TAO

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0409%/8h= −44.8% APRnext payment −$0.51 per $10,000 · paid last 24h −0.182%

Price spread now: Backpack against Coinbase International−0.421%7-day average −0.135% · you buy dearer than you sell

Net, funding: paid 7d − costs−$95as in the Funding arb table

Net, price: spread back to 7d avg − costs−$74as in the Price arb table

costs, in and out, $10k−$460.456% of the position

Long on Coinbase International Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.497%−$50 on $10k

Price spread, last 3 days (all we have)+0.299%+$30 · spread now −0.421%, 7d avg −0.135%

Together, before fees−0.198%−$20 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$12 a day on $10k at the current rate, and Backpack is 0.286% cheaper against Coinbase International than usual: you would sell low and buy high (−$29 if the spread goes back to its 7-day average of −0.135%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International TAO-PERP-INTX	315.70	0.0960	pay 0.0120% / 1h	31m 33s	$1.5M	$5.8M	50x
Short	Backpack TAO_USDC_PERP	314.37	0.0551	get 0.0069% / 1h	31m 33s	$298K	$801K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Coinbase International. 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 Coinbase InternationalbpFee BackpackbpOrdersPrice spread, now −0.421%Rate

Funding earned: −$85.86
Price spread: −0.421% → −0.135%: −$28.64
Slippage, 4 orders: −$25.62
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$160.12
Costs to cover: 0.456%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 2 min ago; Backpack: live order book, 47 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 Coinbase International live order book, 2 min ago	8.72 bp	15.5 bp −$15	20.2 bp −$202	doesn't fit	doesn't fit
Sell Backpack live order book, 47 min ago	1.96 bp	7.3 bp −$7	20.8 bp −$208	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	−0.4478%	1h	313.97	−0.548%	$168K	$48K	10x	as long as short
dYdX TAO-USD	0.0000%	1h	313.81	−0.600%	$125K	$88K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	313.96	−0.552%	$21K	—	150x	as long as short
Injective TAO/USDC PERP	+0.0033%	1h	314.95	−0.238%	$23K	$361	12x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0075%	1h	314.16	−0.487%	$25K	$1.5M	25x	as long as short
Popdex TAOUSDT	+0.0096%	1h	314.05	−0.523%	$34K	$564K	20x	as long as short
Pacifica TAO	+0.0100%	1h	314.08	−0.513%	$372K	$369K	10x	as long as short
Binance TAOUSDT	+0.0100%	4h	313.96	−0.551%	$89.2M	$425.9M	75x	as long as short
Bybit TAOUSDT	+0.0100%	4h	314.10	−0.507%	$61.6M	$124.7M	50x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	313.60	−0.665%	$25.3M	$101.5M	50x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate TAO_USDT	+0.0100%	4h	313.90	−0.570%	$12.8M	$49.5M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	313.99	−0.542%	$110.4M	$129.4M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	314.03	−0.529%	$18.9M	$27.7M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	313.46	−0.710%	$34.9M	$46.4M	50x	as long as short
BingX TAO-USDT	+0.0100%	4h	314.08	−0.513%	—	$30.2M	—	as long as short
edgeX TAOUSDC	+0.0100%	4h	315.36	−0.109%	$41K	$281K	10x	as long as short
GRVT TAO_USDT_Perp	+0.0100%	4h	315.48	−0.068%	$523K	$956K	10x	as long as short
Bullet TAO-USD	+0.0100%	1h	313.79	−0.605%	$11K	$17K	20x	as long as short
Orderly PERP_TAO_USDC	+0.0100%	4h	314.20	−0.475%	$60K	$275K	10x	as long as short
SunX TAO-USDT	+0.0100%	4h	314.10	−0.507%	$2K	$1.8M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	314.87	−0.263%	$127K	$400K	20x	as long as short
Phemex TAOUSDT	+0.0100%	4h	314.19	−0.478%	$3.4M	$7.9M	50x	as long as short
Aevo TAO-PERP	+0.0104%	1h	314.30	−0.442%	$173K	$998	3x	as long as short
Katana Perps TAO-USD	+0.0110%	8h	314.09	−0.510%	$1K	$549K	5x	as long as short
Polymarket Perps TAO-USD	+0.0124%	1h	313.92	−0.564%	$77K	$489K	5x	as long as short
Arcus TAO-USD	+0.0186%	1h	314.30	−0.443%	$83K	$606K	5x	as long as short
ApeX Omni TAOUSDT	+0.0192%	1h	315.38	−0.101%	$47K	$267K	50x	as long as short
Variational Omni TAO	+0.0194%	4h	314.76	−0.298%	$4.0M	$7.0M	—	as long as short
Paradex TAO-USD-PERP	+0.0195%	8h	314.10	−0.507%	$14K	$1K	10x	as long as short
Aster TAOUSDT	+0.0206%	4h	313.95	−0.554%	$1.1M	$7.9M	50x	as long as short
BloFin TAO-USDT	+0.0340%	4h	315.81	+0.035%	$4.4M	$10.4M	100x	as long as short
Kraken Futures PF_TAOUSD	+0.0448%	1h	313.93	−0.561%	$5.7M	$19.9M	50x	as long as short
Nado TAO-PERP	+0.0455%	1h	313.94	−0.558%	$830K	$2.0M	10x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0477% / S −0.0175%	1h	313.81	−0.598%	$450K	—	100x	as long as short
Phoenix TAO	+0.0537%	1h	315.20	−0.158%	$330K	$521K	5x	as long as short
Backpack TAO_USDC_PERPshort	+0.0551%	1h	314.37	−0.421%	$298K	$801K	10x
01 Exchange TAOUSD	+0.0664%	1h	314.24	−0.462%	$3K	$4K	5x	as long as short
Reya TAORUSDPERP	+0.0695%	1h	313.67	−0.643%	$361	—	20x	as long as short
Extended TAO-USD	+0.0880%	1h	314.02	−0.533%	$864K	$2.1M	25x	as long as short
Coinbase International TAO-PERP-INTXlong	+0.0960%	1h	315.70	long leg	$1.5M	$5.8M	50x
RISEx TAO/USDC	+0.1238%	1h	314.18	−0.483%	$452K	$560K	5x	as long as short
Lighter TAO	+0.1312%	1h	314.47	−0.388%	$1.6M	$5.8M	5x	as long as short
Hyperliquid TAO	+0.1797%	1h	314.32	−0.437%	$97.9M	$83.7M	5x	as long as short