Funding you earn now, next payment 02:00 UTC−0.1822%/8h= −199.5% APRnext payment −$2.28 per $10,000 · paid last 24h +0.366%
Price spread now: Backpack against Bulk+1.970%7-day average +0.144% · you sell dearer than you buy
Net, funding: paid 7d − costs—under 7 days of funding history
Net, price: spread back to 7d avg − costs+$154as in the Price arb table
costs, in and out, $10k−$280.283% of the position
Funding, last 3 days (all we have)+0.425%+$42 on $10k
+Price spread, last 4 days (all we have)−1.836%−$184 · spread now +1.970%, 7d avg +0.144%
=The price spread pays, funding is against you. Backpack is 1.826% dearer against Bulk than usual: you sell high and buy low (spread +1.970% now, against its 7-day average of +0.144%): +$183 on $10k if it goes back. Holding the pair costs −$55 a day in funding at the current rate, which eats that in about 3.3 days. Mind the row above: over the last 3 days funding on this pair paid +0.425%, so the current rate has only just turned against you.
The current funding rate is far above what this pair has been paying: over the last 3 days it paid 0.425% in total (about 44.5% a year). A funding rate is set anew for every payment; at this rate the next one is about −$2.28 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 | Bulk TAO-USD | 308.95 | 0.2752 | pay 0.0344% / 1h | 21m 10s | $164K | $40K | 10x |
| Short | Backpack TAO_USDC_PERP | 315.03 | 0.0930 | get 0.0116% / 1h | 21m 10s | $318K | $814K | 10x |
Bulk TAO-USD
Backpack TAO_USDC_PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Backpack against Bulk. 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
- −$382.63
- Price spread: +1.970% → +0.144%
- $182.58
- Slippage, 4 orders
- −$11.34
- Fee Bulk: 3.5 bp × 2 orders
- −$7
- Fee Backpack: 5 bp × 2 orders
- −$10
- Net
- −$228.38
- Costs to cover
- 0.283%
- Break-even
- from the start
Slippage from Bulk: live order book, 48 min ago; Backpack: live order book, 48 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 Bulk live order book, 48 min ago | 0.16 bp | 4.3 bp −$4 | 5.0 bp −$50 | 21.1 bp −$2,113 | 47.3 bp −$23.6K |
| Sell Backpack live order book, 48 min ago | 0.16 bp | 13.4 bp −$13 | 26.0 bp −$260 | 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 | 315.25 | +2.040% | $126K | $84K | 5x | as long as short |
| gTrade (Gains Network) TAO/USD | L +0.0004% / S −0.0004% | 1h | 315.27 | +2.047% | $10K | — | 150x | as long as short |
| Popdex TAOUSDT | +0.0096% | 1h | 315.58 | +2.148% | $40K | $633K | 20x | as long as short |
| Binance TAOUSDT | +0.0100% | 4h | 314.98 | +1.953% | $90.4M | $466.4M | 75x | as long as short |
| OKX TAO-USDT-SWAP | +0.0100% | 8h | 314.90 | +1.928% | $26.1M | $112.7M | 50x | as long as short |
| Gate TAO_USDT | +0.0100% | 4h | 315.40 | +2.089% | $12.9M | $50.4M | 50x | as long as short |
| MEXC TAO_USDT | +0.0100% | 4h | 314.94 | +1.940% | $111.1M | $139.2M | 300x | as long as short |
| KuCoin TAOUSDTM | +0.0100% | 4h | 315.12 | +1.999% | $18.0M | $30.2M | 75x | as long as short |
| Bitget TAOUSDT | +0.0100% | 4h | 314.78 | +1.889% | $35.1M | $53.6M | 50x | as long as short |
| edgeX TAOUSDC | +0.0100% | 4h | 316.56 | +2.466% | $35K | $299K | 10x | as long as short |
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 TAOUSDT
edgeX TAOUSDCShow all 42 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| ApeX Omni TAOUSDT | +0.0100% | 1h | 316.92 | +2.581% | $47K | $252K | 50x | as long as short |
| Orderly PERP_TAO_USDC | +0.0100% | 4h | 315.53 | +2.131% | $57K | $282K | 10x | as long as short |
