Funding you earn now, next payment 01:00 UTC+0.0200%/8h= +21.9% APRpaid last 24h +0.039%
Price spread now: Backpack against Bybit−0.044%7-day average +0.022% · you buy dearer than you sell
Net, funding: paid 7d − costs−$38as in the Funding arb table
Net, price: spread back to 7d avg − costs−$47as in the Price arb table
costs, in and out, $10k−$400.404% of the position
Funding, last 7 days+0.027%+$3 on $10k
+Price spread, last 4 days (all we have)+0.117%+$12 · spread now −0.044%, 7d avg +0.022%
=Funding pays, the price is against you. Backpack is 0.066% cheaper against Bybit than usual: you would sell low and buy high (spread −0.044% now, against its 7-day average of +0.022%). If the spread goes back, that is −$7 on $10k: about 26 hours of funding at the current rate (+$6 a day). At the pace of the last 7 days (+0.027% in total) that is about 17 days.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.027% in total (about 1.4% 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 | Bybit TAOUSDT | 318.09 | 0.0622 | pay 0.0311% / 4h | 3h 18m | $65.5M | $133.2M | 50x |
| Short | Backpack TAO_USDC_PERP | 317.95 | 0.0822 | get 0.0103% / 1h | 18m 09s | $321K | $818K | 10x |
Bybit TAOUSDT
Backpack TAO_USDC_PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Backpack against Bybit. 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
- $42.05
- Price spread: −0.044% → +0.022%
- −$6.59
- Slippage, 4 orders
- −$19.44
- Fee Bybit: 5.5 bp × 2 orders
- −$11
- Fee Backpack: 5 bp × 2 orders
- −$10
- Net
- −$4.99
- Costs to cover
- 0.404%
- Break-even
- 7.8 days
Slippage from Bybit: live order book, 1 min ago; Backpack: live order book, 56 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 Bybit live order book, 1 min ago | 0.16 bp | 13.9 bp −$14 | 25.5 bp −$255 | 60.2 bp −$6,016 | doesn't fit |
| Sell Backpack live order book, 56 min ago | 2.57 bp | 7.9 bp −$8 | 128.6 bp −$1,286 | 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 | +0.182% | $169K | $40K | 10x | as long as short |
| dYdX TAO-USD | 0.0000% | 1h | 316.81 | −0.402% | $127K | $88K | 5x | as long as short |
| gTrade (Gains Network) TAO/USD | L +0.0004% / S −0.0004% | 1h | 317.54 | −0.172% | $21K | — | 150x | as long as short |
| Popdex TAOUSDT | +0.0096% | 1h | 317.16 | −0.292% | $43K | $596K | 20x | as long as short |
| Binance TAOUSDT | +0.0100% | 4h | 317.75 | −0.108% | $91.1M | $449.1M | 75x | as long as short |
| OKX TAO-USDT-SWAP | +0.0100% | 8h | 317.90 | −0.060% | $25.9M | $109.1M | 50x | as long as short |
| Gate TAO_USDT | +0.0100% | 4h | 317.40 | −0.217% | $12.9M | $50.9M | 50x | as long as short |
| MEXC TAO_USDT | +0.0100% | 4h | 317.84 | −0.079% | $109.8M | $135.7M | 300x | as long as short |
| KuCoin TAOUSDTM | +0.0100% | 4h | 317.57 | −0.163% | $18.1M | $29.3M | 75x | as long as short |
| Bitget TAOUSDT | +0.0100% | 4h | 317.58 | −0.160% | $35.3M | $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 | +0.080% | $40K | $293K | 10x | as long as short |
| GRVT TAO_USDT_Perp | +0.0100% | 4h | 319.06 | +0.304% | $528K | $960K | 10x | as long as short |
| Orderly PERP_TAO_USDC | +0.0100% | 4h | 317.61 | −0.151% | $57K | $316K | 10x | as long as short |
| SunX TAO-USDT | +0.0100% | 4h | 317.28 | −0.255% | $1K | $1.9M | 20x | as long as short |
