TAO

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0232%/8h= −25.4% APRnext payment −$0.29 per $10,000 · paid last 24h −0.132%

Price spread now: Deribit against Kraken Futures+0.067%7-day average −0.029% · you sell dearer than you buy

Net, funding: paid 7d − costs−$109as in the Funding arb table

Net, price: spread back to 7d avg − costs−$60as in the Price arb table

costs, in and out, $10k−$700.700% of the position

Long on Kraken Futures Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.389%−$39 on $10k

Price spread, last 3 days (all we have)−0.092%−$9 · spread now +0.067%, 7d avg −0.029%

Together, before fees−0.481%−$48 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Deribit is 0.096% dearer against Kraken Futures than usual: you sell high and buy low (spread +0.067% now, against its 7-day average of −0.029%): +$10 on $10k if it goes back. Holding the pair costs −$7 a day in funding at the current rate, which eats that in about 33 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_TAOUSD	319.81	0.0479	pay 0.0060% / 1h	35m 50s	$5.8M	$20.3M	50x
Short	Deribit TAO_USDC-PERPETUAL	320.03	0.0247	get 0.0031% / 1h	35m 50s	$18K	$1.6M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 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 Kraken FuturesbpFee DeribitbpOrdersPrice spread, now +0.067%Rate

Funding earned: −$48.79
Price spread: +0.067% → −0.029%: $9.62
Slippage, 4 orders: −$52.97
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$109.14
Costs to cover: 0.700%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 3 min ago; Deribit: live order book, 3 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, 3 min ago	4.73 bp	9.9 bp −$10	30.9 bp −$309	92.6 bp −$9,255	doesn't fit
Sell Deribit live order book, 3 min ago	12.00 bp	15.8 bp −$16	doesn't fit	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	−0.1322%	1h	319.84	+0.010%	$170K	$44K	10x	as long as short
Phemex TAOUSDT	−0.0658%	4h	319.31	−0.156%	$3.5M	$7.9M	50x	as long as short
dYdX TAO-USD	0.0000%	1h	319.25	−0.175%	$128K	$88K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	319.70	−0.034%	$21K	—	150x	as long as short
Popdex TAOUSDT	+0.0096%	1h	319.26	−0.172%	$43K	$586K	20x	as long as short
Binance TAOUSDT	+0.0100%	4h	319.80	−0.002%	$92.1M	$445.7M	75x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	319.70	−0.034%	$26.2M	$108.6M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	319.60	−0.065%	$13.0M	$50.4M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	319.84	+0.010%	$107.6M	$134.0M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	319.84	+0.010%	$18.3M	$29.1M	75x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget TAOUSDT	+0.0100%	4h	319.09	−0.225%	$35.6M	$50.1M	50x	as long as short
edgeX TAOUSDC	+0.0100%	4h	318.20	−0.502%	$40K	$292K	10x	as long as short
GRVT TAO_USDT_Perp	+0.0100%	4h	316.52	−1.028%	$524K	$960K	10x	as long as short
Orderly PERP_TAO_USDC	+0.0100%	4h	319.83	+0.006%	$57K	$316K	10x	as long as short
SunX TAO-USDT	+0.0100%	4h	319.90	+0.028%	$1K	$1.9M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	320.06	+0.078%	$128K	$424K	20x	as long as short
Aevo TAO-PERP	+0.0104%	1h	320.33	+0.162%	$176K	$998	3x	as long as short
Katana Perps TAO-USD	+0.0122%	8h	319.34	−0.147%	$2K	$615K	5x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0174% / S +0.0089%	1h	319.76	−0.016%	$463K	—	100x	as long as short
Bullet TAO-USD	+0.0174%	1h	320.09	+0.088%	$12K	$18K	20x	as long as short
Pacifica TAO	+0.0185%	1h	319.84	+0.010%	$379K	$374K	10x	as long as short
ApeX Omni TAOUSDT	+0.0192%	1h	318.59	−0.381%	$48K	$266K	50x	as long as short
Arcus TAO-USD	+0.0201%	1h	319.88	+0.022%	$85K	$550K	5x	as long as short
Aster TAOUSDT	+0.0228%	4h	319.72	−0.028%	$1.1M	$8.3M	50x	as long as short
Paradex TAO-USD-PERP	+0.0238%	8h	319.71	−0.031%	$15K	$1K	10x	as long as short
Deribit TAO_USDC-PERPETUALshort	+0.0247%	1h	320.03	+0.067%	$18K	$1.6M	25x
Polymarket Perps TAO-USD	+0.0310%	1h	319.65	−0.050%	$94K	$638K	5x	as long as short
BloFin TAO-USDT	+0.0340%	4h	319.91	+0.031%	$4.5M	$10.9M	100x	as long as short
Bybit TAOUSDT	+0.0364%	4h	320.04	+0.072%	$65.7M	$132.6M	50x	as long as short
Variational Omni TAO	+0.0398%	4h	320.33	+0.161%	$5.6M	$8.7M	—	as long as short
BingX TAO-USDT	+0.0428%	4h	319.68	−0.040%	—	$30.5M	—	as long as short
Kraken Futures PF_TAOUSDlong	+0.0479%	1h	319.81	long leg	$5.8M	$20.3M	50x
Phoenix TAO	+0.0525%	1h	317.50	−0.722%	$332K	$624K	5x	as long as short
Injective TAO/USDC PERP	+0.0571%	1h	318.09	−0.538%	$23K	$665	12x	as long as short
01 Exchange TAOUSD	+0.0672%	1h	319.75	−0.019%	$3K	$4K	5x	as long as short
Reya TAORUSDPERP	+0.0695%	1h	319.52	−0.090%	$367	—	20x	as long as short
Nado TAO-PERP	+0.0778%	1h	318.91	−0.281%	$891K	$2.0M	10x	as long as short
Backpack TAO_USDC_PERP	+0.0890%	1h	319.98	+0.053%	$323K	$819K	10x	as long as short
Coinbase International TAO-PERP-INTX	+0.0984%	1h	319.95	+0.044%	$1.5M	$6.2M	50x	as long as short
Extended TAO-USD	+0.1120%	1h	320.14	+0.103%	$934K	$2.2M	25x	as long as short
RISEx TAO/USDC	+0.1141%	1h	319.73	−0.024%	$425K	$600K	5x	as long as short
Lighter TAO	+0.1528%	1h	320.00	+0.061%	$1.7M	$6.0M	5x	as long as short
Hyperliquid TAO	+0.2416%	1h	320.11	+0.094%	$103.4M	$90.6M	5x	as long as short