TAO

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0459%/8h= −50.2% APRnext payment −$0.57 per $10,000 · paid last 24h −0.138%

Price spread now: Phoenix against Coinbase International−0.233%7-day average −0.067% · you buy dearer than you sell

Net, funding: paid 7d − costs−$97as in the Funding arb table

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

costs, in and out, $10k−$600.598% of the position

Long on Coinbase International Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days−0.372%−$37 on $10k

Price spread, last 3 days (all we have)+0.007%+$1 · spread now −0.233%, 7d avg −0.067%

Together, before fees−0.365%−$36 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$14 a day on $10k at the current rate, and Phoenix is 0.166% cheaper against Coinbase International than usual: you would sell low and buy high (−$17 if the spread goes back to its 7-day average of −0.067%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International TAO-PERP-INTX	317.34	0.0984	pay 0.0123% / 1h	12m 27s	$1.5M	$6.4M	50x
Short	Phoenix TAO	316.60	0.0525	get 0.0066% / 1h	12m 27s	$331K	$624K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now −0.233%Rate

Funding earned: −$96.29
Price spread: −0.233% → −0.067%: −$16.57
Slippage, 4 orders: −$42.77
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$172.63
Costs to cover: 0.598%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 2 min ago; Phoenix: live order book, 60 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	7.40 bp	16.0 bp −$16	18.8 bp −$188	doesn't fit	doesn't fit
Sell Phoenix live order book, 60 min ago	3.19 bp	16.7 bp −$17	23.0 bp −$230	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	+0.419%	$169K	$40K	10x	as long as short
dYdX TAO-USD	0.0000%	1h	315.74	−0.505%	$126K	$88K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	316.03	−0.413%	$21K	—	150x	as long as short
Popdex TAOUSDT	+0.0096%	1h	316.17	−0.369%	$42K	$598K	20x	as long as short
Binance TAOUSDT	+0.0100%	4h	316.17	−0.369%	$90.7M	$450.1M	75x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	316.20	−0.359%	$25.7M	$108.8M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	315.70	−0.517%	$12.8M	$51.1M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	316.15	−0.375%	$98.9M	$136.3M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	316.05	−0.407%	$17.9M	$29.4M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	316.06	−0.403%	$35.2M	$51.3M	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	316.13	−0.381%	$40K	$294K	10x	as long as short
GRVT TAO_USDT_Perp	+0.0100%	4h	316.19	−0.363%	$524K	$958K	10x	as long as short
Bullet TAO-USD	+0.0100%	1h	316.35	−0.312%	$12K	$17K	20x	as long as short
Orderly PERP_TAO_USDC	+0.0100%	4h	316.24	−0.347%	$57K	$316K	10x	as long as short
SunX TAO-USDT	+0.0100%	4h	316.17	−0.369%	$2K	$1.9M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	316.44	−0.284%	$126K	$422K	20x	as long as short
Phemex TAOUSDT	+0.0100%	4h	316.78	−0.176%	$3.4M	$7.8M	50x	as long as short
Aevo TAO-PERP	+0.0104%	1h	316.88	−0.147%	$174K	$998	3x	as long as short
Katana Perps TAO-USD	+0.0122%	8h	316.27	−0.337%	$1K	$636K	5x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0173% / S +0.0097%	1h	316.06	−0.405%	$453K	—	100x	as long as short
Pacifica TAO	+0.0185%	1h	316.15	−0.376%	$375K	$375K	10x	as long as short
Arcus TAO-USD	+0.0201%	1h	316.35	−0.312%	$84K	$550K	5x	as long as short
Aster TAOUSDT	+0.0206%	4h	316.08	−0.396%	$1.2M	$8.8M	50x	as long as short
Paradex TAO-USD-PERP	+0.0232%	8h	316.08	−0.397%	$14K	$1K	10x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0247%	1h	316.30	−0.328%	$17K	$1.5M	25x	as long as short
ApeX Omni TAOUSDT	+0.0247%	1h	316.20	−0.359%	$48K	$267K	50x	as long as short
Polymarket Perps TAO-USD	+0.0269%	1h	316.44	−0.284%	$92K	$633K	5x	as long as short
BloFin TAO-USDT	+0.0340%	4h	316.46	−0.277%	$4.5M	$10.8M	100x	as long as short
Kraken Futures PF_TAOUSD	+0.0485%	1h	316.40	−0.297%	$5.7M	$20.3M	50x	as long as short
Variational Omni TAO	+0.0516%	4h	316.67	−0.212%	$5.5M	$8.7M	—	as long as short
Phoenix TAOshort	+0.0525%	1h	316.60	−0.233%	$331K	$624K	5x
01 Exchange TAOUSD	+0.0560%	1h	316.26	−0.340%	$3K	$4K	5x	as long as short
Injective TAO/USDC PERP	+0.0571%	1h	317.77	+0.136%	$23K	$802	12x	as long as short
BingX TAO-USDT	+0.0609%	4h	316.27	−0.337%	—	$30.4M	—	as long as short
Bybit TAOUSDT	+0.0673%	4h	316.40	−0.296%	$65.2M	$133.4M	50x	as long as short
Reya TAORUSDPERP	+0.0695%	1h	316.26	−0.339%	$364	—	20x	as long as short
Nado TAO-PERP	+0.0764%	1h	316.03	−0.414%	$877K	$2.0M	10x	as long as short
Backpack TAO_USDC_PERP	+0.0805%	1h	316.37	−0.306%	$320K	$816K	10x	as long as short
Coinbase International TAO-PERP-INTXlong	+0.0984%	1h	317.34	long leg	$1.5M	$6.4M	50x
Extended TAO-USD	+0.1112%	1h	316.12	−0.384%	$886K	$2.3M	25x	as long as short
RISEx TAO/USDC	+0.1141%	1h	316.15	−0.374%	$418K	$593K	5x	as long as short
Lighter TAO	+0.1424%	1h	316.22	−0.352%	$1.7M	$6.1M	5x	as long as short
Hyperliquid TAO	+0.1848%	1h	316.61	−0.230%	$101.4M	$91.8M	5x	as long as short