Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0074%/8h= −8.1% APRpaid last 24h −0.099%

Price spread now: KuCoin against GMX+0.087%7-day average +0.010% · you sell dearer than you buy

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

Long on GMX Short on KuCoin

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)−0.161%−$16 · spread now +0.087%, 7d avg +0.010%

Together, before fees−0.517%−$52 on $10k · with fees, hour by hour

The price spread pays, funding is against you. KuCoin is 0.077% dearer against GMX than usual: you sell high and buy low (spread +0.087% now, against its 7-day average of +0.010%): +$8 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 3.4 days. At the pace of the last 3 days (−0.356% in total) that is about 16 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX TAO/USD [WBTC.b-USDC]	311.74	L +0.0174% / S +0.0070%	pay 0.0022% / 1h	14m 24s	$444K	—	100x
Short	KuCoin TAOUSDTM	312.01	0.0100	get 0.0050% / 4h	14m 24s	$18.4M	$27.8M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now +0.087%Rate

Funding earned: −$15.58
Price spread: +0.087% → +0.010%: $7.67
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$31.91
Costs to cover: 0.240%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; KuCoin: live order book, 5 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 KuCoin live order book, 5 min ago	1.60 bp	17.3 bp −$17	33.1 bp −$331	84.2 bp −$8,415	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	−0.2753%	1h	312.56	+0.263%	$167K	$47K	10x	as long as short
dYdX TAO-USD	0.0000%	1h	312.06	+0.103%	$125K	$88K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	311.66	−0.024%	$20K	—	150x	as long as short
Injective TAO/USDC PERP	+0.0033%	1h	314.95	+1.030%	$23K	$361	12x	as long as short
Popdex TAOUSDT	+0.0096%	1h	312.11	+0.119%	$36K	$573K	20x	as long as short
Pacifica TAO	+0.0100%	1h	312.35	+0.197%	$369K	$363K	10x	as long as short
Binance TAOUSDT	+0.0100%	4h	311.87	+0.042%	$88.4M	$428.2M	75x	as long as short
Bybit TAOUSDT	+0.0100%	4h	312.06	+0.103%	$61.5M	$125.3M	50x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	311.60	−0.044%	$25.0M	$101.4M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	311.80	+0.020%	$12.4M	$50.2M	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	311.85	+0.036%	$110.5M	$131.3M	300x	as long as short
KuCoin TAOUSDTMshort	+0.0100%	4h	312.01	+0.087%	$18.4M	$27.8M	75x
Bitget TAOUSDT	+0.0100%	4h	311.40	−0.108%	$34.8M	$46.8M	50x	as long as short
BingX TAO-USDT	+0.0100%	4h	311.93	+0.062%	—	$30.4M	—	as long as short
edgeX TAOUSDC	+0.0100%	4h	311.79	+0.018%	$40K	$281K	10x	as long as short
GRVT TAO_USDT_Perp	+0.0100%	4h	311.93	+0.063%	$517K	$943K	10x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	311.99	+0.081%	$47K	$268K	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	312.27	+0.171%	$76K	$455K	5x	as long as short
Bullet TAO-USD	+0.0100%	1h	312.02	+0.090%	$11K	$17K	20x	as long as short
Orderly PERP_TAO_USDC	+0.0100%	4h	311.50	−0.076%	$60K	$275K	10x	as long as short
SunX TAO-USDT	+0.0100%	4h	311.34	−0.128%	$2K	$1.8M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	311.49	−0.080%	$127K	$414K	20x	as long as short
Phemex TAOUSDT	+0.0100%	4h	311.87	+0.042%	$3.3M	$7.9M	50x	as long as short
Aevo TAO-PERP	+0.0104%	1h	312.20	+0.147%	$171K	$998	3x	as long as short
Katana Perps TAO-USD	+0.0109%	8h	312.10	+0.116%	$1K	$561K	5x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0138%	1h	311.51	−0.072%	$20K	$1.5M	25x	as long as short
Aster TAOUSDT	+0.0164%	4h	311.97	+0.074%	$1.1M	$7.9M	50x	as long as short
GMX TAO/USD [WBTC.b-USDC]long	L +0.0174% / S +0.0070%	1h	311.74	long leg	$444K	—	100x
Paradex TAO-USD-PERP	+0.0184%	8h	312.27	+0.172%	$14K	$1K	10x	as long as short
Arcus TAO-USD	+0.0186%	1h	312.48	+0.238%	$83K	$545K	5x	as long as short
Variational Omni TAO	+0.0210%	4h	311.68	−0.019%	$3.9M	$7.1M	—	as long as short
BloFin TAO-USDT	+0.0340%	4h	311.88	+0.046%	$4.4M	$10.5M	100x	as long as short
Nado TAO-PERP	+0.0450%	1h	312.25	+0.165%	$820K	$2.0M	10x	as long as short
Kraken Futures PF_TAOUSD	+0.0451%	1h	311.52	−0.070%	$5.7M	$19.9M	50x	as long as short
Backpack TAO_USDC_PERP	+0.0510%	1h	312.20	+0.148%	$291K	$803K	10x	as long as short
Phoenix TAO	+0.0537%	1h	312.00	+0.084%	$326K	$521K	5x	as long as short
01 Exchange TAOUSD	+0.0584%	1h	312.41	+0.216%	$3K	$4K	5x	as long as short
Reya TAORUSDPERP	+0.0695%	1h	311.71	−0.010%	$358	—	20x	as long as short
Extended TAO-USD	+0.0848%	1h	311.51	−0.072%	$854K	$2.1M	25x	as long as short
Coinbase International TAO-PERP-INTX	+0.0960%	1h	313.27	+0.491%	$1.5M	$5.8M	50x	as long as short
Lighter TAO	+0.1216%	1h	312.78	+0.334%	$1.6M	$5.8M	5x	as long as short
RISEx TAO/USDC	+0.1238%	1h	312.23	+0.156%	$413K	$584K	5x	as long as short
Hyperliquid TAO	+0.1590%	1h	312.39	+0.209%	$97.6M	$84.5M	5x	as long as short