Funding you earn now, next payment 03:00 UTC−0.0995%/8h= −108.9% APRnext payment −$1.24 per $10,000 · paid last 24h −0.058%
Price spread now: Deribit against Backpack+0.134%7-day average −0.023% · you sell dearer than you buy
Net, funding: paid 7d − costs−$60as in the Funding arb table
Net, price: spread back to 7d avg − costs−$21as in the Price arb table
costs, in and out, $10k−$370.365% of the position
Funding, last 7 days−0.239%−$24 on $10k
+Price spread, last 4 days (all we have)−0.100%−$10 · spread now +0.134%, 7d avg −0.023%
=The price spread pays, funding is against you. Deribit is 0.157% dearer against Backpack than usual: you sell high and buy low (spread +0.134% now, against its 7-day average of −0.023%): +$16 on $10k if it goes back. Holding the pair costs −$30 a day in funding at the current rate, which eats that in about 13 hours. At the pace of the last 7 days (−0.239% in total) that is about 4.6 days.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.239% in total (about -12.5% a year). A funding rate is set anew for every payment; at this rate the next one is about −$1.24 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 | 316.58 | 0.0995 | pay 0.0124% / 1h | 16m 00s | $318K | $920K | 10x |
| Short | Deribit TAO_USDC-PERPETUAL | 317.00 | 0 | get 0.0000% / 1h | 16m 00s | $18K | $1.6M | 25x |
Backpack TAO_USDC_PERP
Deribit TAO_USDC-PERPETUALFunding history
latest
Range statsloading…
Price spread between the two exchanges
Deribit against Backpack. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$208.89
- Price spread: +0.134% → −0.023%
- $15.66
- Slippage, 4 orders
- −$19.54
- Fee Backpack: 5 bp × 2 orders
- −$10
- Fee Deribit: 3.5 bp × 2 orders
- −$7
- Net
- −$229.76
- Costs to cover
- 0.365%
- Break-even
- never at this rate
Slippage from Backpack: live order book, 48 min ago; Deribit: live order book, 3 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, 48 min ago | 2.19 bp | 8.3 bp −$8 | doesn't fit | doesn't fit | doesn't fit |
| Sell Deribit live order book, 3 min ago | 4.17 bp | 7.7 bp −$8 | 14.2 bp −$142 | 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 | −0.5148% | 1h | 323.99 | +2.341% | $172K | $1K | 10x | as long as short |
| dYdX TAO-USD | 0.0000% | 1h | 319.07 | +0.787% | $127K | $85K | 5x | as long as short |
| Deribit TAO_USDC-PERPETUALshort | 0.0000% | 1h | 317.00 | +0.134% | $18K | $1.6M | 25x | |
| gTrade (Gains Network) TAO/USD | L +0.0004% / S −0.0004% | 1h | 317.02 | +0.138% | $21K | — | 150x | as long as short |
| Popdex TAOUSDT | +0.0096% | 1h | 318.06 | +0.467% | $39K | $682K | 20x | as long as short |
| Binance TAOUSDT | +0.0100% | 4h | 316.95 | +0.117% | $93.0M | $486.2M | 75x | as long as short |
| OKX TAO-USDT-SWAP | +0.0100% | 8h | 317.00 | +0.133% | $26.2M | $119.5M | 50x | as long as short |
| Gate TAO_USDT | +0.0100% | 4h | 316.80 | +0.069% | $13.0M | $50.2M | 50x | as long as short |
| MEXC TAO_USDT | +0.0100% | 4h | 317.05 | +0.148% | $101.0M | $143.0M | 300x | as long as short |
| KuCoin TAOUSDTM | +0.0100% | 4h | 316.94 | +0.114% | $17.8M | $31.4M | 75x | as long as short |
Bulk TAO-USD
dYdX TAO-USD
gTrade (Gains Network) TAO/USD
Popdex TAOUSDT
Binance TAOUSDT
OKX TAO-USDT-SWAP
Gate TAO_USDT
MEXC TAO_USDT
KuCoin TAOUSDTMShow all 43 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Bitget TAOUSDT | +0.0100% | 4h | 316.80 | +0.069% | $35.4M | $55.4M | 50x | as long as short |
| edgeX TAOUSDC | +0.0100% | 4h | 324.20 | +2.408% | $36K | $303K | 10x | as long as short |
