TAO

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0916%/8h= −100.4% APRnext payment −$1.15 per $10,000 · paid last 24h −0.022%

Price spread now: GMX against Backpack−0.231%7-day average −0.056% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Backpack Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.047%+$5 on $10k

Price spread, last 3 days (all we have)+0.198%+$20 · spread now −0.231%, 7d avg −0.056%

Together, before fees+0.246%+$25 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$27 a day on $10k at the current rate, and GMX is 0.175% cheaper against Backpack than usual: you would sell low and buy high (−$18 if the spread goes back to its 7-day average of −0.056%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid 0.047% in total (about 5.4% a year). A funding rate is set anew for every payment; at this rate the next one is about −$1.15 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	317.10	0.0822	pay 0.0103% / 1h	16m 13s	$320K	$818K	10x
Short	GMX TAO/USD [WBTC.b-USDC]	316.37	L +0.0173% / S +0.0094%	pay 0.0012% / 1h	16m 13s	$455K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX 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 GMXbpOrdersPrice spread, now −0.231%Rate

Funding earned: −$192.46
Price spread: −0.231% → −0.056%: −$17.55
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee GMX: 6 bp × 2 orders: −$12
Net: −$232.01
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: Backpack: live order book, 58 min ago; GMX: no order-book sample. Net counts fees only.

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, 58 min ago	2.57 bp	7.6 bp −$8	doesn't fit	doesn't fit	doesn't fit
Sell GMX no order-book sample	—	—	—	—	—

GMX: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.1821%	1h	318.67	+0.495%	$169K	$40K	10x	as long as short
dYdX TAO-USD	0.0000%	1h	316.69	−0.130%	$127K	$88K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	316.39	−0.224%	$21K	—	150x	as long as short
Popdex TAOUSDT	+0.0096%	1h	316.48	−0.196%	$43K	$597K	20x	as long as short
Binance TAOUSDT	+0.0100%	4h	316.38	−0.226%	$90.7M	$449.5M	75x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	316.10	−0.315%	$25.8M	$108.7M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	316.40	−0.221%	$12.8M	$51.0M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	316.02	−0.341%	$109.6M	$135.9M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	316.15	−0.300%	$18.0M	$29.3M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	315.93	−0.369%	$35.1M	$51.2M	50x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
edgeX TAOUSDC	+0.0100%	4h	318.35	+0.393%	$40K	$293K	10x	as long as short
GRVT TAO_USDT_Perp	+0.0100%	4h	319.06	+0.617%	$528K	$960K	10x	as long as short
Bullet TAO-USD	+0.0100%	1h	316.67	−0.135%	$12K	$17K	20x	as long as short
Orderly PERP_TAO_USDC	+0.0100%	4h	316.47	−0.199%	$57K	$316K	10x	as long as short
SunX TAO-USDT	+0.0100%	4h	316.38	−0.227%	$2K	$1.9M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	316.45	−0.205%	$126K	$423K	20x	as long as short
Phemex TAOUSDT	+0.0100%	4h	316.60	−0.158%	$3.4M	$7.8M	50x	as long as short
Aevo TAO-PERP	+0.0104%	1h	316.69	−0.128%	$174K	$998	3x	as long as short
Katana Perps TAO-USD	+0.0110%	8h	316.75	−0.110%	$2K	$633K	5x	as long as short
GMX TAO/USD [WBTC.b-USDC]short	L +0.0173% / S +0.0094%	1h	316.37	−0.231%	$455K	—	100x
Pacifica TAO	+0.0185%	1h	316.98	−0.037%	$376K	$375K	10x	as long as short
Arcus TAO-USD	+0.0201%	1h	317.04	−0.019%	$84K	$550K	5x	as long as short
Aster TAOUSDT	+0.0212%	4h	316.51	−0.186%	$1.2M	$8.7M	50x	as long as short
Paradex TAO-USD-PERP	+0.0235%	8h	316.79	−0.099%	$14K	$1K	10x	as long as short
Polymarket Perps TAO-USD	+0.0275%	1h	316.78	−0.101%	$93K	$633K	5x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0275%	1h	316.61	−0.153%	$17K	$1.5M	25x	as long as short
ApeX Omni TAOUSDT	+0.0292%	1h	318.26	+0.366%	$49K	$267K	50x	as long as short
BloFin TAO-USDT	+0.0340%	4h	317.01	−0.028%	$4.4M	$10.8M	100x	as long as short
Kraken Futures PF_TAOUSD	+0.0484%	1h	316.54	−0.178%	$5.7M	$20.3M	50x	as long as short
Variational Omni TAO	+0.0516%	4h	316.67	−0.137%	$5.5M	$8.7M	—	as long as short
Phoenix TAO	+0.0525%	1h	318.00	+0.284%	$333K	$624K	5x	as long as short
01 Exchange TAOUSD	+0.0568%	1h	316.96	−0.044%	$3K	$4K	5x	as long as short
Injective TAO/USDC PERP	+0.0571%	1h	317.77	+0.211%	$23K	$802	12x	as long as short
BingX TAO-USDT	+0.0596%	4h	316.69	−0.129%	—	$30.4M	—	as long as short
Bybit TAOUSDT	+0.0629%	4h	316.39	−0.224%	$65.2M	$133.3M	50x	as long as short
Reya TAORUSDPERP	+0.0695%	1h	316.49	−0.191%	$364	—	20x	as long as short
Nado TAO-PERP	+0.0778%	1h	316.44	−0.207%	$879K	$2.0M	10x	as long as short
Backpack TAO_USDC_PERPlong	+0.0822%	1h	317.10	long leg	$320K	$818K	10x
Coinbase International TAO-PERP-INTX	+0.0984%	1h	317.35	+0.079%	$1.5M	$6.4M	50x	as long as short
Extended TAO-USD	+0.1128%	1h	316.72	−0.121%	$912K	$2.3M	25x	as long as short
RISEx TAO/USDC	+0.1141%	1h	316.84	−0.082%	$419K	$593K	5x	as long as short
Lighter TAO	+0.1416%	1h	316.63	−0.149%	$1.7M	$6.0M	5x	as long as short
Hyperliquid TAO	+0.1902%	1h	317.03	−0.022%	$101.8M	$91.6M	5x	as long as short