Funding you earn now, next payment 23:00 UTC−0.0577%/8h= −63.2% APRnext payment −$0.72 per $10,000 · paid last 24h −0.118%
Price spread now: Backpack against Kraken Futures−0.078%7-day average −0.006% · you buy dearer than you sell
Net, funding: paid 7d − costs−$59as in the Funding arb table
Net, price: spread back to 7d avg − costs−$49as in the Price arb table
costs, in and out, $10k−$410.415% of the position
Funding, last 7 days−0.172%−$17 on $10k
+Price spread, last 3 days (all we have)+0.051%+$5 · spread now −0.078%, 7d avg −0.006%
=Both sides work against this trade now: funding costs −$17 a day on $10k at the current rate, and Backpack is 0.072% cheaper against Kraken Futures than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of −0.006%). Swap the legs.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.172% in total (about -9.0% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.72 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 | Kraken Futures PF_TAOUSD | 306.19 | 0.1032 | pay 0.0129% / 1h | 9m 18s | $5.8M | $19.6M | 50x |
| Short | Backpack TAO_USDC_PERP | 305.95 | 0.0455 | get 0.0057% / 1h | 9m 18s | $294K | $800K | 10x |
Kraken Futures PF_TAOUSD
Backpack TAO_USDC_PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Backpack against Kraken Futures. 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
- −$121.12
- Price spread: −0.078% → −0.006%
- −$7.17
- Slippage, 4 orders
- −$21.49
- Fee Kraken Futures: 5 bp × 2 orders
- −$10
- Fee Backpack: 5 bp × 2 orders
- −$10
- Net
- −$169.79
- Costs to cover
- 0.415%
- Break-even
- never at this rate
Slippage from Kraken Futures: live order book, 5 min ago; Backpack: live order book, 10 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 Kraken Futures live order book, 5 min ago | 5.73 bp | 12.4 bp −$12 | 21.8 bp −$218 | 97.3 bp −$9,734 | doesn't fit |
| Sell Backpack live order book, 10 min ago | 1.96 bp | 7.3 bp −$7 | 20.8 bp −$208 | 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 | −0.0396% | 1h | 305.88 | −0.103% | $163K | $52K | 10x | as long as short |
| gTrade (Gains Network) TAO/USD | L +0.0004% / S −0.0004% | 1h | 306.71 | +0.170% | $20K | — | 150x | as long as short |
| dYdX TAO-USD | +0.0013% | 1h | 305.76 | −0.140% | $125K | $85K | 5x | as long as short |
| Popdex TAOUSDT | +0.0096% | 1h | 306.80 | +0.199% | $45K | $540K | 20x | as long as short |
| Binance TAOUSDT | +0.0100% | 4h | 306.87 | +0.223% | $85.9M | $414.3M | 75x | as long as short |
| Bybit TAOUSDT | +0.0100% | 4h | 307.04 | +0.278% | $59.5M | $121.5M | 50x | as long as short |
| OKX TAO-USDT-SWAP | +0.0100% | 8h | 306.90 | +0.232% | $24.6M | $95.9M | 50x | as long as short |
| Arcus TAO-USD | +0.0100% | 1h | 306.88 | +0.226% | $80K | $643K | 5x | as long as short |
| Gate TAO_USDT | +0.0100% | 4h | 306.70 | +0.167% | $12.2M | $49.2M | 50x | as long as short |
| MEXC TAO_USDT | +0.0100% | 4h | 306.90 | +0.232% | $114.6M | $126.1M | 300x | as long as short |
Bulk TAO-USD
gTrade (Gains Network) TAO/USD
dYdX TAO-USD
Popdex TAOUSDT
Binance TAOUSDT
Bybit TAOUSDT
OKX TAO-USDT-SWAP
Arcus TAO-USD
Gate TAO_USDT
MEXC TAO_USDTShow all 43 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| KuCoin TAOUSDTM | +0.0100% | 4h | 306.63 | +0.144% | $18.2M | $27.2M | 75x | as long as short |
| Bitget TAOUSDT | +0.0100% | 4h | 306.78 | +0.193% | $34.2M | $45.7M | 50x | as long as short |
| BingX TAO-USDT | +0.0100% | 4h | 306.86 | +0.219% | — | $30.3M | — | as long as short |
