Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.4595%/8h= +503.2% APRpaid last 24h +0.695%

Price spread now: Injective against Orderly+0.127%7-day average — · you sell dearer than you buy

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

Long on Orderly Short on Injective

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 for this trade now. Funding pays +$138 a day on $10k at the current rate, and Injective is 0.127% dearer against Orderly than usual: you sell high and buy low: +$13 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_TAO_USDC	323.03	0.0127	pay 0.0064% / 4h	1h 25m	$53K	$292K	10x
Short	Injective TAO/USDC PERP	323.44	0.4723	get 0.0590% / 1h	25m 18s	$24K	$2K	12x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Orderly. 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 OrderlybpFee InjectivebpOrdersPrice spread, now +0.127%Rate

Funding earned: $965.05
Price spread: +0.127% → 0.000%: $12.69
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: $971.72
Costs to cover: 0.060%
Break-even: from the start

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

Orderly and Injective: 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	−1.102%	$170K	$333	10x	as long as short
dYdX TAO-USD	0.0000%	1h	321.65	−0.429%	$128K	$85K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0005%	1h	321.77	−0.391%	$22K	—	150x	as long as short
Popdex TAOUSDT	+0.0096%	1h	322.73	−0.093%	$43K	$705K	20x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	323.10	+0.022%	$26.9M	$131.0M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	322.80	−0.071%	$14.4M	$52.0M	50x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	323.13	+0.031%	$18.1M	$32.1M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	322.83	−0.062%	$36.3M	$58.2M	50x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	319.82	−0.994%	$45K	$259K	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	322.88	−0.046%	$86K	$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	322.75	−0.087%	$2K	$2.0M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	321.65	−0.427%	$117K	$597K	20x	as long as short
Katana Perps TAO-USD	+0.0109%	8h	322.17	−0.266%	$2K	$1.0M	5x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0118% / S +0.0150%	1h	320.83	−0.680%	$429K	—	100x	as long as short
Aevo TAO-PERP	+0.0120%	1h	323.08	+0.016%	$177K	$998	3x	as long as short
Orderly PERP_TAO_USDClong	+0.0127%	4h	323.03	long leg	$53K	$292K	10x
MEXC TAO_USDT	+0.0170%	4h	323.26	+0.071%	$107.9M	$150.6M	300x	as long as short
edgeX TAOUSDC	+0.0172%	4h	320.52	−0.778%	$42K	$317K	10x	as long as short
Binance TAOUSDT	+0.0182%	4h	323.05	+0.005%	$93.5M	$529.6M	75x	as long as short
Phemex TAOUSDT	+0.0262%	4h	322.39	−0.198%	$3.3M	$8.1M	50x	as long as short
Paradex TAO-USD-PERP	+0.0283%	8h	322.64	−0.121%	$15K	$1K	10x	as long as short
BingX TAO-USDT	+0.0324%	4h	323.06	+0.009%	—	$34.6M	—	as long as short
Aster TAOUSDT	+0.0347%	4h	322.86	−0.052%	$1.3M	$10.9M	50x	as long as short
Bybit TAOUSDT	+0.0350%	4h	323.16	+0.040%	$70.9M	$156.3M	50x	as long as short
Bullet TAO-USD	+0.0401%	1h	323.08	+0.017%	$12K	$17K	20x	as long as short
GRVT TAO_USDT_Perp	+0.0406%	4h	321.35	−0.522%	$547K	$940K	10x	as long as short
BloFin TAO-USDT	+0.0411%	4h	321.16	−0.579%	$4.7M	$11.1M	100x	as long as short
Extended TAO-USD	+0.0464%	1h	322.47	−0.175%	$918K	$2.4M	25x	as long as short
Nado TAO-PERP	+0.0518%	1h	322.87	−0.050%	$804K	$2.0M	10x	as long as short
Pacifica TAO	+0.0525%	1h	322.54	−0.153%	$367K	$423K	10x	as long as short
Variational Omni TAO	+0.0538%	4h	322.25	−0.242%	$5.7M	$10.2M	—	as long as short
Phoenix TAO	+0.0567%	1h	321.30	−0.536%	$320K	$709K	5x	as long as short
Arcus TAO-USD	+0.0641%	1h	322.81	−0.068%	$104K	$389K	5x	as long as short
01 Exchange TAOUSD	+0.0656%	1h	323.30	+0.084%	$3K	$4K	5x	as long as short
Hyperliquid TAO	+0.0664%	1h	323.33	+0.093%	$95.5M	$110.5M	5x	as long as short
Reya TAORUSDPERP	+0.0698%	1h	322.16	−0.269%	$370	—	20x	as long as short
Backpack TAO_USDC_PERP	+0.0733%	1h	322.76	−0.084%	$301K	$905K	10x	as long as short
Lighter TAO	+0.0760%	1h	322.62	−0.126%	$1.6M	$6.8M	5x	as long as short
Coinbase International TAO-PERP-INTX	+0.0944%	1h	322.86	−0.053%	$1.5M	$6.9M	50x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0973%	1h	322.37	−0.204%	$15K	$1.9M	25x	as long as short
RISEx TAO/USDC	+0.1077%	1h	322.13	−0.277%	$461K	$666K	5x	as long as short
Kraken Futures PF_TAOUSD	+0.1145%	1h	322.50	−0.165%	$6.0M	$21.8M	50x	as long as short
Injective TAO/USDC PERPshort	+0.4723%	1h	323.44	+0.127%	$24K	$2K	12x