Funding you earn now, next payment 03:00 UTC+0.0828%/8h= +90.7% APRpaid last 24h +0.058%
Price spread now: Backpack against Orderly+0.097%7-day average +0.037% · you sell dearer than you buy
to open and closeno order booka leg has no order-book sample
Funding, last 7 days+0.180%+$18 on $10k
+Price spread, last 4 days (all we have)−0.093%−$9 · spread now +0.097%, 7d avg +0.037%
=Both sides work for this trade now. Funding pays +$25 a day on $10k at the current rate, and Backpack is 0.060% dearer against Orderly than usual: you sell high and buy low: +$6 more if the spread goes back to its 7-day average of +0.037%.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.180% in total (about 9.4% 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 | Orderly PERP_TAO_USDC | 318.29 | 0.0100 | pay 0.0050% / 4h | 1h 43m | $58K | $282K | 10x |
| Short | Backpack TAO_USDC_PERP | 318.60 | 0.0928 | get 0.0116% / 1h | 43m 44s | $438K | $861K | 10x |
Orderly PERP_TAO_USDC
Backpack TAO_USDC_PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Backpack against Orderly. 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
- $173.88
- Price spread: +0.097% → +0.037%
- $6.01
- Slippage, 4 orders
- no order book: not counted
- Fee Orderly: 3 bp × 2 orders
- −$6
- Fee Backpack: 5 bp × 2 orders
- −$10
- Net
- $163.89
- Costs to cover
- 0.160%
- Break-even
- 0.4 days
Slippage unknown: Orderly: no order-book sample; Backpack: live order book, 20 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 Orderly no order-book sample | — | — | — | — | — |
| Sell Backpack live order book, 20 min ago | 2.19 bp | 8.9 bp −$9 | 335.6 bp −$3,356 | doesn't fit | doesn't fit |
Orderly: 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 | −0.3652% | 1h | 316.49 | −0.566% | $168K | $1K | 10x | as long as short |
| dYdX TAO-USD | 0.0000% | 1h | 318.24 | −0.016% | $127K | $84K | 5x | as long as short |
| gTrade (Gains Network) TAO/USD | L +0.0004% / S −0.0004% | 1h | 318.06 | −0.072% | $21K | — | 150x | as long as short |
| Popdex TAOUSDT | +0.0096% | 1h | 317.97 | −0.101% | $44K | $653K | 20x | as long as short |
| Binance TAOUSDT | +0.0100% | 4h | 318.65 | +0.112% | $92.1M | $470.3M | 75x | as long as short |
| OKX TAO-USDT-SWAP | +0.0100% | 8h | 318.60 | +0.097% | $26.3M | $116.2M | 50x | as long as short |
| Gate TAO_USDT | +0.0100% | 4h | 318.10 | −0.060% | $13.0M | $49.3M | 50x | as long as short |
| MEXC TAO_USDT | +0.0100% | 4h | 318.68 | +0.123% | $105.5M | $138.8M | 300x | as long as short |
| KuCoin TAOUSDTM | +0.0100% | 4h | 318.27 | −0.006% | $17.9M | $30.7M | 75x | as long as short |
| Bitget TAOUSDT | +0.0100% | 4h | 318.26 | −0.009% | $35.5M | $53.8M | 50x | as long as short |
Bulk TAO-USD
dYdX TAO-USD
gTrade (Gains Network) TAO/USD
Popdex TAOUSDT
Binance TAOUSDT
OKX TAO-USDT-SWAP
Gate TAO_USDT
MEXC TAO_USDT
KuCoin TAOUSDTM
Bitget TAOUSDTShow all 43 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| edgeX TAOUSDC | +0.0100% | 4h | 316.40 | −0.593% | $36K | $302K | 10x | as long as short |
| Polymarket Perps TAO-USD | +0.0100% | 1h | 318.01 | −0.088% | $76K | $759K | 5x | as long as short |
| Orderly PERP_TAO_USDClong | +0.0100% | 4h | 318.29 | long leg | $58K | $282K | 10x | |
| SunX TAO-USDT | +0.0100% | 4h | 317.98 | −0.097% | $2K | $1.9M | 20x | as long as short |
