TAO

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0223%/8h= −24.4% APRnext payment −$0.28 per $10,000 · paid last 24h −0.029%

Price spread now: Popdex against Deribit−0.054%7-day average −0.026% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$39as in the Price arb table

costs, in and out, $10k−$360.363% of the position

Long on Deribit Short on Popdex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.004%$0 on $10k

Price spread, last 4 days (all we have)−0.021%−$2 · spread now −0.054%, 7d avg −0.026%

Together, before fees−0.024%−$2 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$7 a day on $10k at the current rate, and Popdex is 0.029% cheaper against Deribit than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of −0.026%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.004% in total (about -0.4% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.28 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	317.27	0.0319	pay 0.0040% / 1h	39m 03s	$15K	$2.0M	25x
Short	Popdex TAOUSDT	317.10	0.0096	get 0.0012% / 1h	39m 03s	$44K	$709K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Popdex 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 PopdexbpOrdersPrice spread, now −0.054%Rate

Funding earned: −$46.83
Price spread: −0.054% → −0.026%: −$2.87
Slippage, 4 orders: −$22.91
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Net: −$86.01
Costs to cover: 0.363%
Break-even: never at this rate

Slippage from Deribit: live order book, 5 min ago; Popdex: live order book, 65 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, 5 min ago	3.45 bp	10.5 bp −$11	17.8 bp −$178	doesn't fit	doesn't fit
Sell Popdex live order book, 65 min ago	0.47 bp	9.8 bp −$10	75.0 bp −$750	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
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0005%	1h	316.92	−0.112%	$22K	—	150x	as long as short
dYdX TAO-USD	+0.0045%	1h	317.12	−0.048%	$126K	$85K	5x	as long as short
Popdex TAOUSDTshort	+0.0096%	1h	317.10	−0.054%	$44K	$709K	20x
OKX TAO-USDT-SWAP	+0.0100%	8h	317.10	−0.054%	$26.3M	$130.2M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	317.00	−0.086%	$14.4M	$51.2M	50x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	317.29	+0.005%	$17.8M	$32.4M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	316.86	−0.130%	$35.7M	$58.0M	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	317.26	−0.004%	$88K	$1.2M	5x	as long as short
SunX TAO-USDT	+0.0100%	4h	317.26	−0.004%	$2K	$2.0M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	316.33	−0.297%	$115K	$604K	20x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Katana Perps TAO-USD	+0.0107%	8h	317.14	−0.042%	$2K	$1.1M	5x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0108% / S +0.0135%	1h	317.01	−0.083%	$405K	—	100x	as long as short
Aevo TAO-PERP	+0.0128%	1h	317.48	+0.067%	$174K	$998	3x	as long as short
Orderly PERP_TAO_USDC	+0.0149%	4h	317.19	−0.026%	$52K	$294K	10x	as long as short
Binance TAOUSDT	+0.0179%	4h	317.11	−0.051%	$92.0M	$529.9M	75x	as long as short
MEXC TAO_USDT	+0.0184%	4h	317.20	−0.023%	$99.9M	$151.3M	300x	as long as short
edgeX TAOUSDC	+0.0184%	4h	318.91	+0.517%	$42K	$319K	10x	as long as short
ApeX Omni TAOUSDT	+0.0187%	1h	318.97	+0.535%	$46K	$260K	50x	as long as short
Paradex TAO-USD-PERP	+0.0245%	8h	317.17	−0.033%	$14K	$1K	10x	as long as short
Bybit TAOUSDT	+0.0280%	4h	317.19	−0.026%	$69.4M	$156.7M	50x	as long as short
BingX TAO-USDT	+0.0298%	4h	317.22	−0.017%	—	$37.0M	—	as long as short
Bullet TAO-USD	+0.0310%	1h	317.57	+0.094%	$12K	$17K	20x	as long as short
Pacifica TAO	+0.0313%	1h	317.32	+0.015%	$372K	$452K	10x	as long as short
Bulk TAO-USD	+0.0317%	1h	319.23	+0.617%	$170K	$0	10x	as long as short
Deribit TAO_USDC-PERPETUALlong	+0.0319%	1h	317.27	long leg	$15K	$2.0M	25x
GRVT TAO_USDT_Perp	+0.0332%	4h	318.74	+0.462%	$543K	$918K	10x	as long as short
Aster TAOUSDT	+0.0335%	4h	317.16	−0.036%	$1.3M	$11.0M	50x	as long as short
Extended TAO-USD	+0.0344%	1h	317.11	−0.050%	$903K	$2.4M	25x	as long as short
BloFin TAO-USDT	+0.0419%	4h	317.29	+0.005%	$4.7M	$10.9M	100x	as long as short
Arcus TAO-USD	+0.0473%	1h	317.42	+0.046%	$102K	$381K	5x	as long as short
Phemex TAOUSDT	+0.0515%	4h	317.18	−0.029%	$3.2M	$8.2M	50x	as long as short
Nado TAO-PERP	+0.0523%	1h	317.17	−0.032%	$786K	$2.0M	10x	as long as short
Variational Omni TAO	+0.0537%	4h	318.96	+0.533%	$5.6M	$10.2M	—	as long as short
Lighter TAO	+0.0576%	1h	317.71	+0.139%	$1.6M	$6.9M	5x	as long as short
Phoenix TAO	+0.0629%	1h	319.50	+0.702%	$318K	$703K	5x	as long as short
Reya TAORUSDPERP	+0.0698%	1h	317.35	+0.025%	$365	—	20x	as long as short
Backpack TAO_USDC_PERP	+0.0716%	1h	317.19	−0.026%	$292K	$906K	10x	as long as short
01 Exchange TAOUSD	+0.0736%	1h	317.23	−0.013%	$3K	$4K	5x	as long as short
Hyperliquid TAO	+0.0757%	1h	317.27	−0.001%	$93.8M	$110.1M	5x	as long as short
RISEx TAO/USDC	+0.0831%	1h	317.06	−0.067%	$447K	$668K	5x	as long as short
Kraken Futures PF_TAOUSD	+0.0835%	1h	317.37	+0.030%	$5.9M	$21.7M	50x	as long as short
Coinbase International TAO-PERP-INTX	+0.0984%	1h	319.03	+0.554%	$1.5M	$6.9M	50x	as long as short
Injective TAO/USDC PERP	+0.4513%	1h	322.94	+1.786%	$23K	$2K	12x	as long as short