Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 20:00 UTC−0.0383%/8hnext payment −$0.48 per $10,000 · paid last 24h −0.100%

Price spread now: Polymarket Perps against GMX−0.180%7-day average −0.002% · you buy dearer than you sell

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

Long on GMX Short on Polymarket Perps

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.336%−$34 on $10k

Price spread, last 3 days (all we have)+0.128%+$13 · spread now −0.180%, 7d avg −0.002%

Together, before fees−0.208%−$21 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$11 a day on $10k at the current rate, and Polymarket Perps is 0.178% cheaper against GMX than usual: you would sell low and buy high (−$18 if the spread goes back to its 7-day average of −0.002%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX TAO/USD [WBTC.b-USDC]	295.56	L +0.0483% / S −0.0195%	pay 0.0060% / 1h	4m 03s	$444K	—	100x
Short	Polymarket Perps TAO-USD	295.03	0.0100	get 0.0013% / 1h	4m 03s	$85K	$506K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Polymarket Perps 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 Polymarket PerpsbpOrdersPrice spread, now −0.180%Rate

Funding earned: −$80.34
Price spread: −0.180% → −0.002%: −$17.76
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: −$118.1
Costs to cover: 0.200%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Polymarket Perps: live order book, 28 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 Polymarket Perps live order book, 28 min ago	2.04 bp	9.4 bp −$9	10.3 bp −$103	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	−0.2681%	1h	291.45	−1.391%	$192K	$44K	10x	as long as short
Kraken Futures PF_TAOUSD	−0.0158%	1h	295.87	+0.105%	$5.4M	$14.1M	50x	as long as short
dYdX TAO-USD	0.0000%	1h	294.57	−0.335%	$75K	$35K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0010%	1h	295.59	+0.011%	$35K	—	150x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0080%	1h	295.84	+0.094%	$36K	$1.1M	25x	as long as short
Popdex TAOUSDT	+0.0096%	1h	294.82	−0.251%	$35K	$482K	20x	as long as short
Aster TAOUSDT	+0.0100%	4h	295.74	+0.061%	$1.6M	$5.0M	50x	as long as short
Pacifica TAO	+0.0100%	1h	294.71	−0.288%	$342K	$375K	10x	as long as short
Binance TAOUSDT	+0.0100%	4h	295.70	+0.046%	$80.7M	$338.5M	75x	as long as short
Bybit TAOUSDT	+0.0100%	4h	295.76	+0.067%	$53.4M	$89.8M	50x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX TAO-USDT-SWAP	+0.0100%	8h	295.50	−0.021%	$23.5M	$72.7M	50x	as long as short
Arcus TAO-USD	+0.0100%	1h	294.85	−0.241%	$129K	$580K	5x	as long as short
Gate TAO_USDT	+0.0100%	4h	295.70	+0.047%	$11.7M	$45.6M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	295.83	+0.091%	$106.2M	$107.0M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	295.64	+0.027%	$19.8M	$21.2M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	295.16	−0.136%	$33.3M	$37.1M	50x	as long as short
BingX TAO-USDT	+0.0100%	4h	295.66	+0.034%	—	$27.7M	—	as long as short
Variational Omni TAO	+0.0100%	4h	292.37	−1.078%	$3.2M	$5.4M	—	as long as short
edgeX TAOUSDC	+0.0100%	4h	292.48	−1.041%	$38K	$272K	10x	as long as short
GRVT TAO_USDT_Perp	+0.0100%	4h	292.20	−1.137%	$523K	$884K	10x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	292.18	−1.144%	$44K	$266K	50x	as long as short
Polymarket Perps TAO-USDshort	+0.0100%	1h	295.03	−0.180%	$85K	$506K	5x
Bullet TAO-USD	+0.0100%	1h	295.72	+0.054%	$11K	$18K	20x	as long as short
Orderly PERP_TAO_USDC	+0.0100%	4h	295.75	+0.064%	$54K	$235K	10x	as long as short
SunX TAO-USDT	+0.0100%	4h	295.56	0.000%	$1K	$1.6M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	296.69	+0.382%	$124K	$312K	20x	as long as short
Phemex TAOUSDT	+0.0100%	4h	295.86	+0.101%	$3.1M	$7.5M	50x	as long as short
Katana Perps TAO-USD	+0.0102%	8h	295.27	−0.098%	$1K	$348K	5x	as long as short
Aevo TAO-PERP	+0.0104%	1h	295.89	+0.111%	$162K	$998	3x	as long as short
Paradex TAO-USD-PERP	+0.0105%	8h	294.84	−0.245%	$14K	$376	10x	as long as short
Nado TAO-PERP	+0.0179%	1h	295.10	−0.157%	$1.0M	$1.3M	10x	as long as short
Phoenix TAO	+0.0336%	1h	292.60	−1.002%	$311K	$158K	5x	as long as short
Extended TAO-USD	+0.0336%	1h	295.73	+0.058%	$786K	$1.4M	25x	as long as short
BloFin TAO-USDT	+0.0340%	4h	294.48	−0.366%	$4.1M	$7.3M	100x	as long as short
Lighter TAO	+0.0400%	1h	296.06	+0.171%	$1.3M	$2.4M	5x	as long as short
01 Exchange TAOUSD	+0.0408%	1h	294.90	−0.224%	$3K	$4K	5x	as long as short
RISEx TAO/USDC	+0.0478%	1h	294.80	−0.256%	$340K	$451K	5x	as long as short
GMX TAO/USD [WBTC.b-USDC]long	L +0.0483% / S −0.0195%	1h	295.56	long leg	$444K	—	100x
Backpack TAO_USDC_PERP	+0.0666%	1h	295.93	+0.125%	$375K	$536K	10x	as long as short
Reya TAORUSDPERP	+0.0694%	1h	295.51	−0.018%	$340	—	20x	as long as short
Coinbase International TAO-PERP-INTX	+0.0872%	1h	296.51	+0.321%	$1.5M	$4.4M	50x	as long as short
Hyperliquid TAO	+0.1155%	1h	296.13	+0.193%	$83.5M	$56.0M	5x	as long as short
Injective TAO/USDC PERP	+0.2947%	1h	294.49	−0.362%	$21K	$39K	12x	as long as short