Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.4598%/8h= −503.5% APRpaid last 24h −0.695%

Price spread now: Orderly against Injective−0.686%7-day average — · you buy dearer than you sell

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

Long on Injective Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days−3.605%−$360 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$138 a day on $10k at the current rate, and Orderly is 0.686% cheaper against Injective than usual: you would sell low and buy high (−$69 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective TAO/USDC PERP	323.44	0.4723	pay 0.0590% / 1h	27m 13s	$24K	$2K	12x
Short	Orderly PERP_TAO_USDC	321.22	0.0125	get 0.0062% / 4h	1h 27m	$53K	$292K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against Injective. 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 InjectivebpFee OrderlybpOrdersPrice spread, now −0.686%Rate

Funding earned: −$965.58
Price spread: −0.686% → 0.000%: −$68.64
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$1,040.24
Costs to cover: 0.060%
Break-even: never at this rate

Slippage unknown: Injective: no order-book sample; Orderly: no order-book sample. 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 Injective no order-book sample	—	—	—	—	—
Sell Orderly no order-book sample	—	—	—	—	—

Injective and Orderly: 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	−0.1995%	1h	319.47	−1.227%	$170K	$333	10x	as long as short
dYdX TAO-USD	0.0000%	1h	319.13	−1.332%	$127K	$85K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0005%	1h	319.02	−1.367%	$22K	—	150x	as long as short
Popdex TAOUSDT	+0.0096%	1h	320.62	−0.872%	$43K	$705K	20x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	321.00	−0.754%	$26.8M	$130.4M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	320.90	−0.785%	$14.3M	$52.0M	50x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	321.14	−0.711%	$18.0M	$32.1M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	320.92	−0.779%	$36.1M	$58.4M	50x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	319.84	−1.113%	$45K	$259K	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	320.89	−0.788%	$89K	$1.2M	5x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX TAO-USDT	+0.0100%	4h	321.03	−0.745%	$2K	$2.0M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	320.00	−1.064%	$119K	$597K	20x	as long as short
Katana Perps TAO-USD	+0.0109%	8h	320.26	−0.983%	$1K	$1.0M	5x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0118% / S +0.0150%	1h	320.83	−0.806%	$429K	—	100x	as long as short
Aevo TAO-PERP	+0.0120%	1h	321.15	−0.709%	$176K	$998	3x	as long as short
Orderly PERP_TAO_USDCshort	+0.0125%	4h	321.22	−0.686%	$53K	$292K	10x
MEXC TAO_USDT	+0.0170%	4h	321.33	−0.652%	$106.3M	$150.2M	300x	as long as short
edgeX TAOUSDC	+0.0170%	4h	319.71	−1.154%	$42K	$316K	10x	as long as short
Binance TAOUSDT	+0.0171%	4h	321.28	−0.668%	$93.0M	$529.1M	75x	as long as short
Paradex TAO-USD-PERP	+0.0270%	8h	319.64	−1.174%	$15K	$1K	10x	as long as short
Phemex TAOUSDT	+0.0278%	4h	320.92	−0.779%	$3.3M	$8.1M	50x	as long as short
BingX TAO-USDT	+0.0324%	4h	321.23	−0.683%	—	$34.5M	—	as long as short
Aster TAOUSDT	+0.0335%	4h	321.07	−0.732%	$1.3M	$10.9M	50x	as long as short
Bybit TAOUSDT	+0.0342%	4h	321.36	−0.643%	$70.5M	$156.2M	50x	as long as short
Bullet TAO-USD	+0.0395%	1h	321.24	−0.680%	$12K	$17K	20x	as long as short
GRVT TAO_USDT_Perp	+0.0396%	4h	319.57	−1.195%	$544K	$940K	10x	as long as short
BloFin TAO-USDT	+0.0411%	4h	321.16	−0.705%	$4.7M	$11.1M	100x	as long as short
Extended TAO-USD	+0.0464%	1h	321.17	−0.703%	$913K	$2.4M	25x	as long as short
Pacifica TAO	+0.0525%	1h	319.78	−1.132%	$364K	$423K	10x	as long as short
Variational Omni TAO	+0.0541%	4h	320.05	−1.048%	$5.7M	$10.2M	—	as long as short
Nado TAO-PERP	+0.0548%	1h	320.88	−0.791%	$801K	$2.0M	10x	as long as short
Phoenix TAO	+0.0567%	1h	319.40	−1.249%	$318K	$709K	5x	as long as short
01 Exchange TAOUSD	+0.0640%	1h	320.60	−0.878%	$3K	$4K	5x	as long as short
Arcus TAO-USD	+0.0641%	1h	320.14	−1.020%	$103K	$389K	5x	as long as short
Hyperliquid TAO	+0.0649%	1h	321.40	−0.631%	$94.9M	$110.4M	5x	as long as short
Reya TAORUSDPERP	+0.0698%	1h	319.25	−1.297%	$367	—	20x	as long as short
Backpack TAO_USDC_PERP	+0.0718%	1h	321.37	−0.640%	$299K	$905K	10x	as long as short
Lighter TAO	+0.0728%	1h	321.41	−0.629%	$1.5M	$6.7M	5x	as long as short
Coinbase International TAO-PERP-INTX	+0.0944%	1h	321.15	−0.708%	$1.5M	$6.9M	50x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0952%	1h	321.24	−0.679%	$15K	$1.9M	25x	as long as short
RISEx TAO/USDC	+0.1077%	1h	321.14	−0.710%	$460K	$666K	5x	as long as short
Kraken Futures PF_TAOUSD	+0.1149%	1h	321.36	−0.644%	$6.0M	$21.8M	50x	as long as short
Injective TAO/USDC PERPlong	+0.4723%	1h	323.44	long leg	$24K	$2K	12x