TAO

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0412%/8h= −45.1% APRnext payment −$0.52 per $10,000 · paid last 24h −0.029%

Price spread now: Polymarket Perps against Deribit−0.064%7-day average −0.037% · you buy dearer than you sell

Net, funding: paid 7d − costs−$66as in the Funding arb table

Net, price: spread back to 7d avg − costs−$70as in the Price arb table

costs, in and out, $10k−$670.674% of the position

Long on Deribit Short on Polymarket Perps

What this pair did over the last

the charts below follow

Funding, last 7 days+0.010%+$1 on $10k

Price spread, last 4 days (all we have)−0.114%−$11 · spread now −0.064%, 7d avg −0.037%

Together, before fees−0.104%−$10 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$12 a day on $10k at the current rate, and Polymarket Perps is 0.027% cheaper against Deribit than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of −0.037%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.010% in total (about 0.5% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.52 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	319.44	0.0512	pay 0.0064% / 1h	13m 49s	$9K	$1.8M	25x
Short	Polymarket Perps TAO-USD	319.24	0.0100	get 0.0013% / 1h	13m 49s	$88K	$1.1M	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Polymarket Perps 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 Polymarket PerpsbpOrdersPrice spread, now −0.064%Rate

Funding earned: −$86.52
Price spread: −0.064% → −0.037%: −$2.67
Slippage, 4 orders: −$52.38
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: −$156.57
Costs to cover: 0.674%
Break-even: never at this rate

Slippage from Deribit: live order book, just now; Polymarket Perps: 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 Deribit live order book, just now	4.86 bp	8.4 bp −$8	15.5 bp −$155	doesn't fit	doesn't fit
Sell Polymarket Perps live order book, 5 min ago	11.34 bp	18.5 bp −$19	29.6 bp −$296	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	−0.0269%	1h	313.94	−1.723%	$167K	$0	10x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0003%	1h	319.24	−0.065%	$20K	—	150x	as long as short
Popdex TAOUSDT	+0.0096%	1h	319.52	+0.024%	$50K	$697K	20x	as long as short
Bybit TAOUSDT	+0.0100%	4h	319.29	−0.048%	$69.8M	$153.9M	50x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	319.20	−0.076%	$26.5M	$129.2M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	318.50	−0.295%	$15.1M	$50.3M	50x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	318.79	−0.204%	$17.6M	$32.3M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	318.94	−0.157%	$35.9M	$56.7M	50x	as long as short
Polymarket Perps TAO-USDshort	+0.0100%	1h	319.24	−0.064%	$88K	$1.1M	5x
SunX TAO-USDT	+0.0100%	4h	319.22	−0.070%	$2K	$1.9M	20x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX TAO-USDT	+0.0100%	4h	318.97	−0.148%	$116K	$539K	20x	as long as short
Phemex TAOUSDT	+0.0100%	4h	319.33	−0.035%	$3.2M	$8.1M	50x	as long as short
Aevo TAO-PERP	+0.0120%	1h	319.45	+0.004%	$175K	$998	3x	as long as short
Katana Perps TAO-USD	+0.0121%	8h	319.39	−0.017%	$1K	$1.2M	5x	as long as short
Binance TAOUSDT	+0.0164%	4h	319.03	−0.130%	$92.9M	$516.8M	75x	as long as short
MEXC TAO_USDT	+0.0164%	4h	318.79	−0.204%	$111.6M	$154.3M	300x	as long as short
BingX TAO-USDT	+0.0166%	4h	319.18	−0.082%	—	$38.8M	—	as long as short
edgeX TAOUSDC	+0.0168%	4h	318.13	−0.411%	$42K	$322K	10x	as long as short
Paradex TAO-USD-PERP	+0.0241%	8h	319.47	+0.008%	$14K	$876	10x	as long as short
Orderly PERP_TAO_USDC	+0.0241%	4h	319.44	−0.001%	$54K	$272K	10x	as long as short
ApeX Omni TAOUSDT	+0.0283%	1h	318.30	−0.358%	$45K	$256K	50x	as long as short
Bullet TAO-USD	+0.0297%	1h	319.44	−0.002%	$12K	$17K	20x	as long as short
Aster TAOUSDT	+0.0333%	4h	319.22	−0.069%	$1.3M	$11.1M	50x	as long as short
GRVT TAO_USDT_Perp	+0.0342%	4h	318.82	−0.194%	$540K	$838K	10x	as long as short
Pacifica TAO	+0.0349%	1h	319.34	−0.033%	$362K	$437K	10x	as long as short
dYdX TAO-USD	+0.0363%	1h	318.81	−0.197%	$128K	$87K	5x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0366% / S −0.0109%	1h	319.09	−0.110%	$378K	—	100x	as long as short
Arcus TAO-USD	+0.0404%	1h	319.67	+0.071%	$101K	$340K	5x	as long as short
BloFin TAO-USDT	+0.0404%	4h	319.11	−0.104%	$4.8M	$10.9M	100x	as long as short
Extended TAO-USD	+0.0440%	1h	318.81	−0.197%	$933K	$2.2M	25x	as long as short
Nado TAO-PERP	+0.0454%	1h	319.43	−0.005%	$771K	$1.9M	10x	as long as short
Deribit TAO_USDC-PERPETUALlong	+0.0512%	1h	319.44	long leg	$9K	$1.8M	25x
Phoenix TAO	+0.0578%	1h	319.00	−0.139%	$321K	$714K	5x	as long as short
Variational Omni TAO	+0.0612%	4h	318.74	−0.220%	$5.6M	$9.9M	—	as long as short
Hyperliquid TAO	+0.0624%	1h	319.51	+0.021%	$94.8M	$109.6M	5x	as long as short
Lighter TAO	+0.0648%	1h	319.27	−0.053%	$1.6M	$6.7M	5x	as long as short
01 Exchange TAOUSD	+0.0672%	1h	319.96	+0.162%	$3K	$4K	5x	as long as short
Reya TAORUSDPERP	+0.0699%	1h	318.80	−0.200%	$367	—	20x	as long as short
Backpack TAO_USDC_PERP	+0.0744%	1h	319.58	+0.043%	$317K	$1.0M	10x	as long as short
Kraken Futures PF_TAOUSD	+0.0779%	1h	319.52	+0.025%	$6.2M	$21.0M	50x	as long as short
RISEx TAO/USDC	+0.0840%	1h	318.81	−0.198%	$447K	$709K	5x	as long as short
Coinbase International TAO-PERP-INTX	+0.0944%	1h	320.03	+0.184%	$1.1M	$7.4M	50x	as long as short
Injective TAO/USDC PERP	+0.3512%	1h	317.77	−0.524%	$23K	$2K	12x	as long as short