Funding you earn now, next payment 01:00 UTC−0.0542%/8h= −59.3% APRnext payment −$0.68 per $10,000 · paid last 24h −0.039%
Price spread now: Polymarket Perps against Backpack−0.079%7-day average −0.041% · you buy dearer than you sell
Net, funding: paid 7d − costs−$43as in the Funding arb table
Net, price: spread back to 7d avg − costs−$33as in the Price arb table
costs, in and out, $10k−$290.289% of the position
Funding, last 7 days−0.142%−$14 on $10k
+Price spread, last 3 days (all we have)+0.187%+$19 · spread now −0.079%, 7d avg −0.041%
=Both sides work against this trade now: funding costs −$16 a day on $10k at the current rate, and Polymarket Perps is 0.038% cheaper against Backpack than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of −0.041%). Swap the legs.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.142% in total (about -7.4% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.68 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 | 317.95 | 0.0822 | pay 0.0103% / 1h | 17m 43s | $321K | $818K | 10x |
| Short | Polymarket Perps TAO-USD | 317.70 | 0.0280 | get 0.0035% / 1h | 17m 43s | $93K | $633K | 5x |
Backpack TAO_USDC_PERP
Polymarket Perps TAO-USDFunding history
latest
Range statsloading…
Price spread between the two exchanges
Polymarket Perps 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
- −$113.82
- Price spread: −0.079% → −0.041%
- −$3.77
- Slippage, 4 orders
- −$10.89
- Fee Backpack: 5 bp × 2 orders
- −$10
- Fee Polymarket Perps: 4 bp × 2 orders
- −$8
- Net
- −$146.48
- Costs to cover
- 0.289%
- Break-even
- never at this rate
Slippage from Backpack: live order book, 56 min ago; Polymarket Perps: live order book, 55 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, 56 min ago | 2.57 bp | 7.6 bp −$8 | doesn't fit | doesn't fit | doesn't fit |
| Sell Polymarket Perps live order book, 55 min ago | 2.71 bp | 6.7 bp −$7 | 9.3 bp −$93 | 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 | −0.1821% | 1h | 318.67 | +0.226% | $169K | $40K | 10x | as long as short |
| dYdX TAO-USD | 0.0000% | 1h | 316.98 | −0.305% | $127K | $88K | 5x | as long as short |
| gTrade (Gains Network) TAO/USD | L +0.0004% / S −0.0004% | 1h | 317.54 | −0.128% | $21K | — | 150x | as long as short |
| Popdex TAOUSDT | +0.0096% | 1h | 316.82 | −0.355% | $43K | $596K | 20x | as long as short |
| Binance TAOUSDT | +0.0100% | 4h | 317.14 | −0.255% | $90.9M | $449.2M | 75x | as long as short |
| OKX TAO-USDT-SWAP | +0.0100% | 8h | 317.00 | −0.299% | $25.9M | $108.9M | 50x | as long as short |
| Gate TAO_USDT | +0.0100% | 4h | 316.90 | −0.330% | $12.8M | $50.9M | 50x | as long as short |
| MEXC TAO_USDT | +0.0100% | 4h | 317.01 | −0.296% | $109.8M | $135.8M | 300x | as long as short |
| KuCoin TAOUSDTM | +0.0100% | 4h | 317.22 | −0.230% | $18.0M | $29.3M | 75x | as long as short |
| Bitget TAOUSDT | +0.0100% | 4h | 316.72 | −0.387% | $35.2M | $51.1M | 50x | 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 TAOUSDTM
Bitget TAOUSDTShow all 43 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| edgeX TAOUSDC | +0.0100% | 4h | 318.35 | +0.125% | $40K | $293K | 10x | as long as short |
| GRVT TAO_USDT_Perp | +0.0100% | 4h | 319.06 | +0.348% | $528K | $960K | 10x | as long as short |
| Orderly PERP_TAO_USDC | +0.0100% | 4h | 317.61 | −0.107% | $57K | $316K | 10x | as long as short |
| SunX TAO-USDT | +0.0100% | 4h | 317.28 | −0.211% | $1K | $1.9M | 20x | as long as short |
