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Funding arb · Price arb /

TAO

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Alert: funding
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Alert: spread
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Funding you earn now, next payment 02:00 UTC−0.0280%/8h= −30.7% APRpaid last 24h −0.088%
Price spread now: GRVT against Phoenix−1.035%7-day average −0.116% · you buy dearer than you sell
Net, funding: paid 7d − costs−$58as in the Funding arb table
Net, price: spread back to 7d avg − costs−$132as in the Price arb table
costs, in and out, $10k−$400.401% of the position
Long on PhoenixShort on GRVT
What this pair did over the last
the charts below follow
Funding, last 7 days−0.180%−$18 on $10k
Price spread, last 4 days (all we have)+1.163%+$116 · spread now −1.035%, 7d avg −0.116%
Together, before fees+0.983%+ Points / potential airdropGRVT: Active · farm board+$98 on $10k · with fees, hour by hour
Both sides work against this trade now: funding costs −$8 a day on $10k at the current rate, and GRVT is 0.919% cheaper against Phoenix than usual: you would sell low and buy high (−$92 if the spread goes back to its 7-day average of −0.116%). Swap the legs.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.180% in total (about -9.4% 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.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongPhoenix TAO324.800.0504pay 0.0063% / 1h14m 43s$340K$707K5x
ShortGRVT TAO_USDT_Perp321.440.0224get 0.0112% / 4h1h 14m$533K$965K10x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

GRVT 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

Funding earned
−$58.82
Price spread: −1.035% → −0.116%
−$91.88
Slippage, 4 orders
−$24.11
Fee Phoenix: 3.5 bp × 2 orders
−$7
Fee GRVT: 4.5 bp × 2 orders
−$9
Net
−$190.82
Costs to cover
0.401%
Break-even
never at this rate
Slippage from Phoenix: live order book, 48 min ago; GRVT: live order book, 48 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again
LegHalf-spread$10k$100k$1M$5M
Buy Phoenix live order book, 48 min ago1.57 bp5.1 bp −$516.5 bp −$165doesn't fitdoesn't fit
Sell GRVT live order book, 48 min ago2.21 bp9.5 bp −$1014.8 bp −$148doesn't fitdoesn't fit

TAO on 43 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Bulk TAO-USD−0.1916%1h325.17+0.114%$172K$1K10xas long as short
dYdX TAO-USD0.0000%1h316.15−2.664%$126K$85K5xas long as short
gTrade (Gains Network) TAO/USDL +0.0004% / S −0.0004%1h317.12−2.365%$21K—150xas long as short
Deribit TAO_USDC-PERPETUAL+0.0081%1h316.79−2.466%$16K$1.6M25xas long as short
Popdex TAOUSDT+0.0096%1h316.00−2.709%$39K$682K20xas long as short
Binance TAOUSDT+0.0100%4h316.22−2.642%$92.8M$487.6M75xas long as short
OKX TAO-USDT-SWAP+0.0100%8h316.10−2.679%$26.1M$119.3M50xas long as short
Gate TAO_USDT+0.0100%4h316.00−2.709%$13.0M$50.2M50xas long as short
MEXC TAO_USDT+0.0100%4h316.22−2.642%$100.7M$143.3M300xas long as short
KuCoin TAOUSDTM+0.0100%4h316.11−2.675%$17.7M$31.5M75xas long as short
Show all 43 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Bitget TAOUSDT+0.0100%4h316.02−2.703%$35.3M$55.5M50xas long as short
edgeX TAOUSDC+0.0100%4h323.66−0.351%$36K$303K10xas long as short
Polymarket Perps TAO-USD+0.0100%1h316.39−2.589%$87K$794K5xas long as short
SunX TAO-USDT+0.0100%4h316.80−2.463%$2K$1.9M20xas long as short
HTX TAO-USDT+0.0100%4h316.85−2.448%$128K$483K20xas long as short
Aevo TAO-PERP+0.0104%1h316.82−2.458%$174K$9983xas long as short
Katana Perps TAO-USD+0.0114%8h315.70−2.802%$2K$776K5xas long as short
Orderly PERP_TAO_USDC+0.0124%4h316.86−2.445%$57K$282K10xas long as short
GMX TAO/USD [WBTC.b-USDC]L +0.0158% / S +0.0110%1h317.22−2.335%$430K—100xas long as short
GRVT TAO_USDT_Perpshort+0.0224%4h321.44−1.035%$533K$965K10x
Bullet TAO-USD+0.0234%1h317.46−2.260%$13K$18K20xas long as short
Kraken Futures PF_TAOUSD+0.0247%1h317.05−2.385%$5.6M$20.8M50xas long as short
Paradex TAO-USD-PERP+0.0267%8h316.34−2.604%$14K$1K10xas long as short
Aster TAOUSDT+0.0298%4h316.22−2.642%$1.1M$9.9M50xas long as short
Phemex TAOUSDT+0.0325%4h316.93−2.423%$3.4M$7.9M50xas long as short
BloFin TAO-USDT+0.0340%4h316.75−2.478%$3.7M$11.3M100xas long as short
Pacifica TAO+0.0448%1h316.18−2.653%$374K$405K10xas long as short
BingX TAO-USDT+0.0466%4h316.22−2.642%—$30.4M—as long as short
Bybit TAOUSDT+0.0472%4h316.29−2.620%$69.5M$145.6M50xas long as short
Phoenix TAOlong+0.0504%1h324.80long leg$340K$707K5x
Arcus TAO-USD+0.0509%1h316.71−2.491%$100K$488K5xas long as short
ApeX Omni TAOUSDT+0.0524%1h324.14−0.203%$48K$253K50xas long as short
Nado TAO-PERP+0.0639%1h316.69−2.495%$756K$2.1M10xas long as short
Reya TAORUSDPERP+0.0696%1h316.32−2.610%$364—20xas long as short
01 Exchange TAOUSD+0.0744%1h316.09−2.682%$3K$4K5xas long as short
Extended TAO-USD+0.0760%1h316.08−2.686%$928K$2.4M25xas long as short
Lighter TAO+0.0816%1h316.56−2.538%$1.6M$6.4M5xas long as short
Variational Omni TAO+0.0831%4h317.31−2.305%$5.9M$9.8M—as long as short
Backpack TAO_USDC_PERP+0.0967%1h316.72−2.488%$315K$923K10xas long as short
Coinbase International TAO-PERP-INTX+0.1024%1h317.42−2.272%$1.5M$6.8M50xas long as short
Hyperliquid TAO+0.1128%1h316.27−2.626%$96.4M$104.2M5xas long as short
RISEx TAO/USDC+0.1159%1h316.11−2.675%$454K$652K5xas long as short
Injective TAO/USDC PERP+0.4172%1h326.77+0.607%$24K$2K12xas long as short