TAO

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0766%/8h= +83.8% APRnext payment +$0.96 per $10,000 · paid last 24h +0.271%

Price spread now: Backpack against Bulk−0.062%7-day average +0.101% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$53as in the Price arb table

costs, in and out, $10k−$360.364% of the position

Long on Bulk Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.331%+$33 on $10k

Price spread, last 4 days (all we have)+0.366%+$37 · spread now −0.062%, 7d avg +0.101%

Together, before fees+0.698%+$70 on $10k · with fees, hour by hour

Funding pays, the price is against you. Backpack is 0.163% cheaper against Bulk than usual: you would sell low and buy high (spread −0.062% now, against its 7-day average of +0.101%). If the spread goes back, that is −$16 on $10k: about 17 hours of funding at the current rate (+$23 a day). At the pace of the last 3 days (+0.331% in total) that is about 39 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bulk TAO-USD	307.82	−0.0306	get 0.0038% / 1h	55m 15s	$202K	$57K	10x
Short	Backpack TAO_USDC_PERP	307.63	0.0459	get 0.0057% / 1h	55m 15s	$383K	$754K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Bulk. 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 BulkbpFee BackpackbpOrdersPrice spread, now −0.062%Rate

Funding earned: $160.76
Price spread: −0.062% → +0.101%: −$16.26
Slippage, 4 orders: −$19.43
Fee Bulk: 3.5 bp × 2 orders: −$7
Fee Backpack: 5 bp × 2 orders: −$10
Net: $108.07
Costs to cover: 0.364%
Break-even: 2.3 days

Slippage from Bulk: live order book, 29 min ago; Backpack: live order book, 29 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 Bulk live order book, 29 min ago	0.16 bp	3.7 bp −$4	5.1 bp −$51	10.6 bp −$1,063	39.7 bp −$19.8K
Sell Backpack live order book, 29 min ago	0.16 bp	8.2 bp −$8	13.5 bp −$135	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-USDlong	−0.0306%	1h	307.82	long leg	$202K	$57K	10x
dYdX TAO-USD	0.0000%	1h	307.01	−0.263%	$126K	$87K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0007%	1h	306.81	−0.326%	$26K	—	150x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0026%	1h	306.90	−0.300%	$15K	$1.3M	25x	as long as short
Popdex TAOUSDT	+0.0096%	1h	306.85	−0.315%	$42K	$532K	20x	as long as short
Binance TAOUSDT	+0.0100%	4h	306.99	−0.271%	$86.3M	$407.5M	75x	as long as short
Bybit TAOUSDT	+0.0100%	4h	307.07	−0.244%	$59.8M	$119.9M	50x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	307.00	−0.266%	$24.8M	$94.8M	50x	as long as short
Arcus TAO-USD	+0.0100%	1h	307.14	−0.221%	$137K	$584K	5x	as long as short
Gate TAO_USDT	+0.0100%	4h	306.90	−0.299%	$12.2M	$48.0M	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	306.97	−0.276%	$120.1M	$123.1M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	306.79	−0.335%	$18.9M	$26.8M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	306.78	−0.338%	$34.4M	$45.6M	50x	as long as short
BingX TAO-USDT	+0.0100%	4h	306.95	−0.283%	—	$30.4M	—	as long as short
Variational Omni TAO	+0.0100%	4h	308.27	+0.146%	$3.7M	$6.6M	—	as long as short
edgeX TAOUSDC	+0.0100%	4h	307.32	−0.161%	$40K	$276K	10x	as long as short
GRVT TAO_USDT_Perp	+0.0100%	4h	308.04	+0.071%	$548K	$937K	10x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	307.21	−0.198%	$78K	$630K	5x	as long as short
Bullet TAO-USD	+0.0100%	1h	306.98	−0.271%	$11K	$18K	20x	as long as short
Orderly PERP_TAO_USDC	+0.0100%	4h	306.96	−0.279%	$59K	$276K	10x	as long as short
SunX TAO-USDT	+0.0100%	4h	306.87	−0.309%	$1K	$1.8M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	306.87	−0.309%	$121K	$354K	20x	as long as short
Phemex TAOUSDT	+0.0100%	4h	306.78	−0.338%	$3.3M	$7.9M	50x	as long as short
Aevo TAO-PERP	+0.0104%	1h	307.19	−0.206%	$169K	$998	3x	as long as short
Katana Perps TAO-USD	+0.0113%	8h	306.91	−0.296%	$1K	$480K	5x	as long as short
Aster TAOUSDT	+0.0154%	4h	306.96	−0.280%	$1.1M	$7.6M	50x	as long as short
Paradex TAO-USD-PERP	+0.0161%	8h	306.75	−0.346%	$14K	$1K	10x	as long as short
Pacifica TAO	+0.0164%	1h	307.05	−0.250%	$363K	$369K	10x	as long as short
Phoenix TAO	+0.0234%	1h	308.50	+0.221%	$327K	$491K	5x	as long as short
BloFin TAO-USDT	+0.0340%	4h	306.92	−0.292%	$4.3M	$9.4M	100x	as long as short
ApeX Omni TAOUSDT	+0.0428%	1h	308.15	+0.107%	$46K	$268K	50x	as long as short
Backpack TAO_USDC_PERPshort	+0.0459%	1h	307.63	−0.062%	$383K	$754K	10x
GMX TAO/USD [WBTC.b-USDC]	L +0.0484% / S −0.0184%	1h	306.79	−0.333%	$450K	—	100x	as long as short
Nado TAO-PERP	+0.0519%	1h	306.95	−0.283%	$846K	$1.9M	10x	as long as short
01 Exchange TAOUSD	+0.0544%	1h	307.06	−0.247%	$3K	$4K	5x	as long as short
Lighter TAO	+0.0688%	1h	306.91	−0.294%	$1.7M	$4.9M	5x	as long as short
Reya TAORUSDPERP	+0.0694%	1h	307.03	−0.258%	$353	—	20x	as long as short
Extended TAO-USD	+0.0848%	1h	306.78	−0.338%	$894K	$2.0M	25x	as long as short
Coinbase International TAO-PERP-INTX	+0.1008%	1h	308.91	+0.354%	$1.5M	$5.6M	50x	as long as short
Kraken Futures PF_TAOUSD	+0.1029%	1h	306.89	−0.303%	$6.3M	$19.0M	50x	as long as short
RISEx TAO/USDC	+0.1155%	1h	306.98	−0.272%	$414K	$545K	5x	as long as short
Injective TAO/USDC PERP	+0.1621%	1h	308.73	+0.296%	$22K	$264	12x	as long as short
Hyperliquid TAO	+0.1872%	1h	307.66	−0.052%	$96.1M	$78.1M	5x	as long as short