Funding you earn now, next payment 08:00 UTC−0.0190%/8h= −20.8% APRnext payment −$0.24 per $10,000 · paid last 24h +0.002%
Price spread now: Phoenix against Kraken Futures+0.136%49s7-day average +0.068% · you sell dearer than you buy
Net, funding: paid 7d − costs−$67as in the Funding arb table
Net, price: spread back to 7d avg − costs—prices read too far apart to compare
costs, in and out, $10k−$610.611% of the position
Funding, last 7 days−0.061%−$6 on $10k
+Price spread, last 4 days (all we have)−0.347%−$35 · spread now +0.136%, 7d avg +0.068%
=The price spread pays, funding is against you. Phoenix is 0.067% dearer against Kraken Futures than usual: you sell high and buy low (spread +0.136% now, against its 7-day average of +0.068%): +$7 on $10k if it goes back. Holding the pair costs −$6 a day in funding at the current rate, which eats that in about 28 hours. At the pace of the last 7 days (−0.061% in total) that is about 7.8 days. The two prices were read 49 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 7 days it paid -0.061% in total (about -3.2% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.24 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 | 323.86 | 0.0769 | pay 0.0096% / 1h | 1m 33s | $6.3M | $21.0M | 50x |
| Short | Phoenix TAO | 324.30 | 0.0578 | get 0.0072% / 1h | 1m 33s | $326K | $714K | 5x |
Kraken Futures PF_TAOUSD
Phoenix TAOFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phoenix 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
- −$39.93
- Price spread: +0.136% → +0.068%
- $6.75
- Slippage, 4 orders
- −$44.13
- Fee Kraken Futures: 5 bp × 2 orders
- −$10
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Net
- −$94.31
- Costs to cover
- 0.611%
- Break-even
- never at this rate
Slippage from Kraken Futures: live order book, 2 min ago; Phoenix: live order book, 31 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, 2 min ago | 6.49 bp | 14.0 bp −$14 | 24.1 bp −$241 | 81.9 bp −$8,193 | doesn't fit |
| Sell Phoenix live order book, 31 min ago | 3.18 bp | 18.5 bp −$18 | 25.8 bp −$258 | 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 | −0.0241% | 1h | 318.85 | −1.549% | $169K | $0 | 10x | as long as short |
| gTrade (Gains Network) TAO/USD | L +0.0004% / S −0.0003% | 1h | 323.24 | −0.192% | $20K | — | 150x | as long as short |
| Popdex TAOUSDT | +0.0096% | 1h | 323.73 | −0.040% | $52K | $702K | 20x | as long as short |
| Bybit TAOUSDT | +0.0100% | 4h | 323.79 | −0.022% | $71.2M | $154.8M | 50x | as long as short |
| OKX TAO-USDT-SWAP | +0.0100% | 8h | 323.70 | −0.049% | $27.1M | $131.6M | 50x | as long as short |
| Gate TAO_USDT | +0.0100% | 4h | 323.50 | −0.111% | $15.4M | $51.1M | 50x | as long as short |
| KuCoin TAOUSDTM | +0.0100% | 4h | 323.97 | +0.034% | $17.7M | $32.2M | 75x | as long as short |
| Bitget TAOUSDT | +0.0100% | 4h | 323.37 | −0.151% | $36.5M | $56.6M | 50x | as long as short |
| Polymarket Perps TAO-USD | +0.0100% | 1h | 323.66 | −0.062% | $89K | $1.1M | 5x | as long as short |
| SunX TAO-USDT | +0.0100% | 4h | 323.69 | −0.053% | $2K | $1.9M | 20x | as long as short |
Bulk TAO-USD
gTrade (Gains Network) TAO/USD
Popdex TAOUSDT
Bybit TAOUSDT
OKX TAO-USDT-SWAP
Gate TAO_USDT
KuCoin TAOUSDTM
Bitget TAOUSDT
Polymarket Perps TAO-USD
SunX TAO-USDTShow all 43 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| HTX TAO-USDT | +0.0100% | 4h | 323.88 | +0.006% | $118K | $552K | 20x | as long as short |
| Phemex TAOUSDT | +0.0100% | 4h | 323.46 | −0.124% | $3.2M | $8.1M | 50x | as long as short |
