Funding you earn now, next payment 01:00 UTC−0.0679%/8h= −74.3% APRnext payment −$0.85 per $10,000 · paid last 24h −0.073%
Price spread now: GMX against Phoenix+0.118%7-day average −0.127% · you sell dearer than you buy
to open and closeno order booka leg has no order-book sample
Funding, last 3 days (all we have)−0.131%−$13 on $10k
+Price spread, last 3 days (all we have)−0.036%−$4 · spread now +0.118%, 7d avg −0.127%
=The price spread pays, funding is against you. GMX is 0.244% dearer against Phoenix than usual: you sell high and buy low (spread +0.118% now, against its 7-day average of −0.127%): +$24 on $10k if it goes back. Holding the pair costs −$20 a day in funding at the current rate, which eats that in about 29 hours. At the pace of the last 3 days (−0.131% in total) that is about 6.1 days.
The current funding rate is far above what this pair has been paying: over the last 3 days it paid -0.131% in total (about -14.7% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.85 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 | 315.90 | 0.0588 | pay 0.0074% / 1h | 22m 57s | $330K | $681K | 5x |
| Short | GMX TAO/USD [WBTC.b-USDC] | 316.27 | L +0.0169% / S +0.0091% | pay 0.0011% / 1h | 22m 57s | $442K | — | 100x |
Phoenix TAO
GMX TAO/USD [WBTC.b-USDC]Funding history
latest
Range statsloading…
Price spread between the two exchanges
GMX 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
- −$142.59
- Price spread: +0.118% → −0.127%
- $24.44
- Slippage, 4 orders
- no order book: not counted
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee GMX: 6 bp × 2 orders
- −$12
- Net
- −$137.15
- Costs to cover
- 0.190%
- Break-even
- from the start
Slippage unknown: Phoenix: live order book, 45 min ago; GMX: no order-book sample. Net counts fees only.
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, 45 min ago | 3.15 bp | 19.0 bp −$19 | 85.3 bp −$853 | doesn't fit | doesn't fit |
| Sell GMX no order-book sample | — | — | — | — | — |
GMX: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.
TAO on 42 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 | |
|---|---|---|---|---|---|---|---|---|
| dYdX TAO-USD | 0.0000% | 1h | 316.42 | +0.166% | $126K | $84K | 5x | as long as short |
| gTrade (Gains Network) TAO/USD | L +0.0004% / S −0.0004% | 1h | 316.42 | +0.165% | $10K | — | 150x | as long as short |
| Popdex TAOUSDT | +0.0096% | 1h | 316.64 | +0.234% | $40K | $631K | 20x | as long as short |
| Binance TAOUSDT | +0.0100% | 4h | 317.04 | +0.360% | $90.9M | $465.8M | 75x | as long as short |
| OKX TAO-USDT-SWAP | +0.0100% | 8h | 317.10 | +0.380% | $26.2M | $113.3M | 50x | as long as short |
| Gate TAO_USDT | +0.0100% | 4h | 316.60 | +0.222% | $12.9M | $50.3M | 50x | as long as short |
| MEXC TAO_USDT | +0.0100% | 4h | 317.22 | +0.418% | $110.6M | $138.9M | 300x | as long as short |
| KuCoin TAOUSDTM | +0.0100% | 4h | 317.09 | +0.377% | $18.2M | $30.2M | 75x | as long as short |
| Bitget TAOUSDT | +0.0100% | 4h | 317.16 | +0.399% | $35.4M | $53.5M | 50x | as long as short |
| edgeX TAOUSDC | +0.0100% | 4h | 314.28 | −0.512% | $35K | $298K | 10x | as long as short |
dYdX TAO-USD
gTrade (Gains Network) TAO/USD
Popdex TAOUSDT
Binance TAOUSDT
OKX TAO-USDT-SWAP
Gate TAO_USDT
MEXC TAO_USDT
KuCoin TAOUSDTM
Bitget TAOUSDT
edgeX TAOUSDCShow all 42 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| ApeX Omni TAOUSDT | +0.0100% | 1h | 314.74 | −0.367% | $47K | $252K | 50x | as long as short |
