TAO

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0615%/8h= −67.4% APRnext payment −$0.77 per $10,000 · paid last 24h −0.028%

Price spread now: Phoenix against RISEx−0.699%50s7-day average +0.118% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$380.384% of the position

Long on RISEx Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.183%−$18 on $10k

Price spread, last 3 days (all we have)+0.840%+$84 · spread now −0.699%, 7d avg +0.118%

Together, before fees+0.658%+$66 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$18 a day on $10k at the current rate, and Phoenix is 0.817% cheaper against RISEx than usual: you would sell low and buy high (−$82 if the spread goes back to its 7-day average of +0.118%). Swap the legs. The two prices were read 50 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 3 days it paid -0.183% in total (about -19.4% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.77 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	RISEx TAO/USDC	319.73	0.1141	pay 0.0143% / 1h	36m 02s	$425K	$600K	5x
Short	Phoenix TAO	317.50	0.0525	get 0.0066% / 1h	36m 02s	$332K	$624K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against RISEx. 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

Position, each leg$Hold fordaysFee RISExbpFee PhoenixbpOrdersPrice spread, now −0.699%Rate

Funding earned: −$129.22
Price spread: −0.699% → +0.118%: −$81.7
Slippage, 4 orders: −$25.37
Fee RISEx: 3 bp × 2 orders: −$6
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$249.29
Costs to cover: 0.384%
Break-even: never at this rate

Slippage from RISEx: live order book, 38 min ago; Phoenix: live order book, 36 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 RISEx live order book, 38 min ago	0.48 bp	3.5 bp −$4	28.3 bp −$283	doesn't fit	doesn't fit
Sell Phoenix live order book, 36 min ago	3.19 bp	16.7 bp −$17	23.0 bp −$230	doesn't fit	doesn't fit

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	+0.033%	$170K	$44K	10x	as long as short
Phemex TAOUSDT	−0.0658%	4h	319.31	−0.133%	$3.5M	$7.9M	50x	as long as short
dYdX TAO-USD	0.0000%	1h	319.25	−0.152%	$128K	$88K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	319.70	−0.010%	$21K	—	150x	as long as short
Popdex TAOUSDT	+0.0096%	1h	319.26	−0.148%	$43K	$586K	20x	as long as short
Binance TAOUSDT	+0.0100%	4h	320.10	+0.115%	$92.6M	$445.6M	75x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	320.20	+0.146%	$26.2M	$108.7M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	319.50	−0.073%	$13.0M	$50.4M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	319.68	−0.017%	$107.5M	$134.0M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	319.69	−0.014%	$18.3M	$29.1M	75x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget TAOUSDT	+0.0100%	4h	319.60	−0.042%	$35.7M	$50.1M	50x	as long as short
edgeX TAOUSDC	+0.0100%	4h	318.20	−0.479%	$40K	$292K	10x	as long as short
GRVT TAO_USDT_Perp	+0.0100%	4h	316.52	−1.004%	$524K	$960K	10x	as long as short
Orderly PERP_TAO_USDC	+0.0100%	4h	319.83	+0.030%	$57K	$316K	10x	as long as short
SunX TAO-USDT	+0.0100%	4h	319.90	+0.052%	$1K	$1.9M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	320.06	+0.102%	$128K	$424K	20x	as long as short
Aevo TAO-PERP	+0.0104%	1h	320.33	+0.186%	$176K	$998	3x	as long as short
Katana Perps TAO-USD	+0.0122%	8h	319.34	−0.123%	$2K	$615K	5x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0174% / S +0.0089%	1h	319.76	+0.008%	$463K	—	100x	as long as short
Bullet TAO-USD	+0.0174%	1h	320.09	+0.112%	$12K	$18K	20x	as long as short
Pacifica TAO	+0.0185%	1h	319.84	+0.033%	$379K	$374K	10x	as long as short
ApeX Omni TAOUSDT	+0.0192%	1h	318.59	−0.358%	$48K	$266K	50x	as long as short
Arcus TAO-USD	+0.0201%	1h	319.88	+0.046%	$85K	$550K	5x	as long as short
Aster TAOUSDT	+0.0228%	4h	319.80	+0.020%	$1.1M	$8.3M	50x	as long as short
Paradex TAO-USD-PERP	+0.0238%	8h	319.71	−0.007%	$15K	$1K	10x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0247%	1h	320.03	+0.091%	$18K	$1.6M	25x	as long as short
Polymarket Perps TAO-USD	+0.0310%	1h	319.65	−0.026%	$94K	$638K	5x	as long as short
BloFin TAO-USDT	+0.0340%	4h	319.91	+0.055%	$4.5M	$10.9M	100x	as long as short
Bybit TAOUSDT	+0.0364%	4h	320.30	+0.177%	$65.8M	$132.5M	50x	as long as short
Variational Omni TAO	+0.0398%	4h	320.33	+0.185%	$5.6M	$8.7M	—	as long as short
BingX TAO-USDT	+0.0428%	4h	319.74	+0.002%	—	$30.5M	—	as long as short
Kraken Futures PF_TAOUSD	+0.0479%	1h	319.81	+0.024%	$5.8M	$20.3M	50x	as long as short
Phoenix TAOshort	+0.0525%	1h	317.50	−0.699%	$332K	$624K	5x
Injective TAO/USDC PERP	+0.0571%	1h	318.09	−0.514%	$23K	$665	12x	as long as short
01 Exchange TAOUSD	+0.0672%	1h	319.75	+0.005%	$3K	$4K	5x	as long as short
Reya TAORUSDPERP	+0.0695%	1h	319.52	−0.067%	$367	—	20x	as long as short
Nado TAO-PERP	+0.0778%	1h	318.91	−0.258%	$891K	$2.0M	10x	as long as short
Backpack TAO_USDC_PERP	+0.0890%	1h	319.98	+0.077%	$323K	$819K	10x	as long as short
Coinbase International TAO-PERP-INTX	+0.0984%	1h	319.95	+0.068%	$1.5M	$6.2M	50x	as long as short
Extended TAO-USD	+0.1120%	1h	320.13	+0.122%	$934K	$2.2M	25x	as long as short
RISEx TAO/USDClong	+0.1141%	1h	319.73	long leg	$425K	$600K	5x
Lighter TAO	+0.1528%	1h	320.00	+0.085%	$1.7M	$6.0M	5x	as long as short
Hyperliquid TAO	+0.2416%	1h	320.11	+0.118%	$103.4M	$90.6M	5x	as long as short