| HTX TAO-USDT | +0.0100% | 4h | 317.38 | −0.179% | $127K | $423K | 20x | as long as short |
| Phemex TAOUSDT | +0.0100% | 4h | 317.56 | −0.123% | $3.4M | $7.8M | 50x | as long as short |
| Bullet TAO-USD | +0.0101% | 1h | 318.09 | +0.044% | $12K | $17K | 20x | as long as short |
| Aevo TAO-PERP | +0.0104% | 1h | 317.41 | −0.170% | $174K | $998 | 3x | as long as short |
| Katana Perps TAO-USD | +0.0110% | 8h | 316.85 | −0.346% | $733 | $633K | 5x | as long as short |
| GMX TAO/USD [WBTC.b-USDC] | L +0.0173% / S +0.0094% | 1h | 317.68 | −0.086% | $457K | — | 100x | as long as short |
| Pacifica TAO | +0.0185% | 1h | 317.19 | −0.239% | $376K | $375K | 10x | as long as short |
| Arcus TAO-USD | +0.0201% | 1h | 317.31 | −0.201% | $84K | $550K | 5x | as long as short |
| Aster TAOUSDT | +0.0214% | 4h | 317.48 | −0.149% | $1.2M | $8.7M | 50x | as long as short |
| Deribit TAO_USDC-PERPETUAL | +0.0228% | 1h | 317.42 | −0.166% | $17K | $1.5M | 25x | as long as short |
| Paradex TAO-USD-PERP | +0.0237% | 8h | 316.97 | −0.308% | $14K | $1K | 10x | as long as short |
| Polymarket Perps TAO-USDshort | +0.0280% | 1h | 317.70 | −0.079% | $93K | $633K | 5x | |
| ApeX Omni TAOUSDT | +0.0292% | 1h | 318.26 | +0.097% | $49K | $267K | 50x | as long as short |
| BloFin TAO-USDT | +0.0340% | 4h | 318.50 | +0.173% | $4.5M | $10.8M | 100x | as long as short |
| Kraken Futures PF_TAOUSD | +0.0483% | 1h | 317.65 | −0.095% | $5.7M | $20.3M | 50x | as long as short |
| Variational Omni TAO | +0.0515% | 4h | 318.38 | +0.136% | $5.6M | $8.7M | — | as long as short |
| Phoenix TAO | +0.0525% | 1h | 319.30 | +0.425% | $334K | $624K | 5x | as long as short |
| 01 Exchange TAOUSD | +0.0568% | 1h | 316.93 | −0.321% | $3K | $4K | 5x | as long as short |
| Injective TAO/USDC PERP | +0.0571% | 1h | 323.60 | +1.777% | $23K | $801 | 12x | as long as short |
| BingX TAO-USDT | +0.0596% | 4h | 317.04 | −0.286% | — | $30.4M | — | as long as short |
| Bybit TAOUSDT | +0.0632% | 4h | 317.18 | −0.242% | $65.3M | $133.2M | 50x | as long as short |
| Reya TAORUSDPERP | +0.0695% | 1h | 317.82 | −0.041% | $365 | — | 20x | as long as short |
| Nado TAO-PERP | +0.0773% | 1h | 317.13 | −0.256% | $881K | $2.0M | 10x | as long as short |
| Backpack TAO_USDC_PERPlong | +0.0822% | 1h | 317.95 | long leg | $321K | $818K | 10x | |
| Coinbase International TAO-PERP-INTX | +0.0984% | 1h | 317.58 | −0.116% | $1.5M | $6.4M | 50x | as long as short |
| Extended TAO-USD | +0.1136% | 1h | 316.83 | −0.354% | $915K | $2.3M | 25x | as long as short |
| RISEx TAO/USDC | +0.1141% | 1h | 317.01 | −0.296% | $420K | $593K | 5x | as long as short |
| Lighter TAO | +0.1424% | 1h | 317.86 | −0.029% | $1.7M | $6.0M | 5x | as long as short |
| Hyperliquid TAO | +0.1929% | 1h | 318.32 | +0.116% | $102.2M | $91.6M | 5x | as long as short |
edgeX TAOUSDC
GRVT TAO_USDT_Perp
Orderly PERP_TAO_USDC
SunX TAO-USDT
HTX TAO-USDT
Phemex TAOUSDT
Bullet TAO-USD
Aevo TAO-PERP
Katana Perps TAO-USD
GMX TAO/USD [WBTC.b-USDC]
Pacifica TAO
Arcus TAO-USD
Aster TAOUSDT
Deribit TAO_USDC-PERPETUAL
Paradex TAO-USD-PERP
ApeX Omni TAOUSDT
BloFin TAO-USDT
Kraken Futures PF_TAOUSD
Variational Omni TAO
Phoenix TAO
01 Exchange TAOUSD
Injective TAO/USDC PERP
BingX TAO-USDT
Bybit TAOUSDT
Reya TAORUSDPERP
Nado TAO-PERP
Coinbase International TAO-PERP-INTX
Extended TAO-USD
RISEx TAO/USDC
Lighter TAO
Hyperliquid TAO