TAO

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0400%/8h= −43.8% APRnext payment −$0.50 per $10,000 · paid last 24h −0.087%

Price spread now: Aevo against Phoenix−2.599%66s7-day average −0.082% · you buy dearer than you sell

Net, funding: paid 7d − costs−$249as 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−$2332.333% of the position

Long on Phoenix Short on Aevo

What this pair did over the last

the charts below follow

Funding, last 7 days−0.156%−$16 on $10k

Price spread, last 4 days (all we have)+2.761%+$276 · spread now −2.599%, 7d avg −0.082%

Together, before fees+2.605%+$261 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$12 a day on $10k at the current rate, and Aevo is 2.516% cheaper against Phoenix than usual: you would sell low and buy high (−$252 if the spread goes back to its 7-day average of −0.082%). Swap the legs. The two prices were read 66 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 -0.156% in total (about -8.1% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.50 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	Phoenix TAO	324.80	0.0504	pay 0.0063% / 1h	14m 06s	$340K	$707K	5x
Short	Aevo TAO-PERP	316.36	0.0104	get 0.0013% / 1h	14m 06s	$174K	$998	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aevo against Phoenix. 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

Position, each leg$Hold fordaysFee PhoenixbpFee AevobpOrdersPrice spread, now −2.599%Rate

Funding earned: −$84.02
Price spread: −2.599% → −0.082%: −$251.64
Slippage, 4 orders: −$210.33
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Aevo: 8 bp × 2 orders: −$16
Net: −$568.99
Costs to cover: 2.333%
Break-even: never at this rate

Slippage from Phoenix: live order book, 49 min ago; Aevo: live order book, 50 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 Phoenix live order book, 49 min ago	1.57 bp	5.1 bp −$5	16.5 bp −$165	doesn't fit	doesn't fit
Sell Aevo live order book, 50 min ago	80.37 bp	106.2 bp −$106	doesn't fit	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	−0.1916%	1h	325.17	+0.114%	$172K	$1K	10x	as long as short
dYdX TAO-USD	0.0000%	1h	316.15	−2.664%	$126K	$85K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	316.21	−2.643%	$20K	—	150x	as long as short
Popdex TAOUSDT	+0.0096%	1h	316.00	−2.709%	$39K	$682K	20x	as long as short
Binance TAOUSDT	+0.0100%	4h	317.06	−2.383%	$92.2M	$488.0M	75x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	317.00	−2.401%	$26.1M	$119.7M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	316.90	−2.432%	$13.0M	$50.2M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	317.15	−2.355%	$101.5M	$143.4M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	317.09	−2.374%	$17.7M	$31.5M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	317.28	−2.315%	$35.5M	$55.5M	50x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
edgeX TAOUSDC	+0.0100%	4h	323.66	−0.351%	$36K	$303K	10x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	315.91	−2.737%	$86K	$794K	5x	as long as short
SunX TAO-USDT	+0.0100%	4h	316.52	−2.549%	$1K	$1.9M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	316.21	−2.645%	$128K	$483K	20x	as long as short
Aevo TAO-PERPshort	+0.0104%	1h	316.36	−2.599%	$174K	$998	3x
Katana Perps TAO-USD	+0.0114%	8h	315.70	−2.802%	$2K	$776K	5x	as long as short
Orderly PERP_TAO_USDC	+0.0124%	4h	316.68	−2.500%	$57K	$282K	10x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0157% / S +0.0110%	1h	316.29	−2.620%	$430K	—	100x	as long as short
Bullet TAO-USD	+0.0221%	1h	316.52	−2.549%	$12K	$18K	20x	as long as short
GRVT TAO_USDT_Perp	+0.0224%	4h	321.44	−1.035%	$533K	$965K	10x	as long as short
Kraken Futures PF_TAOUSD	+0.0248%	1h	316.75	−2.479%	$5.6M	$20.8M	50x	as long as short
Paradex TAO-USD-PERP	+0.0267%	8h	316.34	−2.604%	$14K	$1K	10x	as long as short
Aster TAOUSDT	+0.0298%	4h	316.52	−2.551%	$1.2M	$10.0M	50x	as long as short
Phemex TAOUSDT	+0.0337%	4h	316.72	−2.488%	$3.4M	$7.9M	50x	as long as short
BloFin TAO-USDT	+0.0340%	4h	316.75	−2.478%	$3.7M	$11.3M	100x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0433%	1h	316.77	−2.472%	$16K	$1.6M	25x	as long as short
Pacifica TAO	+0.0448%	1h	316.18	−2.653%	$374K	$405K	10x	as long as short
BingX TAO-USDT	+0.0466%	4h	317.42	−2.272%	—	$30.4M	—	as long as short
Bybit TAOUSDT	+0.0472%	4h	317.08	−2.377%	$69.6M	$145.8M	50x	as long as short
Phoenix TAOlong	+0.0504%	1h	324.80	long leg	$340K	$707K	5x
Arcus TAO-USD	+0.0509%	1h	316.71	−2.491%	$100K	$488K	5x	as long as short
ApeX Omni TAOUSDT	+0.0524%	1h	324.14	−0.203%	$48K	$253K	50x	as long as short
Nado TAO-PERP	+0.0636%	1h	316.07	−2.687%	$754K	$2.1M	10x	as long as short
Reya TAORUSDPERP	+0.0696%	1h	315.88	−2.747%	$363	—	20x	as long as short
Extended TAO-USD	+0.0736%	1h	316.56	−2.538%	$928K	$2.4M	25x	as long as short
01 Exchange TAOUSD	+0.0744%	1h	316.09	−2.682%	$3K	$4K	5x	as long as short
Lighter TAO	+0.0800%	1h	317.26	−2.322%	$1.6M	$6.4M	5x	as long as short
Variational Omni TAO	+0.0831%	4h	317.31	−2.305%	$5.9M	$9.8M	—	as long as short
Backpack TAO_USDC_PERP	+0.0944%	1h	317.31	−2.306%	$316K	$923K	10x	as long as short
Coinbase International TAO-PERP-INTX	+0.1024%	1h	317.42	−2.272%	$1.5M	$6.8M	50x	as long as short
Hyperliquid TAO	+0.1118%	1h	317.29	−2.312%	$96.4M	$104.3M	5x	as long as short
RISEx TAO/USDC	+0.1159%	1h	316.11	−2.675%	$454K	$652K	5x	as long as short
Injective TAO/USDC PERP	+0.4172%	1h	326.77	+0.607%	$24K	$2K	12x	as long as short