| Katana Perps TAO-USD | +0.0117% | 8h | 323.77 | −0.028% | $662 | $1.2M | 5x | as long as short |
| Aevo TAO-PERP | +0.0120% | 1h | 323.98 | +0.038% | $178K | $998 | 3x | as long as short |
| MEXC TAO_USDT | +0.0156% | 4h | 323.88 | +0.006% | $105.9M | $156.6M | 300x | as long as short |
| Binance TAOUSDT | +0.0159% | 4h | 323.77 | −0.028% | $94.8M | $519.0M | 75x | as long as short |
| BingX TAO-USDT | +0.0162% | 4h | 323.63 | −0.071% | — | $38.9M | — | as long as short |
| edgeX TAOUSDC | +0.0164% | 4h | 321.70 | −0.668% | $42K | $322K | 10x | as long as short |
| Paradex TAO-USD-PERP | +0.0222% | 8h | 323.87 | +0.002% | $15K | $876 | 10x | as long as short |
| Orderly PERP_TAO_USDC | +0.0242% | 4h | 323.90 | +0.012% | $55K | $272K | 10x | as long as short |
| Bullet TAO-USD | +0.0279% | 1h | 323.53 | −0.102% | $13K | $17K | 20x | as long as short |
| Extended TAO-USD | +0.0280% | 1h | 323.71 | −0.047% | $979K | $2.2M | 25x | as long as short |
| GRVT TAO_USDT_Perp | +0.0284% | 4h | 321.52 | −0.723% | $548K | $825K | 10x | as long as short |
| ApeX Omni TAOUSDT | +0.0306% | 1h | 321.60 | −0.698% | $45K | $256K | 50x | as long as short |
| Aster TAOUSDT | +0.0325% | 4h | 323.71 | −0.047% | $1.3M | $11.2M | 50x | as long as short |
| Pacifica TAO | +0.0349% | 1h | 323.95 | +0.029% | $377K | $439K | 10x | as long as short |
| GMX TAO/USD [WBTC.b-USDC] | L +0.0370% / S −0.0109% | 1h | 323.38 | −0.147% | $384K | — | 100x | as long as short |
| BloFin TAO-USDT | +0.0396% | 4h | 323.78 | −0.025% | $4.8M | $11.0M | 100x | as long as short |
| Nado TAO-PERP | +0.0398% | 1h | 323.73 | −0.041% | $762K | $2.0M | 10x | as long as short |
| Arcus TAO-USD | +0.0404% | 1h | 323.94 | +0.025% | $102K | $329K | 5x | as long as short |
| Deribit TAO_USDC-PERPETUAL | +0.0520% | 1h | 323.82 | −0.011% | $20K | $1.9M | 25x | as long as short |
| dYdX TAO-USD | +0.0532% | 1h | 324.25 | +0.120% | $273K | $232K | 5x | as long as short |
| Variational Omni TAO | +0.0551% | 4h | 321.24 | −0.808% | $5.7M | $9.8M | — | as long as short |
| Lighter TAO | +0.0576% | 1h | 324.11 | +0.077% | $1.6M | $6.8M | 5x | as long as short |
| Phoenix TAOshort | +0.0578% | 1h | 324.30 | +0.136% | $326K | $714K | 5x | |
| 01 Exchange TAOUSD | +0.0648% | 1h | 324.35 | +0.151% | $3K | $4K | 5x | as long as short |
| Hyperliquid TAO | +0.0684% | 1h | 323.93 | +0.022% | $97.8M | $109.8M | 5x | as long as short |
| Reya TAORUSDPERP | +0.0699% | 1h | 323.70 | −0.048% | $372 | — | 20x | as long as short |
| Backpack TAO_USDC_PERP | +0.0709% | 1h | 323.60 | −0.080% | $321K | $1.0M | 10x | as long as short |
| Kraken Futures PF_TAOUSDlong | +0.0769% | 1h | 323.86 | long leg | $6.3M | $21.0M | 50x | |
| RISEx TAO/USDC | +0.0840% | 1h | 322.86 | −0.309% | $440K | $711K | 5x | as long as short |
| Coinbase International TAO-PERP-INTX | +0.0944% | 1h | 324.78 | +0.284% | $1.1M | $7.6M | 50x | as long as short |
| Injective TAO/USDC PERP | +0.3512% | 1h | 322.62 | −0.383% | $23K | $2K | 12x | as long as short |
HTX TAO-USDT
Phemex TAOUSDT
Katana Perps TAO-USD
Aevo TAO-PERP
MEXC TAO_USDT
Binance TAOUSDT
BingX TAO-USDT
edgeX TAOUSDC
Paradex TAO-USD-PERP
Orderly PERP_TAO_USDC
Bullet TAO-USD
Extended TAO-USD
GRVT TAO_USDT_Perp
ApeX Omni TAOUSDT
Aster TAOUSDT
Pacifica TAO
GMX TAO/USD [WBTC.b-USDC]
BloFin TAO-USDT
Nado TAO-PERP
Arcus TAO-USD
Deribit TAO_USDC-PERPETUAL
dYdX TAO-USD
Variational Omni TAO
Lighter TAO
01 Exchange TAOUSD
Hyperliquid TAO
Reya TAORUSDPERP
Backpack TAO_USDC_PERP
RISEx TAO/USDC
Coinbase International TAO-PERP-INTX
Injective TAO/USDC PERP