Funding you earn now, next payment 06:00 UTC+0.2586%/8h= +283.1% APRnext payment +$3.23 per $10,000 · paid last 24h +0.425%
Price spread now: Phoenix against Bulk+0.016%7-day average +0.240% · 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−$68as in the Price arb table
costs, in and out, $10k−$460.456% of the position
Funding, last 4 days (all we have)+0.665%+$66 on $10k
+Price spread, last 4 days (all we have)+0.351%+$35 · spread now +0.016%, 7d avg +0.240%
=Funding pays, the price is against you. Phoenix is 0.224% cheaper against Bulk than usual: you would sell low and buy high (spread +0.016% now, against its 7-day average of +0.240%). If the spread goes back, that is −$22 on $10k: about 7 hours of funding at the current rate (+$78 a day). At the pace of the last 4 days (+0.665% in total) that is about 30 hours.
The current funding rate is far above what this pair has been paying: over the last 4 days it paid 0.665% in total (about 65.9% a year). A funding rate is set anew for every payment; at this rate the next one is about +$3.23 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 | Bulk TAO-USD | 319.65 | −0.2019 | get 0.0252% / 1h | 37m 31s | $170K | $333 | 10x |
| Short | Phoenix TAO | 319.70 | 0.0567 | get 0.0071% / 1h | 37m 31s | $318K | $709K | 5x |
Bulk TAO-USD
Phoenix TAOFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phoenix against Bulk. 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
- $543.02
- Price spread: +0.016% → +0.240%
- −$22.42
- Slippage, 4 orders
- −$31.63
- Fee Bulk: 3.5 bp × 2 orders
- −$7
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Net
- $474.97
- Costs to cover
- 0.456%
- Break-even
- 0.9 days
Slippage from Bulk: live order book, 6 min ago; Phoenix: live order book, 5 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, 6 min ago | 0.16 bp | 4.0 bp −$4 | 6.5 bp −$65 | 16.5 bp −$1,647 | doesn't fit |
| Sell Phoenix live order book, 5 min ago | 3.12 bp | 18.9 bp −$19 | 28.1 bp −$281 | 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 | −0.2019% | 1h | 319.65 | long leg | $170K | $333 | 10x | |
| dYdX TAO-USD | 0.0000% | 1h | 318.75 | −0.283% | $127K | $85K | 5x | as long as short |
| gTrade (Gains Network) TAO/USD | L +0.0004% / S −0.0004% | 1h | 319.25 | −0.126% | $20K | — | 150x | as long as short |
| Popdex TAOUSDT | +0.0096% | 1h | 319.31 | −0.106% | $41K | $703K | 20x | as long as short |
| OKX TAO-USDT-SWAP | +0.0100% | 8h | 319.30 | −0.110% | $26.5M | $129.2M | 50x | as long as short |
| Gate TAO_USDT | +0.0100% | 4h | 318.60 | −0.329% | $14.2M | $51.7M | 50x | as long as short |
| KuCoin TAOUSDTM | +0.0100% | 4h | 318.97 | −0.213% | $17.8M | $32.1M | 75x | as long as short |
| Bitget TAOUSDT | +0.0100% | 4h | 319.01 | −0.200% | $35.8M | $58.4M | 50x | as long as short |
| ApeX Omni TAOUSDT | +0.0100% | 1h | 319.72 | +0.022% | $45K | $259K | 50x | as long as short |
| Polymarket Perps TAO-USD | +0.0100% | 1h | 319.16 | −0.153% | $80K | $1.1M | 5x | as long as short |
dYdX TAO-USD
gTrade (Gains Network) TAO/USD
Popdex TAOUSDT
OKX TAO-USDT-SWAP
Gate TAO_USDT
KuCoin TAOUSDTM
Bitget TAOUSDT
ApeX Omni TAOUSDT
Polymarket Perps TAO-USDShow all 43 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| SunX TAO-USDT | +0.0100% | 4h | 319.36 | −0.091% | $1K | $2.0M | 20x | as long as short |
| HTX TAO-USDT | +0.0100% | 4h | 318.73 | −0.288% | $118K | $588K | 20x | as long as short |
| Katana Perps TAO-USD | +0.0109% | 8h | 319.23 | −0.131% | $724 | $1.0M | 5x | as long as short |
