Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0089%/8h= −9.7% APRpaid last 24h +0.009%

Price spread now: dYdX against OKX−0.044%7-day average −0.015% · you buy dearer than you sell

Net, funding: paid 7d − costs−$85as in the Funding arb table

Net, price: spread back to 7d avg − costs−$101as in the Price arb table

costs, in and out, $10k−$980.984% of the position

Long on OKX Short on dYdX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.134%+$13 on $10k

Price spread, last 4 days (all we have)+0.084%+$8 · spread now −0.044%, 7d avg −0.015%

Together, before fees+0.218%+$22 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and dYdX is 0.028% cheaper against OKX than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of −0.015%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.134%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX TAO-USDT-SWAP	313.40	0.0100	pay 0.0100% / 8h	3h 17m	$26.2M	$121.3M	50x
Short	dYdX TAO-USD	313.26	0.0011	get 0.0001% / 1h	17m 44s	$125K	$85K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX 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 dYdXbpOrdersPrice spread, now −0.044%Rate

Funding earned: −$18.6
Price spread: −0.044% → −0.015%: −$2.83
Slippage, 4 orders: −$78.43
Fee OKX: 5 bp × 2 orders: −$10
Fee dYdX: 5 bp × 2 orders: −$10
Net: −$119.86
Costs to cover: 0.984%
Break-even: never at this rate

Slippage from OKX: live order book, 1 min ago; dYdX: live order book, 36 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, 1 min ago	1.60 bp	9.8 bp −$10	19.3 bp −$193	63.4 bp −$6,344	doesn't fit
Sell dYdX live order book, 36 min ago	31.65 bp	36.7 bp −$37	43.0 bp −$430	149.9 bp −$15.0K	558.3 bp −$279.1K

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
Kraken Futures PF_TAOUSD	−0.0347%	1h	312.59	−0.260%	$5.5M	$20.7M	50x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	312.30	−0.351%	$20K	—	150x	as long as short
dYdX TAO-USDshort	+0.0011%	1h	313.26	−0.044%	$125K	$85K	5x
Popdex TAOUSDT	+0.0096%	1h	312.21	−0.380%	$46K	$656K	20x	as long as short
Katana Perps TAO-USD	+0.0099%	8h	311.95	−0.463%	$639	$842K	5x	as long as short
Pacifica TAO	+0.0100%	1h	312.39	−0.324%	$356K	$416K	10x	as long as short
Binance TAOUSDT	+0.0100%	4h	313.57	+0.054%	$89.8M	$501.2M	75x	as long as short
OKX TAO-USDT-SWAPlong	+0.0100%	8h	313.40	long leg	$26.2M	$121.3M	50x
Gate TAO_USDT	+0.0100%	4h	313.20	−0.064%	$13.3M	$50.3M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	313.58	+0.057%	$102.8M	$145.4M	300x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin TAOUSDTM	+0.0100%	4h	313.51	+0.035%	$17.8M	$31.2M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	313.35	−0.016%	$35.2M	$56.5M	50x	as long as short
BingX TAO-USDT	+0.0100%	4h	313.62	+0.070%	—	$33.7M	—	as long as short
edgeX TAOUSDC	+0.0100%	4h	311.63	−0.565%	$41K	$314K	10x	as long as short
GRVT TAO_USDT_Perp	+0.0100%	4h	311.55	−0.591%	$529K	$956K	10x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	311.69	−0.546%	$46K	$254K	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	312.32	−0.345%	$79K	$901K	5x	as long as short
Bullet TAO-USD	+0.0100%	1h	312.59	−0.258%	$11K	$17K	20x	as long as short
SunX TAO-USDT	+0.0100%	4h	312.51	−0.284%	$2K	$1.9M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	312.06	−0.428%	$110K	$542K	20x	as long as short
Phemex TAOUSDT	+0.0100%	4h	312.77	−0.201%	$3.1M	$8.0M	50x	as long as short
Aevo TAO-PERP	+0.0104%	1h	312.72	−0.216%	$172K	$998	3x	as long as short
Aster TAOUSDT	+0.0109%	4h	313.42	+0.007%	$1.3M	$10.5M	50x	as long as short
Orderly PERP_TAO_USDC	+0.0115%	4h	312.45	−0.303%	$52K	$290K	10x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0136% / S +0.0135%	1h	312.21	−0.379%	$414K	—	100x	as long as short
Paradex TAO-USD-PERP	+0.0153%	8h	312.21	−0.380%	$14K	$1K	10x	as long as short
Bybit TAOUSDT	+0.0161%	4h	313.68	+0.089%	$67.6M	$150.5M	50x	as long as short
Arcus TAO-USD	+0.0231%	1h	312.50	−0.287%	$101K	$394K	5x	as long as short
Variational Omni TAO	+0.0308%	4h	311.97	−0.456%	$5.5M	$10.1M	—	as long as short
Extended TAO-USD	+0.0312%	1h	313.45	+0.015%	$914K	$2.4M	25x	as long as short
Nado TAO-PERP	+0.0338%	1h	312.25	−0.368%	$788K	$2.2M	10x	as long as short
BloFin TAO-USDT	+0.0340%	4h	312.69	−0.227%	$4.5M	$10.8M	100x	as long as short
Phoenix TAO	+0.0457%	1h	312.30	−0.351%	$311K	$711K	5x	as long as short
Hyperliquid TAO	+0.0473%	1h	313.88	+0.153%	$92.2M	$107.8M	5x	as long as short
01 Exchange TAOUSD	+0.0480%	1h	312.48	−0.294%	$3K	$4K	5x	as long as short
Backpack TAO_USDC_PERP	+0.0498%	1h	313.42	+0.006%	$311K	$885K	10x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0553%	1h	312.63	−0.246%	$13K	$1.8M	25x	as long as short
Lighter TAO	+0.0616%	1h	313.86	+0.145%	$1.5M	$6.5M	5x	as long as short
Reya TAORUSDPERP	+0.0697%	1h	312.43	−0.311%	$359	—	20x	as long as short
RISEx TAO/USDC	+0.0816%	1h	312.26	−0.363%	$443K	$647K	5x	as long as short
Bulk TAO-USD	+0.0817%	1h	310.92	−0.791%	$165K	$333	10x	as long as short
Coinbase International TAO-PERP-INTX	+0.0952%	1h	312.08	−0.421%	$1.5M	$6.7M	50x	as long as short
Injective TAO/USDC PERP	+0.4092%	1h	315.24	+0.587%	$23K	$2K	12x	as long as short