Funding you earn now, next payment 05:00 UTC+0.0403%/8h= +44.2% APRpaid last 24h +0.091%
Price spread now: Phoenix against Katana Perps+0.074%50s7-day average +0.112% · you sell dearer than you buy
to open and closeno order booka leg has no order-book sample
Funding, last 4 days (all we have)+0.133%+$13 on $10k
+Price spread, last 4 days (all we have)+0.275%+$27 · spread now +0.074%, 7d avg +0.112%
=Funding pays, the price is against you. Phoenix is 0.039% cheaper against Katana Perps than usual: you would sell low and buy high (spread +0.074% now, against its 7-day average of +0.112%). If the spread goes back, that is −$4 on $10k: about 8 hours of funding at the current rate (+$12 a day). At the pace of the last 4 days (+0.133% in total) that is about 27 hours. The two prices were read 50 seconds apart, so part of this spread may be the market moving, not a spread.
The current funding rate is far above what this pair has been paying: over the last 4 days it paid 0.133% in total (about 12.4% a year). A funding rate is set anew for every payment. 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 | Katana Perps TAO-USD | 324.96 | 0.0110 | pay 0.0110% / 8h | 1h 58m | $1K | $966K | 5x |
| Short | Phoenix TAO | 325.20 | 0.0513 | get 0.0064% / 1h | 58m 07s | $324K | $702K | 5x |
Katana Perps TAO-USD
Phoenix TAOFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phoenix against Katana Perps. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- $84.7
- Price spread: +0.074% → +0.112%
- −$3.86
- Slippage, 4 orders
- no order book: not counted
- Fee Katana Perps: 1.9 bp × 2 orders
- −$3.8
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Net
- $70.04
- Costs to cover
- 0.108%
- Break-even
- 1.2 days
Slippage unknown: Katana Perps: no order-book sample; Phoenix: live order book, 50 min ago. 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 Katana Perps no order-book sample | — | — | — | — | — |
| Sell Phoenix live order book, 50 min ago | 3.18 bp | 14.9 bp −$15 | 18.0 bp −$180 | doesn't fit | doesn't fit |
Katana Perps: 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 | |
|---|---|---|---|---|---|---|---|---|
| Bulk TAO-USD | −0.1440% | 1h | 322.10 | −0.882% | $171K | $333 | 10x | as long as short |
| dYdX TAO-USD | 0.0000% | 1h | 324.72 | −0.074% | $129K | $85K | 5x | as long as short |
| gTrade (Gains Network) TAO/USD | L +0.0004% / S −0.0004% | 1h | 324.14 | −0.254% | $21K | — | 150x | as long as short |
| OKX TAO-USDT-SWAP | +0.0100% | 8h | 324.90 | −0.018% | $26.9M | $130.1M | 50x | as long as short |
| Gate TAO_USDT | +0.0100% | 4h | 324.20 | −0.234% | $14.3M | $51.1M | 50x | as long as short |
| KuCoin TAOUSDTM | +0.0100% | 4h | 323.93 | −0.317% | $17.7M | $31.9M | 75x | as long as short |
| Bitget TAOUSDT | +0.0100% | 4h | 324.75 | −0.065% | $36.6M | $57.8M | 50x | as long as short |
| Polymarket Perps TAO-USD | +0.0100% | 1h | 324.84 | −0.037% | $76K | $991K | 5x | as long as short |
| SunX TAO-USDT | +0.0100% | 4h | 324.18 | −0.240% | $1K | $2.0M | 20x | as long as short |
| HTX TAO-USDT | +0.0100% | 4h | 324.58 | −0.117% | $118K | $582K | 20x | as long as short |
Bulk TAO-USD
dYdX TAO-USD
gTrade (Gains Network) TAO/USD
OKX TAO-USDT-SWAP
Gate TAO_USDT
KuCoin TAOUSDTM
Bitget TAOUSDT
Polymarket Perps TAO-USD
SunX TAO-USDT
HTX TAO-USDTShow all 43 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Phemex TAOUSDT | +0.0100% | 4h | 323.89 | −0.329% | $3.3M | $8.1M | 50x | as long as short |
| Katana Perps TAO-USDlong | +0.0110% | 8h | 324.96 | long leg | $1K | $966K | 5x | |