| Orderly PERP_TAO_USDC | +0.0119% | 4h | 319.62 | −0.009% | $53K | $292K | 10x | as long as short |
| Aevo TAO-PERP | +0.0120% | 1h | 319.66 | +0.005% | $176K | $998 | 3x | as long as short |
| GMX TAO/USD [WBTC.b-USDC] | L +0.0120% / S +0.0157% | 1h | 319.54 | −0.034% | $432K | — | 100x | as long as short |
| MEXC TAO_USDT | +0.0158% | 4h | 319.00 | −0.203% | $104.8M | $149.7M | 300x | as long as short |
| edgeX TAOUSDC | +0.0158% | 4h | 319.79 | +0.045% | $42K | $317K | 10x | as long as short |
| Binance TAOUSDT | +0.0161% | 4h | 319.25 | −0.126% | $92.3M | $527.5M | 75x | as long as short |
| Phemex TAOUSDT | +0.0197% | 4h | 319.61 | −0.013% | $3.2M | $8.1M | 50x | as long as short |
| Paradex TAO-USD-PERP | +0.0257% | 8h | 318.83 | −0.256% | $14K | $1K | 10x | as long as short |
| Aster TAOUSDT | +0.0314% | 4h | 319.21 | −0.139% | $1.3M | $10.9M | 50x | as long as short |
| Bybit TAOUSDT | +0.0362% | 4h | 319.30 | −0.110% | $69.7M | $155.8M | 50x | as long as short |
| BingX TAO-USDT | +0.0376% | 4h | 318.91 | −0.232% | — | $34.5M | — | as long as short |
| Bullet TAO-USD | +0.0386% | 1h | 319.20 | −0.141% | $12K | $17K | 20x | as long as short |
| BloFin TAO-USDT | +0.0398% | 4h | 319.97 | +0.100% | $4.7M | $11.1M | 100x | as long as short |
| GRVT TAO_USDT_Perp | +0.0402% | 4h | 319.74 | +0.029% | $544K | $940K | 10x | as long as short |
| Extended TAO-USD | +0.0480% | 1h | 319.00 | −0.202% | $912K | $2.4M | 25x | as long as short |
| Pacifica TAO | +0.0525% | 1h | 318.94 | −0.222% | $363K | $423K | 10x | as long as short |
| Variational Omni TAO | +0.0535% | 4h | 319.70 | +0.015% | $5.6M | $10.2M | — | as long as short |
| Deribit TAO_USDC-PERPETUAL | +0.0559% | 1h | 319.51 | −0.042% | $13K | $1.9M | 25x | as long as short |
| Phoenix TAOshort | +0.0567% | 1h | 319.70 | +0.016% | $318K | $709K | 5x | |
| 01 Exchange TAOUSD | +0.0632% | 1h | 319.64 | −0.003% | $3K | $4K | 5x | as long as short |
| Hyperliquid TAO | +0.0632% | 1h | 319.43 | −0.069% | $94.4M | $110.1M | 5x | as long as short |
| Nado TAO-PERP | +0.0635% | 1h | 319.14 | −0.160% | $796K | $2.1M | 10x | as long as short |
| Arcus TAO-USD | +0.0641% | 1h | 319.98 | +0.103% | $103K | $394K | 5x | as long as short |
| Backpack TAO_USDC_PERP | +0.0674% | 1h | 319.66 | +0.003% | $300K | $904K | 10x | as long as short |
| Reya TAORUSDPERP | +0.0698% | 1h | 319.34 | −0.097% | $367 | — | 20x | as long as short |
| Lighter TAO | +0.0840% | 1h | 319.24 | −0.128% | $1.5M | $6.7M | 5x | as long as short |
| Coinbase International TAO-PERP-INTX | +0.0944% | 1h | 320.89 | +0.388% | $1.5M | $6.9M | 50x | as long as short |
| RISEx TAO/USDC | +0.1077% | 1h | 319.14 | −0.161% | $458K | $664K | 5x | as long as short |
| Kraken Futures PF_TAOUSD | +0.1155% | 1h | 319.72 | +0.023% | $6.0M | $21.7M | 50x | as long as short |
| Injective TAO/USDC PERP | +0.4723% | 1h | 323.63 | +1.245% | $24K | $2K | 12x | as long as short |
SunX TAO-USDT
HTX TAO-USDT
Katana Perps TAO-USD
Orderly PERP_TAO_USDC
Aevo TAO-PERP
GMX TAO/USD [WBTC.b-USDC]
MEXC TAO_USDT
edgeX TAOUSDC
Binance TAOUSDT
Phemex TAOUSDT
Paradex TAO-USD-PERP
Aster TAOUSDT
Bybit TAOUSDT
BingX TAO-USDT
Bullet TAO-USD
BloFin TAO-USDT
GRVT TAO_USDT_Perp
Extended TAO-USD
Pacifica TAO
Variational Omni TAO
Deribit TAO_USDC-PERPETUAL
01 Exchange TAOUSD
Hyperliquid TAO
Nado TAO-PERP
Arcus TAO-USD
Backpack TAO_USDC_PERP
Reya TAORUSDPERP
Lighter TAO
Coinbase International TAO-PERP-INTX
RISEx TAO/USDC
Kraken Futures PF_TAOUSD
Injective TAO/USDC PERP