| HTX TAO-USDT | +0.0100% | 4h | 317.95 | −0.107% | $130K | $477K | 20x | as long as short |
| Phemex TAOUSDT | +0.0100% | 4h | 318.16 | −0.041% | $3.4M | $7.8M | 50x | as long as short |
| Aevo TAO-PERP | +0.0104% | 1h | 318.32 | +0.009% | $175K | $998 | 3x | as long as short |
| Katana Perps TAO-USD | +0.0113% | 8h | 317.91 | −0.119% | $676 | $750K | 5x | as long as short |
| GMX TAO/USD [WBTC.b-USDC] | L +0.0164% / S +0.0105% | 1h | 318.00 | −0.092% | $431K | — | 100x | as long as short |
| GRVT TAO_USDT_Perp | +0.0206% | 4h | 316.82 | −0.461% | $523K | $955K | 10x | as long as short |
| Kraken Futures PF_TAOUSD | +0.0247% | 1h | 318.10 | −0.059% | $5.6M | $20.5M | 50x | as long as short |
| Bullet TAO-USD | +0.0278% | 1h | 318.30 | +0.003% | $12K | $18K | 20x | as long as short |
| Aster TAOUSDT | +0.0306% | 4h | 318.47 | +0.055% | $1.2M | $9.3M | 50x | as long as short |
| Paradex TAO-USD-PERP | +0.0333% | 8h | 318.64 | +0.109% | $14K | $1K | 10x | as long as short |
| BloFin TAO-USDT | +0.0340% | 4h | 318.09 | −0.063% | $4.5M | $10.4M | 100x | as long as short |
| Pacifica TAO | +0.0448% | 1h | 318.68 | +0.122% | $376K | $396K | 10x | as long as short |
| Deribit TAO_USDC-PERPETUAL | +0.0481% | 1h | 318.18 | −0.036% | $17K | $1.6M | 25x | as long as short |
| Phoenix TAO | +0.0504% | 1h | 318.30 | +0.003% | $334K | $707K | 5x | as long as short |
| Arcus TAO-USD | +0.0509% | 1h | 318.87 | +0.182% | $100K | $489K | 5x | as long as short |
| Nado TAO-PERP | +0.0542% | 1h | 318.10 | −0.059% | $767K | $2.1M | 10x | as long as short |
| Bybit TAOUSDT | +0.0676% | 4h | 318.72 | +0.135% | $67.8M | $139.6M | 50x | as long as short |
| BingX TAO-USDT | +0.0684% | 4h | 318.50 | +0.066% | — | $30.3M | — | as long as short |
| Reya TAORUSDPERP | +0.0696% | 1h | 318.25 | −0.013% | $366 | — | 20x | as long as short |
| 01 Exchange TAOUSD | +0.0736% | 1h | 318.28 | −0.003% | $3K | $4K | 5x | as long as short |
| Variational Omni TAO | +0.0885% | 4h | 316.62 | −0.525% | $5.9M | $9.7M | — | as long as short |
| Extended TAO-USD | +0.0912% | 1h | 318.19 | −0.032% | $900K | $2.3M | 25x | as long as short |
| ApeX Omni TAOUSDT | +0.0923% | 1h | 316.03 | −0.710% | $46K | $253K | 50x | as long as short |
| Backpack TAO_USDC_PERPshort | +0.0928% | 1h | 318.60 | +0.097% | $438K | $861K | 10x | |
| Lighter TAO | +0.0976% | 1h | 318.72 | +0.136% | $1.6M | $6.3M | 5x | as long as short |
| Coinbase International TAO-PERP-INTX | +0.1024% | 1h | 318.48 | +0.060% | $1.5M | $6.5M | 50x | as long as short |
| RISEx TAO/USDC | +0.1159% | 1h | 317.93 | −0.115% | $450K | $626K | 5x | as long as short |
| Hyperliquid TAO | +0.1406% | 1h | 318.70 | +0.129% | $100.3M | $98.6M | 5x | as long as short |
| Injective TAO/USDC PERP | +0.4172% | 1h | 319.69 | +0.440% | $23K | $2K | 12x | as long as short |
edgeX TAOUSDC
Polymarket Perps TAO-USD
SunX TAO-USDT
HTX TAO-USDT
Phemex TAOUSDT
Aevo TAO-PERP
Katana Perps TAO-USD
GMX TAO/USD [WBTC.b-USDC]
GRVT TAO_USDT_Perp
Kraken Futures PF_TAOUSD
Bullet TAO-USD
Aster TAOUSDT
Paradex TAO-USD-PERP
BloFin TAO-USDT
Pacifica TAO
Deribit TAO_USDC-PERPETUAL
Phoenix TAO
Arcus TAO-USD
Nado TAO-PERP
Bybit TAOUSDT
BingX TAO-USDT
Reya TAORUSDPERP
01 Exchange TAOUSD
Variational Omni TAO
Extended TAO-USD
ApeX Omni TAOUSDT
Lighter TAO
Coinbase International TAO-PERP-INTX
RISEx TAO/USDC
Hyperliquid TAO
Injective TAO/USDC PERP