Settings8H · net · $10k
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Funding arb · Price arb /

TAO

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Alert: funding
Measured
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Alert: spread
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Funding you earn now, next payment 22:00 UTC+0.1074%/8h= +117.6% APRnext payment +$1.34 per $10,000 · paid last 24h +0.030%
Price spread now: Backpack against Deribit+0.091%7-day average +0.018% · you sell dearer than you buy
Net, funding: paid 7d − costs−$25as in the Funding arb table
Net, price: spread back to 7d avg − costs−$38as in the Price arb table
costs, in and out, $10k−$450.450% of the position
Long on DeribitShort on Backpack
What this pair did over the last
the charts below follow
Funding, last 7 days+0.204%+$20 on $10k
Price spread, last 3 days (all we have)−0.094%−$9 · spread now +0.091%, 7d avg +0.018%
Together, before fees+0.110%+$11 on $10k · with fees, hour by hour
Both sides work for this trade now. Funding pays +$32 a day on $10k at the current rate, and Backpack is 0.073% dearer against Deribit than usual: you sell high and buy low: +$7 more if the spread goes back to its 7-day average of +0.018%.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.204% in total (about 10.7% a year). A funding rate is set anew for every payment; at this rate the next one is about +$1.34 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongDeribit TAO_USDC-PERPETUAL305.800.0171pay 0.0021% / 1h37m 43s$13K$1.3M25x
ShortBackpack TAO_USDC_PERP306.080.1245get 0.0156% / 1h37m 43s$468K$683K10x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Backpack against Deribit. 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

Funding earned
$225.47
Price spread: +0.091% → +0.018%
$7.29
Slippage, 4 orders
−$28.01
Fee Deribit: 3.5 bp × 2 orders
−$7
Fee Backpack: 5 bp × 2 orders
−$10
Net
$187.75
Costs to cover
0.450%
Break-even
1.2 days
Slippage from Deribit: live order book, 1 min ago; Backpack: live order book, 51 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again
LegHalf-spread$10k$100k$1M$5M
Buy Deribit live order book, 1 min ago3.93 bp7.4 bp −$715.1 bp −$151doesn't fitdoesn't fit
Sell Backpack live order book, 51 min ago0.64 bp9.0 bp −$913.3 bp −$133doesn't fitdoesn't fit

TAO on 43 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
dYdX TAO-USD0.0000%1h305.62−0.059%$128K$84K5xas long as short
gTrade (Gains Network) TAO/USDL +0.0004% / S −0.0004%1h305.57−0.077%$19K—150xas long as short
Popdex TAOUSDT+0.0096%1h305.65−0.050%$41K$526K20xas long as short
Pacifica TAO+0.0100%1h305.97+0.054%$361K$400K10xas long as short
Binance TAOUSDT+0.0100%4h305.89+0.029%$85.8M$401.6M75xas long as short
Bybit TAOUSDT+0.0100%4h305.93+0.042%$58.9M$117.6M50xas long as short
OKX TAO-USDT-SWAP+0.0100%8h305.60−0.066%$25.0M$92.1M50xas long as short
Arcus TAO-USD+0.0100%1h306.00+0.065%$137K$593K5xas long as short
Gate TAO_USDT+0.0100%4h305.60−0.066%$12.1M$47.7M50xas long as short
MEXC TAO_USDT+0.0100%4h305.86+0.019%$112.6M$122.4M300xas long as short
Show all 43 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
KuCoin TAOUSDTM+0.0100%4h305.75−0.017%$18.4M$26.4M75xas long as short
Bitget TAOUSDT+0.0100%4h305.45−0.115%$34.2M$44.4M50xas long as short
BingX TAO-USDT+0.0100%4h305.70−0.033%—$30.4M—as long as short
Variational Omni TAO+0.0100%4h306.23+0.140%$3.6M$6.7M—as long as short
edgeX TAOUSDC+0.0100%4h305.88+0.026%$40K$276K10xas long as short
GRVT TAO_USDT_Perp+0.0100%4h305.96+0.050%$536K$967K10xas long as short
ApeX Omni TAOUSDT+0.0100%1h305.81+0.003%$46K$267K50xas long as short
Bullet TAO-USD+0.0100%1h305.72−0.028%$12K$18K20xas long as short
Orderly PERP_TAO_USDC+0.0100%4h305.72−0.027%$59K$276K10xas long as short
SunX TAO-USDT+0.0100%4h305.41−0.128%$1K$1.8M20xas long as short
HTX TAO-USDT+0.0100%4h305.74−0.020%$120K$352K20xas long as short
Phemex TAOUSDT+0.0100%4h305.60−0.066%$3.2M$7.9M50xas long as short
Aevo TAO-PERP+0.0104%1h305.66−0.046%$168K$9983xas long as short
Polymarket Perps TAO-USD+0.0111%1h305.72−0.027%$85K$669K5xas long as short
Katana Perps TAO-USD+0.0113%8h305.76−0.014%$876$426K5xas long as short
Aster TAOUSDT+0.0127%4h305.91+0.037%$1.1M$7.5M50xas long as short
Paradex TAO-USD-PERP+0.0166%8h305.86+0.020%$14K$99210xas long as short
Deribit TAO_USDC-PERPETUALlong+0.0171%1h305.80long leg$13K$1.3M25x
GMX TAO/USD [WBTC.b-USDC]L +0.0174% / S +0.0069%1h305.54−0.085%$436K—100xas long as short
Phoenix TAO+0.0234%1h305.80−0.001%$324K$462K5xas long as short
Nado TAO-PERP+0.0236%1h305.77−0.010%$845K$1.9M10xas long as short
BloFin TAO-USDT+0.0340%4h305.23−0.187%$4.2M$9.4M100xas long as short
01 Exchange TAOUSD+0.0488%1h306.09+0.094%$3K$4K5xas long as short
Extended TAO-USD+0.0656%1h305.68−0.039%$873K$1.9M25xas long as short
Bulk TAO-USD+0.0668%1h304.81−0.324%$200K$57K10xas long as short
Reya TAORUSDPERP+0.0694%1h305.62−0.058%$351—20xas long as short
Lighter TAO+0.0848%1h306.19+0.126%$1.6M$4.8M5xas long as short
Coinbase International TAO-PERP-INTX+0.0960%1h306.48+0.222%$1.5M$5.3M50xas long as short
Kraken Futures PF_TAOUSD+0.1031%1h305.86+0.020%$6.3M$19.5M50xas long as short
RISEx TAO/USDC+0.1053%1h305.97+0.054%$408K$535K5xas long as short
Backpack TAO_USDC_PERPshort+0.1245%1h306.08+0.091%$468K$683K10x
Hyperliquid TAO+0.1624%1h306.43+0.204%$93.0M$75.3M5xas long as short
Injective TAO/USDC PERP+0.4876%1h307.78+0.647%$22K$13612xas long as short