TAO

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.1085%/8h= −118.8% APRnext payment −$1.36 per $10,000 · paid last 24h −0.205%

Price spread now: GMX against Coinbase International−0.421%7-day average −0.185% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Coinbase International Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.333%−$33 on $10k

Price spread, last 3 days (all we have)+0.332%+$33 · spread now −0.421%, 7d avg −0.185%

Together, before fees0.000%$0 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$33 a day on $10k at the current rate, and GMX is 0.236% cheaper against Coinbase International than usual: you would sell low and buy high (−$24 if the spread goes back to its 7-day average of −0.185%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid -0.333% in total (about -37.9% a year). A funding rate is set anew for every payment; at this rate the next one is about −$1.36 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	Coinbase International TAO-PERP-INTX	317.15	0.0984	pay 0.0123% / 1h	8m 57s	$1.5M	$6.4M	50x
Short	GMX TAO/USD [WBTC.b-USDC]	315.81	L +0.0172% / S +0.0101%	pay 0.0013% / 1h	8m 57s	$448K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against Coinbase International. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 GMXbpOrdersPrice spread, now −0.421%Rate

Funding earned: −$227.92
Price spread: −0.421% → −0.185%: −$23.59
Slippage, 4 orders: no order book: not counted
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee GMX: 6 bp × 2 orders: −$12
Net: −$273.52
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: Coinbase International: live order book, 5 min ago; GMX: no order-book sample. Net counts fees only.

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, 5 min ago	7.40 bp	16.0 bp −$16	18.8 bp −$188	doesn't fit	doesn't fit
Sell GMX no order-book sample	—	—	—	—	—

GMX: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	+0.479%	$169K	$40K	10x	as long as short
dYdX TAO-USD	0.0000%	1h	315.65	−0.473%	$126K	$88K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	315.83	−0.416%	$21K	—	150x	as long as short
Popdex TAOUSDT	+0.0096%	1h	316.37	−0.246%	$42K	$598K	20x	as long as short
Binance TAOUSDT	+0.0100%	4h	316.09	−0.335%	$90.6M	$450.2M	75x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	316.10	−0.331%	$25.7M	$108.9M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	315.90	−0.394%	$12.8M	$51.2M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	316.21	−0.296%	$99.0M	$136.5M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	315.72	−0.451%	$17.9M	$29.3M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	315.92	−0.388%	$35.2M	$51.4M	50x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
edgeX TAOUSDC	+0.0100%	4h	316.43	−0.229%	$40K	$293K	10x	as long as short
GRVT TAO_USDT_Perp	+0.0100%	4h	316.09	−0.333%	$524K	$958K	10x	as long as short
Orderly PERP_TAO_USDC	+0.0100%	4h	315.92	−0.388%	$57K	$316K	10x	as long as short
SunX TAO-USDT	+0.0100%	4h	315.66	−0.470%	$2K	$1.9M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	316.28	−0.274%	$126K	$422K	20x	as long as short
Bullet TAO-USD	+0.0102%	1h	316.22	−0.292%	$12K	$17K	20x	as long as short
Aevo TAO-PERP	+0.0104%	1h	316.17	−0.309%	$174K	$998	3x	as long as short
Katana Perps TAO-USD	+0.0119%	8h	316.36	−0.249%	$1K	$643K	5x	as long as short
GMX TAO/USD [WBTC.b-USDC]short	L +0.0172% / S +0.0101%	1h	315.81	−0.421%	$448K	—	100x
Pacifica TAO	+0.0185%	1h	315.97	−0.373%	$374K	$376K	10x	as long as short
ApeX Omni TAOUSDT	+0.0185%	1h	316.14	−0.318%	$48K	$267K	50x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0194%	1h	315.79	−0.428%	$17K	$1.5M	25x	as long as short
Arcus TAO-USD	+0.0201%	1h	316.52	−0.199%	$84K	$550K	5x	as long as short
Aster TAOUSDT	+0.0204%	4h	315.85	−0.411%	$1.2M	$8.8M	50x	as long as short
Paradex TAO-USD-PERP	+0.0235%	8h	315.99	−0.366%	$14K	$1K	10x	as long as short
Polymarket Perps TAO-USD	+0.0272%	1h	316.47	−0.214%	$93K	$633K	5x	as long as short
BloFin TAO-USDT	+0.0340%	4h	316.05	−0.347%	$4.4M	$10.7M	100x	as long as short
Phemex TAOUSDT	+0.0347%	4h	316.22	−0.293%	$3.4M	$7.8M	50x	as long as short
Kraken Futures PF_TAOUSD	+0.0486%	1h	315.69	−0.461%	$5.7M	$20.3M	50x	as long as short
Phoenix TAO	+0.0525%	1h	316.60	−0.173%	$331K	$624K	5x	as long as short
Variational Omni TAO	+0.0546%	4h	316.94	−0.065%	$5.5M	$8.7M	—	as long as short
01 Exchange TAOUSD	+0.0560%	1h	316.46	−0.218%	$3K	$4K	5x	as long as short
Injective TAO/USDC PERP	+0.0571%	1h	317.77	+0.195%	$23K	$802	12x	as long as short
BingX TAO-USDT	+0.0628%	4h	316.17	−0.309%	—	$30.7M	—	as long as short
Reya TAORUSDPERP	+0.0696%	1h	316.16	−0.313%	$364	—	20x	as long as short
Bybit TAOUSDT	+0.0738%	4h	316.41	−0.233%	$65.1M	$133.4M	50x	as long as short
Nado TAO-PERP	+0.0759%	1h	316.33	−0.258%	$876K	$2.0M	10x	as long as short
Backpack TAO_USDC_PERP	+0.0804%	1h	315.97	−0.372%	$319K	$816K	10x	as long as short
Coinbase International TAO-PERP-INTXlong	+0.0984%	1h	317.15	long leg	$1.5M	$6.4M	50x
Extended TAO-USD	+0.1120%	1h	316.12	−0.324%	$886K	$2.3M	25x	as long as short
RISEx TAO/USDC	+0.1141%	1h	316.40	−0.235%	$420K	$593K	5x	as long as short
Lighter TAO	+0.1424%	1h	316.37	−0.246%	$1.7M	$6.1M	5x	as long as short
Hyperliquid TAO	+0.1812%	1h	316.14	−0.318%	$101.2M	$91.5M	5x	as long as short