TAO

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0270%/8h= −29.5% APRnext payment −$0.34 per $10,000 · paid last 24h −0.094%

Price spread now: Deribit against Phoenix+0.092%50s7-day average −0.111% · you sell dearer than you buy

Net, funding: paid 7d − costs−$85as 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−$500.502% of the position

Long on Phoenix Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.347%−$35 on $10k

Price spread, last 3 days (all we have)−0.111%−$11 · spread now +0.092%, 7d avg −0.111%

Together, before fees−0.458%−$46 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Deribit is 0.203% dearer against Phoenix than usual: you sell high and buy low (spread +0.092% now, against its 7-day average of −0.111%): +$20 on $10k if it goes back. Holding the pair costs −$8 a day in funding at the current rate, which eats that in about 2.5 days. The two prices were read 50 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix TAO	302.70	0.0521	pay 0.0065% / 1h	33m 23s	$321K	$491K	5x
Short	Deribit TAO_USDC-PERPETUAL	302.98	0.0251	get 0.0031% / 1h	33m 23s	$21K	$1.4M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now +0.092%Rate

Funding earned: −$56.63
Price spread: +0.092% → −0.111%: $20.31
Slippage, 4 orders: −$36.22
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$86.54
Costs to cover: 0.502%
Break-even: never at this rate

Slippage from Phoenix: live order book, 49 min ago; Deribit: live order book, 1 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	3.24 bp	12.2 bp −$12	21.1 bp −$211	doesn't fit	doesn't fit
Sell Deribit live order book, 1 min ago	5.93 bp	9.8 bp −$10	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	−0.0186%	1h	303.81	+0.367%	$162K	$54K	10x	as long as short
dYdX TAO-USD	0.0000%	1h	303.13	+0.142%	$124K	$85K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0007%	1h	303.09	+0.128%	$26K	—	150x	as long as short
Popdex TAOUSDT	+0.0096%	1h	303.38	+0.225%	$44K	$536K	20x	as long as short
Aster TAOUSDT	+0.0100%	4h	303.24	+0.178%	$1.1M	$7.7M	50x	as long as short
Binance TAOUSDT	+0.0100%	4h	303.26	+0.185%	$84.8M	$412.9M	75x	as long as short
Bybit TAOUSDT	+0.0100%	4h	303.36	+0.218%	$58.6M	$121.0M	50x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	303.20	+0.165%	$24.4M	$95.1M	50x	as long as short
Arcus TAO-USD	+0.0100%	1h	303.54	+0.278%	$79K	$643K	5x	as long as short
Gate TAO_USDT	+0.0100%	4h	303.10	+0.132%	$12.1M	$48.7M	50x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC TAO_USDT	+0.0100%	4h	303.47	+0.254%	$110.3M	$124.9M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	303.30	+0.198%	$18.5M	$27.2M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	303.15	+0.149%	$33.8M	$46.0M	50x	as long as short
BingX TAO-USDT	+0.0100%	4h	303.27	+0.188%	—	$30.3M	—	as long as short
Variational Omni TAO	+0.0100%	4h	303.56	+0.284%	$3.7M	$6.7M	—	as long as short
edgeX TAOUSDC	+0.0100%	4h	302.63	−0.022%	$39K	$278K	10x	as long as short
GRVT TAO_USDT_Perp	+0.0100%	4h	302.58	−0.039%	$500K	$967K	10x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	302.62	−0.026%	$45K	$269K	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	303.45	+0.248%	$74K	$604K	5x	as long as short
Bullet TAO-USD	+0.0100%	1h	303.26	+0.185%	$11K	$18K	20x	as long as short
Orderly PERP_TAO_USDC	+0.0100%	4h	303.25	+0.182%	$58K	$276K	10x	as long as short
SunX TAO-USDT	+0.0100%	4h	302.87	+0.056%	$2K	$1.8M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	303.16	+0.152%	$121K	$363K	20x	as long as short
Phemex TAOUSDT	+0.0100%	4h	303.25	+0.182%	$3.2M	$7.8M	50x	as long as short
Aevo TAO-PERP	+0.0104%	1h	302.97	+0.089%	$166K	$998	3x	as long as short
Katana Perps TAO-USD	+0.0111%	8h	303.35	+0.215%	$3K	$493K	5x	as long as short
Paradex TAO-USD-PERP	+0.0155%	8h	303.27	+0.189%	$14K	$1K	10x	as long as short
Pacifica TAO	+0.0164%	1h	303.42	+0.237%	$358K	$371K	10x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0174% / S +0.0069%	1h	303.05	+0.116%	$433K	—	100x	as long as short
Deribit TAO_USDC-PERPETUALshort	+0.0251%	1h	302.98	+0.092%	$21K	$1.4M	25x
BloFin TAO-USDT	+0.0340%	4h	302.76	+0.020%	$4.2M	$9.3M	100x	as long as short
Lighter TAO	+0.0344%	1h	303.51	+0.267%	$1.6M	$5.3M	5x	as long as short
Nado TAO-PERP	+0.0348%	1h	303.35	+0.216%	$820K	$1.9M	10x	as long as short
01 Exchange TAOUSD	+0.0400%	1h	303.62	+0.304%	$3K	$4K	5x	as long as short
Backpack TAO_USDC_PERP	+0.0426%	1h	303.30	+0.198%	$377K	$757K	10x	as long as short
Phoenix TAOlong	+0.0521%	1h	302.70	long leg	$321K	$491K	5x
Reya TAORUSDPERP	+0.0695%	1h	303.32	+0.204%	$349	—	20x	as long as short
Extended TAO-USD	+0.0840%	1h	303.22	+0.173%	$825K	$2.0M	25x	as long as short
Coinbase International TAO-PERP-INTX	+0.1008%	1h	303.64	+0.311%	$1.5M	$5.6M	50x	as long as short
Kraken Futures PF_TAOUSD	+0.1041%	1h	303.33	+0.208%	$5.7M	$19.6M	50x	as long as short
Hyperliquid TAO	+0.1065%	1h	303.72	+0.337%	$92.2M	$80.4M	5x	as long as short
RISEx TAO/USDC	+0.1155%	1h	303.52	+0.271%	$411K	$545K	5x	as long as short
Injective TAO/USDC PERP	+0.1621%	1h	308.73	+1.992%	$22K	$264	12x	as long as short