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= −5.5% APRpaid last 24h −0.082%

Price spread now: Phemex against GMX+0.006%7-day average +0.022% · you sell dearer than you buy

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

Long on GMX Short on Phemex

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)−0.121%−$12 · spread now +0.006%, 7d avg +0.022%

Together, before fees−0.480%−$48 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.022%, so right now this pair is about funding alone: −$2 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]	315.51	L +0.0151% / S +0.0123%	pay 0.0019% / 1h	37m 31s	$420K	—	100x
Short	Phemex TAOUSDT	315.53	0.0100	get 0.0050% / 4h	37m 31s	$3.2M	$8.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now +0.006%Rate

Funding earned: −$10.61
Price spread: +0.006% → +0.022%: −$1.62
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$36.23
Costs to cover: 0.240%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Phemex: live order book, 1 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 Phemex live order book, 1 min ago	7.62 bp	20.5 bp −$20	doesn't fit	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
Bulk TAO-USD	−0.0482%	1h	315.13	−0.121%	$167K	$1K	10x	as long as short
dYdX TAO-USD	0.0000%	1h	315.34	−0.055%	$126K	$85K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	314.72	−0.251%	$20K	—	150x	as long as short
Kraken Futures PF_TAOUSD	+0.0056%	1h	315.47	−0.014%	$5.5M	$20.6M	50x	as long as short
Popdex TAOUSDT	+0.0096%	1h	314.82	−0.219%	$42K	$688K	20x	as long as short
Binance TAOUSDT	+0.0100%	4h	314.74	−0.245%	$90.7M	$491.0M	75x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	315.00	−0.162%	$25.9M	$119.6M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	315.10	−0.131%	$12.9M	$49.7M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	315.15	−0.115%	$106.1M	$142.7M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	314.71	−0.254%	$17.5M	$31.7M	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	314.93	−0.184%	$35.2M	$55.9M	50x	as long as short
edgeX TAOUSDC	+0.0100%	4h	315.76	+0.079%	$35K	$303K	10x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	315.75	+0.075%	$46K	$252K	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	314.99	−0.165%	$89K	$790K	5x	as long as short
Bullet TAO-USD	+0.0100%	1h	315.08	−0.137%	$12K	$18K	20x	as long as short
SunX TAO-USDT	+0.0100%	4h	315.72	+0.066%	$1K	$1.9M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	315.42	−0.029%	$109K	$527K	20x	as long as short
Phemex TAOUSDTshort	+0.0100%	4h	315.53	+0.006%	$3.2M	$8.1M	50x
Katana Perps TAO-USD	+0.0101%	8h	314.95	−0.178%	$645	$787K	5x	as long as short
GRVT TAO_USDT_Perp	+0.0104%	4h	316.85	+0.425%	$528K	$944K	10x	as long as short
Aevo TAO-PERP	+0.0104%	1h	315.68	+0.053%	$173K	$998	3x	as long as short
Bybit TAOUSDT	+0.0110%	4h	314.74	−0.245%	$68.4M	$146.9M	50x	as long as short
Orderly PERP_TAO_USDC	+0.0127%	4h	315.70	+0.060%	$57K	$275K	10x	as long as short
BingX TAO-USDT	+0.0128%	4h	315.26	−0.080%	—	$30.0M	—	as long as short
GMX TAO/USD [WBTC.b-USDC]long	L +0.0151% / S +0.0123%	1h	315.51	long leg	$420K	—	100x
Paradex TAO-USD-PERP	+0.0184%	8h	315.51	−0.001%	$14K	$1K	10x	as long as short
Nado TAO-PERP	+0.0185%	1h	315.02	−0.155%	$803K	$2.2M	10x	as long as short
Aster TAOUSDT	+0.0207%	4h	315.33	−0.058%	$1.2M	$10.2M	50x	as long as short
01 Exchange TAOUSD	+0.0256%	1h	315.19	−0.102%	$3K	$4K	5x	as long as short
Hyperliquid TAO	+0.0263%	1h	314.87	−0.204%	$93.2M	$105.6M	5x	as long as short
Extended TAO-USD	+0.0280%	1h	315.09	−0.134%	$922K	$2.4M	25x	as long as short
Backpack TAO_USDC_PERP	+0.0339%	1h	315.78	+0.085%	$316K	$913K	10x	as long as short
BloFin TAO-USDT	+0.0340%	4h	315.25	−0.083%	$4.5M	$10.9M	100x	as long as short
Arcus TAO-USD	+0.0345%	1h	315.49	−0.007%	$99K	$488K	5x	as long as short
Pacifica TAO	+0.0365%	1h	315.46	−0.018%	$360K	$411K	10x	as long as short
Lighter TAO	+0.0392%	1h	315.68	+0.054%	$1.5M	$6.5M	5x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0395%	1h	315.90	+0.124%	$11K	$1.6M	25x	as long as short
Phoenix TAO	+0.0581%	1h	317.30	+0.567%	$316K	$697K	5x	as long as short
Variational Omni TAO	+0.0615%	4h	315.95	+0.138%	$5.8M	$9.8M	—	as long as short
Reya TAORUSDPERP	+0.0696%	1h	315.10	−0.130%	$362	—	20x	as long as short
RISEx TAO/USDC	+0.0991%	1h	315.16	−0.112%	$437K	$656K	5x	as long as short
Coinbase International TAO-PERP-INTX	+0.1008%	1h	318.13	+0.830%	$1.5M	$6.7M	50x	as long as short
Injective TAO/USDC PERP	+0.4222%	1h	319.61	+1.299%	$23K	$2K	12x	as long as short