Funding you earn now, next payment 22:00 UTC−0.0935%/8h= −102.4% APRpaid last 24h −0.019%
Price spread now: Orderly against Backpack−0.134%7-day average −0.037% · you buy dearer than you sell
to open and closeno order booka leg has no order-book sample
Funding, last 7 days−0.121%−$12 on $10k
+Price spread, last 3 days (all we have)+0.130%+$13 · spread now −0.134%, 7d avg −0.037%
=Both sides work against this trade now: funding costs −$28 a day on $10k at the current rate, and Orderly is 0.097% cheaper against Backpack than usual: you would sell low and buy high (−$10 if the spread goes back to its 7-day average of −0.037%). Swap the legs.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.121% in total (about -6.3% a year). A funding rate is set anew for every payment. 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 | 305.29 | 0.1035 | pay 0.0129% / 1h | 48m 45s | $467K | $688K | 10x |
| Short | Orderly PERP_TAO_USDC | 304.88 | 0.0100 | get 0.0050% / 4h | 2h 48m | $58K | $276K | 10x |
Backpack TAO_USDC_PERP
Orderly PERP_TAO_USDCFunding history
latest
Range statsloading…
Price spread between the two exchanges
Orderly 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
- −$196.33
- Price spread: −0.134% → −0.037%
- −$9.74
- Slippage, 4 orders
- no order book: not counted
- Fee Backpack: 5 bp × 2 orders
- −$10
- Fee Orderly: 3 bp × 2 orders
- −$6
- Net
- −$222.07
- Costs to cover
- 0.160%
- Break-even
- never at this rate
Slippage unknown: Backpack: live order book, 40 min ago; Orderly: 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, 40 min ago | 0.64 bp | 21.1 bp −$21 | doesn't fit | doesn't fit | doesn't fit |
| Sell Orderly no order-book sample | — | — | — | — | — |
Orderly: 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 | −0.0973% | 1h | 304.87 | −0.138% | $200K | $57K | 10x | as long as short |
| dYdX TAO-USD | 0.0000% | 1h | 304.90 | −0.127% | $128K | $88K | 5x | as long as short |
| gTrade (Gains Network) TAO/USD | L +0.0004% / S −0.0004% | 1h | 304.74 | −0.181% | $19K | — | 150x | as long as short |
| Popdex TAOUSDT | +0.0096% | 1h | 304.88 | −0.134% | $39K | $523K | 20x | as long as short |
| Pacifica TAO | +0.0100% | 1h | 304.95 | −0.111% | $361K | $401K | 10x | as long as short |
| Binance TAOUSDT | +0.0100% | 4h | 305.18 | −0.037% | $85.5M | $400.9M | 75x | as long as short |
| Bybit TAOUSDT | +0.0100% | 4h | 304.76 | −0.174% | $58.5M | $117.2M | 50x | as long as short |
| OKX TAO-USDT-SWAP | +0.0100% | 8h | 304.60 | −0.226% | $24.9M | $91.0M | 50x | as long as short |
| Arcus TAO-USD | +0.0100% | 1h | 305.24 | −0.016% | $135K | $591K | 5x | as long as short |
| Gate TAO_USDT | +0.0100% | 4h | 304.80 | −0.161% | $12.0M | $47.4M | 50x | as long as short |
Bulk TAO-USD
dYdX TAO-USD
gTrade (Gains Network) TAO/USD
Popdex TAOUSDT
Pacifica TAO
Binance TAOUSDT
Bybit TAOUSDT
OKX TAO-USDT-SWAP
Arcus TAO-USD
Gate TAO_USDTShow all 43 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| MEXC TAO_USDT | +0.0100% | 4h | 305.01 | −0.092% | $111.7M | $121.3M | 300x | as long as short |
| KuCoin TAOUSDTM | +0.0100% | 4h | 304.80 | −0.161% | $18.2M | $26.3M | 75x | as long as short |
| Bitget TAOUSDT | +0.0100% | 4h | 304.80 | −0.161% | $34.1M | $44.2M | 50x | as long as short |
| BingX TAO-USDT | +0.0100% | 4h | 304.97 | −0.105% | — | $30.5M | — | as long as short |
