Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0089%/8h= +9.7% APRpaid last 24h −0.009%

Price spread now: OKX against dYdX+0.044%7-day average +0.015% · you sell dearer than you buy

Net, funding: paid 7d − costs−$112as in the Funding arb table

Net, price: spread back to 7d avg − costs−$96as in the Price arb table

costs, in and out, $10k−$980.984% of the position

Long on dYdX Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.134%−$13 on $10k

Price spread, last 4 days (all we have)−0.084%−$8 · spread now +0.044%, 7d avg +0.015%

Together, before fees−0.219%−$22 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and OKX is 0.028% dearer against dYdX than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of +0.015%. Mind the row above: over the last 7 days funding on this pair cost −0.134%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	dYdX TAO-USD	313.26	0.0011	pay 0.0001% / 1h	17m 27s	$125K	$85K	5x
Short	OKX TAO-USDT-SWAP	313.40	0.0100	get 0.0100% / 8h	3h 17m	$26.1M	$121.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX against dYdX. 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 dYdXbpFee OKXbpOrdersPrice spread, now +0.044%Rate

Funding earned: $18.6
Price spread: +0.044% → +0.015%: $2.83
Slippage, 4 orders: −$78.43
Fee dYdX: 5 bp × 2 orders: −$10
Fee OKX: 5 bp × 2 orders: −$10
Net: −$77
Costs to cover: 0.984%
Break-even: 36.0 days

Slippage from dYdX: live order book, 36 min ago; OKX: live order book, 2 min ago.

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 dYdX live order book, 36 min ago	31.65 bp	42.5 bp −$42	67.6 bp −$676	147.8 bp −$14.8K	533.8 bp −$266.9K
Sell OKX live order book, 2 min ago	1.60 bp	9.5 bp −$9	14.9 bp −$149	62.9 bp −$6,295	doesn't fit

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
Kraken Futures PF_TAOUSD	−0.0347%	1h	312.59	−0.216%	$5.5M	$20.7M	50x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	313.03	−0.073%	$20K	—	150x	as long as short
dYdX TAO-USDlong	+0.0011%	1h	313.26	long leg	$125K	$85K	5x
Popdex TAOUSDT	+0.0096%	1h	313.36	+0.031%	$46K	$656K	20x	as long as short
Katana Perps TAO-USD	+0.0099%	8h	313.30	+0.012%	$641	$845K	5x	as long as short
Pacifica TAO	+0.0100%	1h	313.66	+0.127%	$357K	$416K	10x	as long as short
Binance TAOUSDT	+0.0100%	4h	313.42	+0.050%	$89.8M	$501.3M	75x	as long as short
OKX TAO-USDT-SWAPshort	+0.0100%	8h	313.40	+0.044%	$26.1M	$121.3M	50x
Gate TAO_USDT	+0.0100%	4h	313.00	−0.084%	$13.3M	$50.3M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	313.32	+0.018%	$102.6M	$145.5M	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	313.36	+0.031%	$17.9M	$31.3M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	313.11	−0.049%	$35.1M	$56.5M	50x	as long as short
edgeX TAOUSDC	+0.0100%	4h	311.63	−0.522%	$41K	$314K	10x	as long as short
GRVT TAO_USDT_Perp	+0.0100%	4h	311.55	−0.548%	$529K	$956K	10x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	312.33	−0.298%	$46K	$254K	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	313.18	−0.027%	$79K	$901K	5x	as long as short
Bullet TAO-USD	+0.0100%	1h	313.38	+0.039%	$12K	$17K	20x	as long as short
SunX TAO-USDT	+0.0100%	4h	312.51	−0.241%	$2K	$1.9M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	312.06	−0.384%	$110K	$542K	20x	as long as short
Phemex TAOUSDT	+0.0100%	4h	312.77	−0.158%	$3.1M	$8.0M	50x	as long as short
BingX TAO-USDT	+0.0104%	4h	313.34	+0.024%	—	$33.7M	—	as long as short
Aevo TAO-PERP	+0.0104%	1h	312.72	−0.172%	$172K	$998	3x	as long as short
Orderly PERP_TAO_USDC	+0.0115%	4h	313.31	+0.015%	$52K	$290K	10x	as long as short
Aster TAOUSDT	+0.0124%	4h	313.40	+0.044%	$1.3M	$10.5M	50x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0136% / S +0.0136%	1h	313.04	−0.070%	$416K	—	100x	as long as short
Paradex TAO-USD-PERP	+0.0158%	8h	313.60	+0.109%	$14K	$1K	10x	as long as short
Bybit TAOUSDT	+0.0161%	4h	313.47	+0.066%	$67.6M	$150.5M	50x	as long as short
Arcus TAO-USD	+0.0231%	1h	313.73	+0.149%	$102K	$394K	5x	as long as short
Variational Omni TAO	+0.0308%	4h	311.97	−0.413%	$5.5M	$10.1M	—	as long as short
Extended TAO-USD	+0.0312%	1h	313.38	+0.037%	$914K	$2.4M	25x	as long as short
Nado TAO-PERP	+0.0329%	1h	313.29	+0.009%	$791K	$2.2M	10x	as long as short
BloFin TAO-USDT	+0.0340%	4h	312.69	−0.183%	$4.5M	$10.8M	100x	as long as short
Phoenix TAO	+0.0457%	1h	313.70	+0.139%	$312K	$711K	5x	as long as short
Hyperliquid TAO	+0.0473%	1h	313.51	+0.079%	$92.1M	$107.8M	5x	as long as short
01 Exchange TAOUSD	+0.0488%	1h	313.74	+0.152%	$3K	$4K	5x	as long as short
Backpack TAO_USDC_PERP	+0.0498%	1h	313.42	+0.050%	$311K	$885K	10x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0553%	1h	312.63	−0.202%	$13K	$1.8M	25x	as long as short
Lighter TAO	+0.0616%	1h	313.86	+0.189%	$1.5M	$6.5M	5x	as long as short
Reya TAORUSDPERP	+0.0697%	1h	313.34	+0.023%	$360	—	20x	as long as short
RISEx TAO/USDC	+0.0816%	1h	313.52	+0.082%	$444K	$647K	5x	as long as short
Bulk TAO-USD	+0.0817%	1h	310.92	−0.748%	$165K	$333	10x	as long as short
Coinbase International TAO-PERP-INTX	+0.0952%	1h	312.08	−0.378%	$1.5M	$6.7M	50x	as long as short
Injective TAO/USDC PERP	+0.4092%	1h	315.24	+0.631%	$23K	$2K	12x	as long as short