Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0595%/8h= +65.2% APRpaid last 24h +0.177%

Price spread now: Reya against Orderly+0.097%54s7-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 Reya

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

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

Together, before fees—+ Points / potential airdropReya: Active · farm boardneeds both histories

Both sides work for this trade now. Funding pays +$18 a day on $10k at the current rate, and Reya is 0.097% dearer against Orderly than usual: you sell high and buy low: +$10 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 54 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_TAO_USDC	318.73	0.0100	pay 0.0050% / 4h	3h 47m	$57K	$316K	10x
Short	Reya TAORUSDPERP	319.04	0.0695	get 0.0087% / 1h	47m 32s	$367	—	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Reya 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 ReyabpOrdersPrice spread, now +0.097%Rate

Funding earned: $125.01
Price spread: +0.097% → 0.000%: $9.67
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Reya: 3 bp × 2 orders: −$6
Net: $122.67
Costs to cover: 0.120%
Break-even: 0.1 days

Slippage unknown: Orderly: no order-book sample; Reya: 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 Reya no order-book sample	—	—	—	—	—

Orderly and Reya: 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	−0.0882%	1h	320.07	+0.420%	$170K	$44K	10x	as long as short
dYdX TAO-USD	0.0000%	1h	318.87	+0.044%	$127K	$88K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	318.14	−0.185%	$21K	—	150x	as long as short
Phemex TAOUSDT	+0.0049%	4h	318.58	−0.047%	$3.4M	$7.9M	50x	as long as short
Popdex TAOUSDT	+0.0096%	1h	319.59	+0.270%	$42K	$581K	20x	as long as short
Binance TAOUSDT	+0.0100%	4h	318.51	−0.069%	$91.6M	$441.5M	75x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	319.10	+0.116%	$26.0M	$107.0M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	318.90	+0.053%	$12.9M	$49.8M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	319.09	+0.113%	$106.3M	$132.1M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	319.40	+0.210%	$18.9M	$28.4M	75x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget TAOUSDT	+0.0100%	4h	318.92	+0.060%	$35.6M	$49.1M	50x	as long as short
edgeX TAOUSDC	+0.0100%	4h	320.20	+0.460%	$37K	$289K	10x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	319.59	+0.270%	$48K	$269K	50x	as long as short
Orderly PERP_TAO_USDClong	+0.0100%	4h	318.73	long leg	$57K	$316K	10x
SunX TAO-USDT	+0.0100%	4h	318.75	+0.006%	$1K	$1.9M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	319.27	+0.169%	$127K	$422K	20x	as long as short
Katana Perps TAO-USD	+0.0102%	8h	319.88	+0.361%	$658	$598K	5x	as long as short
Aevo TAO-PERP	+0.0104%	1h	319.07	+0.107%	$175K	$998	3x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0104%	1h	318.60	−0.041%	$21K	$1.5M	25x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0174% / S +0.0085%	1h	318.15	−0.181%	$462K	—	100x	as long as short
Pacifica TAO	+0.0185%	1h	319.10	+0.116%	$378K	$373K	10x	as long as short
Arcus TAO-USD	+0.0201%	1h	319.58	+0.267%	$84K	$545K	5x	as long as short
Aster TAOUSDT	+0.0231%	4h	319.20	+0.146%	$1.1M	$8.1M	50x	as long as short
Paradex TAO-USD-PERP	+0.0231%	8h	318.99	+0.080%	$14K	$1K	10x	as long as short
GRVT TAO_USDT_Perp	+0.0264%	4h	320.78	+0.643%	$532K	$946K	10x	as long as short
Bullet TAO-USD	+0.0265%	1h	318.58	−0.048%	$12K	$17K	20x	as long as short
Variational Omni TAO	+0.0305%	4h	320.13	+0.438%	$5.5M	$8.6M	—	as long as short
BloFin TAO-USDT	+0.0340%	4h	321.60	+0.900%	$4.5M	$10.9M	100x	as long as short
Polymarket Perps TAO-USD	+0.0372%	1h	319.27	+0.169%	$99K	$634K	5x	as long as short
Kraken Futures PF_TAOUSD	+0.0481%	1h	318.90	+0.053%	$5.8M	$20.3M	50x	as long as short
Phoenix TAO	+0.0525%	1h	319.50	+0.242%	$334K	$624K	5x	as long as short
Injective TAO/USDC PERP	+0.0571%	1h	319.58	+0.267%	$23K	$501	12x	as long as short
BingX TAO-USDT	+0.0573%	4h	318.52	−0.066%	—	$30.7M	—	as long as short
Bybit TAOUSDT	+0.0633%	4h	319.36	+0.198%	$65.9M	$130.5M	50x	as long as short
Reya TAORUSDPERPshort	+0.0695%	1h	319.04	+0.097%	$367	—	20x
Nado TAO-PERP	+0.0784%	1h	319.30	+0.180%	$888K	$2.0M	10x	as long as short
01 Exchange TAOUSD	+0.0816%	1h	319.96	+0.386%	$3K	$4K	5x	as long as short
Coinbase International TAO-PERP-INTX	+0.0984%	1h	321.04	+0.725%	$1.5M	$6.1M	50x	as long as short
Backpack TAO_USDC_PERP	+0.0994%	1h	319.21	+0.151%	$321K	$821K	10x	as long as short
Extended TAO-USD	+0.1080%	1h	319.04	+0.098%	$929K	$2.2M	25x	as long as short
RISEx TAO/USDC	+0.1141%	1h	319.79	+0.333%	$423K	$590K	5x	as long as short
Lighter TAO	+0.1688%	1h	319.40	+0.209%	$1.7M	$5.9M	5x	as long as short
Hyperliquid TAO	+0.2840%	1h	319.91	+0.371%	$104.1M	$89.3M	5x	as long as short