| HTX TAO-USDT | +0.0100% | 4h | 317.38 | −0.223% | $127K | $423K | 20x | as long as short |
| Phemex TAOUSDT | +0.0100% | 4h | 317.56 | −0.167% | $3.4M | $7.8M | 50x | as long as short |
| Bullet TAO-USD | +0.0101% | 1h | 318.09 | 0.000% | $12K | $17K | 20x | as long as short |
| Aevo TAO-PERP | +0.0104% | 1h | 317.41 | −0.214% | $174K | $998 | 3x | as long as short |
| Katana Perps TAO-USD | +0.0111% | 8h | 317.19 | −0.283% | $734 | $633K | 5x | as long as short |
| GMX TAO/USD [WBTC.b-USDC] | L +0.0173% / S +0.0094% | 1h | 317.68 | −0.130% | $457K | — | 100x | as long as short |
| Pacifica TAO | +0.0185% | 1h | 317.09 | −0.314% | $376K | $375K | 10x | as long as short |
| Arcus TAO-USD | +0.0201% | 1h | 317.37 | −0.226% | $84K | $550K | 5x | as long as short |
| Deribit TAO_USDC-PERPETUAL | +0.0228% | 1h | 317.42 | −0.210% | $17K | $1.5M | 25x | as long as short |
| Aster TAOUSDT | +0.0232% | 4h | 317.23 | −0.271% | $1.2M | $8.7M | 50x | as long as short |
| Paradex TAO-USD-PERP | +0.0234% | 8h | 317.03 | −0.334% | $14K | $1K | 10x | as long as short |
| Polymarket Perps TAO-USD | +0.0280% | 1h | 317.70 | −0.123% | $93K | $633K | 5x | as long as short |
| ApeX Omni TAOUSDT | +0.0292% | 1h | 318.26 | +0.053% | $49K | $267K | 50x | as long as short |
| BloFin TAO-USDT | +0.0340% | 4h | 318.50 | +0.129% | $4.5M | $10.8M | 100x | as long as short |
| Kraken Futures PF_TAOUSD | +0.0483% | 1h | 317.65 | −0.139% | $5.7M | $20.3M | 50x | as long as short |
| Variational Omni TAO | +0.0515% | 4h | 318.38 | +0.092% | $5.6M | $8.7M | — | as long as short |
| Phoenix TAO | +0.0525% | 1h | 319.30 | +0.380% | $334K | $624K | 5x | as long as short |
| BingX TAO-USDT | +0.0532% | 4h | 317.89 | −0.063% | — | $30.4M | — | as long as short |
| 01 Exchange TAOUSD | +0.0568% | 1h | 317.35 | −0.233% | $3K | $4K | 5x | as long as short |
| Injective TAO/USDC PERP | +0.0571% | 1h | 323.60 | +1.732% | $23K | $801 | 12x | as long as short |
| Bybit TAOUSDTlong | +0.0622% | 4h | 318.09 | long leg | $65.5M | $133.2M | 50x | |
| Reya TAORUSDPERP | +0.0695% | 1h | 317.82 | −0.085% | $365 | — | 20x | as long as short |
| Nado TAO-PERP | +0.0773% | 1h | 317.13 | −0.300% | $881K | $2.0M | 10x | as long as short |
| Backpack TAO_USDC_PERPshort | +0.0822% | 1h | 317.95 | −0.044% | $321K | $818K | 10x | |
| Coinbase International TAO-PERP-INTX | +0.0984% | 1h | 317.58 | −0.160% | $1.5M | $6.4M | 50x | as long as short |
| Extended TAO-USD | +0.1136% | 1h | 317.49 | −0.189% | $915K | $2.3M | 25x | as long as short |
| RISEx TAO/USDC | +0.1141% | 1h | 317.19 | −0.284% | $420K | $593K | 5x | as long as short |
| Lighter TAO | +0.1424% | 1h | 318.10 | +0.004% | $1.7M | $6.0M | 5x | as long as short |
| Hyperliquid TAO | +0.1933% | 1h | 318.24 | +0.047% | $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
Deribit TAO_USDC-PERPETUAL
Aster TAOUSDT
Paradex TAO-USD-PERP
Polymarket Perps TAO-USD
ApeX Omni TAOUSDT
BloFin TAO-USDT
Kraken Futures PF_TAOUSD
Variational Omni TAO
Phoenix TAO
BingX TAO-USDT
01 Exchange TAOUSD
Injective TAO/USDC PERP
Reya TAORUSDPERP
Nado TAO-PERP
Coinbase International TAO-PERP-INTX
Extended TAO-USD
RISEx TAO/USDC
Lighter TAO
Hyperliquid TAO