TAO

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0403%/8h= +44.1% APRnext payment +$0.50 per $10,000 · paid last 24h +0.182%

Price spread now: Coinbase International against Backpack−0.484%7-day average +0.140% · you buy dearer than you sell

Net, funding: paid 7d − costs+$4as in the Funding arb table

Net, price: spread back to 7d avg − costs−$108as in the Price arb table

costs, in and out, $10k−$450.451% of the position

Long on Backpack Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.491%+$49 on $10k

Price spread, last 3 days (all we have)+0.564%+$56 · spread now −0.484%, 7d avg +0.140%

Together, before fees+1.055%+$106 on $10k · with fees, hour by hour

Funding pays, the price is against you. Coinbase International is 0.625% cheaper against Backpack than usual: you would sell low and buy high (spread −0.484% now, against its 7-day average of +0.140%). If the spread goes back, that is −$62 on $10k: about 5.2 days of funding at the current rate (+$12 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack TAO_USDC_PERP	315.84	0.0621	pay 0.0078% / 1h	56m 48s	$319K	$802K	10x
Short	Coinbase International TAO-PERP-INTX	314.31	0.1024	get 0.0128% / 1h	56m 48s	$1.5M	$6.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against Backpack. 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 BackpackbpFee Coinbase InternationalbpOrdersPrice spread, now −0.484%Rate

Funding earned: $84.57
Price spread: −0.484% → +0.140%: −$62.46
Slippage, 4 orders: −$25.1
Fee Backpack: 5 bp × 2 orders: −$10
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$22.99
Costs to cover: 0.451%
Break-even: 8.9 days

Slippage from Backpack: live order book, 7 min ago; Coinbase International: live order book, 2 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 Backpack live order book, 7 min ago	2.19 bp	8.3 bp −$8	doesn't fit	doesn't fit	doesn't fit
Sell Coinbase International live order book, 2 min ago	5.53 bp	14.0 bp −$14	16.9 bp −$169	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
Bulk TAO-USD	−0.0185%	1h	315.28	−0.177%	$167K	$40K	10x	as long as short
dYdX TAO-USD	0.0000%	1h	313.99	−0.586%	$126K	$84K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0001%	1h	314.63	−0.383%	$16K	—	150x	as long as short
Popdex TAOUSDT	+0.0096%	1h	313.90	−0.614%	$45K	$646K	20x	as long as short
Binance TAOUSDT	+0.0100%	4h	316.63	+0.250%	$91.5M	$467.1M	75x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	317.10	+0.399%	$26.1M	$114.9M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	316.20	+0.114%	$12.9M	$49.0M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	316.49	+0.206%	$104.0M	$137.3M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	316.19	+0.111%	$18.0M	$30.4M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	316.88	+0.329%	$35.4M	$53.3M	50x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
edgeX TAOUSDC	+0.0100%	4h	317.02	+0.373%	$36K	$302K	10x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	314.31	−0.484%	$75K	$722K	5x	as long as short
Orderly PERP_TAO_USDC	+0.0100%	4h	314.83	−0.320%	$57K	$282K	10x	as long as short
SunX TAO-USDT	+0.0100%	4h	314.68	−0.367%	$2K	$1.9M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	314.90	−0.298%	$129K	$474K	20x	as long as short
Phemex TAOUSDT	+0.0100%	4h	315.20	−0.203%	$3.4M	$7.9M	50x	as long as short
Aevo TAO-PERP	+0.0104%	1h	315.16	−0.216%	$173K	$998	3x	as long as short
Katana Perps TAO-USD	+0.0114%	8h	314.09	−0.554%	$2K	$730K	5x	as long as short
ApeX Omni TAOUSDT	+0.0148%	1h	316.61	+0.244%	$47K	$252K	50x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0165% / S +0.0104%	1h	314.66	−0.373%	$426K	—	100x	as long as short
GRVT TAO_USDT_Perp	+0.0192%	4h	317.15	+0.416%	$527K	$957K	10x	as long as short
Kraken Futures PF_TAOUSD	+0.0249%	1h	314.82	−0.322%	$5.6M	$20.5M	50x	as long as short
Aster TAOUSDT	+0.0281%	4h	315.41	−0.136%	$1.2M	$9.3M	50x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0330%	1h	314.84	−0.318%	$14K	$1.6M	25x	as long as short
Bullet TAO-USD	+0.0345%	1h	315.08	−0.241%	$12K	$18K	20x	as long as short
Paradex TAO-USD-PERP	+0.0346%	8h	314.38	−0.462%	$14K	$1K	10x	as long as short
Pacifica TAO	+0.0448%	1h	314.55	−0.408%	$372K	$393K	10x	as long as short
Arcus TAO-USD	+0.0509%	1h	314.59	−0.396%	$99K	$489K	5x	as long as short
Phoenix TAO	+0.0588%	1h	316.10	+0.082%	$332K	$707K	5x	as long as short
Backpack TAO_USDC_PERPlong	+0.0621%	1h	315.84	long leg	$319K	$802K	10x
01 Exchange TAOUSD	+0.0680%	1h	314.46	−0.437%	$3K	$4K	5x	as long as short
BingX TAO-USDT	+0.0686%	4h	316.65	+0.256%	—	$30.3M	—	as long as short
Reya TAORUSDPERP	+0.0696%	1h	314.56	−0.406%	$362	—	20x	as long as short
Bybit TAOUSDT	+0.0738%	4h	317.04	+0.380%	$67.4M	$138.2M	50x	as long as short
Variational Omni TAO	+0.0848%	4h	316.96	+0.354%	$6.1M	$9.5M	—	as long as short
Extended TAO-USD	+0.0896%	1h	316.33	+0.155%	$891K	$2.3M	25x	as long as short
Lighter TAO	+0.0928%	1h	315.23	−0.192%	$1.6M	$6.1M	5x	as long as short
Coinbase International TAO-PERP-INTXshort	+0.1024%	1h	314.31	−0.484%	$1.5M	$6.4M	50x
Nado TAO-PERP	+0.1032%	1h	314.30	−0.487%	$752K	$2.1M	10x	as long as short
RISEx TAO/USDC	+0.1159%	1h	314.39	−0.458%	$445K	$626K	5x	as long as short
Hyperliquid TAO	+0.1316%	1h	317.48	+0.519%	$100.1M	$97.8M	5x	as long as short
Injective TAO/USDC PERP	+0.4172%	1h	320.94	+1.615%	$23K	$2K	12x	as long as short