Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0254%/8h= −27.9% APRpaid last 24h −0.007%

Price spread now: GMX against Gate−0.135%7-day average +0.024% · you buy dearer than you sell

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

Long on Gate Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.098%+$10 on $10k

Price spread, last 4 days (all we have)+0.192%+$19 · spread now −0.135%, 7d avg +0.024%

Together, before fees+0.291%+$29 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$8 a day on $10k at the current rate, and GMX is 0.159% cheaper against Gate than usual: you would sell low and buy high (−$16 if the spread goes back to its 7-day average of +0.024%). Swap the legs. Mind the row above: over the last 3 days funding on this pair paid +0.098%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate TAO_USDT	317.00	0.0100	pay 0.0050% / 4h	1h 02m	$14.3M	$52.5M	50x
Short	GMX TAO/USD [WBTC.b-USDC]	316.57	L +0.0112% / S +0.0154%	pay 0.0019% / 1h	2m 00s	$423K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against Gate. 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 GatebpFee GMXbpOrdersPrice spread, now −0.135%Rate

Funding earned: −$53.43
Price spread: −0.135% → +0.024%: −$15.9
Slippage, 4 orders: no order book: not counted
Fee Gate: 7.5 bp × 2 orders: −$15
Fee GMX: 6 bp × 2 orders: −$12
Net: −$96.34
Costs to cover: 0.270%
Break-even: never at this rate

Slippage unknown: Gate: live order book, 2 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 Gate live order book, 2 min ago	3.15 bp	14.6 bp −$15	41.4 bp −$414	61.1 bp −$6,111	96.4 bp −$48.2K
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	−0.0237%	1h	320.94	+1.243%	$171K	$333	10x	as long as short
dYdX TAO-USD	0.0000%	1h	316.41	−0.186%	$126K	$85K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0005%	1h	316.52	−0.152%	$22K	—	150x	as long as short
Popdex TAOUSDT	+0.0096%	1h	317.23	+0.073%	$43K	$707K	20x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	317.40	+0.126%	$26.5M	$129.5M	50x	as long as short
Gate TAO_USDTlong	+0.0100%	4h	317.00	long leg	$14.3M	$52.5M	50x
KuCoin TAOUSDTM	+0.0100%	4h	317.01	+0.003%	$17.7M	$32.3M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	316.86	−0.044%	$35.6M	$58.0M	50x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	319.23	+0.703%	$46K	$260K	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	316.87	−0.041%	$84K	$1.2M	5x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX TAO-USDT	+0.0100%	4h	316.74	−0.082%	$1K	$2.0M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	316.66	−0.107%	$115K	$600K	20x	as long as short
Katana Perps TAO-USD	+0.0108%	8h	317.23	+0.073%	$720	$1.1M	5x	as long as short
GMX TAO/USD [WBTC.b-USDC]short	L +0.0112% / S +0.0154%	1h	316.57	−0.135%	$423K	—	100x
Aevo TAO-PERP	+0.0128%	1h	316.94	−0.020%	$174K	$998	3x	as long as short
Orderly PERP_TAO_USDC	+0.0132%	4h	316.75	−0.079%	$53K	$293K	10x	as long as short
MEXC TAO_USDT	+0.0178%	4h	317.21	+0.066%	$107.1M	$152.0M	300x	as long as short
Binance TAOUSDT	+0.0178%	4h	317.24	+0.077%	$92.1M	$528.9M	75x	as long as short
edgeX TAOUSDC	+0.0186%	4h	319.32	+0.733%	$42K	$319K	10x	as long as short
Paradex TAO-USD-PERP	+0.0234%	8h	317.11	+0.034%	$14K	$1K	10x	as long as short
BingX TAO-USDT	+0.0256%	4h	317.29	+0.091%	—	$36.7M	—	as long as short
Bybit TAOUSDT	+0.0256%	4h	317.46	+0.145%	$69.6M	$156.0M	50x	as long as short
Bullet TAO-USD	+0.0300%	1h	316.96	−0.012%	$12K	$17K	20x	as long as short
Aster TAOUSDT	+0.0338%	4h	317.17	+0.053%	$1.3M	$11.0M	50x	as long as short
Extended TAO-USD	+0.0344%	1h	317.04	+0.014%	$904K	$2.4M	25x	as long as short
GRVT TAO_USDT_Perp	+0.0356%	4h	318.52	+0.479%	$543K	$926K	10x	as long as short
BloFin TAO-USDT	+0.0418%	4h	317.35	+0.110%	$4.7M	$11.0M	100x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0505%	1h	316.84	−0.052%	$15K	$2.0M	25x	as long as short
Variational Omni TAO	+0.0514%	4h	319.69	+0.848%	$5.7M	$10.2M	—	as long as short
Nado TAO-PERP	+0.0515%	1h	317.07	+0.021%	$786K	$2.0M	10x	as long as short
Pacifica TAO	+0.0525%	1h	317.01	+0.004%	$360K	$429K	10x	as long as short
Phoenix TAO	+0.0567%	1h	318.10	+0.347%	$317K	$709K	5x	as long as short
Lighter TAO	+0.0576%	1h	317.01	+0.003%	$1.6M	$6.9M	5x	as long as short
Hyperliquid TAO	+0.0582%	1h	317.09	+0.028%	$93.8M	$110.0M	5x	as long as short
01 Exchange TAOUSD	+0.0608%	1h	317.37	+0.117%	$3K	$4K	5x	as long as short
Arcus TAO-USD	+0.0641%	1h	317.47	+0.148%	$102K	$389K	5x	as long as short
Phemex TAOUSDT	+0.0664%	4h	317.01	+0.003%	$3.2M	$8.2M	50x	as long as short
Backpack TAO_USDC_PERP	+0.0664%	1h	316.97	−0.009%	$295K	$905K	10x	as long as short
Reya TAORUSDPERP	+0.0698%	1h	316.96	−0.014%	$364	—	20x	as long as short
Coinbase International TAO-PERP-INTX	+0.0944%	1h	317.68	+0.215%	$1.5M	$6.8M	50x	as long as short
RISEx TAO/USDC	+0.1077%	1h	317.22	+0.069%	$437K	$678K	5x	as long as short
Kraken Futures PF_TAOUSD	+0.1164%	1h	316.98	−0.005%	$5.9M	$21.7M	50x	as long as short
Injective TAO/USDC PERP	+0.4723%	1h	323.52	+2.057%	$24K	$2K	12x	as long as short