TAO

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0329%/8h= +36.0% APRnext payment +$0.41 per $10,000 · paid last 24h −0.005%

Price spread now: Extended against Backpack−0.188%48s7-day average −0.091% · you buy dearer than you sell

Net, funding: paid 7d − costs−$21as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$260.259% of the position

Long on Backpack Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days+0.054%+$5 on $10k

Price spread, last 4 days (all we have)+0.063%+$6 · spread now −0.188%, 7d avg −0.091%

Together, before fees+0.117%+ Points / potential airdropExtended: Active · farm board+$12 on $10k · with fees, hour by hour

Funding pays, the price is against you. Extended is 0.097% cheaper against Backpack than usual: you would sell low and buy high (spread −0.188% now, against its 7-day average of −0.091%). If the spread goes back, that is −$10 on $10k: about 24 hours of funding at the current rate (+$10 a day). At the pace of the last 7 days (+0.054% in total) that is about 13 days. The two prices were read 48 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.054% in total (about 2.8% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.41 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	314.37	0.0551	pay 0.0069% / 1h	31m 19s	$298K	$801K	10x
Short	Extended TAO-USD	313.78	0.0880	get 0.0110% / 1h	31m 19s	$864K	$2.1M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended against Backpack. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 ExtendedbpOrdersPrice spread, now −0.188%Rate

Funding earned: $69.06
Price spread: −0.188% → −0.091%: −$9.74
Slippage, 4 orders: −$10.95
Fee Backpack: 5 bp × 2 orders: −$10
Fee Extended: 2.5 bp × 2 orders: −$5
Net: $33.37
Costs to cover: 0.259%
Break-even: 3.6 days

Slippage from Backpack: live order book, 48 min ago; Extended: live order book, 2 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	1.96 bp	7.0 bp −$7	40.6 bp −$406	doesn't fit	doesn't fit
Sell Extended live order book, 2 min ago	3.33 bp	5.8 bp −$6	8.8 bp −$88	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	−0.4478%	1h	313.97	−0.127%	$168K	$48K	10x	as long as short
dYdX TAO-USD	0.0000%	1h	313.81	−0.179%	$125K	$88K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	313.68	−0.219%	$21K	—	150x	as long as short
Injective TAO/USDC PERP	+0.0033%	1h	314.95	+0.184%	$23K	$361	12x	as long as short
Popdex TAOUSDT	+0.0096%	1h	314.05	−0.102%	$34K	$564K	20x	as long as short
Pacifica TAO	+0.0100%	1h	314.08	−0.092%	$372K	$369K	10x	as long as short
Binance TAOUSDT	+0.0100%	4h	313.84	−0.168%	$89.1M	$425.9M	75x	as long as short
Bybit TAOUSDT	+0.0100%	4h	314.04	−0.105%	$61.6M	$124.8M	50x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	313.80	−0.181%	$25.2M	$101.5M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	313.50	−0.277%	$12.7M	$49.5M	50x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC TAO_USDT	+0.0100%	4h	313.75	−0.197%	$110.3M	$129.5M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	313.86	−0.162%	$18.9M	$27.7M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	313.63	−0.235%	$35.0M	$46.4M	50x	as long as short
BingX TAO-USDT	+0.0100%	4h	313.86	−0.162%	—	$30.2M	—	as long as short
edgeX TAOUSDC	+0.0100%	4h	315.36	+0.314%	$41K	$281K	10x	as long as short
GRVT TAO_USDT_Perp	+0.0100%	4h	315.48	+0.354%	$523K	$956K	10x	as long as short
Bullet TAO-USD	+0.0100%	1h	313.79	−0.184%	$11K	$17K	20x	as long as short
Orderly PERP_TAO_USDC	+0.0100%	4h	313.85	−0.165%	$60K	$275K	10x	as long as short
SunX TAO-USDT	+0.0100%	4h	313.69	−0.216%	$2K	$1.8M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	313.91	−0.146%	$127K	$400K	20x	as long as short
Phemex TAOUSDT	+0.0100%	4h	313.19	−0.375%	$3.3M	$7.9M	50x	as long as short
Aevo TAO-PERP	+0.0104%	1h	314.06	−0.100%	$172K	$998	3x	as long as short
Katana Perps TAO-USD	+0.0110%	8h	314.09	−0.089%	$1K	$549K	5x	as long as short
Polymarket Perps TAO-USD	+0.0124%	1h	313.92	−0.143%	$77K	$489K	5x	as long as short
Arcus TAO-USD	+0.0186%	1h	314.30	−0.022%	$83K	$606K	5x	as long as short
ApeX Omni TAOUSDT	+0.0192%	1h	315.38	+0.321%	$47K	$267K	50x	as long as short
Paradex TAO-USD-PERP	+0.0195%	8h	314.10	−0.086%	$14K	$1K	10x	as long as short
Variational Omni TAO	+0.0200%	4h	313.88	−0.156%	$4.0M	$7.0M	—	as long as short
Aster TAOUSDT	+0.0206%	4h	313.96	−0.129%	$1.1M	$7.9M	50x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0233%	1h	313.88	−0.157%	$25K	$1.5M	25x	as long as short
BloFin TAO-USDT	+0.0340%	4h	314.21	−0.051%	$4.3M	$10.5M	100x	as long as short
Kraken Futures PF_TAOUSD	+0.0448%	1h	313.79	−0.183%	$5.7M	$19.9M	50x	as long as short
Nado TAO-PERP	+0.0455%	1h	313.94	−0.138%	$830K	$2.0M	10x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0476% / S −0.0175%	1h	313.64	−0.232%	$450K	—	100x	as long as short
Phoenix TAO	+0.0537%	1h	315.20	+0.264%	$330K	$521K	5x	as long as short
Backpack TAO_USDC_PERPlong	+0.0551%	1h	314.37	long leg	$298K	$801K	10x
01 Exchange TAOUSD	+0.0664%	1h	314.24	−0.041%	$3K	$4K	5x	as long as short
Reya TAORUSDPERP	+0.0695%	1h	313.67	−0.223%	$361	—	20x	as long as short
Extended TAO-USDshort	+0.0880%	1h	313.78	−0.188%	$864K	$2.1M	25x
Coinbase International TAO-PERP-INTX	+0.0960%	1h	314.94	+0.181%	$1.5M	$5.8M	50x	as long as short
RISEx TAO/USDC	+0.1238%	1h	314.18	−0.062%	$452K	$560K	5x	as long as short
Lighter TAO	+0.1248%	1h	313.92	−0.144%	$1.6M	$5.8M	5x	as long as short
Hyperliquid TAO	+0.1797%	1h	314.32	−0.016%	$97.9M	$83.7M	5x	as long as short