Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0040%/8h= −4.3% APRpaid last 24h −0.002%

Price spread now: Popdex against Orderly−0.088%7-day average −0.011% · you buy dearer than you sell

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

Long on Orderly Short on Popdex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.007%−$1 on $10k

Price spread, last 4 days (all we have)+0.037%+$4 · spread now −0.088%, 7d avg −0.011%

Together, before fees+0.030%+$3 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Popdex is 0.077% cheaper against Orderly than usual: you would sell low and buy high (−$8 if the spread goes back to its 7-day average of −0.011%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_TAO_USDC	317.45	0.0136	pay 0.0068% / 4h	54m 48s	$53K	$293K	10x
Short	Popdex TAOUSDT	317.17	0.0096	get 0.0012% / 1h	54m 48s	$43K	$707K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Popdex 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 PopdexbpOrdersPrice spread, now −0.088%Rate

Funding earned: −$8.32
Price spread: −0.088% → −0.011%: −$7.71
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Net: −$28.43
Costs to cover: 0.124%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; Popdex: live order book, 49 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 Orderly no order-book sample	—	—	—	—	—
Sell Popdex live order book, 49 min ago	0.47 bp	9.8 bp −$10	75.0 bp −$750	doesn't fit	doesn't fit

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
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0005%	1h	317.21	−0.074%	$22K	—	150x	as long as short
dYdX TAO-USD	+0.0037%	1h	316.73	−0.227%	$126K	$85K	5x	as long as short
Popdex TAOUSDTshort	+0.0096%	1h	317.17	−0.088%	$43K	$707K	20x
OKX TAO-USDT-SWAP	+0.0100%	8h	317.50	+0.016%	$26.5M	$129.9M	50x	as long as short
Bulk TAO-USD	+0.0100%	1h	317.85	+0.126%	$169K	$333	10x	as long as short
Gate TAO_USDT	+0.0100%	4h	317.30	−0.047%	$14.3M	$50.8M	50x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	317.55	+0.032%	$17.8M	$32.4M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	317.34	−0.035%	$35.7M	$58.0M	50x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	317.36	−0.028%	$46K	$260K	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	317.20	−0.079%	$84K	$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	316.77	−0.214%	$1K	$2.0M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	316.46	−0.312%	$115K	$603K	20x	as long as short
Katana Perps TAO-USD	+0.0107%	8h	317.10	−0.110%	$719	$1.1M	5x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0111% / S +0.0158%	1h	317.20	−0.079%	$419K	—	100x	as long as short
Aevo TAO-PERP	+0.0120%	1h	317.55	+0.031%	$174K	$998	3x	as long as short
Orderly PERP_TAO_USDClong	+0.0136%	4h	317.45	long leg	$53K	$293K	10x
MEXC TAO_USDT	+0.0164%	4h	317.69	+0.076%	$107.4M	$150.4M	300x	as long as short
Binance TAOUSDT	+0.0165%	4h	317.77	+0.101%	$92.2M	$529.0M	75x	as long as short
edgeX TAOUSDC	+0.0171%	4h	317.34	−0.035%	$42K	$318K	10x	as long as short
Paradex TAO-USD-PERP	+0.0223%	8h	316.88	−0.179%	$14K	$1K	10x	as long as short
BingX TAO-USDT	+0.0242%	4h	317.75	+0.095%	—	$36.9M	—	as long as short
Bybit TAOUSDT	+0.0244%	4h	317.90	+0.142%	$69.6M	$156.2M	50x	as long as short
Bullet TAO-USD	+0.0283%	1h	317.51	+0.018%	$12K	$17K	20x	as long as short
Pacifica TAO	+0.0313%	1h	316.90	−0.173%	$360K	$427K	10x	as long as short
GRVT TAO_USDT_Perp	+0.0318%	4h	316.92	−0.168%	$540K	$926K	10x	as long as short
Extended TAO-USD	+0.0320%	1h	317.54	+0.029%	$904K	$2.4M	25x	as long as short
Aster TAOUSDT	+0.0324%	4h	317.59	+0.045%	$1.3M	$11.0M	50x	as long as short
BloFin TAO-USDT	+0.0405%	4h	317.47	+0.006%	$4.7M	$10.9M	100x	as long as short
Lighter TAO	+0.0440%	1h	317.71	+0.081%	$1.6M	$6.8M	5x	as long as short
Nado TAO-PERP	+0.0469%	1h	317.16	−0.091%	$786K	$2.0M	10x	as long as short
Arcus TAO-USD	+0.0473%	1h	317.26	−0.060%	$102K	$389K	5x	as long as short
Variational Omni TAO	+0.0498%	4h	316.92	−0.168%	$5.6M	$10.3M	—	as long as short
Phoenix TAO	+0.0567%	1h	318.10	+0.205%	$317K	$703K	5x	as long as short
Phemex TAOUSDT	+0.0595%	4h	317.34	−0.035%	$3.2M	$8.2M	50x	as long as short
Backpack TAO_USDC_PERP	+0.0597%	1h	317.62	+0.054%	$296K	$905K	10x	as long as short
Hyperliquid TAO	+0.0615%	1h	317.75	+0.095%	$94.0M	$110.2M	5x	as long as short
01 Exchange TAOUSD	+0.0672%	1h	317.45	0.000%	$3K	$4K	5x	as long as short
Reya TAORUSDPERP	+0.0698%	1h	317.39	−0.020%	$365	—	20x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0708%	1h	317.62	+0.052%	$15K	$2.0M	25x	as long as short
RISEx TAO/USDC	+0.0831%	1h	317.05	−0.127%	$437K	$677K	5x	as long as short
Kraken Futures PF_TAOUSD	+0.0834%	1h	317.62	+0.054%	$5.9M	$21.7M	50x	as long as short
Coinbase International TAO-PERP-INTX	+0.0984%	1h	318.15	+0.221%	$1.5M	$6.8M	50x	as long as short
Injective TAO/USDC PERP	+0.4513%	1h	320.67	+1.014%	$23K	$2K	12x	as long as short