Funding arb · Price arb /

TAO

all TAO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0375%/8h= −41.1% APRpaid last 24h −0.099%

Price spread now: Binance against GMX−0.125%7-day average +0.011% · you buy dearer than you sell

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

Long on GMX Short on Binance

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.356%−$36 on $10k

Price spread, last 3 days (all we have)+0.055%+$6 · spread now −0.125%, 7d avg +0.011%

Together, before fees−0.301%−$30 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$11 a day on $10k at the current rate, and Binance is 0.136% cheaper against GMX than usual: you would sell low and buy high (−$14 if the spread goes back to its 7-day average of +0.011%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX TAO/USD [WBTC.b-USDC]	312.69	L +0.0475% / S −0.0175%	pay 0.0059% / 1h	46m 09s	$448K	—	100x
Short	Binance TAOUSDT	312.30	0.0100	get 0.0050% / 4h	46m 09s	$88.4M	$422.6M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against GMX. 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 GMXbpFee BinancebpOrdersPrice spread, now −0.125%Rate

Funding earned: −$78.74
Price spread: −0.125% → +0.011%: −$13.62
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Binance: 5 bp × 2 orders: −$10
Net: −$114.36
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Binance: live order book, 13 min ago. 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 GMX no order-book sample	—	—	—	—	—
Sell Binance live order book, 13 min ago	0.16 bp	7.9 bp −$8	14.8 bp −$148	35.9 bp −$3,585	doesn't fit

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	−0.4722%	1h	314.01	+0.421%	$168K	$48K	10x	as long as short
dYdX TAO-USD	0.0000%	1h	312.80	+0.034%	$125K	$88K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	312.67	−0.008%	$21K	—	150x	as long as short
Injective TAO/USDC PERP	+0.0033%	1h	314.39	+0.542%	$23K	$260	12x	as long as short
Popdex TAOUSDT	+0.0096%	1h	313.29	+0.191%	$40K	$549K	20x	as long as short
Pacifica TAO	+0.0100%	1h	313.19	+0.159%	$371K	$372K	10x	as long as short
Binance TAOUSDTshort	+0.0100%	4h	312.30	−0.125%	$88.4M	$422.6M	75x
Bybit TAOUSDT	+0.0100%	4h	312.16	−0.171%	$61.2M	$123.5M	50x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	312.00	−0.222%	$25.1M	$99.8M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	312.60	−0.030%	$12.7M	$49.1M	50x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC TAO_USDT	+0.0100%	4h	311.89	−0.257%	$119.7M	$127.0M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	312.79	+0.031%	$19.0M	$27.7M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	312.01	−0.219%	$34.9M	$46.3M	50x	as long as short
BingX TAO-USDT	+0.0100%	4h	312.95	+0.082%	—	$30.2M	—	as long as short
edgeX TAOUSDC	+0.0100%	4h	313.65	+0.304%	$41K	$280K	10x	as long as short
GRVT TAO_USDT_Perp	+0.0100%	4h	314.17	+0.473%	$519K	$950K	10x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	313.37	+0.216%	$47K	$269K	50x	as long as short
Orderly PERP_TAO_USDC	+0.0100%	4h	312.65	−0.014%	$60K	$276K	10x	as long as short
SunX TAO-USDT	+0.0100%	4h	312.57	−0.040%	$1K	$1.8M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	312.67	−0.008%	$128K	$394K	20x	as long as short
Phemex TAOUSDT	+0.0100%	4h	312.20	−0.158%	$3.3M	$7.9M	50x	as long as short
Aevo TAO-PERP	+0.0104%	1h	312.81	+0.039%	$172K	$998	3x	as long as short
Katana Perps TAO-USD	+0.0110%	8h	313.32	+0.200%	$903	$539K	5x	as long as short
Polymarket Perps TAO-USD	+0.0132%	1h	313.50	+0.258%	$77K	$522K	5x	as long as short
Bullet TAO-USD	+0.0148%	1h	313.05	+0.114%	$11K	$17K	20x	as long as short
Variational Omni TAO	+0.0173%	4h	313.59	+0.285%	$3.8M	$6.9M	—	as long as short
Paradex TAO-USD-PERP	+0.0185%	8h	312.98	+0.092%	$14K	$1K	10x	as long as short
Arcus TAO-USD	+0.0186%	1h	313.50	+0.258%	$83K	$626K	5x	as long as short
Aster TAOUSDT	+0.0209%	4h	312.71	+0.004%	$1.1M	$7.8M	50x	as long as short
BloFin TAO-USDT	+0.0340%	4h	313.41	+0.229%	$4.3M	$9.7M	100x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0377%	1h	312.66	−0.010%	$21K	$1.4M	25x	as long as short
Kraken Futures PF_TAOUSD	+0.0449%	1h	312.67	−0.008%	$5.8M	$19.8M	50x	as long as short
GMX TAO/USD [WBTC.b-USDC]long	L +0.0475% / S −0.0175%	1h	312.69	long leg	$448K	—	100x
Nado TAO-PERP	+0.0523%	1h	313.32	+0.199%	$842K	$2.0M	10x	as long as short
Phoenix TAO	+0.0537%	1h	313.80	+0.354%	$328K	$521K	5x	as long as short
Backpack TAO_USDC_PERP	+0.0575%	1h	313.31	+0.197%	$300K	$798K	10x	as long as short
Reya TAORUSDPERP	+0.0695%	1h	312.72	+0.009%	$360	—	20x	as long as short
01 Exchange TAOUSD	+0.0816%	1h	313.71	+0.325%	$3K	$4K	5x	as long as short
Extended TAO-USD	+0.0864%	1h	312.62	−0.023%	$864K	$2.1M	25x	as long as short
Coinbase International TAO-PERP-INTX	+0.0960%	1h	314.43	+0.555%	$1.5M	$5.7M	50x	as long as short
RISEx TAO/USDC	+0.1238%	1h	313.49	+0.256%	$432K	$536K	5x	as long as short
Lighter TAO	+0.1504%	1h	312.56	−0.043%	$1.6M	$5.8M	5x	as long as short
Hyperliquid TAO	+0.2137%	1h	313.57	+0.280%	$98.2M	$82.8M	5x	as long as short