Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0153%/8h= +16.8% APRpaid last 24h 0.000%

Price spread now: Bybit against OKX+0.054%7-day average +0.045% · you sell dearer than you buy

Net, funding: paid 7d − costs−$33as in the Funding arb table

Net, price: spread back to 7d avg − costs−$37as in the Price arb table

costs, in and out, $10k−$380.382% of the position

Long on OKX Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.049%+$5 on $10k

Price spread, last 7 days−0.031%−$3 · spread now +0.054%, 7d avg +0.045%

Together, before fees+0.018%+$2 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.045%, so right now this pair is about funding alone: +$5 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX TAO-USDT-SWAP	317.50	0.0100	pay 0.0100% / 8h	1h 00m	$26.6M	$129.7M	50x
Short	Bybit TAOUSDT	317.67	0.0253	get 0.0127% / 4h	1h 00m	$69.6M	$156.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against OKX. 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 OKXbpFee BybitbpOrdersPrice spread, now +0.054%Rate

Funding earned: $32.17
Price spread: +0.054% → +0.045%: $0.9
Slippage, 4 orders: −$17.21
Fee OKX: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$5.14
Costs to cover: 0.382%
Break-even: 8.1 days

Slippage from OKX: live order book, 4 min ago; Bybit: live order book, 4 min ago.

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 OKX live order book, 4 min ago	1.58 bp	8.7 bp −$9	16.1 bp −$161	80.2 bp −$8,019	doesn't fit
Sell Bybit live order book, 4 min ago	0.16 bp	9.4 bp −$9	19.2 bp −$192	41.7 bp −$4,172	doesn't fit

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
dYdX TAO-USD	0.0000%	1h	317.01	−0.154%	$126K	$85K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0005%	1h	317.43	−0.022%	$22K	—	150x	as long as short
Popdex TAOUSDT	+0.0096%	1h	317.57	+0.022%	$43K	$706K	20x	as long as short
OKX TAO-USDT-SWAPlong	+0.0100%	8h	317.50	long leg	$26.6M	$129.7M	50x
Bulk TAO-USD	+0.0100%	1h	317.85	+0.110%	$169K	$333	10x	as long as short
Gate TAO_USDT	+0.0100%	4h	317.30	−0.063%	$14.3M	$52.5M	50x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	317.49	−0.003%	$17.8M	$32.4M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	317.27	−0.072%	$35.7M	$58.0M	50x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	319.23	+0.545%	$46K	$260K	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	317.54	+0.013%	$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	317.17	−0.104%	$1K	$2.0M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	317.25	−0.079%	$116K	$602K	20x	as long as short
Katana Perps TAO-USD	+0.0108%	8h	317.51	+0.003%	$983	$1.1M	5x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0112% / S +0.0155%	1h	317.39	−0.033%	$424K	—	100x	as long as short
Aevo TAO-PERP	+0.0128%	1h	317.64	+0.044%	$174K	$998	3x	as long as short
Orderly PERP_TAO_USDC	+0.0134%	4h	317.62	+0.038%	$53K	$293K	10x	as long as short
Binance TAOUSDT	+0.0169%	4h	317.61	+0.035%	$92.2M	$528.8M	75x	as long as short
MEXC TAO_USDT	+0.0170%	4h	317.59	+0.028%	$107.2M	$152.0M	300x	as long as short
edgeX TAOUSDC	+0.0185%	4h	317.44	−0.018%	$42K	$319K	10x	as long as short
Paradex TAO-USD-PERP	+0.0231%	8h	317.87	+0.115%	$14K	$1K	10x	as long as short
Bybit TAOUSDTshort	+0.0253%	4h	317.67	+0.054%	$69.6M	$156.1M	50x
BingX TAO-USDT	+0.0256%	4h	317.44	−0.019%	—	$36.7M	—	as long as short
Bullet TAO-USD	+0.0297%	1h	317.70	+0.063%	$12K	$17K	20x	as long as short
Aster TAOUSDT	+0.0329%	4h	317.51	+0.004%	$1.3M	$11.0M	50x	as long as short
Extended TAO-USD	+0.0336%	1h	317.55	+0.015%	$904K	$2.4M	25x	as long as short
GRVT TAO_USDT_Perp	+0.0336%	4h	316.65	−0.269%	$540K	$926K	10x	as long as short
BloFin TAO-USDT	+0.0412%	4h	317.47	−0.009%	$4.7M	$11.0M	100x	as long as short
Variational Omni TAO	+0.0502%	4h	317.43	−0.022%	$5.6M	$10.2M	—	as long as short
Nado TAO-PERP	+0.0509%	1h	317.67	+0.054%	$787K	$2.0M	10x	as long as short
Pacifica TAO	+0.0525%	1h	317.42	−0.025%	$360K	$429K	10x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0525%	1h	317.76	+0.081%	$15K	$2.0M	25x	as long as short
Lighter TAO	+0.0560%	1h	317.80	+0.095%	$1.6M	$6.9M	5x	as long as short
Phoenix TAO	+0.0567%	1h	317.40	−0.031%	$316K	$709K	5x	as long as short
Hyperliquid TAO	+0.0582%	1h	317.75	+0.079%	$94.0M	$110.1M	5x	as long as short
01 Exchange TAOUSD	+0.0608%	1h	317.91	+0.129%	$3K	$4K	5x	as long as short
Phemex TAOUSDT	+0.0627%	4h	317.72	+0.069%	$3.2M	$8.2M	50x	as long as short
Arcus TAO-USD	+0.0641%	1h	317.93	+0.135%	$102K	$389K	5x	as long as short
Backpack TAO_USDC_PERP	+0.0666%	1h	317.66	+0.050%	$296K	$905K	10x	as long as short
Reya TAORUSDPERP	+0.0698%	1h	317.61	+0.033%	$365	—	20x	as long as short
Coinbase International TAO-PERP-INTX	+0.0944%	1h	318.45	+0.299%	$1.5M	$6.8M	50x	as long as short
RISEx TAO/USDC	+0.1077%	1h	317.60	+0.031%	$438K	$677K	5x	as long as short
Kraken Futures PF_TAOUSD	+0.1162%	1h	317.75	+0.077%	$5.9M	$21.7M	50x	as long as short
Injective TAO/USDC PERP	+0.4723%	1h	323.52	+1.896%	$24K	$2K	12x	as long as short