Funding you earn now, next payment 22:00 UTC−0.0421%/8h= −46.1% APRpaid last 24h −0.081%
Price spread now: Bybit against Phoenix+0.770%65s7-day average −0.122% · you sell dearer than you buy
Net, funding: paid 7d − costs−$64as 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−$500.499% of the position
Funding, last 7 days−0.138%−$14 on $10k
+Price spread, last 3 days (all we have)−1.159%−$116 · spread now +0.770%, 7d avg −0.122%
=The price spread pays, funding is against you. Bybit is 0.892% dearer against Phoenix than usual: you sell high and buy low (spread +0.770% now, against its 7-day average of −0.122%): +$89 on $10k if it goes back. Holding the pair costs −$13 a day in funding at the current rate, which eats that in about 7.1 days. At the pace of the last 7 days (−0.138% in total) that is about 45 days. The two prices were read 65 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 -0.138% in total (about -7.2% 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.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Phoenix TAO | 303.80 | 0.0521 | pay 0.0065% / 1h | 22m 27s | $322K | $491K | 5x |
| Short | Bybit TAOUSDT | 306.14 | 0.0100 | get 0.0050% / 4h | 1h 22m | $59.2M | $121.3M | 50x |
Phoenix TAO
Bybit TAOUSDTFunding history
latest
Range statsloading…
Price spread between the two exchanges
Bybit 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
- −$88.34
- Price spread: +0.770% → −0.122%
- $89.2
- Slippage, 4 orders
- −$31.95
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee Bybit: 5.5 bp × 2 orders
- −$11
- Net
- −$49.09
- Costs to cover
- 0.499%
- Break-even
- from the start
Slippage from Phoenix: live order book, 60 min ago; Bybit: live order book, 2 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, 60 min ago | 3.24 bp | 12.2 bp −$12 | 21.1 bp −$211 | doesn't fit | doesn't fit |
| Sell Bybit live order book, 2 min ago | 0.16 bp | 9.7 bp −$10 | 17.9 bp −$179 | 39.5 bp −$3,949 | 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 | |
|---|---|---|---|---|---|---|---|---|
| gTrade (Gains Network) TAO/USD | L +0.0004% / S −0.0007% | 1h | 305.94 | +0.706% | $26K | — | 150x | as long as short |
| dYdX TAO-USD | +0.0017% | 1h | 305.38 | +0.520% | $125K | $85K | 5x | as long as short |
| Popdex TAOUSDT | +0.0096% | 1h | 305.94 | +0.704% | $44K | $539K | 20x | as long as short |
| Binance TAOUSDT | +0.0100% | 4h | 306.07 | +0.747% | $85.6M | $414.4M | 75x | as long as short |
| Bybit TAOUSDTshort | +0.0100% | 4h | 306.14 | +0.770% | $59.2M | $121.3M | 50x | |
| OKX TAO-USDT-SWAP | +0.0100% | 8h | 306.10 | +0.757% | $24.6M | $95.6M | 50x | as long as short |
| Arcus TAO-USD | +0.0100% | 1h | 306.11 | +0.760% | $79K | $643K | 5x | as long as short |
| Bulk TAO-USD | +0.0100% | 1h | 303.38 | −0.140% | $162K | $54K | 10x | as long as short |
| Gate TAO_USDT | +0.0100% | 4h | 306.00 | +0.724% | $12.2M | $49.0M | 50x | as long as short |
| MEXC TAO_USDT | +0.0100% | 4h | 306.11 | +0.760% | $112.3M | $125.4M | 300x | as long as short |
gTrade (Gains Network) TAO/USD
dYdX TAO-USD
Popdex TAOUSDT
Binance TAOUSDT
OKX TAO-USDT-SWAP
Arcus TAO-USD
Bulk TAO-USD
Gate TAO_USDT
MEXC TAO_USDTShow all 43 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| KuCoin TAOUSDTM | +0.0100% | 4h | 306.08 | +0.750% | $18.3M | $27.2M | 75x | as long as short |
| Bitget TAOUSDT | +0.0100% | 4h | 305.89 | +0.688% | $34.2M | $46.0M | 50x | as long as short |
| BingX TAO-USDT | +0.0100% | 4h | 306.07 | +0.747% | — | $30.4M | — | as long as short |
