Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0025%/8h= +2.7% APRpaid last 24h −0.002%

Price spread now: Orderly against Bullet−0.448%56s7-day average — · you buy dearer than you sell

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

Long on Bullet Short on Orderly

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—needs both histories

Funding pays, the price is against you. Orderly is 0.448% cheaper against Bullet than usual: you would sell low and buy high (spread −0.448% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$45 on $10k: about 60 days of funding at the current rate (+$1 a day). The two prices were read 56 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	Bullet TAO-USD	317.30	0.0100	pay 0.0013% / 1h	40m 24s	$12K	$18K	20x
Short	Orderly PERP_TAO_USDC	315.88	0.0125	get 0.0063% / 4h	40m 24s	$57K	$275K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against Bullet. 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 BulletbpFee OrderlybpOrdersPrice spread, now −0.448%Rate

Funding earned: $5.25
Price spread: −0.448% → 0.000%: −$44.75
Slippage, 4 orders: no order book: not counted
Fee Bullet: 4 bp × 2 orders: −$8
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$53.5
Costs to cover: 0.140%
Break-even: 78.3 days

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

Bullet and 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
Bulk TAO-USD	−0.0482%	1h	315.13	−0.684%	$167K	$1K	10x	as long as short
dYdX TAO-USD	0.0000%	1h	316.52	−0.246%	$126K	$85K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	315.81	−0.470%	$20K	—	150x	as long as short
Kraken Futures PF_TAOUSD	+0.0056%	1h	315.95	−0.426%	$5.6M	$20.6M	50x	as long as short
Popdex TAOUSDT	+0.0096%	1h	317.59	+0.091%	$42K	$685K	20x	as long as short
Binance TAOUSDT	+0.0100%	4h	317.38	+0.025%	$91.5M	$490.5M	75x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	317.30	0.000%	$26.1M	$120.4M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	317.20	−0.032%	$13.0M	$49.6M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	317.42	+0.038%	$106.6M	$142.6M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	317.31	+0.003%	$17.6M	$31.6M	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	317.14	−0.050%	$35.4M	$55.9M	50x	as long as short
edgeX TAOUSDC	+0.0100%	4h	315.41	−0.595%	$35K	$302K	10x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	316.07	−0.388%	$46K	$252K	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	317.37	+0.022%	$90K	$790K	5x	as long as short
Bullet TAO-USDlong	+0.0100%	1h	317.30	long leg	$12K	$18K	20x
SunX TAO-USDT	+0.0100%	4h	315.81	−0.470%	$1K	$1.9M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	314.78	−0.794%	$109K	$527K	20x	as long as short
Phemex TAOUSDT	+0.0100%	4h	315.92	−0.435%	$3.2M	$8.1M	50x	as long as short
Katana Perps TAO-USD	+0.0101%	8h	317.25	−0.016%	$1K	$787K	5x	as long as short
Aevo TAO-PERP	+0.0104%	1h	315.73	−0.496%	$173K	$998	3x	as long as short
GRVT TAO_USDT_Perp	+0.0106%	4h	316.10	−0.377%	$526K	$944K	10x	as long as short
Orderly PERP_TAO_USDCshort	+0.0125%	4h	315.88	−0.448%	$57K	$275K	10x
Bybit TAOUSDT	+0.0128%	4h	317.56	+0.082%	$69.0M	$146.7M	50x	as long as short
BingX TAO-USDT	+0.0146%	4h	317.44	+0.044%	—	$30.1M	—	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0151% / S +0.0122%	1h	315.69	−0.509%	$420K	—	100x	as long as short
Nado TAO-PERP	+0.0162%	1h	317.42	+0.039%	$809K	$2.2M	10x	as long as short
Paradex TAO-USD-PERP	+0.0188%	8h	316.66	−0.200%	$14K	$1K	10x	as long as short
Aster TAOUSDT	+0.0215%	4h	316.69	−0.193%	$1.2M	$10.2M	50x	as long as short
01 Exchange TAOUSD	+0.0240%	1h	317.86	+0.176%	$3K	$4K	5x	as long as short
Hyperliquid TAO	+0.0296%	1h	317.56	+0.082%	$94.3M	$105.4M	5x	as long as short
Extended TAO-USD	+0.0296%	1h	317.29	−0.004%	$927K	$2.4M	25x	as long as short
Backpack TAO_USDC_PERP	+0.0322%	1h	316.27	−0.325%	$317K	$913K	10x	as long as short
BloFin TAO-USDT	+0.0340%	4h	316.00	−0.410%	$4.5M	$10.9M	100x	as long as short
Arcus TAO-USD	+0.0345%	1h	317.79	+0.154%	$100K	$488K	5x	as long as short
Pacifica TAO	+0.0365%	1h	316.93	−0.118%	$363K	$409K	10x	as long as short
Lighter TAO	+0.0416%	1h	317.44	+0.043%	$1.5M	$6.5M	5x	as long as short
Phoenix TAO	+0.0581%	1h	316.10	−0.378%	$315K	$697K	5x	as long as short
Variational Omni TAO	+0.0615%	4h	315.95	−0.427%	$5.8M	$9.8M	—	as long as short
Reya TAORUSDPERP	+0.0696%	1h	317.32	+0.007%	$365	—	20x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0744%	1h	316.09	−0.382%	$11K	$1.6M	25x	as long as short
RISEx TAO/USDC	+0.0991%	1h	317.61	+0.097%	$440K	$659K	5x	as long as short
Coinbase International TAO-PERP-INTX	+0.1008%	1h	316.38	−0.290%	$1.5M	$6.6M	50x	as long as short
Injective TAO/USDC PERP	+0.4222%	1h	319.61	+0.728%	$23K	$2K	12x	as long as short