Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h +0.001%

Price spread now: OKX against Popdex+0.189%7-day average −0.030% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$23as in the Price arb table

costs, in and out, $10k−$440.444% of the position

Long on Popdex Short on OKX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.012%+$1 on $10k

Price spread, last 4 days (all we have)−0.294%−$29 · spread now +0.189%, 7d avg −0.030%

Together, before fees−0.282%−$28 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: OKX is 0.218% dearer against Popdex than usual: you sell high and buy low, +$22 on $10k if it goes back to its 7-day average of −0.030%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Popdex TAOUSDT	317.70	0.0096	pay 0.0012% / 1h	24m 09s	$43K	$591K	20x
Short	OKX TAO-USDT-SWAP	318.30	0.0100	get 0.0100% / 8h	7h 24m	$26.0M	$108.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX against Popdex. 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 PopdexbpFee OKXbpOrdersPrice spread, now +0.189%Rate

Funding earned: $0.84
Price spread: +0.189% → −0.030%: $21.84
Slippage, 4 orders: −$27.96
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Fee OKX: 5 bp × 2 orders: −$10
Net: −$21.67
Costs to cover: 0.444%
Break-even: 187.6 days

Slippage from Popdex: live order book, 50 min ago; OKX: live order book, 5 min ago.

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 Popdex live order book, 50 min ago	1.12 bp	11.8 bp −$12	103.9 bp −$1,039	doesn't fit	doesn't fit
Sell OKX live order book, 5 min ago	1.57 bp	9.2 bp −$9	18.5 bp −$185	58.9 bp −$5,889	doesn't fit

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	−0.1321%	1h	318.22	+0.164%	$169K	$44K	10x	as long as short
dYdX TAO-USD	0.0000%	1h	317.80	+0.031%	$127K	$88K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	318.01	+0.099%	$21K	—	150x	as long as short
Popdex TAOUSDTlong	+0.0096%	1h	317.70	long leg	$43K	$591K	20x
Binance TAOUSDT	+0.0100%	4h	318.12	+0.131%	$91.6M	$447.6M	75x	as long as short
OKX TAO-USDT-SWAPshort	+0.0100%	8h	318.30	+0.189%	$26.0M	$108.8M	50x
Gate TAO_USDT	+0.0100%	4h	318.00	+0.094%	$12.9M	$50.8M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	318.15	+0.142%	$108.9M	$135.2M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	318.09	+0.123%	$18.2M	$29.2M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	317.72	+0.006%	$35.4M	$50.8M	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	317.16	−0.169%	$40K	$292K	10x	as long as short
GRVT TAO_USDT_Perp	+0.0100%	4h	316.62	−0.340%	$523K	$969K	10x	as long as short
Orderly PERP_TAO_USDC	+0.0100%	4h	318.15	+0.142%	$57K	$316K	10x	as long as short
SunX TAO-USDT	+0.0100%	4h	318.01	+0.098%	$2K	$1.9M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	318.55	+0.268%	$127K	$423K	20x	as long as short
Phemex TAOUSDT	+0.0100%	4h	318.12	+0.132%	$3.4M	$7.8M	50x	as long as short
Aevo TAO-PERP	+0.0104%	1h	318.59	+0.281%	$175K	$998	3x	as long as short
Bullet TAO-USD	+0.0105%	1h	318.28	+0.184%	$12K	$17K	20x	as long as short
Katana Perps TAO-USD	+0.0114%	8h	317.51	−0.060%	$735	$624K	5x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0173% / S +0.0093%	1h	318.04	+0.107%	$457K	—	100x	as long as short
Pacifica TAO	+0.0185%	1h	318.06	+0.113%	$376K	$376K	10x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0198%	1h	318.17	+0.149%	$17K	$1.5M	25x	as long as short
Arcus TAO-USD	+0.0201%	1h	317.90	+0.063%	$84K	$550K	5x	as long as short
Aster TAOUSDT	+0.0230%	4h	318.06	+0.112%	$1.1M	$8.6M	50x	as long as short
Paradex TAO-USD-PERP	+0.0235%	8h	317.75	+0.016%	$14K	$1K	10x	as long as short
Polymarket Perps TAO-USD	+0.0292%	1h	318.07	+0.116%	$93K	$635K	5x	as long as short
ApeX Omni TAOUSDT	+0.0316%	1h	317.14	−0.176%	$49K	$267K	50x	as long as short
BloFin TAO-USDT	+0.0340%	4h	318.72	+0.321%	$4.5M	$10.8M	100x	as long as short
BingX TAO-USDT	+0.0398%	4h	317.97	+0.085%	—	$30.7M	—	as long as short
Variational Omni TAO	+0.0460%	4h	318.45	+0.237%	$5.5M	$8.7M	—	as long as short
Kraken Futures PF_TAOUSD	+0.0482%	1h	318.10	+0.125%	$5.7M	$20.3M	50x	as long as short
Bybit TAOUSDT	+0.0515%	4h	318.47	+0.242%	$65.6M	$133.1M	50x	as long as short
Phoenix TAO	+0.0525%	1h	318.10	+0.126%	$333K	$624K	5x	as long as short
Injective TAO/USDC PERP	+0.0571%	1h	322.97	+1.659%	$23K	$678	12x	as long as short
01 Exchange TAOUSD	+0.0592%	1h	317.68	−0.006%	$3K	$4K	5x	as long as short
Reya TAORUSDPERP	+0.0695%	1h	318.21	+0.160%	$366	—	20x	as long as short
Nado TAO-PERP	+0.0782%	1h	318.30	+0.188%	$889K	$2.0M	10x	as long as short
Backpack TAO_USDC_PERP	+0.0835%	1h	318.15	+0.142%	$321K	$818K	10x	as long as short
Coinbase International TAO-PERP-INTX	+0.0984%	1h	318.30	+0.189%	$1.5M	$6.3M	50x	as long as short
Extended TAO-USD	+0.1128%	1h	318.17	+0.148%	$926K	$2.3M	25x	as long as short
RISEx TAO/USDC	+0.1141%	1h	317.64	−0.017%	$422K	$591K	5x	as long as short
Lighter TAO	+0.1424%	1h	318.69	+0.311%	$1.7M	$6.0M	5x	as long as short
Hyperliquid TAO	+0.2026%	1h	318.73	+0.324%	$103.0M	$90.9M	5x	as long as short