TAO

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0627%/8h= −68.6% APRnext payment −$0.78 per $10,000 · paid last 24h −0.163%

Price spread now: Kraken Futures against Coinbase International−0.250%7-day average −0.136% · you buy dearer than you sell

Net, funding: paid 7d − costs−$100as in the Funding arb table

Net, price: spread back to 7d avg − costs−$76as in the Price arb table

costs, in and out, $10k−$650.650% of the position

Long on Coinbase International Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days−0.348%−$35 on $10k

Price spread, last 4 days (all we have)+0.141%+$14 · spread now −0.250%, 7d avg −0.136%

Together, before fees−0.207%−$21 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$19 a day on $10k at the current rate, and Kraken Futures is 0.114% cheaper against Coinbase International than usual: you would sell low and buy high (−$11 if the spread goes back to its 7-day average of −0.136%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.348% in total (about -18.2% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.78 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	316.93	0.0928	pay 0.0116% / 1h	34m 32s	$1.5M	$6.8M	50x
Short	Kraken Futures PF_TAOUSD	316.14	0.0301	get 0.0038% / 1h	34m 32s	$5.9M	$21.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now −0.250%Rate

Funding earned: −$131.58
Price spread: −0.250% → −0.136%: −$11.4
Slippage, 4 orders: −$44.95
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$207.93
Costs to cover: 0.650%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 4 min ago; Kraken Futures: 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 Coinbase International live order book, 4 min ago	9.57 bp	17.3 bp −$17	21.0 bp −$210	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 5 min ago	9.59 bp	15.3 bp −$15	21.8 bp −$218	90.0 bp −$9,002	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
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	315.73	−0.380%	$20K	—	150x	as long as short
dYdX TAO-USD	+0.0039%	1h	314.72	−0.697%	$125K	$85K	5x	as long as short
Binance TAOUSDT	+0.0100%	4h	314.48	−0.773%	$90.2M	$507.4M	75x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	314.50	−0.767%	$26.3M	$122.5M	50x	as long as short
Bulk TAO-USD	+0.0100%	1h	314.32	−0.824%	$167K	$333	10x	as long as short
Gate TAO_USDT	+0.0100%	4h	314.60	−0.735%	$13.9M	$50.8M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	314.86	−0.653%	$107.7M	$145.5M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	314.76	−0.685%	$17.4M	$31.4M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	314.58	−0.741%	$35.4M	$57.0M	50x	as long as short
edgeX TAOUSDC	+0.0100%	4h	313.69	−1.023%	$41K	$315K	10x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Polymarket Perps TAO-USD	+0.0100%	1h	315.99	−0.297%	$90K	$919K	5x	as long as short
SunX TAO-USDT	+0.0100%	4h	315.52	−0.445%	$1K	$1.9M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	315.64	−0.407%	$111K	$553K	20x	as long as short
Phemex TAOUSDT	+0.0100%	4h	315.98	−0.300%	$3.2M	$8.0M	50x	as long as short
Katana Perps TAO-USD	+0.0103%	8h	314.61	−0.732%	$644	$907K	5x	as long as short
Aevo TAO-PERP	+0.0104%	1h	316.05	−0.278%	$174K	$998	3x	as long as short
Orderly PERP_TAO_USDC	+0.0124%	4h	316.14	−0.249%	$52K	$290K	10x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0130% / S +0.0139%	1h	315.69	−0.390%	$423K	—	100x	as long as short
Popdex TAOUSDT	+0.0184%	1h	314.45	−0.783%	$50K	$665K	20x	as long as short
Aster TAOUSDT	+0.0199%	4h	314.86	−0.653%	$1.3M	$10.6M	50x	as long as short
Pacifica TAO	+0.0233%	1h	315.03	−0.601%	$359K	$419K	10x	as long as short
Nado TAO-PERP	+0.0256%	1h	314.67	−0.712%	$777K	$2.2M	10x	as long as short
Paradex TAO-USD-PERP	+0.0265%	8h	315.10	−0.577%	$14K	$1K	10x	as long as short
Kraken Futures PF_TAOUSDshort	+0.0301%	1h	316.14	−0.250%	$5.9M	$21.4M	50x
GRVT TAO_USDT_Perp	+0.0306%	4h	313.96	−0.937%	$533K	$935K	10x	as long as short
ApeX Omni TAOUSDT	+0.0338%	1h	313.52	−1.076%	$44K	$257K	50x	as long as short
BloFin TAO-USDT	+0.0340%	4h	315.94	−0.312%	$4.6M	$11.0M	100x	as long as short
Bullet TAO-USD	+0.0342%	1h	316.13	−0.254%	$12K	$17K	20x	as long as short
BingX TAO-USDT	+0.0426%	4h	314.79	−0.675%	—	$33.7M	—	as long as short
Variational Omni TAO	+0.0431%	4h	314.95	−0.626%	$5.5M	$10.1M	—	as long as short
Extended TAO-USD	+0.0456%	1h	314.72	−0.698%	$904K	$2.4M	25x	as long as short
Bybit TAOUSDT	+0.0462%	4h	314.59	−0.738%	$68.3M	$152.2M	50x	as long as short
Arcus TAO-USD	+0.0483%	1h	315.01	−0.606%	$101K	$370K	5x	as long as short
Phoenix TAO	+0.0513%	1h	314.00	−0.924%	$312K	$713K	5x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0626%	1h	316.08	−0.269%	$10K	$1.8M	25x	as long as short
Reya TAORUSDPERP	+0.0697%	1h	316.24	−0.217%	$364	—	20x	as long as short
01 Exchange TAOUSD	+0.0776%	1h	314.62	−0.729%	$3K	$4K	5x	as long as short
Hyperliquid TAO	+0.0799%	1h	315.51	−0.448%	$92.2M	$108.8M	5x	as long as short
Lighter TAO	+0.0832%	1h	315.20	−0.546%	$1.5M	$6.6M	5x	as long as short
Backpack TAO_USDC_PERP	+0.0840%	1h	315.92	−0.319%	$312K	$889K	10x	as long as short
Coinbase International TAO-PERP-INTXlong	+0.0928%	1h	316.93	long leg	$1.5M	$6.8M	50x
RISEx TAO/USDC	+0.0948%	1h	314.58	−0.740%	$456K	$651K	5x	as long as short
Injective TAO/USDC PERP	+0.3711%	1h	317.66	+0.230%	$23K	$2K	12x	as long as short