Funding you earn now, next payment 03:00 UTC−0.0589%/8h= −64.4% APRnext payment −$0.74 per $10,000 · paid last 24h −0.058%
Price spread now: Deribit against Backpack−0.105%50s7-day average −0.023% · you buy dearer than you sell
Net, funding: paid 7d − costs−$57as 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−$330.327% of the position
Funding, last 7 days−0.239%−$24 on $10k
+Price spread, last 4 days (all we have)+0.139%+$14 · spread now −0.105%, 7d avg −0.023%
=Both sides work against this trade now: funding costs −$18 a day on $10k at the current rate, and Deribit is 0.082% cheaper against Backpack than usual: you would sell low and buy high (−$8 if the spread goes back to its 7-day average of −0.023%). 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 7 days it paid -0.239% in total (about -12.5% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.74 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 | Backpack TAO_USDC_PERP | 317.68 | 0.0882 | pay 0.0110% / 1h | 9m 21s | $316K | $927K | 10x |
| Short | Deribit TAO_USDC-PERPETUAL | 317.35 | 0.0293 | get 0.0037% / 1h | 9m 21s | $15K | $1.6M | 25x |
Backpack TAO_USDC_PERP
Deribit TAO_USDC-PERPETUALFunding history
latest
Range statsloading…
Price spread between the two exchanges
Deribit against Backpack. 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
- −$123.6
- Price spread: −0.105% → −0.023%
- −$8.24
- Slippage, 4 orders
- −$15.71
- Fee Backpack: 5 bp × 2 orders
- −$10
- Fee Deribit: 3.5 bp × 2 orders
- −$7
- Net
- −$164.56
- Costs to cover
- 0.327%
- Break-even
- never at this rate
Slippage from Backpack: live order book, 55 min ago; Deribit: live order book, 5 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, 55 min ago | 2.19 bp | 8.3 bp −$8 | doesn't fit | doesn't fit | doesn't fit |
| Sell Deribit live order book, 5 min ago | 3.31 bp | 6.8 bp −$7 | doesn't fit | 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 | −0.1916% | 1h | 325.17 | +2.358% | $172K | $1K | 10x | as long as short |
| dYdX TAO-USD | 0.0000% | 1h | 316.62 | −0.334% | $126K | $85K | 5x | as long as short |
| gTrade (Gains Network) TAO/USD | L +0.0004% / S −0.0004% | 1h | 317.09 | −0.187% | $21K | — | 150x | as long as short |
| Popdex TAOUSDT | +0.0096% | 1h | 317.17 | −0.161% | $40K | $687K | 20x | as long as short |
| Binance TAOUSDT | +0.0100% | 4h | 317.16 | −0.165% | $92.2M | $490.3M | 75x | as long as short |
| OKX TAO-USDT-SWAP | +0.0100% | 8h | 317.30 | −0.120% | $26.1M | $120.3M | 50x | as long as short |
| Gate TAO_USDT | +0.0100% | 4h | 317.00 | −0.214% | $13.0M | $50.3M | 50x | as long as short |
| MEXC TAO_USDT | +0.0100% | 4h | 317.15 | −0.167% | $102.8M | $143.8M | 300x | as long as short |
| KuCoin TAOUSDTM | +0.0100% | 4h | 317.11 | −0.179% | $17.6M | $31.6M | 75x | as long as short |
| Bitget TAOUSDT | +0.0100% | 4h | 317.10 | −0.183% | $35.4M | $55.7M | 50x | as long as short |
Bulk TAO-USD
dYdX TAO-USD
gTrade (Gains Network) TAO/USD
Popdex TAOUSDT
Binance TAOUSDT
OKX TAO-USDT-SWAP
Gate TAO_USDT
MEXC TAO_USDT
KuCoin TAOUSDTM
Bitget TAOUSDTShow all 43 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| edgeX TAOUSDC | +0.0100% | 4h | 316.99 | −0.218% | $36K | $302K | 10x | as long as short |
| Polymarket Perps TAO-USD | +0.0100% | 1h | 317.06 | −0.195% | $88K | $796K | 5x | as long as short |
| SunX TAO-USDT | +0.0100% | 4h | 317.22 | −0.145% | $1K | $1.9M | 20x | as long as short |