| Polymarket Perps TAO-USD | +0.0100% | 1h | 317.85 | +0.401% | $87K | $793K | 5x | as long as short |
| SunX TAO-USDT | +0.0100% | 4h | 316.66 | +0.025% | $1K | $1.9M | 20x | as long as short |
| HTX TAO-USDT | +0.0100% | 4h | 317.09 | +0.161% | $128K | $482K | 20x | as long as short |
| Aevo TAO-PERP | +0.0104% | 1h | 317.37 | +0.251% | $174K | $998 | 3x | as long as short |
| Katana Perps TAO-USD | +0.0116% | 8h | 319.45 | +0.907% | $2K | $776K | 5x | as long as short |
| Orderly PERP_TAO_USDC | +0.0123% | 4h | 317.12 | +0.171% | $57K | $282K | 10x | as long as short |
| GMX TAO/USD [WBTC.b-USDC] | L +0.0158% / S +0.0128% | 1h | 317.16 | +0.183% | $440K | — | 100x | as long as short |
| GRVT TAO_USDT_Perp | +0.0232% | 4h | 324.16 | +2.395% | $538K | $965K | 10x | as long as short |
| Bullet TAO-USD | +0.0246% | 1h | 317.47 | +0.281% | $13K | $18K | 20x | as long as short |
| Kraken Futures PF_TAOUSD | +0.0248% | 1h | 316.80 | +0.071% | $5.6M | $20.8M | 50x | as long as short |
| Paradex TAO-USD-PERP | +0.0275% | 8h | 318.73 | +0.680% | $14K | $1K | 10x | as long as short |
| Phemex TAOUSDT | +0.0276% | 4h | 317.17 | +0.186% | $3.4M | $7.9M | 50x | as long as short |
| BloFin TAO-USDT | +0.0340% | 4h | 323.03 | +2.037% | $3.8M | $11.5M | 100x | as long as short |
| Aster TAOUSDT | +0.0350% | 4h | 317.16 | +0.183% | $1.1M | $9.9M | 50x | as long as short |
| Pacifica TAO | +0.0448% | 1h | 319.42 | +0.896% | $378K | $405K | 10x | as long as short |
| BingX TAO-USDT | +0.0466% | 4h | 317.01 | +0.136% | — | $30.3M | — | as long as short |
| Bybit TAOUSDT | +0.0488% | 4h | 317.19 | +0.193% | $69.7M | $145.5M | 50x | as long as short |
| Phoenix TAO | +0.0504% | 1h | 324.80 | +2.597% | $340K | $707K | 5x | as long as short |
| Arcus TAO-USD | +0.0509% | 1h | 318.72 | +0.676% | $100K | $488K | 5x | as long as short |
| ApeX Omni TAOUSDT | +0.0557% | 1h | 324.92 | +2.634% | $48K | $253K | 50x | as long as short |
| Nado TAO-PERP | +0.0618% | 1h | 317.89 | +0.413% | $760K | $2.1M | 10x | as long as short |
| Reya TAORUSDPERP | +0.0696% | 1h | 317.81 | +0.388% | $365 | — | 20x | as long as short |
| 01 Exchange TAOUSD | +0.0768% | 1h | 317.64 | +0.335% | $3K | $4K | 5x | as long as short |
| Extended TAO-USD | +0.0784% | 1h | 317.04 | +0.146% | $933K | $2.4M | 25x | as long as short |
| Variational Omni TAO | +0.0831% | 4h | 317.31 | +0.232% | $5.9M | $9.8M | — | as long as short |
| Lighter TAO | +0.0840% | 1h | 317.34 | +0.239% | $1.6M | $6.4M | 5x | as long as short |
| Backpack TAO_USDC_PERPlong | +0.0995% | 1h | 316.58 | long leg | $318K | $920K | 10x | |
| Coinbase International TAO-PERP-INTX | +0.1024% | 1h | 318.13 | +0.490% | $1.5M | $6.8M | 50x | as long as short |
| RISEx TAO/USDC | +0.1159% | 1h | 317.75 | +0.370% | $458K | $651K | 5x | as long as short |
| Hyperliquid TAO | +0.1166% | 1h | 316.88 | +0.096% | $97.4M | $103.5M | 5x | as long as short |
| Injective TAO/USDC PERP | +0.4172% | 1h | 326.77 | +3.219% | $24K | $2K | 12x | as long as short |
Bitget TAOUSDT
edgeX TAOUSDC
Polymarket Perps TAO-USD
SunX TAO-USDT
HTX TAO-USDT
Aevo TAO-PERP
Katana Perps TAO-USD
Orderly PERP_TAO_USDC
GMX TAO/USD [WBTC.b-USDC]
GRVT TAO_USDT_Perp
Bullet TAO-USD
Kraken Futures PF_TAOUSD
Paradex TAO-USD-PERP
Phemex TAOUSDT
BloFin TAO-USDT
Aster TAOUSDT
Pacifica TAO
BingX TAO-USDT
Bybit TAOUSDT
Phoenix TAO
Arcus TAO-USD
ApeX Omni TAOUSDT
Nado TAO-PERP
Reya TAORUSDPERP
01 Exchange TAOUSD
Extended TAO-USD
Variational Omni TAO
Lighter TAO
Coinbase International TAO-PERP-INTX
RISEx TAO/USDC
Hyperliquid TAO
Injective TAO/USDC PERP