Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.4602%/8h= +504.0% APRpaid last 24h +0.695%

Price spread now: Injective against Orderly+2.629%118s7-day average — · you sell dearer than you buy

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

Long on Orderly Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days+3.605%+$360 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work for this trade now. Funding pays +$138 a day on $10k at the current rate, and Injective is 2.629% dearer against Orderly than usual: you sell high and buy low: +$263 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 118 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	Orderly PERP_TAO_USDC	319.84	0.0120	pay 0.0060% / 4h	1h 47m	$53K	$293K	10x
Short	Injective TAO/USDC PERP	328.25	0.4723	get 0.0590% / 1h	47m 28s	$24K	$2K	12x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now +2.629%Rate

Funding earned: $966.49
Price spread: +2.629% → 0.000%: $262.94
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: $1,223.41
Costs to cover: 0.060%
Break-even: from the start

Slippage unknown: Orderly: no order-book sample; Injective: 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 Orderly no order-book sample	—	—	—	—	—
Sell Injective no order-book sample	—	—	—	—	—

Orderly and Injective: 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	−0.2101%	1h	320.87	+0.322%	$170K	$333	10x	as long as short
dYdX TAO-USD	0.0000%	1h	319.84	−0.001%	$128K	$85K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	319.72	−0.039%	$21K	—	150x	as long as short
Popdex TAOUSDT	+0.0096%	1h	320.19	+0.109%	$41K	$694K	20x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	319.80	−0.013%	$26.6M	$128.9M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	319.80	−0.013%	$14.2M	$51.4M	50x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	320.10	+0.081%	$17.5M	$31.9M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	319.74	−0.031%	$36.0M	$58.1M	50x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	320.69	+0.266%	$45K	$259K	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	319.90	+0.019%	$76K	$1.1M	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	320.38	+0.169%	$1K	$2.0M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	319.91	+0.022%	$117K	$585K	20x	as long as short
Phemex TAOUSDT	+0.0100%	4h	320.74	+0.281%	$3.3M	$8.1M	50x	as long as short
Katana Perps TAO-USD	+0.0109%	8h	320.34	+0.156%	$1K	$992K	5x	as long as short
Aevo TAO-PERP	+0.0120%	1h	320.81	+0.305%	$176K	$998	3x	as long as short
Orderly PERP_TAO_USDClong	+0.0120%	4h	319.84	long leg	$53K	$293K	10x
GMX TAO/USD [WBTC.b-USDC]	L +0.0122% / S +0.0155%	1h	319.66	−0.057%	$432K	—	100x	as long as short
edgeX TAOUSDC	+0.0148%	4h	320.71	+0.273%	$42K	$317K	10x	as long as short
MEXC TAO_USDT	+0.0152%	4h	320.03	+0.059%	$105.0M	$149.4M	300x	as long as short
Binance TAOUSDT	+0.0152%	4h	320.04	+0.063%	$92.7M	$526.1M	75x	as long as short
Paradex TAO-USD-PERP	+0.0262%	8h	320.07	+0.072%	$15K	$1K	10x	as long as short
Aster TAOUSDT	+0.0306%	4h	320.08	+0.075%	$1.3M	$10.9M	50x	as long as short
Bullet TAO-USD	+0.0373%	1h	320.05	+0.065%	$12K	$17K	20x	as long as short
BingX TAO-USDT	+0.0386%	4h	320.04	+0.063%	—	$34.4M	—	as long as short
Bybit TAOUSDT	+0.0389%	4h	319.92	+0.025%	$69.9M	$155.7M	50x	as long as short
BloFin TAO-USDT	+0.0393%	4h	320.43	+0.184%	$4.7M	$11.1M	100x	as long as short
GRVT TAO_USDT_Perp	+0.0424%	4h	322.11	+0.709%	$548K	$948K	10x	as long as short
Extended TAO-USD	+0.0480%	1h	320.22	+0.119%	$914K	$2.4M	25x	as long as short
Pacifica TAO	+0.0525%	1h	320.28	+0.139%	$365K	$423K	10x	as long as short
Variational Omni TAO	+0.0536%	4h	321.98	+0.668%	$5.6M	$10.2M	—	as long as short
Phoenix TAO	+0.0567%	1h	321.70	+0.582%	$320K	$709K	5x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0589%	1h	320.63	+0.247%	$14K	$1.9M	25x	as long as short
Backpack TAO_USDC_PERP	+0.0607%	1h	320.77	+0.291%	$319K	$899K	10x	as long as short
Nado TAO-PERP	+0.0636%	1h	320.86	+0.318%	$802K	$2.2M	10x	as long as short
Arcus TAO-USD	+0.0641%	1h	320.47	+0.197%	$103K	$394K	5x	as long as short
01 Exchange TAOUSD	+0.0648%	1h	320.52	+0.213%	$3K	$4K	5x	as long as short
Hyperliquid TAO	+0.0674%	1h	320.22	+0.119%	$94.7M	$110.0M	5x	as long as short
Reya TAORUSDPERP	+0.0698%	1h	319.97	+0.041%	$368	—	20x	as long as short
Lighter TAO	+0.0872%	1h	320.51	+0.209%	$1.5M	$6.6M	5x	as long as short
Coinbase International TAO-PERP-INTX	+0.0944%	1h	322.95	+0.972%	$1.5M	$6.9M	50x	as long as short
RISEx TAO/USDC	+0.1077%	1h	320.25	+0.127%	$461K	$665K	5x	as long as short
Kraken Futures PF_TAOUSD	+0.1151%	1h	320.82	+0.306%	$6.1M	$21.7M	50x	as long as short
Injective TAO/USDC PERPshort	+0.4723%	1h	328.25	+2.629%	$24K	$2K	12x