Funding you earn now, next payment 11:00 UTC−0.0641%/8h= −70.1% APRnext payment −$0.80 per $10,000 · paid last 24h −0.108%
Price spread now: Popdex against Backpack+0.088%7-day average −0.044% · you sell dearer than you buy
Net, funding: paid 7d − costs—under 7 days of funding history
Net, price: spread back to 7d avg − costs−$25as in the Price arb table
costs, in and out, $10k−$380.383% of the position
Funding, last 4 days (all we have)−0.137%−$14 on $10k
+Price spread, last 4 days (all we have)−0.102%−$10 · spread now +0.088%, 7d avg −0.044%
=The price spread pays, funding is against you. Popdex is 0.132% dearer against Backpack than usual: you sell high and buy low (spread +0.088% now, against its 7-day average of −0.044%): +$13 on $10k if it goes back. Holding the pair costs −$19 a day in funding at the current rate, which eats that in about 17 hours. At the pace of the last 4 days (−0.137% in total) that is about 3.7 days.
The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.137% in total (about -13.0% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.80 per $10,000. In the chart: green and red are payments made; yellow are the hours one leg has not settled yet: what the other leg paid, plus the unsettled leg at its current rate.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Backpack TAO_USDC_PERP | 318.86 | 0.0737 | pay 0.0092% / 1h | 57m 58s | $299K | $1.1M | 10x |
| Short | Popdex TAOUSDT | 319.14 | 0.0096 | get 0.0012% / 1h | 57m 58s | $51K | $631K | 20x |
Backpack TAO_USDC_PERP
Popdex TAOUSDTFunding history
latest
Range statsloading…
Price spread between the two exchanges
Popdex 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
- −$134.51
- Price spread: +0.088% → −0.044%
- $13.23
- Slippage, 4 orders
- −$21.88
- Fee Backpack: 5 bp × 2 orders
- −$10
- Fee Popdex: 3.2 bp × 2 orders
- −$6.4
- Net
- −$159.56
- Costs to cover
- 0.383%
- Break-even
- never at this rate
Slippage from Backpack: live order book, 4 min ago; Popdex: live order book, 54 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, 4 min ago | 1.73 bp | 7.7 bp −$8 | doesn't fit | doesn't fit | doesn't fit |
| Sell Popdex live order book, 54 min ago | 3.45 bp | 11.5 bp −$12 | 82.1 bp −$821 | doesn't fit | doesn't fit |
TAO on 43 exchanges
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 | |
|---|---|---|---|---|---|---|---|---|
| gTrade (Gains Network) TAO/USD | L +0.0004% / S −0.0003% | 1h | 318.70 | −0.051% | $20K | — | 150x | as long as short |
| Popdex TAOUSDTshort | +0.0096% | 1h | 319.14 | +0.088% | $51K | $631K | 20x | |
| OKX TAO-USDT-SWAP | +0.0100% | 8h | 318.60 | −0.082% | $27.0M | $129.1M | 50x | as long as short |
| Gate TAO_USDT | +0.0100% | 4h | 318.60 | −0.082% | $15.8M | $47.2M | 50x | as long as short |
| KuCoin TAOUSDTM | +0.0100% | 4h | 318.68 | −0.056% | $17.7M | $31.4M | 75x | as long as short |
| Bitget TAOUSDT | +0.0100% | 4h | 318.52 | −0.107% | $36.1M | $56.2M | 50x | as long as short |
| ApeX Omni TAOUSDT | +0.0100% | 1h | 318.53 | −0.103% | $45K | $254K | 50x | as long as short |
| Polymarket Perps TAO-USD | +0.0100% | 1h | 318.76 | −0.031% | $81K | $1.1M | 5x | as long as short |
| SunX TAO-USDT | +0.0100% | 4h | 318.90 | +0.013% | $2K | $1.8M | 20x | as long as short |
| HTX TAO-USDT | +0.0100% | 4h | 318.48 | −0.119% | $113K | $563K | 20x | as long as short |
gTrade (Gains Network) TAO/USD
OKX TAO-USDT-SWAP
Gate TAO_USDT
KuCoin TAOUSDTM
Bitget TAOUSDT
ApeX Omni TAOUSDT
Polymarket Perps TAO-USD
SunX TAO-USDT
HTX TAO-USDTShow all 43 exchanges
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Phemex TAOUSDT | +0.0100% | 4h | 318.73 | −0.041% | $3.2M | $8.1M | 50x | as long as short |
