TAO

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0107%/8h= −11.8% APRnext payment −$0.13 per $10,000 · paid last 24h +0.103%

Price spread now: Kraken Futures against Backpack−0.445%7-day average +0.007% · you buy dearer than you sell

Net, funding: paid 7d − costs−$26as in the Funding arb table

Net, price: spread back to 7d avg − costs−$88as in the Price arb table

costs, in and out, $10k−$430.431% of the position

Long on Backpack Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.172%+$17 on $10k

Price spread, last 3 days (all we have)+0.458%+$46 · spread now −0.445%, 7d avg +0.007%

Together, before fees+0.630%+$63 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Kraken Futures is 0.452% cheaper against Backpack than usual: you would sell low and buy high (−$45 if the spread goes back to its 7-day average of +0.007%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.172%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack TAO_USDC_PERP	317.67	0.0552	pay 0.0069% / 1h	0m 38s	$316K	$813K	10x
Short	Kraken Futures PF_TAOUSD	316.26	0.0444	get 0.0056% / 1h	0m 38s	$5.8M	$19.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now −0.445%Rate

Funding earned: −$22.56
Price spread: −0.445% → +0.007%: −$45.15
Slippage, 4 orders: −$23.07
Fee Backpack: 5 bp × 2 orders: −$10
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$110.78
Costs to cover: 0.431%
Break-even: never at this rate

Slippage from Backpack: live order book, 13 min ago; Kraken Futures: 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, 13 min ago	2.57 bp	7.6 bp −$8	doesn't fit	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 3 min ago	6.00 bp	13.0 bp −$13	32.7 bp −$327	137.9 bp −$13.8K	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	−0.2086%	1h	311.96	−1.797%	$167K	$47K	10x	as long as short
dYdX TAO-USD	0.0000%	1h	317.45	−0.069%	$127K	$88K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	316.05	−0.511%	$21K	—	150x	as long as short
Injective TAO/USDC PERP	+0.0033%	1h	315.12	−0.803%	$23K	$374	12x	as long as short
Popdex TAOUSDT	+0.0096%	1h	317.36	−0.098%	$39K	$569K	20x	as long as short
Pacifica TAO	+0.0100%	1h	317.87	+0.063%	$376K	$363K	10x	as long as short
Binance TAOUSDT	+0.0100%	4h	317.04	−0.198%	$89.9M	$432.6M	75x	as long as short
Bybit TAOUSDT	+0.0100%	4h	317.33	−0.107%	$65.3M	$128.3M	50x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	317.60	−0.022%	$25.6M	$104.6M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	317.70	+0.009%	$12.7M	$50.7M	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	317.77	+0.031%	$114.0M	$133.2M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	317.72	+0.016%	$18.9M	$28.0M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	317.52	−0.047%	$35.5M	$47.8M	50x	as long as short
BingX TAO-USDT	+0.0100%	4h	317.70	+0.009%	—	$30.5M	—	as long as short
edgeX TAOUSDC	+0.0100%	4h	316.07	−0.503%	$41K	$282K	10x	as long as short
GRVT TAO_USDT_Perp	+0.0100%	4h	312.90	−1.503%	$524K	$952K	10x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	316.22	−0.456%	$47K	$268K	50x	as long as short
Bullet TAO-USD	+0.0100%	1h	316.50	−0.368%	$12K	$17K	20x	as long as short
Orderly PERP_TAO_USDC	+0.0100%	4h	316.00	−0.526%	$61K	$275K	10x	as long as short
SunX TAO-USDT	+0.0100%	4h	316.27	−0.441%	$1K	$1.8M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	316.09	−0.497%	$126K	$422K	20x	as long as short
Phemex TAOUSDT	+0.0100%	4h	316.64	−0.324%	$3.4M	$7.9M	50x	as long as short
Aevo TAO-PERP	+0.0104%	1h	315.99	−0.528%	$174K	$998	3x	as long as short
Katana Perps TAO-USD	+0.0112%	8h	317.54	−0.041%	$2K	$577K	5x	as long as short
Polymarket Perps TAO-USD	+0.0115%	1h	316.31	−0.428%	$77K	$450K	5x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0174% / S +0.0071%	1h	316.02	−0.519%	$450K	—	100x	as long as short
Aster TAOUSDT	+0.0182%	4h	317.51	−0.051%	$1.1M	$7.9M	50x	as long as short
Arcus TAO-USD	+0.0186%	1h	318.05	+0.120%	$84K	$545K	5x	as long as short
Paradex TAO-USD-PERP	+0.0204%	8h	317.78	+0.035%	$14K	$1K	10x	as long as short
Variational Omni TAO	+0.0233%	4h	316.35	−0.415%	$5.4M	$8.5M	—	as long as short
BloFin TAO-USDT	+0.0340%	4h	317.54	−0.041%	$4.4M	$10.7M	100x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0406%	1h	315.96	−0.539%	$29K	$1.5M	25x	as long as short
Nado TAO-PERP	+0.0430%	1h	316.11	−0.492%	$858K	$2.0M	10x	as long as short
Kraken Futures PF_TAOUSDshort	+0.0444%	1h	316.26	−0.445%	$5.8M	$19.9M	50x
Phoenix TAO	+0.0537%	1h	316.20	−0.463%	$331K	$521K	5x	as long as short
Backpack TAO_USDC_PERPlong	+0.0552%	1h	317.67	long leg	$316K	$813K	10x
01 Exchange TAOUSD	+0.0592%	1h	317.98	+0.098%	$3K	$4K	5x	as long as short
Reya TAORUSDPERP	+0.0695%	1h	316.09	−0.497%	$364	—	20x	as long as short
Extended TAO-USD	+0.0904%	1h	317.70	+0.010%	$900K	$2.2M	25x	as long as short
Coinbase International TAO-PERP-INTX	+0.0960%	1h	317.02	−0.205%	$1.5M	$5.9M	50x	as long as short
Lighter TAO	+0.1200%	1h	318.25	+0.182%	$1.7M	$5.8M	5x	as long as short
RISEx TAO/USDC	+0.1238%	1h	317.81	+0.045%	$421K	$584K	5x	as long as short
Hyperliquid TAO	+0.1593%	1h	318.04	+0.116%	$99.7M	$84.9M	5x	as long as short