| HTX TAO-USDT | +0.0100% | 4h | 317.19 | −0.154% | $128K | $483K | 20x | as long as short |
| Aevo TAO-PERP | +0.0104% | 1h | 317.33 | −0.110% | $174K | $998 | 3x | as long as short |
| Katana Perps TAO-USD | +0.0113% | 8h | 316.77 | −0.286% | $673 | $776K | 5x | as long as short |
| Orderly PERP_TAO_USDC | +0.0126% | 4h | 317.13 | −0.173% | $57K | $275K | 10x | as long as short |
| GMX TAO/USD [WBTC.b-USDC] | L +0.0157% / S +0.0112% | 1h | 316.99 | −0.217% | $430K | — | 100x | as long as short |
| Phemex TAOUSDT | +0.0167% | 4h | 317.35 | −0.104% | $3.4M | $7.9M | 50x | as long as short |
| Bullet TAO-USD | +0.0168% | 1h | 317.17 | −0.161% | $12K | $18K | 20x | as long as short |
| GRVT TAO_USDT_Perp | +0.0192% | 4h | 318.34 | +0.206% | $528K | $952K | 10x | as long as short |
| Kraken Futures PF_TAOUSD | +0.0247% | 1h | 317.17 | −0.162% | $5.6M | $20.8M | 50x | as long as short |
| Paradex TAO-USD-PERP | +0.0249% | 8h | 317.18 | −0.157% | $14K | $1K | 10x | as long as short |
| Aster TAOUSDT | +0.0284% | 4h | 317.21 | −0.148% | $1.2M | $10.1M | 50x | as long as short |
| Deribit TAO_USDC-PERPETUALshort | +0.0293% | 1h | 317.35 | −0.105% | $15K | $1.6M | 25x | |
| BloFin TAO-USDT | +0.0340% | 4h | 317.25 | −0.135% | $4.6M | $11.3M | 100x | as long as short |
| ApeX Omni TAOUSDT | +0.0371% | 1h | 316.95 | −0.230% | $47K | $253K | 50x | as long as short |
| Bybit TAOUSDT | +0.0406% | 4h | 317.42 | −0.082% | $69.6M | $146.2M | 50x | as long as short |
| Pacifica TAO | +0.0448% | 1h | 316.92 | −0.239% | $373K | $413K | 10x | as long as short |
| BingX TAO-USDT | +0.0448% | 4h | 317.25 | −0.135% | — | $30.5M | — | as long as short |
| Phoenix TAO | +0.0504% | 1h | 317.70 | +0.006% | $332K | $707K | 5x | as long as short |
| Arcus TAO-USD | +0.0509% | 1h | 317.34 | −0.107% | $100K | $488K | 5x | as long as short |
| Nado TAO-PERP | +0.0598% | 1h | 317.12 | −0.177% | $817K | $2.2M | 10x | as long as short |
| Extended TAO-USD | +0.0648% | 1h | 317.21 | −0.150% | $932K | $2.4M | 25x | as long as short |
| 01 Exchange TAOUSD | +0.0688% | 1h | 317.02 | −0.208% | $3K | $4K | 5x | as long as short |
| Reya TAORUSDPERP | +0.0696% | 1h | 317.06 | −0.194% | $365 | — | 20x | as long as short |
| Lighter TAO | +0.0736% | 1h | 317.67 | −0.004% | $1.6M | $6.4M | 5x | as long as short |
| Variational Omni TAO | +0.0799% | 4h | 316.62 | −0.333% | $5.9M | $9.8M | — | as long as short |
| Backpack TAO_USDC_PERPlong | +0.0882% | 1h | 317.68 | long leg | $316K | $927K | 10x | |
| Hyperliquid TAO | +0.1024% | 1h | 317.34 | −0.107% | $96.1M | $103.9M | 5x | as long as short |
| Coinbase International TAO-PERP-INTX | +0.1024% | 1h | 317.97 | +0.091% | $1.5M | $6.8M | 50x | as long as short |
| RISEx TAO/USDC | +0.1159% | 1h | 317.07 | −0.190% | $445K | $657K | 5x | as long as short |
| Injective TAO/USDC PERP | +0.4172% | 1h | 321.62 | +1.240% | $23K | $2K | 12x | as long as short |
edgeX TAOUSDC
Polymarket Perps TAO-USD
SunX TAO-USDT
HTX TAO-USDT
Aevo TAO-PERP
Katana Perps TAO-USD
Orderly PERP_TAO_USDC
GMX TAO/USD [WBTC.b-USDC]
Phemex TAOUSDT
Bullet TAO-USD
GRVT TAO_USDT_Perp
Kraken Futures PF_TAOUSD
Paradex TAO-USD-PERP
Aster TAOUSDT
BloFin TAO-USDT
ApeX Omni TAOUSDT
Bybit TAOUSDT
Pacifica TAO
BingX TAO-USDT
Phoenix TAO
Arcus TAO-USD
Nado TAO-PERP
Extended TAO-USD
01 Exchange TAOUSD
Reya TAORUSDPERP
Lighter TAO
Variational Omni TAO
Hyperliquid TAO
Coinbase International TAO-PERP-INTX
RISEx TAO/USDC
Injective TAO/USDC PERP