Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC−0.0391%/8h= −42.8% APRpaid last 24h −0.099%

Price spread now: Orderly against GMX+0.047%7-day average +0.012% · you sell dearer than you buy

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

Long on GMX Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.337%−$34 on $10k

Price spread, last 3 days (all we have)−0.380%−$38 · spread now +0.047%, 7d avg +0.012%

Together, before fees−0.718%−$72 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Orderly is 0.035% dearer against GMX than usual: you sell high and buy low (spread +0.047% now, against its 7-day average of +0.012%): +$3 on $10k if it goes back. Holding the pair costs −$12 a day in funding at the current rate, which eats that in about 7 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX TAO/USD [WBTC.b-USDC]	313.90	L +0.0491% / S −0.0188%	pay 0.0061% / 1h	31m 26s	$465K	—	100x
Short	Orderly PERP_TAO_USDC	314.05	0.0100	get 0.0050% / 4h	3h 31m	$61K	$277K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now +0.047%Rate

Funding earned: −$82.06
Price spread: +0.047% → +0.012%: $3.48
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$96.57
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; 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 GMX no order-book sample	—	—	—	—	—
Sell Orderly no order-book sample	—	—	—	—	—

GMX and 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	−1.0220%	1h	313.13	−0.245%	$209K	$54K	10x	as long as short
dYdX TAO-USD	0.0000%	1h	313.78	−0.039%	$132K	$95K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0007%	1h	313.93	+0.010%	$28K	—	150x	as long as short
Popdex TAOUSDT	+0.0096%	1h	314.26	+0.114%	$37K	$507K	20x	as long as short
Pacifica TAO	+0.0100%	1h	314.14	+0.074%	$365K	$396K	10x	as long as short
Binance TAOUSDT	+0.0100%	4h	314.06	+0.051%	$89.0M	$381.2M	75x	as long as short
Bybit TAOUSDT	+0.0100%	4h	314.26	+0.114%	$60.3M	$112.0M	50x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	314.00	+0.031%	$25.8M	$89.2M	50x	as long as short
Arcus TAO-USD	+0.0100%	1h	314.49	+0.187%	$142K	$585K	5x	as long as short
Gate TAO_USDT	+0.0100%	4h	314.00	+0.031%	$12.5M	$47.3M	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	314.13	+0.072%	$106.4M	$115.3M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	314.29	+0.123%	$20.2M	$25.0M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	313.98	+0.024%	$35.3M	$42.1M	50x	as long as short
Variational Omni TAO	+0.0100%	4h	313.60	−0.097%	$3.5M	$6.2M	—	as long as short
edgeX TAOUSDC	+0.0100%	4h	313.87	−0.011%	$41K	$275K	10x	as long as short
GRVT TAO_USDT_Perp	+0.0100%	4h	314.87	+0.309%	$561K	$947K	10x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	314.08	+0.056%	$48K	$267K	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	314.47	+0.181%	$90K	$638K	5x	as long as short
Bullet TAO-USD	+0.0100%	1h	314.10	+0.063%	$12K	$18K	20x	as long as short
Orderly PERP_TAO_USDCshort	+0.0100%	4h	314.05	+0.047%	$61K	$277K	10x
SunX TAO-USDT	+0.0100%	4h	313.55	−0.113%	$1K	$1.7M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	314.26	+0.114%	$125K	$354K	20x	as long as short
Phemex TAOUSDT	+0.0100%	4h	314.12	+0.069%	$3.3M	$7.9M	50x	as long as short
Aevo TAO-PERP	+0.0104%	1h	314.72	+0.260%	$173K	$998	3x	as long as short
BingX TAO-USDT	+0.0110%	4h	313.96	+0.018%	—	$29.9M	—	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0119%	1h	313.38	−0.168%	$17K	$1.3M	25x	as long as short
Katana Perps TAO-USD	+0.0120%	8h	314.33	+0.136%	$898	$378K	5x	as long as short
Paradex TAO-USD-PERP	+0.0195%	8h	314.32	+0.132%	$15K	$992	10x	as long as short
Aster TAOUSDT	+0.0213%	4h	314.30	+0.127%	$1.7M	$7.1M	50x	as long as short
BloFin TAO-USDT	+0.0340%	4h	314.14	+0.075%	$4.3M	$9.4M	100x	as long as short
Phoenix TAO	+0.0365%	1h	314.80	+0.286%	$334K	$326K	5x	as long as short
Kraken Futures PF_TAOUSD	+0.0392%	1h	314.14	+0.074%	$6.3M	$17.8M	50x	as long as short
GMX TAO/USD [WBTC.b-USDC]long	L +0.0491% / S −0.0188%	1h	313.90	long leg	$465K	—	100x
Backpack TAO_USDC_PERP	+0.0576%	1h	314.81	+0.289%	$403K	$555K	10x	as long as short
Extended TAO-USD	+0.0584%	1h	314.41	+0.161%	$937K	$1.8M	25x	as long as short
01 Exchange TAOUSD	+0.0624%	1h	314.82	+0.292%	$3K	$4K	5x	as long as short
Nado TAO-PERP	+0.0683%	1h	314.36	+0.145%	$1.1M	$1.5M	10x	as long as short
RISEx TAO/USDC	+0.0688%	1h	314.52	+0.198%	$412K	$526K	5x	as long as short
Reya TAORUSDPERP	+0.0694%	1h	314.17	+0.086%	$361	—	20x	as long as short
Coinbase International TAO-PERP-INTX	+0.0936%	1h	313.71	−0.062%	$1.5M	$5.4M	50x	as long as short
Lighter TAO	+0.2016%	1h	314.74	+0.266%	$2.0M	$3.6M	5x	as long as short
Hyperliquid TAO	+0.2506%	1h	315.22	+0.419%	$95.9M	$66.9M	5x	as long as short
Injective TAO/USDC PERP	+0.3384%	1h	316.14	+0.713%	$23K	$137	12x	as long as short