Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 20:00 UTC−0.0145%/8hpaid last 24h −0.048%

Price spread now: GMX against BloFin−0.105%7-day average −0.022% · you buy dearer than you sell

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

Long on BloFin Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.090%−$9 on $10k

Price spread, last 3 days (all we have)+0.107%+$11 · spread now −0.105%, 7d avg −0.022%

Together, before fees+0.017%+$2 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and GMX is 0.083% cheaper against BloFin than usual: you would sell low and buy high (−$8 if the spread goes back to its 7-day average of −0.022%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin TAO-USDT	294.48	0.0340	pay 0.0170% / 4h	4m 53s	$4.1M	$7.3M	100x
Short	GMX TAO/USD [WBTC.b-USDC]	294.17	L +0.0482% / S −0.0195%	get 0.0024% / 1h	4m 53s	$444K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against BloFin. 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 BloFinbpFee GMXbpOrdersPrice spread, now −0.105%Rate

Funding earned: −$30.44
Price spread: −0.105% → −0.022%: −$8.34
Slippage, 4 orders: no order book: not counted
Fee BloFin: 6 bp × 2 orders: −$12
Fee GMX: 6 bp × 2 orders: −$12
Net: −$62.78
Costs to cover: 0.240%
Break-even: never at this rate

Slippage unknown: BloFin: live order book, 3 min ago; GMX: 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 BloFin live order book, 3 min ago	0.17 bp	7.4 bp −$7	15.0 bp −$150	doesn't fit	doesn't fit
Sell GMX no order-book sample	—	—	—	—	—

GMX: 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	−0.2681%	1h	291.45	−1.029%	$192K	$44K	10x	as long as short
Kraken Futures PF_TAOUSD	−0.0158%	1h	294.33	−0.052%	$5.3M	$14.1M	50x	as long as short
dYdX TAO-USD	0.0000%	1h	294.27	−0.071%	$75K	$35K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0010%	1h	294.19	−0.099%	$35K	—	150x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0086%	1h	294.27	−0.071%	$22K	$1.1M	25x	as long as short
Popdex TAOUSDT	+0.0096%	1h	294.47	−0.003%	$34K	$482K	20x	as long as short
Aster TAOUSDT	+0.0100%	4h	294.43	−0.016%	$1.6M	$5.0M	50x	as long as short
Pacifica TAO	+0.0100%	1h	294.20	−0.096%	$341K	$375K	10x	as long as short
Binance TAOUSDT	+0.0100%	4h	294.76	+0.094%	$80.4M	$338.1M	75x	as long as short
Bybit TAOUSDT	+0.0100%	4h	294.83	+0.119%	$52.0M	$88.7M	50x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX TAO-USDT-SWAP	+0.0100%	8h	294.50	+0.007%	$23.3M	$72.3M	50x	as long as short
Arcus TAO-USD	+0.0100%	1h	294.54	+0.020%	$129K	$580K	5x	as long as short
Gate TAO_USDT	+0.0100%	4h	294.70	+0.075%	$11.7M	$45.5M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	294.65	+0.058%	$106.5M	$106.8M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	294.76	+0.095%	$19.8M	$21.3M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	294.39	−0.031%	$33.2M	$37.0M	50x	as long as short
BingX TAO-USDT	+0.0100%	4h	294.81	+0.112%	—	$27.7M	—	as long as short
Variational Omni TAO	+0.0100%	4h	292.37	−0.715%	$3.2M	$5.4M	—	as long as short
edgeX TAOUSDC	+0.0100%	4h	292.48	−0.678%	$38K	$272K	10x	as long as short
GRVT TAO_USDT_Perp	+0.0100%	4h	292.20	−0.775%	$523K	$884K	10x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	292.18	−0.781%	$44K	$266K	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	294.57	+0.031%	$85K	$508K	5x	as long as short
Bullet TAO-USD	+0.0100%	1h	294.30	−0.061%	$11K	$18K	20x	as long as short
Orderly PERP_TAO_USDC	+0.0100%	4h	294.11	−0.126%	$54K	$235K	10x	as long as short
SunX TAO-USDT	+0.0100%	4h	293.97	−0.173%	$1K	$1.6M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	294.16	−0.109%	$123K	$312K	20x	as long as short
Phemex TAOUSDT	+0.0100%	4h	294.49	+0.003%	$3.1M	$7.5M	50x	as long as short
Katana Perps TAO-USD	+0.0102%	8h	294.43	−0.017%	$1K	$348K	5x	as long as short
Aevo TAO-PERP	+0.0104%	1h	294.21	−0.090%	$162K	$998	3x	as long as short
Paradex TAO-USD-PERP	+0.0105%	8h	294.14	−0.114%	$14K	$376	10x	as long as short
Nado TAO-PERP	+0.0187%	1h	294.35	−0.045%	$1.0M	$1.3M	10x	as long as short
Phoenix TAO	+0.0336%	1h	292.60	−0.638%	$311K	$158K	5x	as long as short
Extended TAO-USD	+0.0336%	1h	294.62	+0.049%	$782K	$1.4M	25x	as long as short
BloFin TAO-USDTlong	+0.0340%	4h	294.48	long leg	$4.1M	$7.3M	100x
01 Exchange TAOUSD	+0.0408%	1h	294.72	+0.081%	$3K	$4K	5x	as long as short
Lighter TAO	+0.0416%	1h	294.77	+0.098%	$1.3M	$2.4M	5x	as long as short
RISEx TAO/USDC	+0.0478%	1h	294.52	+0.015%	$340K	$452K	5x	as long as short
GMX TAO/USD [WBTC.b-USDC]short	L +0.0482% / S −0.0195%	1h	294.17	−0.105%	$444K	—	100x
Backpack TAO_USDC_PERP	+0.0675%	1h	294.92	+0.149%	$373K	$536K	10x	as long as short
Reya TAORUSDPERP	+0.0694%	1h	294.30	−0.063%	$338	—	20x	as long as short
Coinbase International TAO-PERP-INTX	+0.0872%	1h	295.14	+0.224%	$1.5M	$4.4M	50x	as long as short
Hyperliquid TAO	+0.1165%	1h	295.07	+0.200%	$83.3M	$56.0M	5x	as long as short
Injective TAO/USDC PERP	+0.2947%	1h	294.49	+0.003%	$21K	$39K	12x	as long as short