| Orderly PERP_TAO_USDC | +0.0100% | 4h | 316.89 | +0.313% | $58K | $282K | 10x | as long as short |
| SunX TAO-USDT | +0.0100% | 4h | 316.74 | +0.266% | $2K | $1.9M | 20x | as long as short |
| HTX TAO-USDT | +0.0100% | 4h | 316.46 | +0.177% | $130K | $472K | 20x | as long as short |
| Phemex TAOUSDT | +0.0100% | 4h | 316.60 | +0.222% | $3.4M | $7.9M | 50x | as long as short |
| Aevo TAO-PERP | +0.0104% | 1h | 317.20 | +0.412% | $174K | $998 | 3x | as long as short |
| Katana Perps TAO-USD | +0.0120% | 8h | 316.54 | +0.203% | $673 | $707K | 5x | as long as short |
| Polymarket Perps TAO-USD | +0.0136% | 1h | 316.65 | +0.237% | $82K | $680K | 5x | as long as short |
| GRVT TAO_USDT_Perp | +0.0148% | 4h | 314.81 | −0.344% | $519K | $966K | 10x | as long as short |
| Kraken Futures PF_TAOUSD | +0.0167% | 1h | 316.72 | +0.261% | $5.6M | $20.5M | 50x | as long as short |
| GMX TAO/USD [WBTC.b-USDC]short | L +0.0169% / S +0.0091% | 1h | 316.27 | +0.118% | $442K | — | 100x | |
| Bullet TAO-USD | +0.0235% | 1h | 316.69 | +0.250% | $12K | $17K | 20x | as long as short |
| Aster TAOUSDT | +0.0246% | 4h | 316.96 | +0.336% | $1.3M | $9.4M | 50x | as long as short |
| Pacifica TAO | +0.0285% | 1h | 316.68 | +0.247% | $372K | $381K | 10x | as long as short |
| Arcus TAO-USD | +0.0337% | 1h | 316.93 | +0.326% | $100K | $529K | 5x | as long as short |
| Paradex TAO-USD-PERP | +0.0345% | 8h | 316.68 | +0.248% | $14K | $1K | 10x | as long as short |
| Injective TAO/USDC PERP | +0.0470% | 1h | 318.67 | +0.877% | $23K | $2K | 12x | as long as short |
| Nado TAO-PERP | +0.0501% | 1h | 316.67 | +0.244% | $789K | $2.1M | 10x | as long as short |
| Phoenix TAOlong | +0.0588% | 1h | 315.90 | long leg | $330K | $681K | 5x | |
| 01 Exchange TAOUSD | +0.0656% | 1h | 317.17 | +0.402% | $3K | $4K | 5x | as long as short |
| Deribit TAO_USDC-PERPETUAL | +0.0664% | 1h | 316.75 | +0.269% | $23K | $1.5M | 25x | as long as short |
| Reya TAORUSDPERP | +0.0696% | 1h | 316.70 | +0.253% | $364 | — | 20x | as long as short |
| BingX TAO-USDT | +0.0760% | 4h | 317.06 | +0.367% | — | $30.9M | — | as long as short |
| Variational Omni TAO | +0.0822% | 4h | 315.55 | −0.110% | $5.5M | $8.9M | — | as long as short |
| Bybit TAOUSDT | +0.0823% | 4h | 317.19 | +0.408% | $66.6M | $137.8M | 50x | as long as short |
| Extended TAO-USD | +0.0896% | 1h | 317.36 | +0.462% | $909K | $2.3M | 25x | as long as short |
| Backpack TAO_USDC_PERP | +0.0919% | 1h | 317.04 | +0.361% | $320K | $814K | 10x | as long as short |
| Coinbase International TAO-PERP-INTX | +0.1024% | 1h | 316.98 | +0.342% | $1.5M | $6.5M | 50x | as long as short |
| RISEx TAO/USDC | +0.1132% | 1h | 316.61 | +0.226% | $452K | $631K | 5x | as long as short |
| Hyperliquid TAO | +0.1286% | 1h | 317.48 | +0.500% | $100.7M | $94.8M | 5x | as long as short |
| Lighter TAO | +0.1424% | 1h | 317.22 | +0.418% | $1.6M | $6.1M | 5x | as long as short |
| Bulk TAO-USD | +0.2752% | 1h | 308.95 | −2.202% | $164K | $40K | 10x | as long as short |
ApeX Omni TAOUSDT
Orderly PERP_TAO_USDC
SunX TAO-USDT
HTX TAO-USDT
Phemex TAOUSDT
Aevo TAO-PERP
Katana Perps TAO-USD
Polymarket Perps TAO-USD
GRVT TAO_USDT_Perp
Kraken Futures PF_TAOUSD
Bullet TAO-USD
Aster TAOUSDT
Pacifica TAO
Arcus TAO-USD
Paradex TAO-USD-PERP
Injective TAO/USDC PERP
Nado TAO-PERP
01 Exchange TAOUSD
Deribit TAO_USDC-PERPETUAL
Reya TAORUSDPERP
BingX TAO-USDT
Variational Omni TAO
Bybit TAOUSDT
Extended TAO-USD
Backpack TAO_USDC_PERP
Coinbase International TAO-PERP-INTX
RISEx TAO/USDC
Hyperliquid TAO
Lighter TAO
Bulk TAO-USD