Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0471%/8h= −51.6% APRpaid last 24h −0.635%

Price spread now: Orderly against Injective−1.876%7-day average — · you buy dearer than you sell

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

Long on Injective Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days−3.513%−$351 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$14 a day on $10k at the current rate, and Orderly is 1.876% cheaper against Injective than usual: you would sell low and buy high (−$188 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective TAO/USDC PERP	322.97	0.0571	pay 0.0071% / 1h	27m 13s	$23K	$678	12x
Short	Orderly PERP_TAO_USDC	316.91	0.0100	get 0.0050% / 4h	3h 27m	$57K	$316K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against Injective. 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 InjectivebpFee OrderlybpOrdersPrice spread, now −1.876%Rate

Funding earned: −$99
Price spread: −1.876% → 0.000%: −$187.63
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$292.65
Costs to cover: 0.060%
Break-even: never at this rate

Slippage unknown: Injective: 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 Injective no order-book sample	—	—	—	—	—
Sell Orderly no order-book sample	—	—	—	—	—

Injective 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	−0.1321%	1h	318.22	−1.471%	$169K	$44K	10x	as long as short
dYdX TAO-USD	0.0000%	1h	317.04	−1.836%	$127K	$88K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	316.64	−1.960%	$21K	—	150x	as long as short
Popdex TAOUSDT	+0.0096%	1h	317.22	−1.780%	$43K	$590K	20x	as long as short
Binance TAOUSDT	+0.0100%	4h	316.77	−1.920%	$91.0M	$447.2M	75x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	317.00	−1.848%	$25.9M	$108.2M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	316.70	−1.941%	$12.8M	$50.7M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	316.96	−1.861%	$108.3M	$134.9M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	317.18	−1.793%	$18.2M	$29.2M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	316.72	−1.935%	$35.3M	$50.7M	50x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
edgeX TAOUSDC	+0.0100%	4h	317.29	−1.760%	$40K	$292K	10x	as long as short
GRVT TAO_USDT_Perp	+0.0100%	4h	318.49	−1.386%	$527K	$969K	10x	as long as short
Orderly PERP_TAO_USDCshort	+0.0100%	4h	316.91	−1.876%	$57K	$316K	10x
SunX TAO-USDT	+0.0100%	4h	316.66	−1.954%	$2K	$1.9M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	317.26	−1.768%	$127K	$423K	20x	as long as short
Phemex TAOUSDT	+0.0100%	4h	316.69	−1.944%	$3.4M	$7.9M	50x	as long as short
Aevo TAO-PERP	+0.0104%	1h	317.33	−1.746%	$174K	$998	3x	as long as short
Katana Perps TAO-USD	+0.0111%	8h	317.29	−1.759%	$734	$625K	5x	as long as short
Bullet TAO-USD	+0.0124%	1h	317.02	−1.842%	$12K	$17K	20x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0173% / S +0.0093%	1h	316.65	−1.956%	$456K	—	100x	as long as short
Pacifica TAO	+0.0185%	1h	317.41	−1.722%	$376K	$376K	10x	as long as short
Arcus TAO-USD	+0.0201%	1h	317.45	−1.709%	$84K	$550K	5x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0215%	1h	316.92	−1.873%	$17K	$1.5M	25x	as long as short
Aster TAOUSDT	+0.0220%	4h	317.04	−1.835%	$1.1M	$8.5M	50x	as long as short
Paradex TAO-USD-PERP	+0.0235%	8h	317.18	−1.793%	$14K	$1K	10x	as long as short
ApeX Omni TAOUSDT	+0.0296%	1h	317.11	−1.814%	$48K	$266K	50x	as long as short
Polymarket Perps TAO-USD	+0.0297%	1h	317.40	−1.725%	$93K	$635K	5x	as long as short
BloFin TAO-USDT	+0.0340%	4h	317.04	−1.836%	$4.5M	$10.8M	100x	as long as short
BingX TAO-USDT	+0.0398%	4h	316.95	−1.864%	—	$30.7M	—	as long as short
Variational Omni TAO	+0.0436%	4h	318.35	−1.432%	$5.5M	$8.7M	—	as long as short
Bybit TAOUSDT	+0.0453%	4h	317.17	−1.796%	$65.4M	$133.0M	50x	as long as short
Kraken Futures PF_TAOUSD	+0.0484%	1h	316.74	−1.930%	$5.7M	$20.3M	50x	as long as short
Phoenix TAO	+0.0525%	1h	318.50	−1.384%	$333K	$624K	5x	as long as short
Injective TAO/USDC PERPlong	+0.0571%	1h	322.97	long leg	$23K	$678	12x
01 Exchange TAOUSD	+0.0608%	1h	317.49	−1.697%	$3K	$4K	5x	as long as short
Reya TAORUSDPERP	+0.0695%	1h	317.19	−1.791%	$365	—	20x	as long as short
Nado TAO-PERP	+0.0788%	1h	317.38	−1.731%	$882K	$2.0M	10x	as long as short
Backpack TAO_USDC_PERP	+0.0858%	1h	317.73	−1.622%	$321K	$818K	10x	as long as short
Coinbase International TAO-PERP-INTX	+0.0984%	1h	317.78	−1.607%	$1.5M	$6.3M	50x	as long as short
RISEx TAO/USDC	+0.1141%	1h	317.28	−1.762%	$422K	$591K	5x	as long as short
Extended TAO-USD	+0.1144%	1h	316.87	−1.887%	$927K	$2.3M	25x	as long as short
Lighter TAO	+0.1392%	1h	317.27	−1.766%	$1.7M	$6.0M	5x	as long as short
Hyperliquid TAO	+0.2089%	1h	317.65	−1.647%	$102.3M	$91.1M	5x	as long as short