Funding you earn now, next payment 00:00 UTC+0.0441%/8h= +48.2% APRnext payment +$0.55 per $10,000 · paid last 24h −0.045%
Price spread now: Backpack against Phoenix+0.698%80s7-day average −0.086% · you sell dearer than you buy
Net, funding: paid 7d − costs−$59as 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−$470.468% of the position
Funding, last 7 days−0.124%−$12 on $10k
+Price spread, last 3 days (all we have)−0.773%−$77 · spread now +0.698%, 7d avg −0.086%
=Both sides work for this trade now. Funding pays +$13 a day on $10k at the current rate, and Backpack is 0.784% dearer against Phoenix than usual: you sell high and buy low: +$78 more if the spread goes back to its 7-day average of −0.086%. Mind the row above: over the last 7 days funding on this pair cost −0.124%, so the current rate has only just turned in your favour. The two prices were read 80 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 -0.124% in total (about -6.5% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.55 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 | 319.70 | 0.0525 | pay 0.0066% / 1h | 41m 42s | $335K | $624K | 5x |
| Short | Backpack TAO_USDC_PERP | 321.93 | 0.0966 | get 0.0121% / 1h | 41m 42s | $324K | $820K | 10x |
Phoenix TAO
Backpack TAO_USDC_PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Backpack against Phoenix. 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
- $92.53
- Price spread: +0.698% → −0.086%
- $78.36
- Slippage, 4 orders
- −$29.82
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee Backpack: 5 bp × 2 orders
- −$10
- Net
- $124.07
- Costs to cover
- 0.468%
- Break-even
- from the start
Slippage from Phoenix: live order book, 31 min ago; Backpack: live order book, 32 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, 31 min ago | 3.19 bp | 14.6 bp −$15 | 25.1 bp −$251 | doesn't fit | doesn't fit |
| Sell Backpack live order book, 32 min ago | 2.57 bp | 7.9 bp −$8 | 128.6 bp −$1,286 | 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 | |
|---|---|---|---|---|---|---|---|---|
| Phemex TAOUSDT | −0.1204% | 4h | 321.63 | +0.604% | $3.5M | $7.9M | 50x | as long as short |
| Bulk TAO-USD | −0.0882% | 1h | 320.07 | +0.116% | $170K | $44K | 10x | as long as short |
| dYdX TAO-USD | 0.0000% | 1h | 320.53 | +0.260% | $128K | $88K | 5x | as long as short |
| gTrade (Gains Network) TAO/USD | L +0.0004% / S −0.0004% | 1h | 321.55 | +0.579% | $21K | — | 150x | as long as short |
| Popdex TAOUSDT | +0.0096% | 1h | 321.75 | +0.641% | $42K | $583K | 20x | as long as short |
| Binance TAOUSDT | +0.0100% | 4h | 320.60 | +0.280% | $92.7M | $442.6M | 75x | as long as short |
| OKX TAO-USDT-SWAP | +0.0100% | 8h | 320.50 | +0.250% | $26.3M | $108.0M | 50x | as long as short |
| Gate TAO_USDT | +0.0100% | 4h | 321.20 | +0.469% | $13.0M | $50.1M | 50x | as long as short |
| MEXC TAO_USDT | +0.0100% | 4h | 321.24 | +0.482% | $107.5M | $132.8M | 300x | as long as short |
| KuCoin TAOUSDTM | +0.0100% | 4h | 321.42 | +0.538% | $18.8M | $28.5M | 75x | as long as short |
Phemex TAOUSDT
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 TAOUSDTMShow all 43 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Bitget TAOUSDT | +0.0100% | 4h | 321.24 | +0.482% | $35.8M | $49.4M | 50x | as long as short |
| edgeX TAOUSDC | +0.0100% | 4h | 320.03 | +0.102% | $37K | $290K | 10x | as long as short |
| ApeX Omni TAOUSDT | +0.0100% | 1h | 320.32 | +0.194% | $49K | $269K | 50x | as long as short |
