We generalize the property of small-torus equivariant K-homology of the affine Grassmannian to general oriented (co)homology theory in the sense of Levine and Morel. The main tool we use is the formal affine Demazure algebra associated to the affine root system. More precisely, we prove that the small-torus equivariant oriented cohomology of the affine Grassmannian satisfies the GKM condition. We also show that its dual, the small-torus equivariant homology, is isomorphic to the centralizer of the equivariant oriented cohomology of a point in the the formal affine Demazure algebra.