x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0563%	1h	311.80	+0.121%	$12K	$1.8M	25x	as long as short
Lighter TAO	+0.0600%	1h	311.40	−0.009%	$1.5M	$6.6M	5x	as long as short
Reya TAORUSDPERP	+0.0697%	1h	311.90	+0.153%	$359	—	20x	as long as short
RISEx TAO/USDC	+0.0816%	1h	311.11	−0.103%	$441K	$647K	5x	as long as short
Coinbase International TAO-PERP-INTX	+0.0952%	1h	312.20	+0.248%	$1.5M	$6.7M	50x	as long as short
Injective TAO/USDC PERP	+0.4092%	1h	315.73	+1.382%	$23K	$2K	12x	as long as short