| Aevo TAO-PERP | +0.0120% | 1h | 324.29 | −0.207% | $178K | $998 | 3x | as long as short |
| Orderly PERP_TAO_USDC | +0.0120% | 4h | 324.45 | −0.157% | $54K | $292K | 10x | as long as short |
| GMX TAO/USD [WBTC.b-USDC] | L +0.0124% / S +0.0144% | 1h | 324.20 | −0.234% | $434K | — | 100x | as long as short |
| edgeX TAOUSDC | +0.0148% | 4h | 323.78 | −0.364% | $43K | $317K | 10x | as long as short |
| MEXC TAO_USDT | +0.0150% | 4h | 324.67 | −0.089% | $104.8M | $148.4M | 300x | as long as short |
| Binance TAOUSDT | +0.0154% | 4h | 324.52 | −0.136% | $94.5M | $520.1M | 75x | as long as short |
| Paradex TAO-USD-PERP | +0.0278% | 8h | 324.97 | +0.003% | $15K | $1K | 10x | as long as short |
| Aster TAOUSDT | +0.0312% | 4h | 324.19 | −0.237% | $1.3M | $10.8M | 50x | as long as short |
| Bullet TAO-USD | +0.0335% | 1h | 324.69 | −0.084% | $12K | $17K | 20x | as long as short |
| Deribit TAO_USDC-PERPETUAL | +0.0339% | 1h | 323.97 | −0.304% | $19K | $1.9M | 25x | as long as short |
| Bybit TAOUSDT | +0.0383% | 4h | 324.45 | −0.157% | $71.0M | $155.0M | 50x | as long as short |
| BloFin TAO-USDT | +0.0391% | 4h | 324.98 | +0.006% | $4.7M | $11.2M | 100x | as long as short |
| Popdex TAOUSDT | +0.0400% | 1h | 325.13 | +0.052% | $42K | $687K | 20x | as long as short |
| BingX TAO-USDT | +0.0424% | 4h | 324.71 | −0.077% | — | $34.2M | — | as long as short |
| Nado TAO-PERP | +0.0448% | 1h | 324.99 | +0.010% | $823K | $2.2M | 10x | as long as short |
| GRVT TAO_USDT_Perp | +0.0476% | 4h | 323.22 | −0.534% | $551K | $948K | 10x | as long as short |
| Extended TAO-USD | +0.0480% | 1h | 323.93 | −0.316% | $927K | $2.4M | 25x | as long as short |
| Variational Omni TAO | +0.0509% | 4h | 323.35 | −0.497% | $5.7M | $10.1M | — | as long as short |
| Phoenix TAOshort | +0.0513% | 1h | 325.20 | +0.074% | $324K | $702K | 5x | |
| ApeX Omni TAOUSDT | +0.0520% | 1h | 323.91 | −0.323% | $47K | $258K | 50x | as long as short |
| Pacifica TAO | +0.0525% | 1h | 325.05 | +0.029% | $370K | $422K | 10x | as long as short |
| 01 Exchange TAOUSD | +0.0640% | 1h | 325.52 | +0.172% | $3K | $4K | 5x | as long as short |
| Arcus TAO-USD | +0.0641% | 1h | 325.07 | +0.034% | $105K | $384K | 5x | as long as short |
| Reya TAORUSDPERP | +0.0697% | 1h | 324.95 | −0.002% | $374 | — | 20x | as long as short |
| Backpack TAO_USDC_PERP | +0.0726% | 1h | 324.50 | −0.142% | $323K | $896K | 10x | as long as short |
| Hyperliquid TAO | +0.0802% | 1h | 324.63 | −0.102% | $96.1M | $109.9M | 5x | as long as short |
| Coinbase International TAO-PERP-INTX | +0.0944% | 1h | 325.16 | +0.062% | $1.5M | $6.9M | 50x | as long as short |
| Lighter TAO | +0.0992% | 1h | 324.43 | −0.163% | $1.6M | $6.4M | 5x | as long as short |
| RISEx TAO/USDC | +0.1077% | 1h | 325.06 | +0.030% | $466K | $651K | 5x | as long as short |
| Kraken Futures PF_TAOUSD | +0.1138% | 1h | 324.30 | −0.204% | $6.1M | $21.6M | 50x | as long as short |
| Injective TAO/USDC PERP | +0.4723% | 1h | 323.62 | −0.412% | $24K | $2K | 12x | as long as short |
Phemex TAOUSDT
Aevo TAO-PERP
Orderly PERP_TAO_USDC
GMX TAO/USD [WBTC.b-USDC]
edgeX TAOUSDC
MEXC TAO_USDT
Binance TAOUSDT
Paradex TAO-USD-PERP
Aster TAOUSDT
Bullet TAO-USD
Deribit TAO_USDC-PERPETUAL
Bybit TAOUSDT
BloFin TAO-USDT
Popdex TAOUSDT
BingX TAO-USDT
Nado TAO-PERP
GRVT TAO_USDT_Perp
Extended TAO-USD
Variational Omni TAO
ApeX Omni TAOUSDT
Pacifica TAO
01 Exchange TAOUSD
Arcus TAO-USD
Reya TAORUSDPERP
Backpack TAO_USDC_PERP
Hyperliquid TAO
Coinbase International TAO-PERP-INTX
Lighter TAO
RISEx TAO/USDC
Kraken Futures PF_TAOUSD
Injective TAO/USDC PERP