Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC+0.0026%/8h= +2.8% APRpaid last 24h +0.009%

Price spread now: Bybit against OKX−0.047%7-day average +0.045% · you buy dearer than you sell

Net, funding: paid 7d − costs−$30as in the Funding arb table

Net, price: spread back to 7d avg − costs−$44as in the Price arb table

costs, in and out, $10k−$340.344% of the position

Long on OKX Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.041%+$4 on $10k

Price spread, last 7 days+0.097%+$10 · spread now −0.047%, 7d avg +0.045%

Together, before fees+0.138%+$14 on $10k · with fees, hour by hour

Funding pays, the price is against you. Bybit is 0.093% cheaper against OKX than usual: you would sell low and buy high (spread −0.047% now, against its 7-day average of +0.045%). If the spread goes back, that is −$9 on $10k: about 12 days of funding at the current rate (+$1 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX TAO-USDT-SWAP	316.00	0.0100	pay 0.0100% / 8h	5h 47m	$26.8M	$128.1M	50x
Short	Bybit TAOUSDT	315.85	0.0126	get 0.0063% / 4h	1h 47m	$69.1M	$155.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against OKX. 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 OKXbpFee BybitbpOrdersPrice spread, now −0.047%Rate

Funding earned: $5.4
Price spread: −0.047% → +0.045%: −$9.27
Slippage, 4 orders: −$13.39
Fee OKX: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$38.26
Costs to cover: 0.344%
Break-even: 56.6 days

Slippage from OKX: live order book, 4 min ago; Bybit: live order book, 5 min ago.

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 OKX live order book, 4 min ago	1.58 bp	9.7 bp −$10	14.5 bp −$145	71.5 bp −$7,155	doesn't fit
Sell Bybit live order book, 5 min ago	0.16 bp	8.4 bp −$8	15.6 bp −$156	33.1 bp −$3,309	doesn't fit

TAO on 43 exchanges

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
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0003%	1h	315.63	−0.116%	$19K	—	150x	as long as short
Popdex TAOUSDT	+0.0096%	1h	315.80	−0.063%	$50K	$632K	20x	as long as short
OKX TAO-USDT-SWAPlong	+0.0100%	8h	316.00	long leg	$26.8M	$128.1M	50x
Gate TAO_USDT	+0.0100%	4h	315.70	−0.095%	$15.7M	$47.5M	50x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	315.95	−0.016%	$17.5M	$31.3M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	315.71	−0.092%	$35.8M	$56.0M	50x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	316.75	+0.237%	$45K	$253K	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	315.60	−0.127%	$81K	$1.1M	5x	as long as short
SunX TAO-USDT	+0.0100%	4h	315.82	−0.057%	$2K	$1.8M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	315.87	−0.041%	$112K	$564K	20x	as long as short

Show all 43 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Katana Perps TAO-USD	+0.0104%	8h	315.52	−0.152%	$890	$1.3M	5x	as long as short
Aevo TAO-PERP	+0.0112%	1h	316.03	+0.009%	$174K	$998	3x	as long as short
Bybit TAOUSDTshort	+0.0126%	4h	315.85	−0.047%	$69.1M	$155.6M	50x
MEXC TAO_USDT	+0.0134%	4h	316.02	+0.006%	$106.1M	$147.6M	300x	as long as short
Binance TAOUSDT	+0.0136%	4h	315.79	−0.066%	$92.9M	$511.0M	75x	as long as short
BingX TAO-USDT	+0.0140%	4h	315.99	−0.003%	—	$38.0M	—	as long as short
edgeX TAOUSDC	+0.0141%	4h	316.70	+0.222%	$42K	$324K	10x	as long as short
Lighter TAO	+0.0176%	1h	316.08	+0.026%	$1.6M	$6.6M	5x	as long as short
Paradex TAO-USD-PERP	+0.0203%	8h	315.99	−0.005%	$14K	$876	10x	as long as short
Phemex TAOUSDT	+0.0206%	4h	316.16	+0.051%	$3.2M	$8.1M	50x	as long as short
Extended TAO-USD	+0.0216%	1h	315.81	−0.061%	$954K	$2.1M	25x	as long as short
Pacifica TAO	+0.0240%	1h	316.06	+0.019%	$374K	$456K	10x	as long as short
Orderly PERP_TAO_USDC	+0.0255%	4h	316.00	0.000%	$53K	$262K	10x	as long as short
GRVT TAO_USDT_Perp	+0.0262%	4h	317.12	+0.355%	$541K	$805K	10x	as long as short
Bullet TAO-USD	+0.0263%	1h	316.08	+0.026%	$12K	$16K	20x	as long as short
Aster TAOUSDT	+0.0301%	4h	315.90	−0.032%	$1.2M	$11.2M	50x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0359% / S −0.0107%	1h	315.72	−0.089%	$371K	—	100x	as long as short
BloFin TAO-USDT	+0.0380%	4h	316.03	+0.009%	$4.9M	$10.4M	100x	as long as short
Nado TAO-PERP	+0.0391%	1h	315.89	−0.036%	$694K	$2.0M	10x	as long as short
Variational Omni TAO	+0.0444%	4h	316.43	+0.137%	$5.7M	$9.8M	—	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0451%	1h	316.01	+0.002%	$15K	$1.9M	25x	as long as short
Hyperliquid TAO	+0.0486%	1h	316.19	+0.060%	$95.1M	$107.1M	5x	as long as short
Arcus TAO-USD	+0.0610%	1h	316.17	+0.054%	$100K	$310K	5x	as long as short
01 Exchange TAOUSD	+0.0616%	1h	315.86	−0.044%	$3K	$2K	5x	as long as short
Phoenix TAO	+0.0650%	1h	316.90	+0.285%	$319K	$710K	5x	as long as short
Backpack TAO_USDC_PERP	+0.0660%	1h	316.24	+0.076%	$297K	$1.1M	10x	as long as short
RISEx TAO/USDC	+0.0666%	1h	315.77	−0.073%	$436K	$672K	5x	as long as short
Coinbase International TAO-PERP-INTX	+0.0688%	1h	316.00	0.000%	$1.1M	$7.6M	50x	as long as short
dYdX TAO-USD	+0.0696%	1h	315.77	−0.073%	$266K	$230K	5x	as long as short
Reya TAORUSDPERP	+0.0699%	1h	316.25	+0.081%	$364	—	20x	as long as short
Bulk TAO-USD	+0.0807%	1h	318.75	+0.870%	$169K	$0	10x	as long as short
Kraken Futures PF_TAOUSD	+0.0932%	1h	316.11	+0.036%	$6.2M	$19.5M	50x	as long as short
Injective TAO/USDC PERP	+0.4405%	1h	320.28	+1.354%	$23K	$2K	12x	as long as short