Funding you earn now, next payment 07:00 UTC+0.0529%/8h= +57.9% APRnext payment +$0.66 per $10,000 · paid last 24h +0.093%
Price spread now: Phoenix against Polymarket Perps+0.047%59s7-day average +0.131% · you sell dearer than you buy
Net, funding: paid 7d − costs−$13as 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−$440.440% of the position
Funding, last 7 days+0.312%+$31 on $10k
+Price spread, last 4 days (all we have)+0.096%+$10 · spread now +0.047%, 7d avg +0.131%
=Funding pays, the price is against you. Phoenix is 0.084% cheaper against Polymarket Perps than usual: you would sell low and buy high (spread +0.047% now, against its 7-day average of +0.131%). If the spread goes back, that is −$8 on $10k: about 13 hours of funding at the current rate (+$16 a day). At the pace of the last 7 days (+0.312% in total) that is about 45 hours. The two prices were read 59 seconds apart, so part of this spread may be the market moving, not a spread.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.312% in total (about 16.3% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.66 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 | Polymarket Perps TAO-USD | 318.05 | 0.0100 | pay 0.0013% / 1h | 58m 20s | $87K | $1.2M | 5x |
| Short | Phoenix TAO | 318.20 | 0.0629 | get 0.0079% / 1h | 58m 20s | $320K | $699K | 5x |
Polymarket Perps TAO-USD
Phoenix TAOFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phoenix against Polymarket Perps. 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
- $111.12
- Price spread: +0.047% → +0.131%
- −$8.41
- Slippage, 4 orders
- −$29.02
- Fee Polymarket Perps: 4 bp × 2 orders
- −$8
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Net
- $58.69
- Costs to cover
- 0.440%
- Break-even
- 3.3 days
Slippage from Polymarket Perps: live order book, 5 min ago; Phoenix: live order book, 40 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 Polymarket Perps live order book, 5 min ago | 2.52 bp | 6.5 bp −$7 | 7.9 bp −$79 | doesn't fit | doesn't fit |
| Sell Phoenix live order book, 40 min ago | 3.15 bp | 18.3 bp −$18 | 25.6 bp −$256 | doesn't fit | doesn't fit |
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 | 317.88 | −0.053% | $128K | $86K | 5x | as long as short |
| gTrade (Gains Network) TAO/USD | L +0.0004% / S −0.0005% | 1h | 317.76 | −0.092% | $22K | — | 150x | as long as short |
| Popdex TAOUSDT | +0.0096% | 1h | 318.33 | +0.088% | $49K | $719K | 20x | as long as short |
| Bybit TAOUSDT | +0.0100% | 4h | 318.16 | +0.035% | $70.0M | $157.0M | 50x | as long as short |
| OKX TAO-USDT-SWAP | +0.0100% | 8h | 318.00 | −0.016% | $26.5M | $131.6M | 50x | as long as short |
| Bulk TAO-USD | +0.0100% | 1h | 317.09 | −0.302% | $168K | $0 | 10x | as long as short |
| Gate TAO_USDT | +0.0100% | 4h | 317.80 | −0.079% | $14.8M | $48.7M | 50x | as long as short |
| KuCoin TAOUSDTM | +0.0100% | 4h | 318.18 | +0.041% | $17.8M | $32.5M | 75x | as long as short |
| Bitget TAOUSDT | +0.0100% | 4h | 317.61 | −0.138% | $35.7M | $57.7M | 50x | as long as short |
| Polymarket Perps TAO-USDlong | +0.0100% | 1h | 318.05 | long leg | $87K | $1.2M | 5x |
dYdX TAO-USD
gTrade (Gains Network) TAO/USD
Popdex TAOUSDT
Bybit TAOUSDT
OKX TAO-USDT-SWAP
Bulk TAO-USD
Gate TAO_USDT
KuCoin TAOUSDTM
Bitget TAOUSDTShow all 42 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| SunX TAO-USDT | +0.0100% | 4h | 317.57 | −0.151% | $2K | $2.0M | 20x | as long as short |
| HTX TAO-USDT | +0.0100% | 4h | 317.69 | −0.113% | $116K | $590K | 20x | as long as short |
