Settings8H · net · $10k
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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 22:00 UTC+0.1195%/8h= +130.8% APRpaid last 24h +0.019%
Price spread now: Backpack against Phemex+0.179%7-day average +0.033% · you sell dearer than you buy
Net, funding: paid 7d − costs−$18as in the Funding arb table
Net, price: spread back to 7d avg − costs−$56as in the Price arb table
costs, in and out, $10k−$710.705% of the position
Long on PhemexShort on Backpack
What this pair did over the last
the charts below follow
Funding, last 7 days+0.524%+$52 on $10k
Price spread, last 3 days (all we have)−0.183%−$18 · spread now +0.179%, 7d avg +0.033%
Together, before fees+0.341%+$34 on $10k · with fees, hour by hour
Both sides work for this trade now. Funding pays +$36 a day on $10k at the current rate, and Backpack is 0.146% dearer against Phemex than usual: you sell high and buy low: +$15 more if the spread goes back to its 7-day average of +0.033%.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.524% in total (about 27.3% 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
LongPhemex TAOUSDT307.160.0100pay 0.0050% / 4h2h 33m$3.3M$7.9M50x
ShortBackpack TAO_USDC_PERP307.710.1295get 0.0162% / 1h33m 46s$471K$683K10x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Backpack against Phemex. 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
$250.94
Price spread: +0.179% → +0.033%
$14.59
Slippage, 4 orders
−$48.5
Fee Phemex: 6 bp × 2 orders
−$12
Fee Backpack: 5 bp × 2 orders
−$10
Net
$195.03
Costs to cover
0.705%
Break-even
1.6 days
Slippage from Phemex: live order book, 5 min ago; Backpack: live order book, 55 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 Phemex live order book, 5 min ago11.78 bp19.5 bp −$20doesn't fitdoesn't fitdoesn't fit
Sell Backpack live order book, 55 min ago0.64 bp9.0 bp −$913.3 bp −$133doesn'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%1h307.17+0.003%$129K$84K5xas long as short
gTrade (Gains Network) TAO/USDL +0.0004% / S −0.0004%1h307.46+0.096%$20K—150xas long as short
Popdex TAOUSDT+0.0096%1h307.51+0.114%$41K$526K20xas long as short
Pacifica TAO+0.0100%1h307.47+0.100%$363K$400K10xas long as short
Binance TAOUSDT+0.0100%4h307.26+0.034%$86.2M$401.2M75xas long as short
Bybit TAOUSDT+0.0100%4h307.48+0.104%$59.2M$117.4M50xas long as short
OKX TAO-USDT-SWAP+0.0100%8h307.30+0.046%$25.1M$92.6M50xas long as short
Arcus TAO-USD+0.0100%1h307.62+0.150%$137K$594K5xas long as short
Gate TAO_USDT+0.0100%4h307.10−0.020%$12.1M$47.8M50xas long as short
MEXC TAO_USDT+0.0100%4h307.28+0.039%$113.1M$122.7M300xas long as short
Show all 43 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
KuCoin TAOUSDTM+0.0100%4h307.07−0.029%$18.5M$26.4M75xas long as short
Bitget TAOUSDT+0.0100%4h307.10−0.020%$34.4M$44.4M50xas long as short
BingX TAO-USDT+0.0100%4h307.25+0.029%—$30.4M—as long as short
Variational Omni TAO+0.0100%4h305.77−0.453%$3.6M$6.7M—as long as short
edgeX TAOUSDC+0.0100%4h305.09−0.675%$39K$276K10xas long as short
GRVT TAO_USDT_Perp+0.0100%4h305.96−0.392%$536K$967K10xas long as short
ApeX Omni TAOUSDT+0.0100%1h305.64−0.495%$46K$268K50xas long as short
Bullet TAO-USD+0.0100%1h307.61+0.147%$12K$18K20xas long as short
Orderly PERP_TAO_USDC+0.0100%4h307.46+0.098%$59K$276K10xas long as short
SunX TAO-USDT+0.0100%4h307.15−0.003%$1K$1.8M20xas long as short
HTX TAO-USDT+0.0100%4h307.36+0.065%$121K$351K20xas long as short
Phemex TAOUSDTlong+0.0100%4h307.16long leg$3.3M$7.9M50x
Aevo TAO-PERP+0.0104%1h307.44+0.091%$169K$9983xas long as short
Katana Perps TAO-USD+0.0113%8h307.63+0.153%$879$428K5xas long as short
Polymarket Perps TAO-USD+0.0127%1h307.61+0.147%$86K$669K5xas long as short
Aster TAOUSDT+0.0155%4h307.41+0.081%$1.1M$7.5M50xas long as short
Paradex TAO-USD-PERP+0.0167%8h307.41+0.081%$14K$1K10xas long as short
GMX TAO/USD [WBTC.b-USDC]L +0.0174% / S +0.0069%1h307.46+0.097%$439K—100xas long as short
Deribit TAO_USDC-PERPETUAL+0.0189%1h307.41+0.082%$14K$1.3M25xas long as short
Phoenix TAO+0.0234%1h306.20−0.313%$324K$462K5xas long as short
Nado TAO-PERP+0.0251%1h307.53+0.121%$852K$1.9M10xas long as short
BloFin TAO-USDT+0.0340%4h306.55−0.199%$4.3M$9.4M100xas long as short
01 Exchange TAOUSD+0.0520%1h308.12+0.313%$3K$4K5xas long as short
Bulk TAO-USD+0.0668%1h304.81−0.765%$200K$57K10xas long as short
Reya TAORUSDPERP+0.0694%1h307.52+0.119%$354—20xas long as short
Extended TAO-USD+0.0696%1h307.11−0.018%$877K$1.9M25xas long as short
Lighter TAO+0.0888%1h307.72+0.182%$1.7M$4.8M5xas long as short
Coinbase International TAO-PERP-INTX+0.0960%1h307.40+0.078%$1.5M$5.4M50xas long as short
Kraken Futures PF_TAOUSD+0.1025%1h307.54+0.124%$6.3M$19.5M50xas long as short
RISEx TAO/USDC+0.1053%1h307.73+0.184%$412K$537K5xas long as short
Backpack TAO_USDC_PERPshort+0.1295%1h307.71+0.179%$471K$683K10x
Hyperliquid TAO+0.1680%1h307.96+0.260%$93.8M$75.6M5xas long as short
Injective TAO/USDC PERP+0.4876%1h308.62+0.475%$22K$13812xas long as short