TAO

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0646%/8h= −70.8% APRnext payment −$0.81 per $10,000 · paid last 24h −0.008%

Price spread now: GMX against Deribit−0.114%7-day average −0.037% · you buy dearer than you sell

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

Long on Deribit Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.114%+$11 on $10k

Price spread, last 4 days (all we have)+0.176%+$18 · spread now −0.114%, 7d avg −0.037%

Together, before fees+0.290%+$29 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 GMX is 0.077% cheaper against Deribit than usual: you would sell low and buy high (−$8 if the spread goes back to its 7-day average of −0.037%). Swap the legs. Mind the row above: over the last 3 days funding on this pair paid +0.114%, so the current rate has only just turned against you.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid 0.114% in total (about 12.4% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.81 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	Deribit TAO_USDC-PERPETUAL	311.01	0.0509	pay 0.0064% / 1h	1m 36s	$12K	$1.8M	25x
Short	GMX TAO/USD [WBTC.b-USDC]	310.66	L +0.0134% / S +0.0137%	pay 0.0017% / 1h	1m 36s	$413K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX 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

Position, each leg$Hold fordaysFee DeribitbpFee GMXbpOrdersPrice spread, now −0.114%Rate

Funding earned: −$135.73
Price spread: −0.114% → −0.037%: −$7.66
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee GMX: 6 bp × 2 orders: −$12
Net: −$162.4
Costs to cover: 0.190%
Break-even: never at this rate

Slippage unknown: Deribit: live order book, 2 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 Deribit live order book, 2 min ago	4.65 bp	11.6 bp −$12	doesn't fit	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
Kraken Futures PF_TAOUSD	−0.0349%	1h	310.93	−0.027%	$5.5M	$20.7M	50x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	310.73	−0.091%	$20K	—	150x	as long as short
dYdX TAO-USD	+0.0023%	1h	310.54	−0.151%	$124K	$85K	5x	as long as short
Popdex TAOUSDT	+0.0096%	1h	311.24	+0.073%	$48K	$662K	20x	as long as short
Katana Perps TAO-USD	+0.0100%	8h	311.16	+0.047%	$3K	$867K	5x	as long as short
Pacifica TAO	+0.0100%	1h	310.78	−0.076%	$354K	$416K	10x	as long as short
Binance TAOUSDT	+0.0100%	4h	311.06	+0.017%	$88.8M	$503.5M	75x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	311.30	+0.092%	$25.9M	$120.8M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	310.70	−0.101%	$13.3M	$50.6M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	311.15	+0.044%	$103.1M	$145.9M	300x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin TAOUSDTM	+0.0100%	4h	310.69	−0.104%	$17.4M	$31.4M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	310.86	−0.049%	$35.0M	$56.8M	50x	as long as short
edgeX TAOUSDC	+0.0100%	4h	311.26	+0.080%	$41K	$315K	10x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	311.05	+0.012%	$46K	$254K	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	310.87	−0.046%	$81K	$905K	5x	as long as short
Bullet TAO-USD	+0.0100%	1h	311.04	+0.007%	$12K	$17K	20x	as long as short
SunX TAO-USDT	+0.0100%	4h	310.68	−0.107%	$2K	$1.9M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	309.89	−0.361%	$110K	$542K	20x	as long as short
Aevo TAO-PERP	+0.0104%	1h	311.07	+0.018%	$171K	$998	3x	as long as short
Aster TAOUSDT	+0.0110%	4h	310.89	−0.039%	$1.3M	$10.5M	50x	as long as short
GRVT TAO_USDT_Perp	+0.0114%	4h	311.90	+0.286%	$530K	$942K	10x	as long as short
Orderly PERP_TAO_USDC	+0.0115%	4h	310.92	−0.030%	$51K	$290K	10x	as long as short
GMX TAO/USD [WBTC.b-USDC]short	L +0.0134% / S +0.0137%	1h	310.66	−0.114%	$413K	—	100x
Phemex TAOUSDT	+0.0150%	4h	311.00	−0.004%	$3.1M	$8.0M	50x	as long as short
Paradex TAO-USD-PERP	+0.0176%	8h	310.67	−0.111%	$14K	$1K	10x	as long as short
Arcus TAO-USD	+0.0231%	1h	311.30	+0.092%	$100K	$370K	5x	as long as short
Bulk TAO-USD	+0.0253%	1h	311.89	+0.282%	$166K	$333	10x	as long as short
Bybit TAOUSDT	+0.0282%	4h	311.37	+0.115%	$67.4M	$151.0M	50x	as long as short
BingX TAO-USDT	+0.0304%	4h	311.17	+0.051%	—	$33.8M	—	as long as short
Nado TAO-PERP	+0.0307%	1h	311.28	+0.085%	$774K	$2.2M	10x	as long as short
Extended TAO-USD	+0.0312%	1h	311.20	+0.059%	$906K	$2.4M	25x	as long as short
Variational Omni TAO	+0.0338%	4h	312.45	+0.462%	$5.5M	$10.1M	—	as long as short
BloFin TAO-USDT	+0.0340%	4h	310.93	−0.027%	$4.5M	$10.7M	100x	as long as short
Phoenix TAO	+0.0457%	1h	312.40	+0.446%	$311K	$711K	5x	as long as short
Hyperliquid TAO	+0.0459%	1h	310.66	−0.113%	$91.0M	$108.2M	5x	as long as short
Backpack TAO_USDC_PERP	+0.0478%	1h	310.84	−0.056%	$309K	$885K	10x	as long as short
01 Exchange TAOUSD	+0.0504%	1h	311.45	+0.141%	$3K	$4K	5x	as long as short
Deribit TAO_USDC-PERPETUALlong	+0.0509%	1h	311.01	long leg	$12K	$1.8M	25x
Lighter TAO	+0.0592%	1h	310.97	−0.013%	$1.5M	$6.6M	5x	as long as short
Reya TAORUSDPERP	+0.0697%	1h	311.05	+0.013%	$358	—	20x	as long as short
RISEx TAO/USDC	+0.0816%	1h	311.14	+0.040%	$441K	$648K	5x	as long as short
Coinbase International TAO-PERP-INTX	+0.0952%	1h	312.01	+0.321%	$1.5M	$6.7M	50x	as long as short
Injective TAO/USDC PERP	+0.4092%	1h	315.73	+1.517%	$23K	$2K	12x	as long as short