Funding you earn now, next payment 00:00 UTC−0.0401%/8h= −43.9% APRpaid last 24h −0.083%
Price spread now: Katana Perps against Phoenix+0.614%7-day average −0.106% · you sell dearer than you buy
to open and closeno order booka leg has no order-book sample
Funding, last 4 days (all we have)−0.100%−$10 on $10k
+Price spread, last 3 days (all we have)−0.839%−$84 · spread now +0.614%, 7d avg −0.106%
=The price spread pays, funding is against you. Katana Perps is 0.720% dearer against Phoenix than usual: you sell high and buy low (spread +0.614% now, against its 7-day average of −0.106%): +$72 on $10k if it goes back. Holding the pair costs −$12 a day in funding at the current rate, which eats that in about 6.0 days. At the pace of the last 4 days (−0.100% in total) that is about 27 days.
The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.100% in total (about -9.9% 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 | 317.50 | 0.0525 | pay 0.0066% / 1h | 37m 21s | $332K | $624K | 5x |
| Short | Katana Perps TAO-USD | 319.45 | 0.0125 | get 0.0125% / 8h | 7h 37m | $2K | $614K | 5x |
Phoenix TAO
Katana Perps TAO-USDFunding history
latest
Range statsloading…
Price spread between the two exchanges
Katana Perps 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
- −$84.19
- Price spread: +0.614% → −0.106%
- $72.03
- Slippage, 4 orders
- no order book: not counted
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee Katana Perps: 1.9 bp × 2 orders
- −$3.8
- Net
- −$22.96
- Costs to cover
- 0.108%
- Break-even
- from the start
Slippage unknown: Phoenix: live order book, 35 min ago; Katana Perps: 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, 35 min ago | 3.19 bp | 14.6 bp −$15 | 25.1 bp −$251 | doesn't fit | doesn't fit |
| Sell Katana Perps no order-book sample | — | — | — | — | — |
Katana Perps: 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 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 | −0.1322% | 1h | 319.84 | +0.737% | $170K | $44K | 10x | as long as short |
| Phemex TAOUSDT | −0.0808% | 4h | 319.48 | +0.624% | $3.5M | $7.9M | 50x | as long as short |
| dYdX TAO-USD | 0.0000% | 1h | 317.69 | +0.061% | $127K | $88K | 5x | as long as short |
| gTrade (Gains Network) TAO/USD | L +0.0004% / S −0.0004% | 1h | 319.23 | +0.545% | $21K | — | 150x | as long as short |
| Popdex TAOUSDT | +0.0096% | 1h | 319.61 | +0.665% | $43K | $585K | 20x | as long as short |
| Binance TAOUSDT | +0.0100% | 4h | 319.56 | +0.649% | $92.4M | $444.9M | 75x | as long as short |
| OKX TAO-USDT-SWAP | +0.0100% | 8h | 319.50 | +0.630% | $26.2M | $108.3M | 50x | as long as short |
| Gate TAO_USDT | +0.0100% | 4h | 319.20 | +0.535% | $12.9M | $50.3M | 50x | as long as short |
| MEXC TAO_USDT | +0.0100% | 4h | 319.60 | +0.661% | $107.1M | $133.8M | 300x | as long as short |
| KuCoin TAOUSDTM | +0.0100% | 4h | 319.37 | +0.589% | $18.3M | $29.1M | 75x | as long as short |
Bulk TAO-USD
Phemex TAOUSDT
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 | 319.16 | +0.523% | $35.6M | $49.9M | 50x | as long as short |
| edgeX TAOUSDC | +0.0100% | 4h | 318.20 | +0.222% | $40K | $292K | 10x | as long as short |
| GRVT TAO_USDT_Perp | +0.0100% | 4h | 316.52 | −0.308% | $524K | $960K | 10x | as long as short |
| Orderly PERP_TAO_USDC | +0.0100% | 4h | 319.21 | +0.539% | $57K | $316K | 10x | as long as short |
