TAO

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0376%/8h= −41.2% APRnext payment −$0.47 per $10,000 · paid last 24h −0.084%

Price spread now: ApeX Omni against Phoenix−0.552%7-day average −0.104% · you buy dearer than you sell

Net, funding: paid 7d − costs−$74as in the Funding arb table

Net, price: spread back to 7d avg − costs−$105as in the Price arb table

costs, in and out, $10k−$600.600% of the position

Long on Phoenix Short on ApeX Omni

What this pair did over the last

the charts below follow

Funding, last 7 days−0.136%−$14 on $10k

Price spread, last 3 days (all we have)+0.551%+$55 · spread now −0.552%, 7d avg −0.104%

Together, before fees+0.415%+$42 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$11 a day on $10k at the current rate, and ApeX Omni is 0.448% cheaper against Phoenix than usual: you would sell low and buy high (−$45 if the spread goes back to its 7-day average of −0.104%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.136% in total (about -7.1% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.47 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	322.20	0.0525	pay 0.0066% / 1h	37m 59s	$337K	$624K	5x
Short	ApeX Omni TAOUSDT	320.42	0.0149	get 0.0019% / 1h	37m 59s	$48K	$269K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

ApeX Omni 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 ApeX OmnibpOrdersPrice spread, now −0.552%Rate

Funding earned: −$79
Price spread: −0.552% → −0.104%: −$44.81
Slippage, 4 orders: −$43.03
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee ApeX Omni: 5 bp × 2 orders: −$10
Net: −$183.85
Costs to cover: 0.600%
Break-even: never at this rate

Slippage from Phoenix: live order book, 34 min ago; ApeX Omni: live order book, 34 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, 34 min ago	3.19 bp	14.6 bp −$15	25.1 bp −$251	doesn't fit	doesn't fit
Sell ApeX Omni live order book, 34 min ago	6.24 bp	14.7 bp −$15	133.1 bp −$1,331	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	−0.1322%	1h	319.84	−0.732%	$170K	$44K	10x	as long as short
Phemex TAOUSDT	−0.0733%	4h	316.88	−1.651%	$3.4M	$7.9M	50x	as long as short
dYdX TAO-USD	0.0000%	1h	316.73	−1.698%	$127K	$88K	5x	as long as short
Deribit TAO_USDC-PERPETUAL	0.0000%	1h	316.82	−1.671%	$20K	$1.5M	25x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	316.79	−1.679%	$21K	—	150x	as long as short
Popdex TAOUSDT	+0.0096%	1h	317.15	−1.567%	$41K	$584K	20x	as long as short
Binance TAOUSDT	+0.0100%	4h	317.24	−1.539%	$91.8M	$444.5M	75x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	317.30	−1.521%	$26.0M	$107.5M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	316.90	−1.645%	$12.8M	$50.3M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	317.10	−1.583%	$106.1M	$133.6M	300x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin TAOUSDTM	+0.0100%	4h	316.96	−1.626%	$17.0M	$29.0M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	317.22	−1.546%	$35.4M	$49.8M	50x	as long as short
edgeX TAOUSDC	+0.0100%	4h	320.59	−0.499%	$40K	$292K	10x	as long as short
Orderly PERP_TAO_USDC	+0.0100%	4h	316.74	−1.695%	$57K	$316K	10x	as long as short
SunX TAO-USDT	+0.0100%	4h	316.71	−1.704%	$2K	$1.9M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	317.64	−1.415%	$127K	$424K	20x	as long as short
Aevo TAO-PERP	+0.0104%	1h	317.09	−1.587%	$174K	$998	3x	as long as short
Katana Perps TAO-USD	+0.0127%	8h	317.06	−1.595%	$3K	$613K	5x	as long as short
ApeX Omni TAOUSDTshort	+0.0149%	1h	320.42	−0.552%	$48K	$269K	50x
Bullet TAO-USD	+0.0163%	1h	317.17	−1.561%	$12K	$18K	20x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0174% / S +0.0089%	1h	316.80	−1.676%	$460K	—	100x	as long as short
Pacifica TAO	+0.0185%	1h	317.10	−1.582%	$375K	$374K	10x	as long as short
Arcus TAO-USD	+0.0201%	1h	317.50	−1.459%	$84K	$545K	5x	as long as short
GRVT TAO_USDT_Perp	+0.0210%	4h	321.55	−0.200%	$533K	$958K	10x	as long as short
Aster TAOUSDT	+0.0231%	4h	316.79	−1.678%	$1.1M	$8.2M	50x	as long as short
Paradex TAO-USD-PERP	+0.0232%	8h	317.00	−1.615%	$14K	$1K	10x	as long as short
Polymarket Perps TAO-USD	+0.0288%	1h	317.40	−1.490%	$94K	$637K	5x	as long as short
BloFin TAO-USDT	+0.0340%	4h	317.00	−1.614%	$4.5M	$10.8M	100x	as long as short
Bybit TAOUSDT	+0.0360%	4h	317.37	−1.499%	$65.3M	$131.9M	50x	as long as short
Variational Omni TAO	+0.0378%	4h	321.33	−0.272%	$5.6M	$8.6M	—	as long as short
Kraken Futures PF_TAOUSD	+0.0484%	1h	316.90	−1.644%	$5.7M	$20.3M	50x	as long as short
Phoenix TAOlong	+0.0525%	1h	322.20	long leg	$337K	$624K	5x
Injective TAO/USDC PERP	+0.0571%	1h	319.59	−0.810%	$23K	$653	12x	as long as short
01 Exchange TAOUSD	+0.0680%	1h	317.07	−1.592%	$3K	$4K	5x	as long as short
BingX TAO-USDT	+0.0680%	4h	317.03	−1.605%	—	$30.5M	—	as long as short
Reya TAORUSDPERP	+0.0695%	1h	317.34	−1.510%	$365	—	20x	as long as short
Nado TAO-PERP	+0.0811%	1h	317.53	−1.450%	$885K	$2.0M	10x	as long as short
Backpack TAO_USDC_PERP	+0.0862%	1h	317.24	−1.539%	$321K	$819K	10x	as long as short
Coinbase International TAO-PERP-INTX	+0.0984%	1h	317.03	−1.605%	$1.5M	$6.1M	50x	as long as short
Extended TAO-USD	+0.1088%	1h	317.49	−1.463%	$924K	$2.2M	25x	as long as short
RISEx TAO/USDC	+0.1141%	1h	317.25	−1.537%	$420K	$595K	5x	as long as short
Lighter TAO	+0.1536%	1h	317.55	−1.445%	$1.7M	$5.9M	5x	as long as short
Hyperliquid TAO	+0.2478%	1h	317.46	−1.471%	$102.6M	$90.5M	5x	as long as short