Funding you earn now, next payment 11:00 UTC+0.0229%/8h= +25.1% APRnext payment +$0.29 per $10,000 · paid last 24h −0.005%
Price spread now: Kraken Futures against Phoenix−0.135%7-day average −0.070% · you buy dearer than you sell
Net, funding: paid 7d − costs−$49as in the Funding arb table
Net, price: spread back to 7d avg − costs−$62as in the Price arb table
costs, in and out, $10k−$560.556% of the position
Funding, last 7 days+0.066%+$7 on $10k
+Price spread, last 4 days (all we have)+0.185%+$19 · spread now −0.135%, 7d avg −0.070%
=Funding pays, the price is against you. Kraken Futures is 0.065% cheaper against Phoenix than usual: you would sell low and buy high (spread −0.135% now, against its 7-day average of −0.070%). If the spread goes back, that is −$7 on $10k: about 23 hours of funding at the current rate (+$7 a day). At the pace of the last 7 days (+0.066% in total) that is about 6.9 days.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.066% in total (about 3.5% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.29 per $10,000. In the chart: green and red are payments made; yellow are the hours one leg has not settled yet: what the other leg paid, plus the unsettled leg at its current rate.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Phoenix TAO | 312.80 | 0.0636 | pay 0.0079% / 1h | 48m 53s | $314K | $701K | 5x |
| Short | Kraken Futures PF_TAOUSD | 312.38 | 0.0865 | get 0.0108% / 1h | 48m 53s | $6.2M | $19.6M | 50x |
Phoenix TAO
Kraken Futures PF_TAOUSDFunding history
latest
Range statsloading…
Price spread between the two exchanges
Kraken Futures 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
- $48.18
- Price spread: −0.135% → −0.070%
- −$6.52
- Slippage, 4 orders
- −$38.55
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee Kraken Futures: 5 bp × 2 orders
- −$10
- Net
- −$13.89
- Costs to cover
- 0.556%
- Break-even
- 9.0 days
Slippage from Phoenix: live order book, 57 min ago; Kraken Futures: live order book, 3 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, 57 min ago | 3.16 bp | 12.0 bp −$12 | 22.3 bp −$223 | doesn't fit | doesn't fit |
| Sell Kraken Futures live order book, 3 min ago | 5.77 bp | 10.8 bp −$11 | 19.9 bp −$199 | 99.2 bp −$9,917 | doesn't fit |
TAO on 43 exchanges
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 −0.0003% | 1h | 311.80 | −0.319% | $19K | — | 150x | as long as short |
| Popdex TAOUSDT | +0.0096% | 1h | 313.11 | +0.099% | $54K | $632K | 20x | as long as short |
| OKX TAO-USDT-SWAP | +0.0100% | 8h | 313.30 | +0.160% | $26.7M | $125.6M | 50x | as long as short |
| Gate TAO_USDT | +0.0100% | 4h | 312.90 | +0.032% | $16.1M | $46.5M | 50x | as long as short |
| KuCoin TAOUSDTM | +0.0100% | 4h | 312.90 | +0.032% | $17.2M | $31.0M | 75x | as long as short |
| Bitget TAOUSDT | +0.0100% | 4h | 312.93 | +0.042% | $35.4M | $54.3M | 50x | as long as short |
| Polymarket Perps TAO-USD | +0.0100% | 1h | 312.80 | 0.000% | $68K | $1.1M | 5x | as long as short |
| SunX TAO-USDT | +0.0100% | 4h | 312.11 | −0.221% | $1K | $1.7M | 20x | as long as short |
| HTX TAO-USDT | +0.0100% | 4h | 312.59 | −0.067% | $114K | $550K | 20x | as long as short |
| Katana Perps TAO-USD | +0.0102% | 8h | 312.82 | +0.006% | $2K | $1.3M | 5x | as long as short |
gTrade (Gains Network) TAO/USD
Popdex TAOUSDT
OKX TAO-USDT-SWAP
Gate TAO_USDT
KuCoin TAOUSDTM
Bitget TAOUSDT
Polymarket Perps TAO-USD
SunX TAO-USDT
HTX TAO-USDT
Katana Perps TAO-USDShow all 43 exchanges
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Extended TAO-USD | +0.0104% | 1h | 313.08 | +0.090% | $922K | $2.1M | 25x | as long as short |
