Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0167%/8h= −18.2% APRpaid last 24h 0.000%

Price spread now: Orderly against Polymarket Perps−0.167%7-day average +0.021% · you buy dearer than you sell

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

Long on Polymarket Perps Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days−0.006%−$1 on $10k

Price spread, last 3 days (all we have)+0.203%+$20 · spread now −0.167%, 7d avg +0.021%

Together, before fees+0.197%+$20 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and Orderly is 0.187% cheaper against Polymarket Perps than usual: you would sell low and buy high (−$19 if the spread goes back to its 7-day average of +0.021%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Polymarket Perps TAO-USD	317.77	0.0267	pay 0.0033% / 1h	4m 28s	$93K	$633K	5x
Short	Orderly PERP_TAO_USDC	317.24	0.0100	get 0.0050% / 4h	3h 04m	$57K	$316K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against Polymarket Perps. 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 Polymarket PerpsbpFee OrderlybpOrdersPrice spread, now −0.167%Rate

Funding earned: −$34.98
Price spread: −0.167% → +0.021%: −$18.74
Slippage, 4 orders: no order book: not counted
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$67.71
Costs to cover: 0.140%
Break-even: never at this rate

Slippage unknown: Polymarket Perps: live order book, 3 min ago; Orderly: 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 Polymarket Perps live order book, 3 min ago	2.84 bp	6.8 bp −$7	7.3 bp −$73	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

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	−0.1228%	1h	316.14	−0.513%	$168K	$40K	10x	as long as short
dYdX TAO-USD	0.0000%	1h	316.54	−0.387%	$127K	$88K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0002%	1h	316.94	−0.262%	$12K	—	150x	as long as short
Popdex TAOUSDT	+0.0096%	1h	317.72	−0.016%	$44K	$603K	20x	as long as short
Binance TAOUSDT	+0.0100%	4h	317.22	−0.173%	$90.9M	$451.2M	75x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	317.30	−0.148%	$25.9M	$109.4M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	317.20	−0.179%	$12.9M	$51.3M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	317.52	−0.079%	$100.5M	$136.9M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	317.59	−0.057%	$17.9M	$29.3M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	317.28	−0.154%	$35.3M	$51.6M	50x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
edgeX TAOUSDC	+0.0100%	4h	317.06	−0.225%	$40K	$294K	10x	as long as short
GRVT TAO_USDT_Perp	+0.0100%	4h	315.81	−0.617%	$523K	$958K	10x	as long as short
Orderly PERP_TAO_USDCshort	+0.0100%	4h	317.24	−0.167%	$57K	$316K	10x
SunX TAO-USDT	+0.0100%	4h	316.45	−0.415%	$1K	$1.9M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	316.26	−0.475%	$127K	$422K	20x	as long as short
Aevo TAO-PERP	+0.0104%	1h	316.61	−0.366%	$174K	$998	3x	as long as short
Bullet TAO-USD	+0.0105%	1h	317.35	−0.132%	$12K	$17K	20x	as long as short
Katana Perps TAO-USD	+0.0122%	8h	317.74	−0.009%	$1K	$644K	5x	as long as short
ApeX Omni TAOUSDT	+0.0154%	1h	316.14	−0.513%	$48K	$267K	50x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0172% / S +0.0102%	1h	316.91	−0.271%	$450K	—	100x	as long as short
Pacifica TAO	+0.0185%	1h	317.17	−0.189%	$375K	$376K	10x	as long as short
Phemex TAOUSDT	+0.0191%	4h	316.40	−0.431%	$3.4M	$7.8M	50x	as long as short
Aster TAOUSDT	+0.0199%	4h	317.22	−0.173%	$1.3M	$8.8M	50x	as long as short
Arcus TAO-USD	+0.0201%	1h	317.58	−0.060%	$84K	$550K	5x	as long as short
Paradex TAO-USD-PERP	+0.0235%	8h	316.75	−0.320%	$14K	$1K	10x	as long as short
Polymarket Perps TAO-USDlong	+0.0267%	1h	317.77	long leg	$93K	$633K	5x
Deribit TAO_USDC-PERPETUAL	+0.0287%	1h	316.21	−0.490%	$17K	$1.5M	25x	as long as short
BloFin TAO-USDT	+0.0340%	4h	316.47	−0.409%	$4.4M	$10.8M	100x	as long as short
Kraken Futures PF_TAOUSD	+0.0485%	1h	316.20	−0.493%	$5.7M	$20.3M	50x	as long as short
Phoenix TAO	+0.0525%	1h	317.00	−0.242%	$332K	$624K	5x	as long as short
01 Exchange TAOUSD	+0.0560%	1h	317.57	−0.063%	$3K	$4K	5x	as long as short
Injective TAO/USDC PERP	+0.0571%	1h	320.46	+0.847%	$23K	$2K	12x	as long as short
Variational Omni TAO	+0.0571%	4h	316.78	−0.313%	$5.5M	$8.7M	—	as long as short
Reya TAORUSDPERP	+0.0696%	1h	317.52	−0.078%	$365	—	20x	as long as short
BingX TAO-USDT	+0.0702%	4h	317.17	−0.189%	—	$30.7M	—	as long as short
Bybit TAOUSDT	+0.0742%	4h	317.33	−0.138%	$65.3M	$133.6M	50x	as long as short
Nado TAO-PERP	+0.0746%	1h	317.67	−0.031%	$790K	$2.1M	10x	as long as short
Backpack TAO_USDC_PERP	+0.0797%	1h	316.19	−0.497%	$319K	$816K	10x	as long as short
Coinbase International TAO-PERP-INTX	+0.0984%	1h	317.25	−0.164%	$1.5M	$6.4M	50x	as long as short
Extended TAO-USD	+0.1104%	1h	317.24	−0.167%	$884K	$2.3M	25x	as long as short
RISEx TAO/USDC	+0.1141%	1h	317.39	−0.120%	$421K	$593K	5x	as long as short
Lighter TAO	+0.1424%	1h	317.64	−0.040%	$1.7M	$6.1M	5x	as long as short
Hyperliquid TAO	+0.1760%	1h	317.88	+0.035%	$101.7M	$91.6M	5x	as long as short