| edgeX TAOUSDC | +0.0100% | 4h | 303.93 | +0.043% | $39K | $278K | 10x | as long as short |
| GRVT TAO_USDT_Perp | +0.0100% | 4h | 304.26 | +0.151% | $503K | $967K | 10x | as long as short |
| Polymarket Perps TAO-USD | +0.0100% | 1h | 306.18 | +0.783% | $75K | $567K | 5x | as long as short |
| Bullet TAO-USD | +0.0100% | 1h | 306.07 | +0.748% | $11K | $18K | 20x | as long as short |
| Orderly PERP_TAO_USDC | +0.0100% | 4h | 305.98 | +0.718% | $59K | $276K | 10x | as long as short |
| SunX TAO-USDT | +0.0100% | 4h | 305.06 | +0.415% | $1K | $1.8M | 20x | as long as short |
| HTX TAO-USDT | +0.0100% | 4h | 305.72 | +0.632% | $121K | $367K | 20x | as long as short |
| Phemex TAOUSDT | +0.0100% | 4h | 305.44 | +0.540% | $3.2M | $7.9M | 50x | as long as short |
| ApeX Omni TAOUSDT | +0.0103% | 1h | 303.74 | −0.020% | $46K | $269K | 50x | as long as short |
| Variational Omni TAO | +0.0104% | 4h | 303.54 | −0.087% | $3.7M | $6.7M | — | as long as short |
| Aevo TAO-PERP | +0.0104% | 1h | 305.32 | +0.502% | $168K | $998 | 3x | as long as short |
| Katana Perps TAO-USD | +0.0110% | 8h | 305.87 | +0.681% | $1K | $506K | 5x | as long as short |
| Aster TAOUSDT | +0.0121% | 4h | 306.10 | +0.757% | $1.1M | $7.7M | 50x | as long as short |
| Paradex TAO-USD-PERP | +0.0160% | 8h | 305.95 | +0.707% | $14K | $1K | 10x | as long as short |
| Pacifica TAO | +0.0164% | 1h | 305.78 | +0.650% | $361K | $372K | 10x | as long as short |
| GMX TAO/USD [WBTC.b-USDC] | L +0.0174% / S +0.0069% | 1h | 305.86 | +0.677% | $437K | — | 100x | as long as short |
| Nado TAO-PERP | +0.0318% | 1h | 305.86 | +0.679% | $825K | $1.9M | 10x | as long as short |
| BloFin TAO-USDT | +0.0340% | 4h | 305.87 | +0.681% | $4.2M | $9.5M | 100x | as long as short |
| Deribit TAO_USDC-PERPETUAL | +0.0401% | 1h | 305.75 | +0.641% | $20K | $1.4M | 25x | as long as short |
| Lighter TAO | +0.0416% | 1h | 305.81 | +0.661% | $1.6M | $5.3M | 5x | as long as short |
| 01 Exchange TAOUSD | +0.0416% | 1h | 306.24 | +0.803% | $3K | $4K | 5x | as long as short |
| Backpack TAO_USDC_PERP | +0.0464% | 1h | 305.92 | +0.698% | $294K | $799K | 10x | as long as short |
| Phoenix TAOlong | +0.0521% | 1h | 303.80 | long leg | $322K | $491K | 5x | |
| Reya TAORUSDPERP | +0.0695% | 1h | 306.05 | +0.740% | $352 | — | 20x | as long as short |
| Extended TAO-USD | +0.0816% | 1h | 305.82 | +0.665% | $829K | $2.0M | 25x | as long as short |
| Coinbase International TAO-PERP-INTX | +0.1008% | 1h | 305.60 | +0.592% | $1.5M | $5.5M | 50x | as long as short |
| Kraken Futures PF_TAOUSD | +0.1033% | 1h | 305.83 | +0.668% | $5.8M | $19.7M | 50x | as long as short |
| Hyperliquid TAO | +0.1079% | 1h | 306.47 | +0.879% | $93.1M | $80.4M | 5x | as long as short |
| RISEx TAO/USDC | +0.1155% | 1h | 306.10 | +0.755% | $417K | $544K | 5x | as long as short |
| Injective TAO/USDC PERP | +0.1621% | 1h | 308.73 | +1.623% | $22K | $264 | 12x | as long as short |
KuCoin TAOUSDTM
Bitget TAOUSDT
BingX TAO-USDT
edgeX TAOUSDC
GRVT TAO_USDT_Perp
Polymarket Perps TAO-USD
Bullet TAO-USD
Orderly PERP_TAO_USDC
SunX TAO-USDT
HTX TAO-USDT
Phemex TAOUSDT
ApeX Omni TAOUSDT
Variational Omni TAO
Aevo TAO-PERP
Katana Perps TAO-USD
Aster TAOUSDT
Paradex TAO-USD-PERP
Pacifica TAO
GMX TAO/USD [WBTC.b-USDC]
Nado TAO-PERP
BloFin TAO-USDT
Deribit TAO_USDC-PERPETUAL
Lighter TAO
01 Exchange TAOUSD
Backpack TAO_USDC_PERP
Reya TAORUSDPERP
Extended TAO-USD
Coinbase International TAO-PERP-INTX
Kraken Futures PF_TAOUSD
Hyperliquid TAO
RISEx TAO/USDC
Injective TAO/USDC PERP