Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0908%/8h= −99.4% APRpaid last 24h −0.208%

Price spread now: Orderly against Coinbase International−0.599%7-day average −0.174% · you buy dearer than you sell

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

Long on Coinbase International Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days−0.629%−$63 on $10k

Price spread, last 3 days (all we have)+0.410%+$41 · spread now −0.599%, 7d avg −0.174%

Together, before fees−0.220%−$22 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$27 a day on $10k at the current rate, and Orderly is 0.425% cheaper against Coinbase International than usual: you would sell low and buy high (−$43 if the spread goes back to its 7-day average of −0.174%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.629% in total (about -32.8% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International TAO-PERP-INTX	305.27	0.1008	pay 0.0126% / 1h	48m 44s	$1.5M	$5.6M	50x
Short	Orderly PERP_TAO_USDC	303.44	0.0100	get 0.0050% / 4h	1h 48m	$58K	$276K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against Coinbase International. 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 Coinbase InternationalbpFee OrderlybpOrdersPrice spread, now −0.599%Rate

Funding earned: −$190.68
Price spread: −0.599% → −0.174%: −$42.52
Slippage, 4 orders: no order book: not counted
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$249.2
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Coinbase International: live order book, 5 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 Coinbase International live order book, 5 min ago	10.09 bp	15.1 bp −$15	17.1 bp −$171	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
Bulk TAO-USD	−0.0466%	1h	307.38	+0.691%	$202K	$17K	10x	as long as short
dYdX TAO-USD	0.0000%	1h	303.87	−0.458%	$125K	$87K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0007%	1h	303.26	−0.657%	$26K	—	150x	as long as short
Popdex TAOUSDT	+0.0096%	1h	303.72	−0.508%	$42K	$533K	20x	as long as short
Binance TAOUSDT	+0.0100%	4h	303.98	−0.423%	$85.3M	$410.0M	75x	as long as short
Bybit TAOUSDT	+0.0100%	4h	304.05	−0.400%	$59.0M	$120.6M	50x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	303.90	−0.449%	$24.4M	$94.5M	50x	as long as short
Arcus TAO-USD	+0.0100%	1h	304.17	−0.360%	$79K	$642K	5x	as long as short
Gate TAO_USDT	+0.0100%	4h	303.70	−0.514%	$12.1M	$48.3M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	304.02	−0.409%	$120.7M	$123.9M	300x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin TAOUSDTM	+0.0100%	4h	303.62	−0.541%	$18.2M	$26.9M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	303.95	−0.432%	$34.0M	$45.7M	50x	as long as short
BingX TAO-USDT	+0.0100%	4h	304.09	−0.387%	—	$30.4M	—	as long as short
Variational Omni TAO	+0.0100%	4h	305.07	−0.066%	$3.6M	$6.6M	—	as long as short
edgeX TAOUSDC	+0.0100%	4h	304.88	−0.127%	$39K	$278K	10x	as long as short
GRVT TAO_USDT_Perp	+0.0100%	4h	304.81	−0.151%	$504K	$977K	10x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	306.50	+0.403%	$46K	$269K	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	303.87	−0.459%	$77K	$607K	5x	as long as short
Bullet TAO-USD	+0.0100%	1h	304.00	−0.416%	$11K	$18K	20x	as long as short
Orderly PERP_TAO_USDCshort	+0.0100%	4h	303.44	−0.599%	$58K	$276K	10x
SunX TAO-USDT	+0.0100%	4h	303.40	−0.613%	$1K	$1.8M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	303.88	−0.455%	$120K	$355K	20x	as long as short
Phemex TAOUSDT	+0.0100%	4h	303.85	−0.465%	$3.2M	$7.8M	50x	as long as short
Aevo TAO-PERP	+0.0104%	1h	303.56	−0.559%	$167K	$998	3x	as long as short
Aster TAOUSDT	+0.0111%	4h	303.93	−0.440%	$1.1M	$7.6M	50x	as long as short
Katana Perps TAO-USD	+0.0112%	8h	303.79	−0.485%	$622	$486K	5x	as long as short
Paradex TAO-USD-PERP	+0.0156%	8h	304.57	−0.231%	$14K	$1K	10x	as long as short
Pacifica TAO	+0.0164%	1h	304.04	−0.403%	$359K	$370K	10x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0174% / S +0.0069%	1h	303.41	−0.611%	$433K	—	100x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0212%	1h	303.54	−0.566%	$22K	$1.4M	25x	as long as short
BloFin TAO-USDT	+0.0340%	4h	303.61	−0.544%	$4.3M	$9.3M	100x	as long as short
Backpack TAO_USDC_PERP	+0.0354%	1h	303.78	−0.488%	$376K	$756K	10x	as long as short
Lighter TAO	+0.0384%	1h	304.13	−0.372%	$1.7M	$5.2M	5x	as long as short
01 Exchange TAOUSD	+0.0424%	1h	303.80	−0.482%	$3K	$4K	5x	as long as short
Nado TAO-PERP	+0.0493%	1h	303.81	−0.477%	$828K	$1.9M	10x	as long as short
Phoenix TAO	+0.0521%	1h	307.40	+0.698%	$326K	$491K	5x	as long as short
Reya TAORUSDPERP	+0.0694%	1h	303.96	−0.430%	$350	—	20x	as long as short
Extended TAO-USD	+0.0848%	1h	303.84	−0.469%	$838K	$2.0M	25x	as long as short
Coinbase International TAO-PERP-INTXlong	+0.1008%	1h	305.27	long leg	$1.5M	$5.6M	50x
Kraken Futures PF_TAOUSD	+0.1040%	1h	303.64	−0.534%	$5.8M	$19.8M	50x	as long as short
RISEx TAO/USDC	+0.1155%	1h	303.83	−0.470%	$409K	$545K	5x	as long as short
Hyperliquid TAO	+0.1379%	1h	304.38	−0.292%	$93.3M	$79.5M	5x	as long as short
Injective TAO/USDC PERP	+0.1621%	1h	308.73	+1.133%	$22K	$264	12x	as long as short