| Katana Perps TAO-USD | +0.0105% | 8h | 319.09 | +0.072% | $900 | $1.3M | 5x | as long as short |
| Bybit TAOUSDT | +0.0114% | 4h | 318.84 | −0.006% | $69.9M | $155.5M | 50x | as long as short |
| Aevo TAO-PERP | +0.0120% | 1h | 318.90 | +0.013% | $175K | $998 | 3x | as long as short |
| BingX TAO-USDT | +0.0146% | 4h | 318.69 | −0.053% | — | $37.9M | — | as long as short |
| edgeX TAOUSDC | +0.0147% | 4h | 318.65 | −0.067% | $42K | $324K | 10x | as long as short |
| MEXC TAO_USDT | +0.0152% | 4h | 318.76 | −0.031% | $101.9M | $146.5M | 300x | as long as short |
| Binance TAOUSDT | +0.0153% | 4h | 318.75 | −0.036% | $93.6M | $512.2M | 75x | as long as short |
| Paradex TAO-USD-PERP | +0.0217% | 8h | 318.96 | +0.030% | $14K | $876 | 10x | as long as short |
| Extended TAO-USD | +0.0232% | 1h | 318.60 | −0.082% | $961K | $2.1M | 25x | as long as short |
| Pacifica TAO | +0.0240% | 1h | 319.09 | +0.072% | $378K | $456K | 10x | as long as short |
| Orderly PERP_TAO_USDC | +0.0259% | 4h | 318.98 | +0.038% | $53K | $262K | 10x | as long as short |
| GRVT TAO_USDT_Perp | +0.0290% | 4h | 318.96 | +0.031% | $544K | $824K | 10x | as long as short |
| Aster TAOUSDT | +0.0323% | 4h | 318.85 | −0.004% | $1.3M | $11.2M | 50x | as long as short |
| Lighter TAO | +0.0344% | 1h | 318.92 | +0.019% | $1.6M | $6.6M | 5x | as long as short |
| GMX TAO/USD [WBTC.b-USDC] | L +0.0362% / S −0.0107% | 1h | 318.84 | −0.007% | $375K | — | 100x | as long as short |
| Bullet TAO-USD | +0.0363% | 1h | 319.10 | +0.075% | $13K | $17K | 20x | as long as short |
| BloFin TAO-USDT | +0.0392% | 4h | 319.27 | +0.129% | $4.8M | $10.5M | 100x | as long as short |
| Variational Omni TAO | +0.0442% | 4h | 318.65 | −0.066% | $5.7M | $9.8M | — | as long as short |
| Deribit TAO_USDC-PERPETUAL | +0.0481% | 1h | 318.83 | −0.009% | $15K | $1.9M | 25x | as long as short |
| dYdX TAO-USD | +0.0498% | 1h | 319.00 | +0.044% | $269K | $231K | 5x | as long as short |
| Hyperliquid TAO | +0.0517% | 1h | 318.89 | +0.009% | $96.1M | $107.3M | 5x | as long as short |
| Phoenix TAO | +0.0567% | 1h | 318.90 | +0.013% | $321K | $709K | 5x | as long as short |
| Arcus TAO-USD | +0.0610% | 1h | 319.41 | +0.172% | $101K | $311K | 5x | as long as short |
| Nado TAO-PERP | +0.0634% | 1h | 319.14 | +0.089% | $705K | $2.0M | 10x | as long as short |
| RISEx TAO/USDC | +0.0666% | 1h | 319.07 | +0.065% | $441K | $682K | 5x | as long as short |
| Coinbase International TAO-PERP-INTX | +0.0688% | 1h | 319.02 | +0.050% | $1.1M | $7.7M | 50x | as long as short |
| Reya TAORUSDPERP | +0.0699% | 1h | 318.93 | +0.020% | $367 | — | 20x | as long as short |
| Bulk TAO-USD | +0.0699% | 1h | 317.67 | −0.373% | $169K | $0 | 10x | as long as short |
| Backpack TAO_USDC_PERPlong | +0.0737% | 1h | 318.86 | long leg | $299K | $1.1M | 10x | |
| 01 Exchange TAOUSD | +0.0920% | 1h | 319.63 | +0.241% | $3K | $2K | 5x | as long as short |
| Kraken Futures PF_TAOUSD | +0.0924% | 1h | 318.90 | +0.012% | $6.3M | $19.5M | 50x | as long as short |
| Injective TAO/USDC PERP | +0.4405% | 1h | 322.67 | +1.195% | $23K | $2K | 12x | as long as short |
Phemex TAOUSDT
Katana Perps TAO-USD
Bybit TAOUSDT
Aevo TAO-PERP
BingX TAO-USDT
edgeX TAOUSDC
MEXC TAO_USDT
Binance TAOUSDT
Paradex TAO-USD-PERP
Extended TAO-USD
Pacifica TAO
Orderly PERP_TAO_USDC
GRVT TAO_USDT_Perp
Aster TAOUSDT
Lighter TAO
GMX TAO/USD [WBTC.b-USDC]
Bullet TAO-USD
BloFin TAO-USDT
Variational Omni TAO
Deribit TAO_USDC-PERPETUAL
dYdX TAO-USD
Hyperliquid TAO
Phoenix TAO
Arcus TAO-USD
Nado TAO-PERP
RISEx TAO/USDC
Coinbase International TAO-PERP-INTX
Reya TAORUSDPERP
Bulk TAO-USD
01 Exchange TAOUSD
Kraken Futures PF_TAOUSD
Injective TAO/USDC PERP