TAO

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0105%/8h= +11.4% APRnext payment +$0.13 per $10,000 · paid last 24h +0.083%

Price spread now: Phoenix against Deribit−0.099%7-day average +0.097% · you buy dearer than you sell

Net, funding: paid 7d − costs−$13as in the Funding arb table

Net, price: spread back to 7d avg − costs−$67as in the Price arb table

costs, in and out, $10k−$470.474% of the position

Long on Deribit Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.341%+$34 on $10k

Price spread, last 4 days (all we have)+0.117%+$12 · spread now −0.099%, 7d avg +0.097%

Together, before fees+0.459%+$46 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phoenix is 0.195% cheaper against Deribit than usual: you would sell low and buy high (spread −0.099% now, against its 7-day average of +0.097%). If the spread goes back, that is −$20 on $10k: about 6.2 days of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit TAO_USDC-PERPETUAL	313.11	0.0352	pay 0.0044% / 1h	56m 27s	$11K	$1.8M	25x
Short	Phoenix TAO	312.80	0.0457	get 0.0057% / 1h	56m 27s	$311K	$713K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Deribit. 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 DeribitbpFee PhoenixbpOrdersPrice spread, now −0.099%Rate

Funding earned: $21.96
Price spread: −0.099% → +0.097%: −$19.54
Slippage, 4 orders: −$33.39
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$44.96
Costs to cover: 0.474%
Break-even: 21.3 days

Slippage from Deribit: live order book, 3 min ago; Phoenix: live order book, 56 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 Deribit live order book, 3 min ago	3.53 bp	10.5 bp −$11	17.8 bp −$178	doesn't fit	doesn't fit
Sell Phoenix live order book, 56 min ago	3.18 bp	19.2 bp −$19	28.6 bp −$286	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
dYdX TAO-USD	0.0000%	1h	312.26	−0.272%	$125K	$85K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	312.92	−0.059%	$20K	—	150x	as long as short
Katana Perps TAO-USD	+0.0100%	8h	312.58	−0.169%	$1K	$869K	5x	as long as short
Binance TAOUSDT	+0.0100%	4h	312.69	−0.134%	$89.4M	$504.1M	75x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	312.60	−0.163%	$26.1M	$121.5M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	312.40	−0.226%	$13.4M	$49.9M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	312.63	−0.153%	$104.1M	$144.4M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	312.52	−0.188%	$17.4M	$31.4M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	312.37	−0.236%	$35.2M	$56.9M	50x	as long as short
edgeX TAOUSDC	+0.0100%	4h	311.10	−0.642%	$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
ApeX Omni TAOUSDT	+0.0100%	1h	311.63	−0.472%	$46K	$254K	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	312.45	−0.210%	$82K	$905K	5x	as long as short
SunX TAO-USDT	+0.0100%	4h	313.02	−0.028%	$1K	$1.9M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	312.14	−0.309%	$110K	$541K	20x	as long as short
Aevo TAO-PERP	+0.0104%	1h	313.23	+0.038%	$172K	$998	3x	as long as short
Orderly PERP_TAO_USDC	+0.0117%	4h	313.10	−0.003%	$52K	$290K	10x	as long as short
GRVT TAO_USDT_Perp	+0.0122%	4h	311.30	−0.577%	$529K	$942K	10x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0133% / S +0.0138%	1h	312.90	−0.066%	$415K	—	100x	as long as short
Aster TAOUSDT	+0.0133%	4h	312.74	−0.118%	$1.3M	$10.5M	50x	as long as short
Paradex TAO-USD-PERP	+0.0200%	8h	312.68	−0.137%	$14K	$1K	10x	as long as short
Pacifica TAO	+0.0233%	1h	312.63	−0.154%	$356K	$419K	10x	as long as short
Bulk TAO-USD	+0.0253%	1h	311.89	−0.389%	$166K	$333	10x	as long as short
Bullet TAO-USD	+0.0291%	1h	313.32	+0.067%	$12K	$17K	20x	as long as short
Kraken Futures PF_TAOUSD	+0.0304%	1h	313.11	−0.001%	$5.5M	$20.7M	50x	as long as short
Phemex TAOUSDT	+0.0325%	4h	312.92	−0.060%	$3.1M	$8.0M	50x	as long as short
Nado TAO-PERP	+0.0331%	1h	312.67	−0.139%	$778K	$2.2M	10x	as long as short
BloFin TAO-USDT	+0.0340%	4h	313.16	+0.016%	$4.6M	$10.8M	100x	as long as short
Bybit TAOUSDT	+0.0346%	4h	312.67	−0.140%	$67.6M	$151.1M	50x	as long as short
BingX TAO-USDT	+0.0348%	4h	312.74	−0.118%	—	$33.7M	—	as long as short
Variational Omni TAO	+0.0350%	4h	311.27	−0.587%	$5.5M	$10.1M	—	as long as short
Extended TAO-USD	+0.0352%	1h	312.62	−0.156%	$904K	$2.4M	25x	as long as short
Deribit TAO_USDC-PERPETUALlong	+0.0352%	1h	313.11	long leg	$11K	$1.8M	25x
Popdex TAOUSDT	+0.0360%	1h	312.73	−0.121%	$48K	$662K	20x	as long as short
Phoenix TAOshort	+0.0457%	1h	312.80	−0.099%	$311K	$713K	5x
Arcus TAO-USD	+0.0483%	1h	312.91	−0.064%	$101K	$370K	5x	as long as short
Hyperliquid TAO	+0.0675%	1h	312.76	−0.111%	$91.5M	$108.3M	5x	as long as short
Reya TAORUSDPERP	+0.0697%	1h	312.57	−0.172%	$359	—	20x	as long as short
Lighter TAO	+0.0784%	1h	312.74	−0.118%	$1.5M	$6.5M	5x	as long as short
01 Exchange TAOUSD	+0.0816%	1h	313.17	+0.019%	$3K	$4K	5x	as long as short
Backpack TAO_USDC_PERP	+0.0917%	1h	313.34	+0.074%	$311K	$885K	10x	as long as short
Coinbase International TAO-PERP-INTX	+0.0928%	1h	313.22	+0.035%	$1.5M	$6.7M	50x	as long as short
RISEx TAO/USDC	+0.0948%	1h	312.71	−0.128%	$445K	$649K	5x	as long as short
Injective TAO/USDC PERP	+0.3711%	1h	315.73	+0.837%	$23K	$2K	12x	as long as short