Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h +0.016%

Price spread now: dYdX against OKX−0.337%7-day average −0.011% · you buy dearer than you sell

Net, funding: paid 7d − costs−$94as in the Funding arb table

Net, price: spread back to 7d avg − costs−$140as in the Price arb table

costs, in and out, $10k−$1081.078% of the position

Long on OKX Short on dYdX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.134%+$13 on $10k

Price spread, last 4 days (all we have)+0.359%+$36 · spread now −0.337%, 7d avg −0.011%

Together, before fees+0.493%+$49 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and dYdX is 0.326% cheaper against OKX than usual: you would sell low and buy high (−$33 if the spread goes back to its 7-day average of −0.011%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.134%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX TAO-USDT-SWAP	312.00	0.0100	pay 0.0100% / 8h	6h 58m	$25.3M	$108.3M	50x
Short	dYdX TAO-USD	310.95	0	get 0.0000% / 1h	58m 16s	$124K	$88K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX 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 dYdXbpOrdersPrice spread, now −0.337%Rate

Funding earned: −$21
Price spread: −0.337% → −0.011%: −$32.63
Slippage, 4 orders: −$87.83
Fee OKX: 5 bp × 2 orders: −$10
Fee dYdX: 5 bp × 2 orders: −$10
Net: −$161.47
Costs to cover: 1.078%
Break-even: never at this rate

Slippage from OKX: live order book, 6 min ago; dYdX: live order book, 11 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, 6 min ago	1.59 bp	11.3 bp −$11	21.2 bp −$212	65.6 bp −$6,557	doesn't fit
Sell dYdX live order book, 11 min ago	36.33 bp	44.5 bp −$45	67.6 bp −$676	151.5 bp −$15.1K	609.3 bp −$304.6K

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	−0.1228%	1h	316.14	+1.327%	$168K	$40K	10x	as long as short
dYdX TAO-USDshort	0.0000%	1h	310.95	−0.337%	$124K	$88K	5x
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0002%	1h	312.02	+0.006%	$12K	—	150x	as long as short
Popdex TAOUSDT	+0.0096%	1h	312.59	+0.189%	$44K	$610K	20x	as long as short
Binance TAOUSDT	+0.0100%	4h	311.99	−0.003%	$89.6M	$454.7M	75x	as long as short
OKX TAO-USDT-SWAPlong	+0.0100%	8h	312.00	long leg	$25.3M	$108.3M	50x
Gate TAO_USDT	+0.0100%	4h	312.10	+0.032%	$12.7M	$48.9M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	311.98	−0.006%	$99.7M	$134.9M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	312.59	+0.189%	$18.3M	$29.9M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	311.99	−0.003%	$34.7M	$52.1M	50x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
edgeX TAOUSDC	+0.0100%	4h	315.16	+1.013%	$40K	$294K	10x	as long as short
GRVT TAO_USDT_Perp	+0.0100%	4h	313.04	+0.334%	$522K	$962K	10x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	314.60	+0.833%	$48K	$267K	50x	as long as short
Orderly PERP_TAO_USDC	+0.0100%	4h	312.28	+0.090%	$57K	$318K	10x	as long as short
SunX TAO-USDT	+0.0100%	4h	312.04	+0.013%	$1K	$1.9M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	312.35	+0.112%	$119K	$446K	20x	as long as short
Aevo TAO-PERP	+0.0104%	1h	312.04	+0.014%	$171K	$998	3x	as long as short
Katana Perps TAO-USD	+0.0118%	8h	312.19	+0.061%	$639	$657K	5x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0125%	1h	311.99	−0.002%	$16K	$1.5M	25x	as long as short
Kraken Futures PF_TAOUSD	+0.0169%	1h	311.96	−0.013%	$5.6M	$20.3M	50x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0171% / S +0.0110%	1h	312.10	+0.033%	$435K	—	100x	as long as short
Aster TAOUSDT	+0.0173%	4h	312.22	+0.072%	$1.3M	$9.0M	50x	as long as short
Bullet TAO-USD	+0.0179%	1h	312.59	+0.189%	$12K	$17K	20x	as long as short
Paradex TAO-USD-PERP	+0.0233%	8h	311.67	−0.107%	$14K	$1K	10x	as long as short
Polymarket Perps TAO-USD	+0.0278%	1h	312.73	+0.234%	$91K	$619K	5x	as long as short
Pacifica TAO	+0.0285%	1h	311.74	−0.083%	$369K	$373K	10x	as long as short
Arcus TAO-USD	+0.0337%	1h	312.43	+0.138%	$83K	$550K	5x	as long as short
BloFin TAO-USDT	+0.0340%	4h	313.04	+0.333%	$4.4M	$10.7M	100x	as long as short
Injective TAO/USDC PERP	+0.0470%	1h	316.84	+1.551%	$23K	$2K	12x	as long as short
Phoenix TAO	+0.0525%	1h	313.80	+0.577%	$328K	$620K	5x	as long as short
01 Exchange TAOUSD	+0.0568%	1h	312.56	+0.179%	$3K	$4K	5x	as long as short
Variational Omni TAO	+0.0606%	4h	314.06	+0.660%	$5.4M	$8.7M	—	as long as short
Nado TAO-PERP	+0.0658%	1h	312.68	+0.217%	$776K	$2.1M	10x	as long as short
Reya TAORUSDPERP	+0.0696%	1h	312.61	+0.196%	$359	—	20x	as long as short
BingX TAO-USDT	+0.0704%	4h	312.29	+0.093%	—	$30.7M	—	as long as short
Bybit TAOUSDT	+0.0740%	4h	312.23	+0.074%	$63.6M	$134.8M	50x	as long as short
Phemex TAOUSDT	+0.0905%	4h	312.28	+0.090%	$3.4M	$7.8M	50x	as long as short
Backpack TAO_USDC_PERP	+0.0907%	1h	312.77	+0.247%	$316K	$818K	10x	as long as short
Hyperliquid TAO	+0.0996%	1h	312.89	+0.285%	$99.7M	$92.2M	5x	as long as short
Coinbase International TAO-PERP-INTX	+0.1024%	1h	312.42	+0.135%	$1.5M	$6.4M	50x	as long as short
Extended TAO-USD	+0.1048%	1h	312.04	+0.012%	$898K	$2.4M	25x	as long as short
RISEx TAO/USDC	+0.1132%	1h	312.27	+0.088%	$414K	$602K	5x	as long as short
Lighter TAO	+0.1328%	1h	312.44	+0.140%	$1.6M	$6.0M	5x	as long as short