| edgeX TAOUSDC | +0.0100% | 4h | 306.62 | +0.140% | $40K | $278K | 10x | as long as short |
| GRVT TAO_USDT_Perp | +0.0100% | 4h | 306.14 | −0.016% | $506K | $967K | 10x | as long as short |
| ApeX Omni TAOUSDT | +0.0100% | 1h | 305.47 | −0.235% | $46K | $270K | 50x | as long as short |
| Polymarket Perps TAO-USD | +0.0100% | 1h | 306.84 | +0.212% | $75K | $555K | 5x | as long as short |
| Bullet TAO-USD | +0.0100% | 1h | 306.92 | +0.239% | $11K | $18K | 20x | as long as short |
| Orderly PERP_TAO_USDC | +0.0100% | 4h | 306.78 | +0.193% | $59K | $276K | 10x | as long as short |
| SunX TAO-USDT | +0.0100% | 4h | 305.98 | −0.068% | $2K | $1.8M | 20x | as long as short |
| HTX TAO-USDT | +0.0100% | 4h | 306.24 | +0.016% | $122K | $368K | 20x | as long as short |
| Phemex TAOUSDT | +0.0100% | 4h | 305.89 | −0.098% | $3.3M | $7.9M | 50x | as long as short |
| Aevo TAO-PERP | +0.0104% | 1h | 306.96 | +0.251% | $169K | $998 | 3x | as long as short |
| Katana Perps TAO-USD | +0.0110% | 8h | 306.77 | +0.190% | $628 | $505K | 5x | as long as short |
| Variational Omni TAO | +0.0110% | 4h | 306.68 | +0.161% | $3.7M | $6.7M | — | as long as short |
| Aster TAOUSDT | +0.0124% | 4h | 306.83 | +0.210% | $1.1M | $7.7M | 50x | as long as short |
| Paradex TAO-USD-PERP | +0.0152% | 8h | 306.13 | −0.021% | $14K | $1K | 10x | as long as short |
| Pacifica TAO | +0.0164% | 1h | 306.24 | +0.016% | $362K | $369K | 10x | as long as short |
| GMX TAO/USD [WBTC.b-USDC] | L +0.0174% / S +0.0069% | 1h | 306.69 | +0.163% | $438K | — | 100x | as long as short |
| Deribit TAO_USDC-PERPETUAL | +0.0295% | 1h | 306.91 | +0.234% | $19K | $1.4M | 25x | as long as short |
| Nado TAO-PERP | +0.0319% | 1h | 306.79 | +0.195% | $828K | $1.9M | 10x | as long as short |
| BloFin TAO-USDT | +0.0340% | 4h | 306.67 | +0.157% | $4.2M | $9.5M | 100x | as long as short |
| Lighter TAO | +0.0360% | 1h | 306.33 | +0.045% | $1.6M | $5.4M | 5x | as long as short |
| 01 Exchange TAOUSD | +0.0408% | 1h | 306.92 | +0.239% | $3K | $4K | 5x | as long as short |
| Backpack TAO_USDC_PERPshort | +0.0455% | 1h | 305.95 | −0.078% | $294K | $800K | 10x | |
| Phoenix TAO | +0.0521% | 1h | 306.30 | +0.036% | $320K | $491K | 5x | as long as short |
| Reya TAORUSDPERP | +0.0695% | 1h | 306.73 | +0.177% | $353 | — | 20x | as long as short |
| Extended TAO-USD | +0.0712% | 1h | 306.61 | +0.139% | $834K | $2.0M | 25x | as long as short |
| Coinbase International TAO-PERP-INTX | +0.1008% | 1h | 306.88 | +0.226% | $1.5M | $5.6M | 50x | as long as short |
| Kraken Futures PF_TAOUSDlong | +0.1032% | 1h | 306.19 | long leg | $5.8M | $19.6M | 50x | |
| Hyperliquid TAO | +0.1127% | 1h | 307.29 | +0.359% | $93.7M | $80.8M | 5x | as long as short |
| RISEx TAO/USDC | +0.1155% | 1h | 306.85 | +0.216% | $418K | $533K | 5x | as long as short |
| Injective TAO/USDC PERP | +0.1621% | 1h | 308.73 | +0.830% | $22K | $264 | 12x | as long as short |
KuCoin TAOUSDTM
Bitget TAOUSDT
BingX TAO-USDT
edgeX TAOUSDC
GRVT TAO_USDT_Perp
ApeX Omni TAOUSDT
Polymarket Perps TAO-USD
Bullet TAO-USD
Orderly PERP_TAO_USDC
SunX TAO-USDT
HTX TAO-USDT
Phemex TAOUSDT
Aevo TAO-PERP
Katana Perps TAO-USD
Variational Omni TAO
Aster TAOUSDT
Paradex TAO-USD-PERP
Pacifica TAO
GMX TAO/USD [WBTC.b-USDC]
Deribit TAO_USDC-PERPETUAL
Nado TAO-PERP
BloFin TAO-USDT
Lighter TAO
01 Exchange TAOUSD
Phoenix TAO
Reya TAORUSDPERP
Extended TAO-USD
Coinbase International TAO-PERP-INTX
Hyperliquid TAO
RISEx TAO/USDC
Injective TAO/USDC PERP