Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0007%/8h= +0.8% APRpaid last 24h −0.010%

Price spread now: GMX against OKX−0.303%112s7-day average +0.006% · you buy dearer than you sell

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

Long on OKX Short on GMX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.085%+$8 on $10k

Price spread, last 4 days (all we have)+0.662%+$66 · spread now −0.303%, 7d avg +0.006%

Together, before fees+0.747%+$75 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: GMX is 0.309% cheaper against OKX than usual: you would sell low and buy high, −$31 on $10k if it goes back to its 7-day average of +0.006%. The two prices were read 112 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX TAO-USDT-SWAP	319.20	0.0100	pay 0.0100% / 8h	7h 21m	$26.6M	$131.0M	50x
Short	GMX TAO/USD [WBTC.b-USDC]	318.23	L +0.0363% / S −0.0107%	get 0.0013% / 1h	21m 31s	$374K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX 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 GMXbpOrdersPrice spread, now −0.303%Rate

Funding earned: $1.53
Price spread: −0.303% → +0.006%: −$30.92
Slippage, 4 orders: no order book: not counted
Fee OKX: 5 bp × 2 orders: −$10
Fee GMX: 6 bp × 2 orders: −$12
Net: −$51.4
Costs to cover: 0.220%
Break-even: 242.9 days

Slippage unknown: OKX: live order book, 2 min ago; GMX: 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 OKX live order book, 2 min ago	1.57 bp	9.0 bp −$9	19.2 bp −$192	58.9 bp −$5,891	doesn't fit
Sell GMX no order-book sample	—	—	—	—	—

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
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0003%	1h	318.70	−0.158%	$20K	—	150x	as long as short
Popdex TAOUSDT	+0.0096%	1h	319.27	+0.022%	$49K	$699K	20x	as long as short
Bybit TAOUSDT	+0.0100%	4h	319.39	+0.060%	$69.8M	$155.4M	50x	as long as short
OKX TAO-USDT-SWAPlong	+0.0100%	8h	319.20	long leg	$26.6M	$131.0M	50x
Bulk TAO-USD	+0.0100%	1h	315.14	−1.272%	$167K	$0	10x	as long as short
Gate TAO_USDT	+0.0100%	4h	318.90	−0.094%	$15.2M	$50.0M	50x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	319.08	−0.038%	$17.5M	$32.4M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	319.04	−0.050%	$36.0M	$57.1M	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	318.00	−0.376%	$87K	$1.1M	5x	as long as short
SunX TAO-USDT	+0.0100%	4h	318.90	−0.094%	$1K	$1.9M	20x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX TAO-USDT	+0.0100%	4h	318.91	−0.091%	$116K	$574K	20x	as long as short
Phemex TAOUSDT	+0.0100%	4h	319.07	−0.041%	$3.2M	$8.1M	50x	as long as short
Katana Perps TAO-USD	+0.0105%	8h	319.03	−0.053%	$2K	$1.2M	5x	as long as short
Aevo TAO-PERP	+0.0112%	1h	318.96	−0.074%	$175K	$998	3x	as long as short
BingX TAO-USDT	+0.0140%	4h	319.20	0.000%	—	$38.8M	—	as long as short
edgeX TAOUSDC	+0.0141%	4h	318.39	−0.253%	$42K	$321K	10x	as long as short
MEXC TAO_USDT	+0.0152%	4h	319.19	−0.003%	$108.3M	$153.2M	300x	as long as short
Binance TAOUSDT	+0.0161%	4h	319.37	+0.053%	$93.0M	$523.6M	75x	as long as short
Orderly PERP_TAO_USDC	+0.0229%	4h	319.09	−0.034%	$54K	$297K	10x	as long as short
Paradex TAO-USD-PERP	+0.0242%	8h	319.32	+0.037%	$14K	$876	10x	as long as short
dYdX TAO-USD	+0.0271%	1h	318.81	−0.121%	$128K	$88K	5x	as long as short
ApeX Omni TAOUSDT	+0.0282%	1h	318.62	−0.182%	$45K	$257K	50x	as long as short
Bullet TAO-USD	+0.0283%	1h	319.14	−0.018%	$12K	$17K	20x	as long as short
Aster TAOUSDT	+0.0327%	4h	319.13	−0.022%	$1.2M	$11.2M	50x	as long as short
GRVT TAO_USDT_Perp	+0.0332%	4h	317.64	−0.488%	$538K	$838K	10x	as long as short
Pacifica TAO	+0.0349%	1h	319.27	+0.022%	$368K	$445K	10x	as long as short
GMX TAO/USD [WBTC.b-USDC]short	L +0.0363% / S −0.0107%	1h	318.23	−0.303%	$374K	—	100x
BloFin TAO-USDT	+0.0381%	4h	319.21	+0.003%	$4.8M	$10.9M	100x	as long as short
Extended TAO-USD	+0.0384%	1h	319.24	+0.013%	$898K	$2.3M	25x	as long as short
Arcus TAO-USD	+0.0404%	1h	319.44	+0.075%	$101K	$360K	5x	as long as short
Nado TAO-PERP	+0.0443%	1h	319.17	−0.009%	$773K	$2.0M	10x	as long as short
Hyperliquid TAO	+0.0550%	1h	319.36	+0.050%	$94.7M	$109.0M	5x	as long as short
Phoenix TAO	+0.0578%	1h	315.70	−1.096%	$318K	$714K	5x	as long as short
Variational Omni TAO	+0.0597%	4h	313.84	−1.678%	$5.5M	$10.1M	—	as long as short
01 Exchange TAOUSD	+0.0616%	1h	319.80	+0.188%	$3K	$4K	5x	as long as short
Lighter TAO	+0.0680%	1h	319.27	+0.022%	$1.6M	$6.7M	5x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0681%	1h	319.09	−0.034%	$9K	$1.9M	25x	as long as short
Reya TAORUSDPERP	+0.0698%	1h	318.19	−0.315%	$366	—	20x	as long as short
Backpack TAO_USDC_PERP	+0.0730%	1h	319.64	+0.138%	$315K	$1.0M	10x	as long as short
Kraken Futures PF_TAOUSD	+0.0780%	1h	319.15	−0.016%	$6.1M	$21.3M	50x	as long as short
RISEx TAO/USDC	+0.0840%	1h	318.31	−0.277%	$453K	$706K	5x	as long as short
Coinbase International TAO-PERP-INTX	+0.0944%	1h	318.62	−0.182%	$1.1M	$7.5M	50x	as long as short
Injective TAO/USDC PERP	+0.3512%	1h	317.77	−0.448%	$23K	$2K	12x	as long as short