| SunX TAO-USDT | +0.0100% | 4h | 319.33 | +0.576% | $1K | $1.9M | 20x | as long as short |
| HTX TAO-USDT | +0.0100% | 4h | 319.27 | +0.557% | $127K | $424K | 20x | as long as short |
| Aevo TAO-PERP | +0.0104% | 1h | 319.56 | +0.648% | $175K | $998 | 3x | as long as short |
| Katana Perps TAO-USDshort | +0.0125% | 8h | 319.45 | +0.614% | $2K | $614K | 5x | |
| Bullet TAO-USD | +0.0166% | 1h | 319.62 | +0.668% | $12K | $18K | 20x | as long as short |
| GMX TAO/USD [WBTC.b-USDC] | L +0.0174% / S +0.0089% | 1h | 319.21 | +0.540% | $463K | — | 100x | as long as short |
| Pacifica TAO | +0.0185% | 1h | 318.30 | +0.253% | $377K | $374K | 10x | as long as short |
| ApeX Omni TAOUSDT | +0.0192% | 1h | 318.59 | +0.343% | $48K | $266K | 50x | as long as short |
| Arcus TAO-USD | +0.0201% | 1h | 319.68 | +0.687% | $85K | $545K | 5x | as long as short |
| Aster TAOUSDT | +0.0209% | 4h | 318.55 | +0.332% | $1.1M | $8.3M | 50x | as long as short |
| Paradex TAO-USD-PERP | +0.0233% | 8h | 318.61 | +0.349% | $14K | $1K | 10x | as long as short |
| Deribit TAO_USDC-PERPETUAL | +0.0288% | 1h | 319.38 | +0.591% | $20K | $1.6M | 25x | as long as short |
| Polymarket Perps TAO-USD | +0.0306% | 1h | 319.58 | +0.655% | $94K | $638K | 5x | as long as short |
| BloFin TAO-USDT | +0.0340% | 4h | 319.91 | +0.759% | $4.5M | $10.9M | 100x | as long as short |
| Bybit TAOUSDT | +0.0364% | 4h | 319.67 | +0.683% | $65.7M | $131.9M | 50x | as long as short |
| Variational Omni TAO | +0.0378% | 4h | 321.33 | +1.205% | $5.6M | $8.6M | — | as long as short |
| BingX TAO-USDT | +0.0478% | 4h | 319.47 | +0.620% | — | $30.5M | — | as long as short |
| Kraken Futures PF_TAOUSD | +0.0480% | 1h | 319.53 | +0.640% | $5.8M | $20.3M | 50x | as long as short |
| Phoenix TAOlong | +0.0525% | 1h | 317.50 | long leg | $332K | $624K | 5x | |
| Injective TAO/USDC PERP | +0.0571% | 1h | 318.09 | +0.186% | $23K | $665 | 12x | as long as short |
| 01 Exchange TAOUSD | +0.0672% | 1h | 319.79 | +0.721% | $3K | $4K | 5x | as long as short |
| Reya TAORUSDPERP | +0.0695% | 1h | 319.50 | +0.630% | $367 | — | 20x | as long as short |
| Nado TAO-PERP | +0.0780% | 1h | 319.50 | +0.631% | $893K | $2.0M | 10x | as long as short |
| Backpack TAO_USDC_PERP | +0.0862% | 1h | 317.24 | −0.082% | $321K | $819K | 10x | as long as short |
| Coinbase International TAO-PERP-INTX | +0.0984% | 1h | 320.20 | +0.850% | $1.5M | $6.2M | 50x | as long as short |
| Extended TAO-USD | +0.1104% | 1h | 319.33 | +0.575% | $929K | $2.2M | 25x | as long as short |
| RISEx TAO/USDC | +0.1141% | 1h | 319.54 | +0.642% | $423K | $595K | 5x | as long as short |
| Lighter TAO | +0.1536% | 1h | 320.08 | +0.814% | $1.7M | $5.9M | 5x | as long as short |
| Hyperliquid TAO | +0.2462% | 1h | 319.91 | +0.759% | $103.4M | $90.6M | 5x | as long as short |
Bitget TAOUSDT
edgeX TAOUSDC
GRVT TAO_USDT_Perp
Orderly PERP_TAO_USDC
SunX TAO-USDT
HTX TAO-USDT
Aevo TAO-PERP
Bullet TAO-USD
GMX TAO/USD [WBTC.b-USDC]
Pacifica TAO
ApeX Omni TAOUSDT
Arcus TAO-USD
Aster TAOUSDT
Paradex TAO-USD-PERP
Deribit TAO_USDC-PERPETUAL
Polymarket Perps TAO-USD
BloFin TAO-USDT
Bybit TAOUSDT
Variational Omni TAO
BingX TAO-USDT
Kraken Futures PF_TAOUSD
Injective TAO/USDC PERP
01 Exchange TAOUSD
Reya TAORUSDPERP
Nado TAO-PERP
Backpack TAO_USDC_PERP
Coinbase International TAO-PERP-INTX
Extended TAO-USD
RISEx TAO/USDC
Lighter TAO
Hyperliquid TAO