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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 21:00 UTC+0.0134%/8h= +14.7% APRnext payment +$0.17 per $10,000 · paid last 24h +0.084%
Price spread now: Phoenix against Pacifica−0.418%47s7-day average +0.135% · you buy dearer than you sell
Net, funding: paid 7d − costs−$41as 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−$520.522% of the position
Long on PacificaShort on Phoenix
What this pair did over the last
the charts below follow
Funding, last 7 days+0.115%+$11 on $10k
Price spread, last 3 days (all we have)+0.922%+$92 · spread now −0.418%, 7d avg +0.135%
Together, before fees+1.037%+ Points / potential airdropPacifica: Active · farm board+$104 on $10k · with fees, hour by hour
Funding pays, the price is against you. Phoenix is 0.553% cheaper against Pacifica than usual: you would sell low and buy high (spread −0.418% now, against its 7-day average of +0.135%). If the spread goes back, that is −$55 on $10k: about 14 days of funding at the current rate (+$4 a day). At the pace of the last 7 days (+0.115% in total) that is about 34 days. The two prices were read 47 seconds apart, so part of this spread may be the market moving, not a spread.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongPacifica TAO307.480.0100pay 0.0013% / 1h34m 21s$363K$400K10x
ShortPhoenix TAO306.200.0234get 0.0029% / 1h34m 21s$324K$462K5x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Phoenix against Pacifica. 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
$28.19
Price spread: −0.418% → +0.135%
−$55.26
Slippage, 4 orders
−$37.19
Fee Pacifica: 4 bp × 2 orders
−$8
Fee Phoenix: 3.5 bp × 2 orders
−$7
Net
−$79.27
Costs to cover
0.522%
Break-even
26.7 days
Slippage from Pacifica: live order book, 54 min ago; Phoenix: live order book, 51 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 Pacifica live order book, 54 min ago2.40 bp10.1 bp −$10doesn't fitdoesn't fitdoesn't fit
Sell Phoenix live order book, 51 min ago3.22 bp15.0 bp −$1520.2 bp −$202doesn'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
dYdX TAO-USD0.0000%1h307.25−0.076%$129K$84K5xas long as short
gTrade (Gains Network) TAO/USDL +0.0004% / S −0.0004%1h307.46−0.009%$20K—150xas long as short
Popdex TAOUSDT+0.0096%1h307.51+0.008%$41K$526K20xas long as short
Pacifica TAOlong+0.0100%1h307.48long leg$363K$400K10x
Binance TAOUSDT+0.0100%4h307.60+0.038%$86.3M$401.1M75xas long as short
Bybit TAOUSDT+0.0100%4h307.72+0.077%$59.2M$117.4M50xas long as short
OKX TAO-USDT-SWAP+0.0100%8h307.50+0.005%$25.1M$92.7M50xas long as short
Arcus TAO-USD+0.0100%1h307.62+0.044%$137K$594K5xas long as short
Gate TAO_USDT+0.0100%4h307.50+0.005%$12.1M$47.8M50xas long as short
MEXC TAO_USDT+0.0100%4h307.55+0.021%$113.2M$122.6M300xas long as short
Show all 43 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
KuCoin TAOUSDTM+0.0100%4h307.41−0.024%$18.5M$26.4M75xas long as short
Bitget TAOUSDT+0.0100%4h307.20−0.092%$34.5M$44.4M50xas long as short
BingX TAO-USDT+0.0100%4h307.65+0.054%—$30.4M—as long as short
Variational Omni TAO+0.0100%4h305.77−0.558%$3.6M$6.7M—as long as short
edgeX TAOUSDC+0.0100%4h305.09−0.780%$39K$276K10xas long as short
GRVT TAO_USDT_Perp+0.0100%4h305.96−0.497%$536K$967K10xas long as short
ApeX Omni TAOUSDT+0.0100%1h305.64−0.600%$46K$268K50xas long as short
Bullet TAO-USD+0.0100%1h307.61+0.042%$12K$18K20xas long as short
Orderly PERP_TAO_USDC+0.0100%4h307.46−0.008%$59K$276K10xas long as short
SunX TAO-USDT+0.0100%4h307.15−0.109%$1K$1.8M20xas long as short
HTX TAO-USDT+0.0100%4h307.36−0.040%$121K$351K20xas long as short
Phemex TAOUSDT+0.0100%4h307.16−0.105%$3.3M$7.9M50xas long as short
Aevo TAO-PERP+0.0104%1h307.44−0.014%$169K$9983xas long as short
Katana Perps TAO-USD+0.0113%8h307.63+0.047%$879$428K5xas long as short
Polymarket Perps TAO-USD+0.0127%1h307.61+0.041%$86K$669K5xas long as short
Aster TAOUSDT+0.0140%4h307.67+0.060%$1.1M$7.5M50xas long as short
Paradex TAO-USD-PERP+0.0167%8h307.51+0.009%$14K$1K10xas long as short
GMX TAO/USD [WBTC.b-USDC]L +0.0174% / S +0.0069%1h307.46−0.008%$439K—100xas long as short
Deribit TAO_USDC-PERPETUAL+0.0189%1h307.41−0.023%$14K$1.3M25xas long as short
Phoenix TAOshort+0.0234%1h306.20−0.418%$324K$462K5x
Nado TAO-PERP+0.0251%1h307.53+0.016%$852K$1.9M10xas long as short
BloFin TAO-USDT+0.0340%4h306.55−0.304%$4.3M$9.4M100xas long as short
01 Exchange TAOUSD+0.0520%1h308.12+0.207%$3K$4K5xas long as short
Bulk TAO-USD+0.0668%1h304.81−0.870%$200K$57K10xas long as short
Reya TAORUSDPERP+0.0694%1h307.52+0.013%$354—20xas long as short
Extended TAO-USD+0.0696%1h307.29−0.064%$877K$1.9M25xas long as short
Lighter TAO+0.0888%1h307.80+0.101%$1.6M$4.8M5xas long as short
Coinbase International TAO-PERP-INTX+0.0960%1h307.40−0.027%$1.5M$5.4M50xas long as short
Kraken Futures PF_TAOUSD+0.1025%1h307.54+0.019%$6.3M$19.5M50xas long as short
RISEx TAO/USDC+0.1053%1h307.73+0.079%$412K$537K5xas long as short
Backpack TAO_USDC_PERP+0.1280%1h307.27−0.070%$470K$683K10xas long as short
Hyperliquid TAO+0.1674%1h308.16+0.220%$93.8M$75.6M5xas long as short
Injective TAO/USDC PERP+0.4876%1h308.62+0.369%$22K$13812xas long as short