| Variational Omni TAO | +0.0100% | 4h | 303.48 | −0.594% | $3.6M | $6.7M | — | as long as short |
| edgeX TAOUSDC | +0.0100% | 4h | 303.44 | −0.606% | $39K | $276K | 10x | as long as short |
| GRVT TAO_USDT_Perp | +0.0100% | 4h | 304.10 | −0.389% | $543K | $977K | 10x | as long as short |
| ApeX Omni TAOUSDT | +0.0100% | 1h | 303.27 | −0.662% | $46K | $267K | 50x | as long as short |
| Polymarket Perps TAO-USD | +0.0100% | 1h | 304.98 | −0.102% | $83K | $666K | 5x | as long as short |
| Bullet TAO-USD | +0.0100% | 1h | 304.97 | −0.104% | $12K | $18K | 20x | as long as short |
| Orderly PERP_TAO_USDCshort | +0.0100% | 4h | 304.88 | −0.134% | $58K | $276K | 10x | |
| SunX TAO-USDT | +0.0100% | 4h | 304.68 | −0.200% | $1K | $1.8M | 20x | as long as short |
| HTX TAO-USDT | +0.0100% | 4h | 305.07 | −0.072% | $121K | $352K | 20x | as long as short |
| Phemex TAOUSDT | +0.0100% | 4h | 304.80 | −0.161% | $3.2M | $8.0M | 50x | as long as short |
| Aevo TAO-PERP | +0.0104% | 1h | 304.98 | −0.103% | $167K | $998 | 3x | as long as short |
| Aster TAOUSDT | +0.0109% | 4h | 305.09 | −0.066% | $1.1M | $7.4M | 50x | as long as short |
| Katana Perps TAO-USD | +0.0114% | 8h | 304.91 | −0.124% | $1K | $416K | 5x | as long as short |
| Nado TAO-PERP | +0.0143% | 1h | 305.01 | −0.091% | $744K | $1.8M | 10x | as long as short |
| Paradex TAO-USD-PERP | +0.0165% | 8h | 305.08 | −0.068% | $14K | $992 | 10x | as long as short |
| Deribit TAO_USDC-PERPETUAL | +0.0182% | 1h | 304.94 | −0.113% | $16K | $1.3M | 25x | as long as short |
| Phoenix TAO | +0.0234% | 1h | 305.20 | −0.029% | $323K | $462K | 5x | as long as short |
| BloFin TAO-USDT | +0.0340% | 4h | 304.83 | −0.151% | $4.3M | $9.4M | 100x | as long as short |
| 01 Exchange TAOUSD | +0.0384% | 1h | 305.36 | +0.023% | $3K | $4K | 5x | as long as short |
| GMX TAO/USD [WBTC.b-USDC] | L +0.0465% / S −0.0175% | 1h | 304.72 | −0.187% | $434K | — | 100x | as long as short |
| Lighter TAO | +0.0568% | 1h | 305.40 | +0.035% | $1.6M | $4.8M | 5x | as long as short |
| Extended TAO-USD | +0.0600% | 1h | 304.91 | −0.126% | $872K | $1.9M | 25x | as long as short |
| Reya TAORUSDPERP | +0.0694% | 1h | 304.89 | −0.129% | $351 | — | 20x | as long as short |
| Coinbase International TAO-PERP-INTX | +0.0960% | 1h | 305.80 | +0.167% | $1.5M | $5.4M | 50x | as long as short |
| Kraken Futures PF_TAOUSD | +0.1033% | 1h | 305.05 | −0.080% | $6.2M | $19.5M | 50x | as long as short |
| Backpack TAO_USDC_PERPlong | +0.1035% | 1h | 305.29 | long leg | $467K | $688K | 10x | |
| RISEx TAO/USDC | +0.1053% | 1h | 305.12 | −0.056% | $401K | $530K | 5x | as long as short |
| Hyperliquid TAO | +0.1294% | 1h | 305.58 | +0.095% | $91.6M | $74.2M | 5x | as long as short |
| Injective TAO/USDC PERP | +0.4876% | 1h | 307.78 | +0.816% | $22K | $136 | 12x | as long as short |
MEXC TAO_USDT
KuCoin TAOUSDTM
Bitget TAOUSDT
BingX TAO-USDT
Variational Omni TAO
edgeX TAOUSDC
GRVT TAO_USDT_Perp
ApeX Omni TAOUSDT
Polymarket Perps TAO-USD
Bullet TAO-USD
SunX TAO-USDT
HTX TAO-USDT
Phemex TAOUSDT
Aevo TAO-PERP
Aster TAOUSDT
Katana Perps TAO-USD
Nado TAO-PERP
Paradex TAO-USD-PERP
Deribit TAO_USDC-PERPETUAL
Phoenix TAO
BloFin TAO-USDT
01 Exchange TAOUSD
GMX TAO/USD [WBTC.b-USDC]
Lighter TAO
Extended TAO-USD
Reya TAORUSDPERP
Coinbase International TAO-PERP-INTX
Kraken Futures PF_TAOUSD
RISEx TAO/USDC
Hyperliquid TAO
Injective TAO/USDC PERP