| Orderly PERP_TAO_USDC | +0.0100% | 4h | 321.84 | +0.669% | $58K | $316K | 10x | as long as short |
| SunX TAO-USDT | +0.0100% | 4h | 321.70 | +0.626% | $2K | $1.9M | 20x | as long as short |
| HTX TAO-USDT | +0.0100% | 4h | 321.84 | +0.669% | $128K | $423K | 20x | as long as short |
| Katana Perps TAO-USD | +0.0101% | 8h | 321.95 | +0.704% | $659 | $605K | 5x | as long as short |
| Aevo TAO-PERP | +0.0104% | 1h | 322.19 | +0.779% | $177K | $998 | 3x | as long as short |
| GMX TAO/USD [WBTC.b-USDC] | L +0.0174% / S +0.0089% | 1h | 321.56 | +0.583% | $467K | — | 100x | as long as short |
| Pacifica TAO | +0.0185% | 1h | 322.08 | +0.744% | $381K | $373K | 10x | as long as short |
| Arcus TAO-USD | +0.0201% | 1h | 322.06 | +0.738% | $85K | $545K | 5x | as long as short |
| Bullet TAO-USD | +0.0218% | 1h | 321.86 | +0.675% | $12K | $18K | 20x | as long as short |
| GRVT TAO_USDT_Perp | +0.0222% | 4h | 321.18 | +0.462% | $532K | $958K | 10x | as long as short |
| Paradex TAO-USD-PERP | +0.0240% | 8h | 321.95 | +0.703% | $15K | $1K | 10x | as long as short |
| Aster TAOUSDT | +0.0254% | 4h | 321.32 | +0.508% | $1.1M | $8.1M | 50x | as long as short |
| Deribit TAO_USDC-PERPETUAL | +0.0286% | 1h | 321.83 | +0.667% | $23K | $1.5M | 25x | as long as short |
| BloFin TAO-USDT | +0.0340% | 4h | 322.28 | +0.807% | $4.5M | $10.9M | 100x | as long as short |
| Variational Omni TAO | +0.0341% | 4h | 319.24 | −0.144% | $5.5M | $8.6M | — | as long as short |
| Polymarket Perps TAO-USD | +0.0403% | 1h | 321.80 | +0.657% | $95K | $637K | 5x | as long as short |
| Kraken Futures PF_TAOUSD | +0.0476% | 1h | 321.75 | +0.640% | $5.8M | $20.3M | 50x | as long as short |
| Bybit TAOUSDT | +0.0521% | 4h | 320.74 | +0.325% | $66.3M | $131.0M | 50x | as long as short |
| Phoenix TAOlong | +0.0525% | 1h | 319.70 | long leg | $335K | $624K | 5x | |
| Injective TAO/USDC PERP | +0.0571% | 1h | 320.76 | +0.332% | $23K | $651 | 12x | as long as short |
| BingX TAO-USDT | +0.0657% | 4h | 321.35 | +0.516% | — | $30.8M | — | as long as short |
| Reya TAORUSDPERP | +0.0695% | 1h | 321.63 | +0.605% | $370 | — | 20x | as long as short |
| Nado TAO-PERP | +0.0741% | 1h | 321.70 | +0.625% | $895K | $2.0M | 10x | as long as short |
| 01 Exchange TAOUSD | +0.0752% | 1h | 322.08 | +0.744% | $3K | $4K | 5x | as long as short |
| Backpack TAO_USDC_PERPshort | +0.0966% | 1h | 321.93 | +0.698% | $324K | $820K | 10x | |
| Coinbase International TAO-PERP-INTX | +0.0984% | 1h | 322.30 | +0.813% | $1.5M | $6.1M | 50x | as long as short |
| Extended TAO-USD | +0.1112% | 1h | 321.35 | +0.515% | $943K | $2.2M | 25x | as long as short |
| RISEx TAO/USDC | +0.1141% | 1h | 321.99 | +0.716% | $426K | $595K | 5x | as long as short |
| Lighter TAO | +0.1552% | 1h | 321.06 | +0.426% | $1.7M | $5.9M | 5x | as long as short |
| Hyperliquid TAO | +0.2743% | 1h | 322.01 | +0.723% | $104.7M | $90.0M | 5x | as long as short |
Bitget TAOUSDT
edgeX TAOUSDC
ApeX Omni TAOUSDT
Orderly PERP_TAO_USDC
SunX TAO-USDT
HTX TAO-USDT
Katana Perps TAO-USD
Aevo TAO-PERP
GMX TAO/USD [WBTC.b-USDC]
Pacifica TAO
Arcus TAO-USD
Bullet TAO-USD
GRVT TAO_USDT_Perp
Paradex TAO-USD-PERP
Aster TAOUSDT
Deribit TAO_USDC-PERPETUAL
BloFin TAO-USDT
Variational Omni TAO
Polymarket Perps TAO-USD
Kraken Futures PF_TAOUSD
Bybit TAOUSDT
Injective TAO/USDC PERP
BingX TAO-USDT
Reya TAORUSDPERP
Nado TAO-PERP
01 Exchange TAOUSD
Coinbase International TAO-PERP-INTX
Extended TAO-USD
RISEx TAO/USDC
Lighter TAO
Hyperliquid TAO