| SunX TAO-USDT | +0.0100% | 4h | 315.39 | +2.086% | $2K | $1.9M | 20x | as long as short |
| HTX TAO-USDT | +0.0100% | 4h | 314.75 | +1.879% | $129K | $471K | 20x | as long as short |
| Phemex TAOUSDT | +0.0100% | 4h | 314.71 | +1.866% | $3.4M | $7.9M | 50x | as long as short |
| Aevo TAO-PERP | +0.0104% | 1h | 315.79 | +2.214% | $173K | $998 | 3x | as long as short |
| Katana Perps TAO-USD | +0.0119% | 8h | 315.48 | +2.115% | $2K | $708K | 5x | as long as short |
| Polymarket Perps TAO-USD | +0.0131% | 1h | 315.72 | +2.193% | $81K | $681K | 5x | as long as short |
| Kraken Futures PF_TAOUSD | +0.0168% | 1h | 315.30 | +2.057% | $5.6M | $20.5M | 50x | as long as short |
| GMX TAO/USD [WBTC.b-USDC] | L +0.0168% / S +0.0098% | 1h | 315.32 | +2.064% | $431K | — | 100x | as long as short |
| GRVT TAO_USDT_Perp | +0.0174% | 4h | 317.11 | +2.644% | $523K | $954K | 10x | as long as short |
| Bullet TAO-USD | +0.0244% | 1h | 315.77 | +2.209% | $12K | $17K | 20x | as long as short |
| Aster TAOUSDT | +0.0260% | 4h | 315.51 | +2.126% | $1.3M | $9.4M | 50x | as long as short |
| Pacifica TAO | +0.0285% | 1h | 315.67 | +2.177% | $371K | $381K | 10x | as long as short |
| Arcus TAO-USD | +0.0337% | 1h | 315.78 | +2.212% | $99K | $529K | 5x | as long as short |
| Paradex TAO-USD-PERP | +0.0359% | 8h | 315.39 | +2.086% | $14K | $1K | 10x | as long as short |
| Deribit TAO_USDC-PERPETUAL | +0.0427% | 1h | 315.31 | +2.062% | $23K | $1.5M | 25x | as long as short |
| Injective TAO/USDC PERP | +0.0470% | 1h | 318.67 | +3.148% | $23K | $2K | 12x | as long as short |
| Nado TAO-PERP | +0.0516% | 1h | 315.64 | +2.167% | $788K | $2.1M | 10x | as long as short |
| Phoenix TAO | +0.0588% | 1h | 317.30 | +2.704% | $332K | $681K | 5x | as long as short |
| 01 Exchange TAOUSD | +0.0672% | 1h | 315.79 | +2.216% | $3K | $4K | 5x | as long as short |
| Reya TAORUSDPERP | +0.0696% | 1h | 315.79 | +2.217% | $363 | — | 20x | as long as short |
| BingX TAO-USDT | +0.0780% | 4h | 314.94 | +1.940% | — | $30.9M | — | as long as short |
| Variational Omni TAO | +0.0822% | 4h | 315.55 | +2.139% | $5.5M | $8.9M | — | as long as short |
| Bybit TAOUSDT | +0.0845% | 4h | 315.03 | +1.970% | $66.1M | $137.9M | 50x | as long as short |
| Extended TAO-USD | +0.0912% | 1h | 315.42 | +2.094% | $909K | $2.3M | 25x | as long as short |
| Backpack TAO_USDC_PERPshort | +0.0930% | 1h | 315.03 | +1.970% | $318K | $814K | 10x | |
| Coinbase International TAO-PERP-INTX | +0.1024% | 1h | 316.39 | +2.410% | $1.5M | $6.5M | 50x | as long as short |
| RISEx TAO/USDC | +0.1132% | 1h | 315.45 | +2.106% | $450K | $631K | 5x | as long as short |
| Hyperliquid TAO | +0.1312% | 1h | 316.32 | +2.387% | $100.3M | $94.8M | 5x | as long as short |
| Lighter TAO | +0.1408% | 1h | 315.37 | +2.080% | $1.6M | $6.1M | 5x | as long as short |
| Bulk TAO-USDlong | +0.2752% | 1h | 308.95 | long leg | $164K | $40K | 10x |
ApeX Omni TAOUSDT
Orderly PERP_TAO_USDC
SunX TAO-USDT
HTX TAO-USDT
Phemex TAOUSDT
Aevo TAO-PERP
Katana Perps TAO-USD
Polymarket Perps TAO-USD
Kraken Futures PF_TAOUSD
GMX TAO/USD [WBTC.b-USDC]
GRVT TAO_USDT_Perp
Bullet TAO-USD
Aster TAOUSDT
Pacifica TAO
Arcus TAO-USD
Paradex TAO-USD-PERP
Deribit TAO_USDC-PERPETUAL
Injective TAO/USDC PERP
Nado TAO-PERP
Phoenix TAO
01 Exchange TAOUSD
Reya TAORUSDPERP
BingX TAO-USDT
Variational Omni TAO
Bybit TAOUSDT
Extended TAO-USD
Coinbase International TAO-PERP-INTX
RISEx TAO/USDC
Hyperliquid TAO
Lighter TAO