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Funding arb · Price arb /

TAO

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Alert: funding
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Alert: spread
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Funding you earn now, next payment 00:00 UTC+0.0425%/8h= +46.6% APRpaid last 24h +0.084%
Price spread now: Phoenix against OKX+0.158%76s7-day average +0.159% · you sell dearer than you buy
Net, funding: paid 7d − costs−$33as 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−$530.527% of the position
Long on OKXShort on Phoenix
What this pair did over the last
the charts below follow
Funding, last 7 days+0.194%+$19 on $10k
Price spread, last 3 days (all we have)−0.016%−$2 · spread now +0.158%, 7d avg +0.159%
Together, before fees+0.178%+$18 on $10k · with fees, hour by hour
The price spread sits at its 7-day average of +0.159%, so right now this pair is about funding alone: +$13 a day on $10k at the current rate. The two prices were read 76 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 0.194% in total (about 10.1% 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.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongOKX TAO-USDT-SWAP316.100.0100pay 0.0100% / 8h7h 10m$25.8M$108.8M50x
ShortPhoenix TAO316.600.0525get 0.0066% / 1h10m 10s$331K$624K5x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Phoenix against OKX. 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

Funding earned
$89.35
Price spread: +0.158% → +0.159%
−$0.11
Slippage, 4 orders
−$35.72
Fee OKX: 5 bp × 2 orders
−$10
Fee Phoenix: 3.5 bp × 2 orders
−$7
Net
$36.53
Costs to cover
0.527%
Break-even
4.1 days
Slippage from OKX: live order book, 4 min ago; Phoenix: live order book, 62 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again
LegHalf-spread$10k$100k$1M$5M
Buy OKX live order book, 4 min ago1.58 bp11.0 bp −$1120.4 bp −$20465.6 bp −$6,562doesn't fit
Sell Phoenix live order book, 62 min ago3.19 bp16.7 bp −$1723.0 bp −$230doesn't fitdoesn't fit

TAO on 43 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Bulk TAO-USD−0.1821%1h318.67+0.813%$169K$40K10xas long as short
dYdX TAO-USD0.0000%1h316.38+0.088%$126K$88K5xas long as short
gTrade (Gains Network) TAO/USDL +0.0004% / S −0.0004%1h316.20+0.032%$21K—150xas long as short
Popdex TAOUSDT+0.0096%1h316.83+0.231%$43K$598K20xas long as short
Binance TAOUSDT+0.0100%4h316.23+0.041%$90.7M$450.1M75xas long as short
OKX TAO-USDT-SWAPlong+0.0100%8h316.10long leg$25.8M$108.8M50x
Gate TAO_USDT+0.0100%4h315.90−0.063%$12.8M$51.2M50xas long as short
MEXC TAO_USDT+0.0100%4h316.26+0.051%$99.0M$136.5M300xas long as short
KuCoin TAOUSDTM+0.0100%4h316.15+0.016%$17.9M$29.3M75xas long as short
Bitget TAOUSDT+0.0100%4h315.72−0.120%$35.1M$51.4M50xas long as short
Show all 43 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
edgeX TAOUSDC+0.0100%4h316.13+0.010%$40K$294K10xas long as short
GRVT TAO_USDT_Perp+0.0100%4h316.09−0.002%$524K$958K10xas long as short
Orderly PERP_TAO_USDC+0.0100%4h316.39+0.092%$57K$316K10xas long as short
SunX TAO-USDT+0.0100%4h316.22+0.038%$1K$1.9M20xas long as short
HTX TAO-USDT+0.0100%4h316.77+0.212%$127K$422K20xas long as short
Bullet TAO-USD+0.0103%1h316.51+0.130%$12K$17K20xas long as short
Aevo TAO-PERP+0.0104%1h316.68+0.182%$174K$9983xas long as short
Katana Perps TAO-USD+0.0120%8h316.87+0.244%$1K$643K5xas long as short
GMX TAO/USD [WBTC.b-USDC]L +0.0172% / S +0.0101%1h316.17+0.021%$449K—100xas long as short
Pacifica TAO+0.0185%1h316.79+0.218%$375K$375K10xas long as short
Arcus TAO-USD+0.0201%1h317.01+0.288%$84K$550K5xas long as short
Aster TAOUSDT+0.0207%4h316.33+0.072%$1.3M$8.8M50xas long as short
Phemex TAOUSDT+0.0224%4h316.39+0.092%$3.4M$7.8M50xas long as short
Paradex TAO-USD-PERP+0.0236%8h316.50+0.126%$14K$1K10xas long as short
ApeX Omni TAOUSDT+0.0247%1h316.20+0.032%$48K$267K50xas long as short
Polymarket Perps TAO-USD+0.0276%1h316.82+0.228%$93K$633K5xas long as short
Deribit TAO_USDC-PERPETUAL+0.0285%1h316.30+0.065%$17K$1.5M25xas long as short
BloFin TAO-USDT+0.0340%4h316.66+0.177%$4.5M$10.8M100xas long as short
Kraken Futures PF_TAOUSD+0.0485%1h316.31+0.066%$5.7M$20.3M50xas long as short
Phoenix TAOshort+0.0525%1h316.60+0.158%$331K$624K5x
Variational Omni TAO+0.0546%4h316.94+0.267%$5.5M$8.7M—as long as short
01 Exchange TAOUSD+0.0560%1h317.06+0.304%$3K$4K5xas long as short
Injective TAO/USDC PERP+0.0571%1h317.77+0.528%$23K$80212xas long as short
BingX TAO-USDT+0.0628%4h316.16+0.019%—$30.5M—as long as short
Reya TAORUSDPERP+0.0696%1h316.44+0.109%$364—20xas long as short
Bybit TAOUSDT+0.0724%4h316.44+0.108%$65.1M$133.4M50xas long as short
Nado TAO-PERP+0.0754%1h316.48+0.119%$876K$2.0M10xas long as short
Backpack TAO_USDC_PERP+0.0806%1h316.27+0.054%$320K$816K10xas long as short
Coinbase International TAO-PERP-INTX+0.0984%1h317.71+0.509%$1.5M$6.4M50xas long as short
Extended TAO-USD+0.1120%1h316.28+0.056%$886K$2.3M25xas long as short
RISEx TAO/USDC+0.1141%1h316.80+0.221%$420K$593K5xas long as short
Lighter TAO+0.1424%1h316.88+0.248%$1.7M$6.1M5xas long as short
Hyperliquid TAO+0.1828%1h316.53+0.136%$101.3M$91.9M5xas long as short