Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0557%/8h= +61.0% APRpaid last 24h +0.177%

Price spread now: Reya against Orderly−0.076%7-day average — · you buy dearer than you sell

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

Long on Orderly Short on Reya

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

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

Together, before fees—+ Points / potential airdropReya: Active · farm boardneeds both histories

Funding pays, the price is against you. Reya is 0.076% cheaper against Orderly than usual: you would sell low and buy high (spread −0.076% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$8 on $10k: about 11 hours of funding at the current rate (+$17 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_TAO_USDC	319.14	0.0140	pay 0.0070% / 4h	50m 08s	$53K	$293K	10x
Short	Reya TAORUSDPERP	318.90	0.0698	get 0.0087% / 1h	50m 08s	$367	—	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Reya 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 ReyabpOrdersPrice spread, now −0.076%Rate

Funding earned: $117.07
Price spread: −0.076% → 0.000%: −$7.62
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Reya: 3 bp × 2 orders: −$6
Net: $97.45
Costs to cover: 0.120%
Break-even: 1.2 days

Slippage unknown: Orderly: no order-book sample; Reya: 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 Reya no order-book sample	—	—	—	—	—

Orderly and Reya: 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 −0.0005%	1h	318.61	−0.166%	$22K	—	150x	as long as short
dYdX TAO-USD	+0.0067%	1h	318.50	−0.201%	$127K	$85K	5x	as long as short
Popdex TAOUSDT	+0.0096%	1h	318.97	−0.053%	$44K	$707K	20x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	319.60	+0.144%	$26.6M	$130.9M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	319.20	+0.019%	$14.5M	$50.9M	50x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	319.50	+0.113%	$18.0M	$32.4M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	319.33	+0.060%	$35.9M	$58.0M	50x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	317.66	−0.464%	$46K	$260K	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	318.82	−0.100%	$85K	$1.2M	5x	as long as short
SunX TAO-USDT	+0.0100%	4h	318.70	−0.138%	$1K	$2.0M	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	318.30	−0.263%	$116K	$604K	20x	as long as short
Katana Perps TAO-USD	+0.0107%	8h	318.85	−0.091%	$2K	$1.1M	5x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0110% / S +0.0157%	1h	318.60	−0.168%	$424K	—	100x	as long as short
Aevo TAO-PERP	+0.0128%	1h	319.11	−0.009%	$175K	$998	3x	as long as short
Orderly PERP_TAO_USDClong	+0.0140%	4h	319.14	long leg	$53K	$293K	10x
edgeX TAOUSDC	+0.0161%	4h	317.66	−0.464%	$42K	$318K	10x	as long as short
MEXC TAO_USDT	+0.0166%	4h	319.59	+0.141%	$108.2M	$150.5M	300x	as long as short
Binance TAOUSDT	+0.0173%	4h	319.66	+0.161%	$92.8M	$529.5M	75x	as long as short
Paradex TAO-USD-PERP	+0.0238%	8h	318.99	−0.047%	$14K	$1K	10x	as long as short
BingX TAO-USDT	+0.0248%	4h	319.59	+0.141%	—	$37.1M	—	as long as short
Bybit TAOUSDT	+0.0259%	4h	319.69	+0.172%	$70.0M	$156.2M	50x	as long as short
Pacifica TAO	+0.0313%	1h	318.67	−0.146%	$362K	$427K	10x	as long as short
Bulk TAO-USD	+0.0314%	1h	317.73	−0.442%	$169K	$333	10x	as long as short
GRVT TAO_USDT_Perp	+0.0316%	4h	317.65	−0.466%	$542K	$926K	10x	as long as short
Aster TAOUSDT	+0.0334%	4h	319.50	+0.114%	$1.3M	$11.0M	50x	as long as short
Extended TAO-USD	+0.0336%	1h	319.26	+0.037%	$908K	$2.4M	25x	as long as short
Bullet TAO-USD	+0.0345%	1h	319.05	−0.028%	$12K	$17K	20x	as long as short
Lighter TAO	+0.0360%	1h	319.63	+0.153%	$1.6M	$6.9M	5x	as long as short
BloFin TAO-USDT	+0.0408%	4h	319.00	−0.044%	$4.7M	$11.0M	100x	as long as short
Nado TAO-PERP	+0.0419%	1h	319.00	−0.044%	$790K	$2.0M	10x	as long as short
Arcus TAO-USD	+0.0473%	1h	319.15	+0.003%	$103K	$389K	5x	as long as short
Variational Omni TAO	+0.0505%	4h	318.69	−0.140%	$5.6M	$10.3M	—	as long as short
Phemex TAOUSDT	+0.0557%	4h	319.67	+0.166%	$3.2M	$8.2M	50x	as long as short
Phoenix TAO	+0.0629%	1h	318.20	−0.295%	$317K	$703K	5x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0687%	1h	319.47	+0.102%	$15K	$2.0M	25x	as long as short
Reya TAORUSDPERPshort	+0.0698%	1h	318.90	−0.076%	$367	—	20x
01 Exchange TAOUSD	+0.0728%	1h	319.38	+0.075%	$3K	$4K	5x	as long as short
Backpack TAO_USDC_PERP	+0.0755%	1h	319.80	+0.207%	$298K	$905K	10x	as long as short
Hyperliquid TAO	+0.0789%	1h	319.91	+0.241%	$94.6M	$110.0M	5x	as long as short
Kraken Futures PF_TAOUSD	+0.0829%	1h	319.63	+0.153%	$6.0M	$21.7M	50x	as long as short
RISEx TAO/USDC	+0.0831%	1h	318.90	−0.076%	$444K	$680K	5x	as long as short
Coinbase International TAO-PERP-INTX	+0.0984%	1h	319.35	+0.066%	$1.6M	$6.8M	50x	as long as short
Injective TAO/USDC PERP	+0.4513%	1h	320.67	+0.479%	$23K	$2K	12x	as long as short