| ApeX Omni TAOUSDT | +0.0105% | 1h | 312.02 | −0.249% | $44K | $254K | 50x | as long as short |
| Aevo TAO-PERP | +0.0120% | 1h | 312.63 | −0.054% | $172K | $998 | 3x | as long as short |
| MEXC TAO_USDT | +0.0166% | 4h | 313.12 | +0.102% | $111.6M | $147.0M | 300x | as long as short |
| Binance TAOUSDT | +0.0167% | 4h | 313.19 | +0.124% | $92.9M | $506.9M | 75x | as long as short |
| edgeX TAOUSDC | +0.0172% | 4h | 311.93 | −0.278% | $41K | $325K | 10x | as long as short |
| Pacifica TAO | +0.0223% | 1h | 312.27 | −0.169% | $379K | $455K | 10x | as long as short |
| GRVT TAO_USDT_Perp | +0.0272% | 4h | 312.02 | −0.248% | $531K | $786K | 10x | as long as short |
| Orderly PERP_TAO_USDC | +0.0280% | 4h | 312.04 | −0.243% | $52K | $262K | 10x | as long as short |
| Paradex TAO-USD-PERP | +0.0300% | 8h | 312.38 | −0.134% | $14K | $769 | 10x | as long as short |
| Lighter TAO | +0.0312% | 1h | 312.69 | −0.036% | $1.6M | $6.7M | 5x | as long as short |
| Bullet TAO-USD | +0.0332% | 1h | 312.42 | −0.121% | $12K | $16K | 20x | as long as short |
| Aster TAOUSDT | +0.0349% | 4h | 313.17 | +0.117% | $1.2M | $11.4M | 50x | as long as short |
| GMX TAO/USD [WBTC.b-USDC] | L +0.0371% / S −0.0114% | 1h | 312.05 | −0.241% | $377K | — | 100x | as long as short |
| BingX TAO-USDT | +0.0372% | 4h | 313.17 | +0.118% | — | $37.8M | — | as long as short |
| Bybit TAOUSDT | +0.0387% | 4h | 313.36 | +0.179% | $69.3M | $154.5M | 50x | as long as short |
| BloFin TAO-USDT | +0.0406% | 4h | 312.15 | −0.208% | $4.9M | $10.5M | 100x | as long as short |
| Deribit TAO_USDC-PERPETUAL | +0.0454% | 1h | 312.17 | −0.202% | $23K | $1.9M | 25x | as long as short |
| Phemex TAOUSDT | +0.0485% | 4h | 312.73 | −0.022% | $3.1M | $8.3M | 50x | as long as short |
| dYdX TAO-USD | +0.0487% | 1h | 312.02 | −0.251% | $263K | $230K | 5x | as long as short |
| Nado TAO-PERP | +0.0521% | 1h | 312.38 | −0.135% | $650K | $2.0M | 10x | as long as short |
| Hyperliquid TAO | +0.0567% | 1h | 312.82 | +0.006% | $93.5M | $105.3M | 5x | as long as short |
| Arcus TAO-USD | +0.0587% | 1h | 312.84 | +0.013% | $99K | $285K | 5x | as long as short |
| Variational Omni TAO | +0.0603% | 4h | 312.01 | −0.252% | $6.2M | $10.1M | — | as long as short |
| Phoenix TAOlong | +0.0636% | 1h | 312.80 | long leg | $314K | $701K | 5x | |
| RISEx TAO/USDC | +0.0694% | 1h | 312.73 | −0.022% | $436K | $663K | 5x | as long as short |
| Reya TAORUSDPERP | +0.0699% | 1h | 312.78 | −0.005% | $360 | — | 20x | as long as short |
| Coinbase International TAO-PERP-INTX | +0.0728% | 1h | 313.12 | +0.102% | $1.1M | $7.4M | 50x | as long as short |
| 01 Exchange TAOUSD | +0.0800% | 1h | 313.17 | +0.118% | $3K | $2K | 5x | as long as short |
| Kraken Futures PF_TAOUSDshort | +0.0865% | 1h | 312.38 | −0.135% | $6.2M | $19.6M | 50x | |
| Backpack TAO_USDC_PERP | +0.0883% | 1h | 312.80 | 0.000% | $297K | $1.1M | 10x | as long as short |
| Bulk TAO-USD | +0.1436% | 1h | 313.89 | +0.348% | $166K | $662 | 10x | as long as short |
| Injective TAO/USDC PERP | +0.4136% | 1h | 317.23 | +1.416% | $23K | $2K | 12x | as long as short |
Extended TAO-USD
ApeX Omni TAOUSDT
Aevo TAO-PERP
MEXC TAO_USDT
Binance TAOUSDT
edgeX TAOUSDC
Pacifica TAO
GRVT TAO_USDT_Perp
Orderly PERP_TAO_USDC
Paradex TAO-USD-PERP
Lighter TAO
Bullet TAO-USD
Aster TAOUSDT
GMX TAO/USD [WBTC.b-USDC]
BingX TAO-USDT
Bybit TAOUSDT
BloFin TAO-USDT
Deribit TAO_USDC-PERPETUAL
Phemex TAOUSDT
dYdX TAO-USD
Nado TAO-PERP
Hyperliquid TAO
Arcus TAO-USD
Variational Omni TAO
RISEx TAO/USDC
Reya TAORUSDPERP
Coinbase International TAO-PERP-INTX
01 Exchange TAOUSD
Backpack TAO_USDC_PERP
Bulk TAO-USD
Injective TAO/USDC PERP