TAO

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0981%/8h= −107.4% APRnext payment −$1.23 per $10,000 · paid last 24h −0.049%

Price spread now: GMX against Backpack−0.197%7-day average −0.059% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Backpack Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.023%+$2 on $10k

Price spread, last 4 days (all we have)+0.528%+$53 · spread now −0.197%, 7d avg −0.059%

Together, before fees+0.551%+$55 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$29 a day on $10k at the current rate, and GMX is 0.138% cheaper against Backpack than usual: you would sell low and buy high (−$14 if the spread goes back to its 7-day average of −0.059%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid 0.023% in total (about 2.6% a year). A funding rate is set anew for every payment; at this rate the next one is about −$1.23 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	317.42	0.0869	pay 0.0109% / 1h	8m 19s	$315K	$927K	10x
Short	GMX TAO/USD [WBTC.b-USDC]	316.79	L +0.0157% / S +0.0112%	pay 0.0014% / 1h	8m 19s	$430K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX 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 GMXbpOrdersPrice spread, now −0.197%Rate

Funding earned: −$206.05
Price spread: −0.197% → −0.059%: −$13.84
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee GMX: 6 bp × 2 orders: −$12
Net: −$241.89
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: Backpack: live order book, 56 min ago; GMX: no order-book sample. Net counts fees only.

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, 56 min ago	2.19 bp	8.3 bp −$8	doesn't fit	doesn't fit	doesn't fit
Sell GMX no order-book sample	—	—	—	—	—

GMX: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	+2.442%	$172K	$1K	10x	as long as short
dYdX TAO-USD	0.0000%	1h	316.84	−0.183%	$126K	$85K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	316.82	−0.190%	$20K	—	150x	as long as short
Popdex TAOUSDT	+0.0096%	1h	317.12	−0.095%	$40K	$686K	20x	as long as short
Binance TAOUSDT	+0.0100%	4h	317.04	−0.118%	$92.1M	$490.4M	75x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	316.90	−0.164%	$26.1M	$120.1M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	316.70	−0.227%	$13.0M	$50.4M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	317.07	−0.110%	$104.0M	$144.0M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	317.02	−0.126%	$17.7M	$31.6M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	316.83	−0.186%	$35.4M	$55.7M	50x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
edgeX TAOUSDC	+0.0100%	4h	316.99	−0.136%	$36K	$302K	10x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	316.98	−0.139%	$88K	$796K	5x	as long as short
SunX TAO-USDT	+0.0100%	4h	317.22	−0.063%	$1K	$1.9M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	317.19	−0.072%	$128K	$483K	20x	as long as short
Aevo TAO-PERP	+0.0104%	1h	317.20	−0.069%	$174K	$998	3x	as long as short
Katana Perps TAO-USD	+0.0113%	8h	316.63	−0.249%	$673	$776K	5x	as long as short
Orderly PERP_TAO_USDC	+0.0126%	4h	316.73	−0.217%	$57K	$275K	10x	as long as short
GMX TAO/USD [WBTC.b-USDC]short	L +0.0157% / S +0.0112%	1h	316.79	−0.197%	$430K	—	100x
Bullet TAO-USD	+0.0160%	1h	317.02	−0.126%	$12K	$18K	20x	as long as short
Phemex TAOUSDT	+0.0167%	4h	317.35	−0.022%	$3.4M	$7.9M	50x	as long as short
GRVT TAO_USDT_Perp	+0.0192%	4h	318.34	+0.289%	$528K	$952K	10x	as long as short
Paradex TAO-USD-PERP	+0.0246%	8h	317.28	−0.045%	$14K	$1K	10x	as long as short
Kraken Futures PF_TAOUSD	+0.0247%	1h	317.17	−0.080%	$5.6M	$20.8M	50x	as long as short
Aster TAOUSDT	+0.0284%	4h	317.05	−0.117%	$1.2M	$10.1M	50x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0293%	1h	317.35	−0.024%	$15K	$1.6M	25x	as long as short
BloFin TAO-USDT	+0.0340%	4h	317.25	−0.054%	$4.6M	$11.3M	100x	as long as short
ApeX Omni TAOUSDT	+0.0371%	1h	316.95	−0.148%	$47K	$253K	50x	as long as short
Bybit TAOUSDT	+0.0399%	4h	317.12	−0.095%	$69.5M	$146.1M	50x	as long as short
Pacifica TAO	+0.0448%	1h	317.16	−0.083%	$373K	$413K	10x	as long as short
BingX TAO-USDT	+0.0448%	4h	316.99	−0.135%	—	$30.3M	—	as long as short
Phoenix TAO	+0.0504%	1h	317.70	+0.088%	$332K	$707K	5x	as long as short
Arcus TAO-USD	+0.0509%	1h	317.37	−0.016%	$100K	$488K	5x	as long as short
Nado TAO-PERP	+0.0587%	1h	316.99	−0.134%	$817K	$2.2M	10x	as long as short
Extended TAO-USD	+0.0648%	1h	316.83	−0.186%	$932K	$2.4M	25x	as long as short
01 Exchange TAOUSD	+0.0672%	1h	317.23	−0.060%	$3K	$4K	5x	as long as short
Reya TAORUSDPERP	+0.0696%	1h	316.89	−0.166%	$364	—	20x	as long as short
Lighter TAO	+0.0736%	1h	317.40	−0.008%	$1.6M	$6.4M	5x	as long as short
Variational Omni TAO	+0.0799%	4h	316.62	−0.251%	$5.9M	$9.8M	—	as long as short
Backpack TAO_USDC_PERPlong	+0.0869%	1h	317.42	long leg	$315K	$927K	10x
Hyperliquid TAO	+0.1006%	1h	317.28	−0.044%	$96.0M	$104.0M	5x	as long as short
Coinbase International TAO-PERP-INTX	+0.1024%	1h	317.97	+0.173%	$1.5M	$6.8M	50x	as long as short
RISEx TAO/USDC	+0.1159%	1h	317.17	−0.078%	$442K	$659K	5x	as long as short
Injective TAO/USDC PERP	+0.4172%	1h	321.62	+1.323%	$23K	$2K	12x	as long as short