Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0091%/8h= −10.0% APRpaid last 24h +0.003%

Price spread now: dYdX against Orderly−0.071%7-day average −0.049% · you buy dearer than you sell

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

Long on Orderly Short on dYdX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.192%+$19 on $10k

Price spread, last 4 days (all we have)−0.050%−$5 · spread now −0.071%, 7d avg −0.049%

Together, before fees+0.142%+$14 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 0.022% cheaper against Orderly than usual: you would sell low and buy high (−$2 if the spread goes back to its 7-day average of −0.049%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.192%, 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	Orderly PERP_TAO_USDC	323.57	0.0119	pay 0.0060% / 4h	2h 04m	$53K	$291K	10x
Short	dYdX TAO-USD	323.34	0.0028	get 0.0003% / 1h	4m 15s	$129K	$85K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX 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 dYdXbpOrdersPrice spread, now −0.071%Rate

Funding earned: −$19.19
Price spread: −0.071% → −0.049%: −$2.18
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee dYdX: 5 bp × 2 orders: −$10
Net: −$37.37
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; dYdX: live order book, 45 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 dYdX live order book, 45 min ago	40.60 bp	45.6 bp −$46	49.0 bp −$490	165.2 bp −$16.5K	1068.5 bp −$534.2K

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	−0.1195%	1h	319.01	−1.408%	$169K	$333	10x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	323.31	−0.079%	$21K	—	150x	as long as short
dYdX TAO-USDshort	+0.0028%	1h	323.34	−0.071%	$129K	$85K	5x
OKX TAO-USDT-SWAP	+0.0100%	8h	323.00	−0.176%	$26.9M	$128.5M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	323.20	−0.114%	$14.2M	$52.2M	50x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	323.59	+0.006%	$17.8M	$31.6M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	322.81	−0.235%	$36.4M	$57.6M	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	323.67	+0.031%	$81K	$968K	5x	as long as short
SunX TAO-USDT	+0.0100%	4h	323.21	−0.111%	$1K	$2.0M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	323.35	−0.068%	$118K	$566K	20x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex TAOUSDT	+0.0100%	4h	323.11	−0.142%	$3.3M	$8.1M	50x	as long as short
Katana Perps TAO-USD	+0.0110%	8h	323.57	0.000%	$2K	$959K	5x	as long as short
Popdex TAOUSDT	+0.0112%	1h	323.88	+0.096%	$42K	$686K	20x	as long as short
Aevo TAO-PERP	+0.0112%	1h	323.71	+0.045%	$178K	$998	3x	as long as short
Orderly PERP_TAO_USDClong	+0.0119%	4h	323.57	long leg	$53K	$291K	10x
edgeX TAOUSDC	+0.0123%	4h	321.43	−0.663%	$42K	$316K	10x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0125% / S +0.0142%	1h	323.31	−0.081%	$435K	—	100x	as long as short
MEXC TAO_USDT	+0.0134%	4h	323.21	−0.111%	$103.4M	$149.1M	300x	as long as short
Binance TAOUSDT	+0.0144%	4h	323.26	−0.096%	$93.4M	$517.5M	75x	as long as short
Pacifica TAO	+0.0233%	1h	323.82	+0.078%	$368K	$421K	10x	as long as short
Nado TAO-PERP	+0.0288%	1h	323.67	+0.030%	$817K	$2.2M	10x	as long as short
Kraken Futures PF_TAOUSD	+0.0294%	1h	323.65	+0.024%	$6.1M	$21.6M	50x	as long as short
Paradex TAO-USD-PERP	+0.0299%	8h	324.05	+0.149%	$15K	$1K	10x	as long as short
Aster TAOUSDT	+0.0300%	4h	323.39	−0.056%	$1.3M	$10.8M	50x	as long as short
Bullet TAO-USD	+0.0325%	1h	323.67	+0.031%	$12K	$17K	20x	as long as short
BloFin TAO-USDT	+0.0375%	4h	322.90	−0.207%	$4.6M	$11.2M	100x	as long as short
BingX TAO-USDT	+0.0394%	4h	323.51	−0.019%	—	$34.0M	—	as long as short
Bybit TAOUSDT	+0.0446%	4h	323.33	−0.074%	$70.9M	$154.5M	50x	as long as short
GRVT TAO_USDT_Perp	+0.0468%	4h	322.01	−0.481%	$549K	$948K	10x	as long as short
Arcus TAO-USD	+0.0483%	1h	323.84	+0.083%	$111K	$377K	5x	as long as short
Extended TAO-USD	+0.0496%	1h	323.44	−0.040%	$920K	$2.4M	25x	as long as short
Phoenix TAO	+0.0513%	1h	323.50	−0.022%	$322K	$713K	5x	as long as short
Variational Omni TAO	+0.0516%	4h	323.58	+0.003%	$5.7M	$10.1M	—	as long as short
ApeX Omni TAOUSDT	+0.0529%	1h	321.20	−0.732%	$47K	$257K	50x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0586%	1h	323.60	+0.008%	$25K	$1.9M	25x	as long as short
Reya TAORUSDPERP	+0.0697%	1h	323.32	−0.077%	$372	—	20x	as long as short
Lighter TAO	+0.0808%	1h	323.70	+0.041%	$1.5M	$6.6M	5x	as long as short
Hyperliquid TAO	+0.0815%	1h	323.64	+0.022%	$95.5M	$109.5M	5x	as long as short
01 Exchange TAOUSD	+0.0816%	1h	324.52	+0.294%	$3K	$4K	5x	as long as short
Backpack TAO_USDC_PERP	+0.0852%	1h	323.10	−0.145%	$320K	$894K	10x	as long as short
Coinbase International TAO-PERP-INTX	+0.0928%	1h	324.00	+0.133%	$1.5M	$6.9M	50x	as long as short
RISEx TAO/USDC	+0.0948%	1h	323.65	+0.024%	$465K	$650K	5x	as long as short
Injective TAO/USDC PERP	+0.3711%	1h	323.62	+0.015%	$24K	$2K	12x	as long as short