TAO

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0789%/8h= −86.4% APRnext payment −$0.99 per $10,000 · paid last 24h −0.380%

Price spread now: Bulk against Backpack−0.584%7-day average −0.150% · you buy dearer than you sell

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

Net, price: spread back to 7d avg − costs−$68as in the Price arb table

costs, in and out, $10k−$250.250% of the position

Long on Backpack Short on Bulk

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.438%−$44 on $10k

Price spread, last 4 days (all we have)+0.268%+$27 · spread now −0.584%, 7d avg −0.150%

Together, before fees−0.170%−$17 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$24 a day on $10k at the current rate, and Bulk is 0.434% cheaper against Backpack than usual: you would sell low and buy high (−$43 if the spread goes back to its 7-day average of −0.150%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack TAO_USDC_PERP	317.00	0.0289	pay 0.0036% / 1h	53m 59s	$315K	$914K	10x
Short	Bulk TAO-USD	315.15	−0.0499	pay 0.0062% / 1h	53m 59s	$167K	$1K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bulk 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 BulkbpOrdersPrice spread, now −0.584%Rate

Funding earned: −$165.62
Price spread: −0.584% → −0.150%: −$43.38
Slippage, 4 orders: −$7.97
Fee Backpack: 5 bp × 2 orders: −$10
Fee Bulk: 3.5 bp × 2 orders: −$7
Net: −$233.97
Costs to cover: 0.250%
Break-even: never at this rate

Slippage from Backpack: live order book, 5 min ago; Bulk: 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 Backpack live order book, 5 min ago	2.85 bp	8.4 bp −$8	doesn't fit	doesn't fit	doesn't fit
Sell Bulk live order book, 5 min ago	0.16 bp	4.8 bp −$5	9.4 bp −$94	21.9 bp −$2,186	33.1 bp −$16.6K

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-USDshort	−0.0499%	1h	315.15	−0.584%	$167K	$1K	10x
dYdX TAO-USD	0.0000%	1h	316.19	−0.257%	$126K	$85K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	316.52	−0.150%	$20K	—	150x	as long as short
ApeX Omni TAOUSDT	+0.0050%	1h	315.08	−0.606%	$46K	$252K	50x	as long as short
Kraken Futures PF_TAOUSD	+0.0056%	1h	316.68	−0.100%	$5.6M	$20.6M	50x	as long as short
Popdex TAOUSDT	+0.0096%	1h	316.16	−0.265%	$41K	$684K	20x	as long as short
Binance TAOUSDT	+0.0100%	4h	316.78	−0.069%	$91.8M	$487.5M	75x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	316.50	−0.158%	$26.1M	$119.4M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	316.70	−0.095%	$13.0M	$49.2M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	316.90	−0.032%	$105.5M	$141.9M	300x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin TAOUSDTM	+0.0100%	4h	316.75	−0.079%	$17.6M	$31.6M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	316.38	−0.196%	$35.3M	$55.6M	50x	as long as short
edgeX TAOUSDC	+0.0100%	4h	315.37	−0.513%	$35K	$302K	10x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	316.40	−0.189%	$89K	$790K	5x	as long as short
Bullet TAO-USD	+0.0100%	1h	316.61	−0.122%	$12K	$18K	20x	as long as short
SunX TAO-USDT	+0.0100%	4h	316.59	−0.129%	$1K	$1.9M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	316.22	−0.246%	$109K	$527K	20x	as long as short
Phemex TAOUSDT	+0.0100%	4h	316.58	−0.132%	$3.2M	$8.1M	50x	as long as short
Aevo TAO-PERP	+0.0104%	1h	316.82	−0.057%	$174K	$998	3x	as long as short
Katana Perps TAO-USD	+0.0108%	8h	316.15	−0.268%	$2K	$780K	5x	as long as short
Orderly PERP_TAO_USDC	+0.0123%	4h	316.60	−0.126%	$57K	$275K	10x	as long as short
GRVT TAO_USDT_Perp	+0.0130%	4h	316.46	−0.170%	$527K	$952K	10x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0154% / S +0.0115%	1h	316.49	−0.160%	$429K	—	100x	as long as short
01 Exchange TAOUSD	+0.0192%	1h	316.09	−0.287%	$3K	$4K	5x	as long as short
Paradex TAO-USD-PERP	+0.0208%	8h	316.24	−0.239%	$14K	$1K	10x	as long as short
Nado TAO-PERP	+0.0213%	1h	316.52	−0.151%	$820K	$2.2M	10x	as long as short
Hyperliquid TAO	+0.0219%	1h	317.05	+0.016%	$94.9M	$104.6M	5x	as long as short
Aster TAOUSDT	+0.0239%	4h	316.70	−0.096%	$1.2M	$10.1M	50x	as long as short
Bybit TAOUSDT	+0.0245%	4h	316.75	−0.079%	$69.3M	$145.7M	50x	as long as short
BingX TAO-USDT	+0.0288%	4h	316.87	−0.041%	—	$30.3M	—	as long as short
Backpack TAO_USDC_PERPlong	+0.0289%	1h	317.00	long leg	$315K	$914K	10x
Deribit TAO_USDC-PERPETUAL	+0.0309%	1h	316.72	−0.087%	$14K	$1.6M	25x	as long as short
BloFin TAO-USDT	+0.0340%	4h	316.39	−0.192%	$4.6M	$10.9M	100x	as long as short
Arcus TAO-USD	+0.0345%	1h	316.39	−0.192%	$100K	$488K	5x	as long as short
Pacifica TAO	+0.0365%	1h	316.33	−0.212%	$369K	$402K	10x	as long as short
Extended TAO-USD	+0.0400%	1h	316.56	−0.138%	$926K	$2.4M	25x	as long as short
Lighter TAO	+0.0440%	1h	317.01	+0.003%	$1.6M	$6.4M	5x	as long as short
Phoenix TAO	+0.0504%	1h	315.90	−0.347%	$314K	$697K	5x	as long as short
Variational Omni TAO	+0.0690%	4h	316.99	−0.002%	$5.9M	$9.7M	—	as long as short
Reya TAORUSDPERP	+0.0696%	1h	316.56	−0.138%	$364	—	20x	as long as short
RISEx TAO/USDC	+0.0991%	1h	316.10	−0.285%	$434K	$655K	5x	as long as short
Coinbase International TAO-PERP-INTX	+0.1008%	1h	316.96	−0.013%	$1.5M	$6.7M	50x	as long as short
Injective TAO/USDC PERP	+0.4222%	1h	319.25	+0.710%	$23K	$2K	12x	as long as short