Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0219%/8h= +23.9% APRpaid last 24h +0.067%

Price spread now: Backpack against Orderly+0.044%7-day average +0.039% · you sell dearer than you buy

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

Long on Orderly Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.195%+$19 on $10k

Price spread, last 4 days (all we have)−0.022%−$2 · spread now +0.044%, 7d avg +0.039%

Together, before fees+0.173%+$17 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.039%, so right now this pair is about funding alone: +$7 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_TAO_USDC	315.81	0.0132	pay 0.0066% / 4h	22m 35s	$57K	$268K	10x
Short	Backpack TAO_USDC_PERP	315.95	0.0350	get 0.0044% / 1h	22m 35s	$316K	$913K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Orderly. 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 OrderlybpFee BackpackbpOrdersPrice spread, now +0.044%Rate

Funding earned: $45.89
Price spread: +0.044% → +0.039%: $0.58
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Backpack: 5 bp × 2 orders: −$10
Net: $30.47
Costs to cover: 0.160%
Break-even: 2.4 days

Slippage unknown: Orderly: no order-book sample; Backpack: live order book, 36 min ago. 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 Orderly no order-book sample	—	—	—	—	—
Sell Backpack live order book, 36 min ago	2.85 bp	7.9 bp −$8	42.9 bp −$429	doesn't fit	doesn't fit

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
dYdX TAO-USD	0.0000%	1h	315.24	−0.180%	$126K	$85K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	315.63	−0.058%	$20K	—	150x	as long as short
Kraken Futures PF_TAOUSD	+0.0056%	1h	315.83	+0.007%	$5.6M	$20.7M	50x	as long as short
Popdex TAOUSDT	+0.0096%	1h	315.55	−0.082%	$43K	$668K	20x	as long as short
Katana Perps TAO-USD	+0.0098%	8h	315.40	−0.130%	$646	$799K	5x	as long as short
Binance TAOUSDT	+0.0100%	4h	315.51	−0.094%	$91.1M	$494.2M	75x	as long as short
Bybit TAOUSDT	+0.0100%	4h	315.52	−0.092%	$68.1M	$148.5M	50x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	315.40	−0.130%	$26.0M	$120.6M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	315.30	−0.161%	$13.0M	$50.0M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	315.42	−0.123%	$110.7M	$144.0M	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	315.33	−0.152%	$17.7M	$31.7M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	315.33	−0.152%	$35.2M	$56.4M	50x	as long as short
BingX TAO-USDT	+0.0100%	4h	315.49	−0.101%	—	$32.9M	—	as long as short
edgeX TAOUSDC	+0.0100%	4h	314.91	−0.286%	$42K	$311K	10x	as long as short
GRVT TAO_USDT_Perp	+0.0100%	4h	314.20	−0.510%	$520K	$955K	10x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	315.16	−0.206%	$46K	$254K	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	315.58	−0.073%	$77K	$859K	5x	as long as short
Bullet TAO-USD	+0.0100%	1h	315.82	+0.002%	$12K	$18K	20x	as long as short
SunX TAO-USDT	+0.0100%	4h	315.81	0.000%	$2K	$1.9M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	315.31	−0.158%	$110K	$535K	20x	as long as short
Phemex TAOUSDT	+0.0100%	4h	315.65	−0.051%	$3.2M	$8.1M	50x	as long as short
Aevo TAO-PERP	+0.0104%	1h	315.89	+0.024%	$173K	$998	3x	as long as short
Orderly PERP_TAO_USDClong	+0.0132%	4h	315.81	long leg	$57K	$268K	10x
GMX TAO/USD [WBTC.b-USDC]	L +0.0147% / S +0.0125%	1h	315.63	−0.058%	$420K	—	100x	as long as short
Paradex TAO-USD-PERP	+0.0164%	8h	315.47	−0.106%	$14K	$1K	10x	as long as short
Nado TAO-PERP	+0.0189%	1h	315.86	+0.015%	$803K	$2.2M	10x	as long as short
Aster TAOUSDT	+0.0199%	4h	315.45	−0.114%	$1.2M	$10.3M	50x	as long as short
Extended TAO-USD	+0.0208%	1h	315.45	−0.115%	$922K	$2.4M	25x	as long as short
Hyperliquid TAO	+0.0256%	1h	315.48	−0.104%	$92.8M	$106.4M	5x	as long as short
01 Exchange TAOUSD	+0.0304%	1h	315.79	−0.006%	$3K	$4K	5x	as long as short
Lighter TAO	+0.0312%	1h	315.71	−0.032%	$1.5M	$6.5M	5x	as long as short
BloFin TAO-USDT	+0.0340%	4h	316.00	+0.060%	$4.5M	$10.9M	100x	as long as short
Arcus TAO-USD	+0.0345%	1h	315.80	−0.003%	$100K	$438K	5x	as long as short
Backpack TAO_USDC_PERPshort	+0.0350%	1h	315.95	+0.044%	$316K	$913K	10x
Pacifica TAO	+0.0365%	1h	315.48	−0.106%	$360K	$412K	10x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0419%	1h	315.89	+0.026%	$31K	$1.7M	25x	as long as short
Variational Omni TAO	+0.0526%	4h	314.38	−0.454%	$5.7M	$9.9M	—	as long as short
Phoenix TAO	+0.0581%	1h	315.50	−0.098%	$314K	$697K	5x	as long as short
Reya TAORUSDPERP	+0.0697%	1h	315.66	−0.046%	$363	—	20x	as long as short
Bulk TAO-USD	+0.0933%	1h	314.34	−0.465%	$167K	$2K	10x	as long as short
RISEx TAO/USDC	+0.0991%	1h	315.61	−0.063%	$435K	$651K	5x	as long as short
Coinbase International TAO-PERP-INTX	+0.1008%	1h	316.02	+0.066%	$1.5M	$6.7M	50x	as long as short
Injective TAO/USDC PERP	+0.4222%	1h	318.85	+0.963%	$23K	$2K	12x	as long as short