Funding arb · Price arb /

TAO

all TAO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0041%/8h= +4.5% APRpaid last 24h +0.002%

Price spread now: Orderly against Popdex−0.069%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 Popdex Short on Orderly

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)+0.120%+$12 · spread now −0.069%, 7d avg +0.011%

Together, before fees+0.127%+$13 on $10k · with fees, hour by hour

Funding pays, the price is against you. Orderly is 0.080% cheaper against Popdex than usual: you would sell low and buy high (spread −0.069% now, against its 7-day average of +0.011%). If the spread goes back, that is −$8 on $10k: about 6.6 days of funding at the current rate (+$1 a day). At the pace of the last 4 days (+0.007% in total) that is about 45 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Popdex TAOUSDT	318.32	0.0096	pay 0.0012% / 1h	53m 44s	$44K	$707K	20x
Short	Orderly PERP_TAO_USDC	318.10	0.0137	get 0.0068% / 4h	53m 44s	$53K	$293K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against Popdex. 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 PopdexbpFee OrderlybpOrdersPrice spread, now −0.069%Rate

Funding earned: $8.53
Price spread: −0.069% → +0.011%: −$8.02
Slippage, 4 orders: no order book: not counted
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$11.89
Costs to cover: 0.124%
Break-even: 16.8 days

Slippage unknown: Popdex: live order book, 50 min ago; Orderly: 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 Popdex live order book, 50 min ago	0.47 bp	8.8 bp −$9	87.0 bp −$870	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

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	317.87	−0.141%	$22K	—	150x	as long as short
dYdX TAO-USD	+0.0030%	1h	317.39	−0.292%	$127K	$85K	5x	as long as short
Popdex TAOUSDTlong	+0.0096%	1h	318.32	long leg	$44K	$707K	20x
OKX TAO-USDT-SWAP	+0.0100%	8h	317.60	−0.226%	$26.5M	$129.9M	50x	as long as short
Bulk TAO-USD	+0.0100%	1h	317.85	−0.148%	$169K	$333	10x	as long as short
Gate TAO_USDT	+0.0100%	4h	317.40	−0.289%	$14.3M	$50.9M	50x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	317.64	−0.214%	$17.8M	$32.4M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	317.29	−0.324%	$35.6M	$58.0M	50x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	317.36	−0.302%	$46K	$260K	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	318.07	−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	317.80	−0.163%	$1K	$2.0M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	317.66	−0.207%	$116K	$603K	20x	as long as short
Katana Perps TAO-USD	+0.0107%	8h	318.32	0.000%	$722	$1.1M	5x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0110% / S +0.0156%	1h	317.89	−0.135%	$424K	—	100x	as long as short
Aevo TAO-PERP	+0.0120%	1h	318.19	−0.041%	$175K	$998	3x	as long as short
Orderly PERP_TAO_USDCshort	+0.0137%	4h	318.10	−0.069%	$53K	$293K	10x
MEXC TAO_USDT	+0.0164%	4h	317.77	−0.173%	$107.4M	$150.4M	300x	as long as short
Binance TAOUSDT	+0.0166%	4h	317.68	−0.201%	$92.2M	$529.0M	75x	as long as short
edgeX TAOUSDC	+0.0171%	4h	317.34	−0.309%	$42K	$318K	10x	as long as short
Paradex TAO-USD-PERP	+0.0228%	8h	318.14	−0.057%	$14K	$1K	10x	as long as short
BingX TAO-USDT	+0.0242%	4h	317.66	−0.207%	—	$36.9M	—	as long as short
Bybit TAOUSDT	+0.0249%	4h	317.85	−0.148%	$69.6M	$156.3M	50x	as long as short
Bullet TAO-USD	+0.0303%	1h	318.29	−0.009%	$12K	$17K	20x	as long as short
Pacifica TAO	+0.0313%	1h	317.84	−0.152%	$361K	$427K	10x	as long as short
GRVT TAO_USDT_Perp	+0.0318%	4h	316.92	−0.440%	$540K	$926K	10x	as long as short
Extended TAO-USD	+0.0320%	1h	317.65	−0.209%	$904K	$2.4M	25x	as long as short
Aster TAOUSDT	+0.0328%	4h	317.66	−0.207%	$1.3M	$11.0M	50x	as long as short
Lighter TAO	+0.0392%	1h	317.82	−0.156%	$1.6M	$6.8M	5x	as long as short
BloFin TAO-USDT	+0.0405%	4h	317.47	−0.267%	$4.7M	$10.9M	100x	as long as short
Nado TAO-PERP	+0.0424%	1h	318.10	−0.068%	$788K	$2.0M	10x	as long as short
Arcus TAO-USD	+0.0473%	1h	318.54	+0.069%	$103K	$389K	5x	as long as short
Variational Omni TAO	+0.0498%	4h	316.92	−0.441%	$5.6M	$10.3M	—	as long as short
Phoenix TAO	+0.0567%	1h	318.10	−0.069%	$317K	$703K	5x	as long as short
Phemex TAOUSDT	+0.0578%	4h	317.76	−0.176%	$3.2M	$8.2M	50x	as long as short
Backpack TAO_USDC_PERP	+0.0664%	1h	317.80	−0.163%	$296K	$905K	10x	as long as short
Hyperliquid TAO	+0.0667%	1h	317.91	−0.129%	$94.1M	$109.9M	5x	as long as short
01 Exchange TAOUSD	+0.0672%	1h	318.65	+0.104%	$3K	$4K	5x	as long as short
Reya TAORUSDPERP	+0.0698%	1h	318.11	−0.066%	$366	—	20x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0698%	1h	318.05	−0.084%	$15K	$2.0M	25x	as long as short
RISEx TAO/USDC	+0.0831%	1h	318.23	−0.027%	$439K	$677K	5x	as long as short
Kraken Futures PF_TAOUSD	+0.0834%	1h	317.88	−0.137%	$5.9M	$21.7M	50x	as long as short
Coinbase International TAO-PERP-INTX	+0.0984%	1h	318.84	+0.163%	$1.5M	$6.8M	50x	as long as short
Injective TAO/USDC PERP	+0.4513%	1h	320.67	+0.738%	$23K	$2K	12x	as long as short