Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h −0.016%

Price spread now: Orderly against dYdX+0.090%7-day average +0.047% · you sell dearer than you buy

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

Long on dYdX Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days−0.212%−$21 on $10k

Price spread, last 3 days (all we have)+0.031%+$3 · spread now +0.090%, 7d avg +0.047%

Together, before fees−0.181%−$18 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 Orderly is 0.043% dearer against dYdX than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of +0.047%. Mind the row above: over the last 7 days funding on this pair cost −0.212%, 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	319.11	0	get 0.0000% / 1h	50m 31s	$128K	$88K	5x
Short	Orderly PERP_TAO_USDC	319.40	0.0100	get 0.0050% / 4h	3h 50m	$57K	$316K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now +0.090%Rate

Funding earned: $21
Price spread: +0.090% → +0.047%: $4.28
Slippage, 4 orders: no order book: not counted
Fee dYdX: 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: $9.28
Costs to cover: 0.160%
Break-even: 3.9 days

Slippage unknown: dYdX: live order book, 23 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 dYdX live order book, 23 min ago	40.38 bp	45.4 bp −$45	62.7 bp −$627	151.3 bp −$15.1K	390.6 bp −$195.3K
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	−0.1799%	1h	311.96	−2.242%	$167K	$44K	10x	as long as short
Phemex TAOUSDT	−0.0839%	4h	318.72	−0.123%	$3.4M	$7.9M	50x	as long as short
dYdX TAO-USDlong	0.0000%	1h	319.11	long leg	$128K	$88K	5x
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	319.64	+0.166%	$21K	—	150x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0069%	1h	319.10	−0.004%	$22K	$1.5M	25x	as long as short
Popdex TAOUSDT	+0.0096%	1h	320.46	+0.422%	$42K	$579K	20x	as long as short
Binance TAOUSDT	+0.0100%	4h	320.31	+0.373%	$92.1M	$440.3M	75x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	320.10	+0.309%	$25.9M	$107.1M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	319.50	+0.121%	$12.9M	$49.7M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	319.62	+0.159%	$105.7M	$131.8M	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	319.60	+0.152%	$19.0M	$28.4M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	319.82	+0.221%	$35.7M	$48.9M	50x	as long as short
edgeX TAOUSDC	+0.0100%	4h	318.79	−0.101%	$36K	$288K	10x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	318.51	−0.189%	$48K	$268K	50x	as long as short
Orderly PERP_TAO_USDCshort	+0.0100%	4h	319.40	+0.090%	$57K	$316K	10x
SunX TAO-USDT	+0.0100%	4h	319.00	−0.036%	$2K	$1.9M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	318.61	−0.158%	$127K	$422K	20x	as long as short
Aevo TAO-PERP	+0.0104%	1h	319.61	+0.155%	$176K	$998	3x	as long as short
Katana Perps TAO-USD	+0.0105%	8h	320.26	+0.359%	$2K	$595K	5x	as long as short
GRVT TAO_USDT_Perp	+0.0168%	4h	320.12	+0.315%	$532K	$945K	10x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0174% / S +0.0085%	1h	319.60	+0.152%	$462K	—	100x	as long as short
Pacifica TAO	+0.0185%	1h	319.73	+0.194%	$378K	$371K	10x	as long as short
Arcus TAO-USD	+0.0201%	1h	320.45	+0.419%	$85K	$545K	5x	as long as short
Paradex TAO-USD-PERP	+0.0226%	8h	319.61	+0.157%	$14K	$1K	10x	as long as short
Aster TAOUSDT	+0.0230%	4h	319.70	+0.183%	$1.1M	$8.1M	50x	as long as short
Bullet TAO-USD	+0.0274%	1h	319.96	+0.265%	$12K	$17K	20x	as long as short
Variational Omni TAO	+0.0305%	4h	320.13	+0.317%	$5.5M	$8.6M	—	as long as short
BloFin TAO-USDT	+0.0340%	4h	319.32	+0.065%	$4.4M	$10.9M	100x	as long as short
Polymarket Perps TAO-USD	+0.0365%	1h	320.29	+0.369%	$100K	$634K	5x	as long as short
BingX TAO-USDT	+0.0378%	4h	319.74	+0.196%	—	$30.7M	—	as long as short
Kraken Futures PF_TAOUSD	+0.0481%	1h	318.87	−0.075%	$5.8M	$20.3M	50x	as long as short
Phoenix TAO	+0.0525%	1h	321.00	+0.591%	$336K	$624K	5x	as long as short
Injective TAO/USDC PERP	+0.0571%	1h	320.58	+0.459%	$23K	$495	12x	as long as short
Bybit TAOUSDT	+0.0646%	4h	320.47	+0.425%	$66.0M	$130.2M	50x	as long as short
Reya TAORUSDPERP	+0.0695%	1h	319.82	+0.221%	$368	—	20x	as long as short
Nado TAO-PERP	+0.0746%	1h	319.93	+0.255%	$891K	$2.0M	10x	as long as short
01 Exchange TAOUSD	+0.0832%	1h	320.61	+0.469%	$3K	$4K	5x	as long as short
Coinbase International TAO-PERP-INTX	+0.0984%	1h	321.35	+0.701%	$1.5M	$6.1M	50x	as long as short
Backpack TAO_USDC_PERP	+0.1022%	1h	319.03	−0.026%	$318K	$820K	10x	as long as short
Extended TAO-USD	+0.1048%	1h	320.04	+0.290%	$933K	$2.2M	25x	as long as short
RISEx TAO/USDC	+0.1141%	1h	320.37	+0.392%	$423K	$590K	5x	as long as short
Lighter TAO	+0.1784%	1h	320.07	+0.298%	$1.7M	$5.9M	5x	as long as short
Hyperliquid TAO	+0.2908%	1h	320.89	+0.557%	$104.9M	$88.6M	5x	as long as short