TAO

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0826%/8h= −90.4% APRnext payment −$1.03 per $10,000 · paid last 24h −0.018%

Price spread now: Aevo against Backpack−0.169%7-day average −0.017% · you buy dearer than you sell

Net, funding: paid 7d − costs−$136as in the Funding arb table

Net, price: spread back to 7d avg − costs−$152as in the Price arb table

costs, in and out, $10k−$1371.372% of the position

Long on Backpack Short on Aevo

What this pair did over the last

the charts below follow

Funding, last 7 days+0.013%+$1 on $10k

Price spread, last 3 days (all we have)+0.183%+$18 · spread now −0.169%, 7d avg −0.017%

Together, before fees+0.196%+$20 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$25 a day on $10k at the current rate, and Aevo is 0.152% cheaper against Backpack than usual: you would sell low and buy high (−$15 if the spread goes back to its 7-day average of −0.017%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.013% in total (about 0.7% a year). A funding rate is set anew for every payment; at this rate the next one is about −$1.03 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack TAO_USDC_PERP	304.26	0.0930	pay 0.0116% / 1h	50m 33s	$465K	$689K	10x
Short	Aevo TAO-PERP	303.75	0.0104	get 0.0013% / 1h	50m 33s	$167K	$998	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aevo against Backpack. 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 BackpackbpFee AevobpOrdersPrice spread, now −0.169%Rate

Funding earned: −$173.4
Price spread: −0.169% → −0.017%: −$15.22
Slippage, 4 orders: −$111.19
Fee Backpack: 5 bp × 2 orders: −$10
Fee Aevo: 8 bp × 2 orders: −$16
Net: −$325.81
Costs to cover: 1.372%
Break-even: never at this rate

Slippage from Backpack: live order book, 38 min ago; Aevo: live order book, 38 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 Backpack live order book, 38 min ago	0.64 bp	21.1 bp −$21	doesn't fit	doesn't fit	doesn't fit
Sell Aevo live order book, 38 min ago	38.01 bp	53.0 bp −$53	289.2 bp −$2,892	doesn't fit	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	−0.0973%	1h	304.87	+0.200%	$200K	$57K	10x	as long as short
dYdX TAO-USD	0.0000%	1h	303.84	−0.138%	$128K	$89K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	303.58	−0.223%	$19K	—	150x	as long as short
Popdex TAOUSDT	+0.0096%	1h	304.08	−0.059%	$39K	$521K	20x	as long as short
Aster TAOUSDT	+0.0100%	4h	304.04	−0.072%	$1.1M	$7.4M	50x	as long as short
Pacifica TAO	+0.0100%	1h	304.12	−0.045%	$355K	$405K	10x	as long as short
Binance TAOUSDT	+0.0100%	4h	304.09	−0.056%	$84.9M	$399.8M	75x	as long as short
Bybit TAOUSDT	+0.0100%	4h	304.29	+0.010%	$58.1M	$117.5M	50x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	304.10	−0.053%	$24.8M	$91.4M	50x	as long as short
Arcus TAO-USD	+0.0100%	1h	304.27	+0.003%	$135K	$591K	5x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate TAO_USDT	+0.0100%	4h	303.70	−0.184%	$12.0M	$47.3M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	303.96	−0.099%	$111.0M	$121.2M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	303.97	−0.095%	$18.1M	$26.3M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	303.90	−0.118%	$34.1M	$44.0M	50x	as long as short
BingX TAO-USDT	+0.0100%	4h	304.01	−0.082%	—	$30.5M	—	as long as short
Variational Omni TAO	+0.0100%	4h	303.48	−0.258%	$3.6M	$6.7M	—	as long as short
edgeX TAOUSDC	+0.0100%	4h	303.44	−0.270%	$39K	$276K	10x	as long as short
GRVT TAO_USDT_Perp	+0.0100%	4h	303.31	−0.312%	$531K	$965K	10x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	303.63	−0.207%	$47K	$267K	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	303.57	−0.227%	$82K	$668K	5x	as long as short
Bullet TAO-USD	+0.0100%	1h	303.59	−0.220%	$11K	$18K	20x	as long as short
Orderly PERP_TAO_USDC	+0.0100%	4h	303.75	−0.168%	$58K	$276K	10x	as long as short
SunX TAO-USDT	+0.0100%	4h	303.67	−0.194%	$2K	$1.8M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	303.12	−0.375%	$120K	$351K	20x	as long as short
Phemex TAOUSDT	+0.0100%	4h	303.61	−0.214%	$3.2M	$8.0M	50x	as long as short
Aevo TAO-PERPshort	+0.0104%	1h	303.75	−0.169%	$167K	$998	3x
Katana Perps TAO-USD	+0.0114%	8h	303.95	−0.102%	$1K	$416K	5x	as long as short
Nado TAO-PERP	+0.0153%	1h	303.96	−0.098%	$742K	$1.8M	10x	as long as short
Paradex TAO-USD-PERP	+0.0163%	8h	304.08	−0.059%	$14K	$992	10x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0224%	1h	303.83	−0.142%	$16K	$1.3M	25x	as long as short
Phoenix TAO	+0.0234%	1h	303.50	−0.250%	$321K	$462K	5x	as long as short
BloFin TAO-USDT	+0.0340%	4h	303.67	−0.194%	$4.3M	$9.4M	100x	as long as short
01 Exchange TAOUSD	+0.0360%	1h	304.22	−0.013%	$3K	$4K	5x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0464% / S −0.0175%	1h	303.44	−0.271%	$432K	—	100x	as long as short
Lighter TAO	+0.0592%	1h	304.39	+0.044%	$1.6M	$4.7M	5x	as long as short
Extended TAO-USD	+0.0592%	1h	303.96	−0.098%	$867K	$1.9M	25x	as long as short
Reya TAORUSDPERP	+0.0694%	1h	303.47	−0.258%	$349	—	20x	as long as short
Backpack TAO_USDC_PERPlong	+0.0930%	1h	304.26	long leg	$465K	$689K	10x
Coinbase International TAO-PERP-INTX	+0.0960%	1h	304.34	+0.026%	$1.5M	$5.3M	50x	as long as short
Kraken Futures PF_TAOUSD	+0.1037%	1h	303.93	−0.107%	$6.2M	$19.5M	50x	as long as short
RISEx TAO/USDC	+0.1053%	1h	304.19	−0.024%	$400K	$530K	5x	as long as short
Hyperliquid TAO	+0.1128%	1h	304.59	+0.108%	$91.2M	$73.9M	5x	as long as short
Injective TAO/USDC PERP	+0.4876%	1h	311.91	+2.514%	$23K	$135	12x	as long as short