| GMX TAO/USD [WBTC.b-USDC] | L +0.0102% / S +0.0141% | 1h | 317.74 | −0.097% | $405K | — | 100x | as long as short |
| Bullet TAO-USD | +0.0120% | 1h | 317.90 | −0.048% | $12K | $17K | 20x | as long as short |
| Aevo TAO-PERP | +0.0128% | 1h | 318.26 | +0.064% | $175K | $998 | 3x | as long as short |
| ApeX Omni TAOUSDT | +0.0137% | 1h | 317.45 | −0.189% | $46K | $259K | 50x | as long as short |
| Nado TAO-PERP | +0.0174% | 1h | 318.25 | +0.064% | $779K | $2.0M | 10x | as long as short |
| Binance TAOUSDT | +0.0175% | 4h | 318.06 | +0.004% | $93.0M | $533.0M | 75x | as long as short |
| MEXC TAO_USDT | +0.0176% | 4h | 318.05 | 0.000% | $104.3M | $151.1M | 300x | as long as short |
| Orderly PERP_TAO_USDC | +0.0187% | 4h | 317.95 | −0.031% | $52K | $295K | 10x | as long as short |
| edgeX TAOUSDC | +0.0189% | 4h | 317.56 | −0.153% | $42K | $321K | 10x | as long as short |
| Paradex TAO-USD-PERP | +0.0250% | 8h | 318.30 | +0.080% | $14K | $1K | 10x | as long as short |
| Deribit TAO_USDC-PERPETUAL | +0.0272% | 1h | 318.08 | +0.010% | $15K | $1.9M | 25x | as long as short |
| BingX TAO-USDT | +0.0280% | 4h | 318.01 | −0.013% | — | $37.3M | — | as long as short |
| GRVT TAO_USDT_Perp | +0.0300% | 4h | 318.61 | +0.176% | $542K | $896K | 10x | as long as short |
| Aster TAOUSDT | +0.0331% | 4h | 317.98 | −0.022% | $1.3M | $11.1M | 50x | as long as short |
| Pacifica TAO | +0.0349% | 1h | 318.24 | +0.060% | $373K | $454K | 10x | as long as short |
| Extended TAO-USD | +0.0360% | 1h | 318.23 | +0.057% | $904K | $2.4M | 25x | as long as short |
| Arcus TAO-USD | +0.0404% | 1h | 318.47 | +0.132% | $100K | $377K | 5x | as long as short |
| Phemex TAOUSDT | +0.0413% | 4h | 317.85 | −0.063% | $3.2M | $8.1M | 50x | as long as short |
| BloFin TAO-USDT | +0.0417% | 4h | 318.13 | +0.025% | $4.8M | $11.0M | 100x | as long as short |
| Hyperliquid TAO | +0.0456% | 1h | 318.29 | +0.075% | $94.1M | $110.3M | 5x | as long as short |
| 01 Exchange TAOUSD | +0.0560% | 1h | 318.55 | +0.157% | $3K | $4K | 5x | as long as short |
| Lighter TAO | +0.0560% | 1h | 318.28 | +0.073% | $1.6M | $6.6M | 5x | as long as short |
| Variational Omni TAO | +0.0581% | 4h | 318.88 | +0.262% | $5.6M | $10.1M | — | as long as short |
| Phoenix TAOshort | +0.0629% | 1h | 318.20 | +0.047% | $320K | $699K | 5x | |
| Reya TAORUSDPERP | +0.0698% | 1h | 318.03 | −0.006% | $366 | — | 20x | as long as short |
| Backpack TAO_USDC_PERP | +0.0761% | 1h | 317.98 | −0.022% | $434K | $992K | 10x | as long as short |
| Kraken Futures PF_TAOUSD | +0.0782% | 1h | 318.12 | +0.022% | $6.0M | $21.7M | 50x | as long as short |
| RISEx TAO/USDC | +0.0840% | 1h | 318.21 | +0.051% | $448K | $669K | 5x | as long as short |
| Coinbase International TAO-PERP-INTX | +0.0944% | 1h | 318.46 | +0.129% | $1.2M | $7.2M | 50x | as long as short |
| Injective TAO/USDC PERP | +0.3512% | 1h | 322.44 | +1.380% | $23K | $2K | 12x | as long as short |
SunX TAO-USDT
HTX TAO-USDT
GMX TAO/USD [WBTC.b-USDC]
Bullet TAO-USD
Aevo TAO-PERP
ApeX Omni TAOUSDT
Nado TAO-PERP
Binance TAOUSDT
MEXC TAO_USDT
Orderly PERP_TAO_USDC
edgeX TAOUSDC
Paradex TAO-USD-PERP
Deribit TAO_USDC-PERPETUAL
BingX TAO-USDT
GRVT TAO_USDT_Perp
Aster TAOUSDT
Pacifica TAO
Extended TAO-USD
Arcus TAO-USD
Phemex TAOUSDT
BloFin TAO-USDT
Hyperliquid TAO
01 Exchange TAOUSD
Lighter TAO
Variational Omni TAO
Reya TAORUSDPERP
Backpack TAO_USDC_PERP
Kraken Futures PF_TAOUSD
RISEx TAO/USDC
Coinbase International TAO-PERP-INTX
Injective TAO/USDC PERP