TAO

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0624%/8h= −68.4% APRnext payment −$0.78 per $10,000 · paid last 24h −0.163%

Price spread now: Kraken Futures against Coinbase International−0.157%7-day average −0.136% · you buy dearer than you sell

Net, funding: paid 7d − costs−$83as in the Funding arb table

Net, price: spread back to 7d avg − costs−$51as in the Price arb table

costs, in and out, $10k−$490.486% of the position

Long on Coinbase International Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days−0.348%−$35 on $10k

Price spread, last 4 days (all we have)+0.049%+$5 · spread now −0.157%, 7d avg −0.136%

Together, before fees−0.299%−$30 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$19 a day on $10k at the current rate, and Kraken Futures is 0.022% cheaper against Coinbase International than usual: you would sell low and buy high (−$2 if the spread goes back to its 7-day average of −0.136%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.348% in total (about -18.2% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.78 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	Coinbase International TAO-PERP-INTX	314.47	0.0928	pay 0.0116% / 1h	45m 27s	$1.5M	$6.8M	50x
Short	Kraken Futures PF_TAOUSD	313.98	0.0304	get 0.0038% / 1h	45m 27s	$5.7M	$21.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Coinbase International. 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 Coinbase InternationalbpFee Kraken FuturesbpOrdersPrice spread, now −0.157%Rate

Funding earned: −$131.14
Price spread: −0.157% → −0.136%: −$2.18
Slippage, 4 orders: −$28.61
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$181.93
Costs to cover: 0.486%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 4 min ago; Kraken Futures: live order book, 4 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 Coinbase International live order book, 4 min ago	7.33 bp	12.3 bp −$12	17.8 bp −$178	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 4 min ago	4.47 bp	12.9 bp −$13	25.6 bp −$256	116.1 bp −$11.6K	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
dYdX TAO-USD	0.0000%	1h	313.73	−0.235%	$125K	$85K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0003%	1h	313.82	−0.205%	$22K	—	150x	as long as short
Katana Perps TAO-USD	+0.0100%	8h	314.16	−0.099%	$643	$890K	5x	as long as short
Binance TAOUSDT	+0.0100%	4h	314.12	−0.111%	$89.8M	$505.3M	75x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	314.00	−0.149%	$26.2M	$122.3M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	314.00	−0.149%	$13.7M	$50.5M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	314.35	−0.038%	$105.2M	$144.7M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	314.03	−0.140%	$17.5M	$31.4M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	313.95	−0.165%	$35.4M	$56.9M	50x	as long as short
edgeX TAOUSDC	+0.0100%	4h	313.67	−0.253%	$41K	$315K	10x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Polymarket Perps TAO-USD	+0.0100%	1h	313.97	−0.159%	$81K	$910K	5x	as long as short
SunX TAO-USDT	+0.0100%	4h	313.51	−0.305%	$1K	$1.9M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	313.20	−0.404%	$111K	$545K	20x	as long as short
Aevo TAO-PERP	+0.0104%	1h	313.69	−0.248%	$172K	$998	3x	as long as short
Orderly PERP_TAO_USDC	+0.0123%	4h	313.93	−0.172%	$52K	$290K	10x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0132% / S +0.0137%	1h	313.32	−0.366%	$420K	—	100x	as long as short
Bulk TAO-USD	+0.0138%	1h	312.42	−0.651%	$166K	$333	10x	as long as short
Aster TAOUSDT	+0.0166%	4h	313.97	−0.159%	$1.3M	$10.5M	50x	as long as short
Pacifica TAO	+0.0233%	1h	314.32	−0.048%	$358K	$419K	10x	as long as short
Paradex TAO-USD-PERP	+0.0239%	8h	314.24	−0.073%	$14K	$1K	10x	as long as short
Nado TAO-PERP	+0.0253%	1h	314.23	−0.077%	$781K	$2.2M	10x	as long as short
Popdex TAOUSDT	+0.0280%	1h	314.30	−0.054%	$49K	$662K	20x	as long as short
GRVT TAO_USDT_Perp	+0.0286%	4h	313.59	−0.279%	$533K	$942K	10x	as long as short
Kraken Futures PF_TAOUSDshort	+0.0304%	1h	313.98	−0.157%	$5.7M	$21.1M	50x
Phemex TAOUSDT	+0.0314%	4h	313.65	−0.261%	$3.2M	$7.9M	50x	as long as short
ApeX Omni TAOUSDT	+0.0317%	1h	313.78	−0.219%	$44K	$256K	50x	as long as short
Bullet TAO-USD	+0.0335%	1h	314.27	−0.064%	$12K	$17K	20x	as long as short
BloFin TAO-USDT	+0.0340%	4h	313.60	−0.277%	$4.5M	$10.8M	100x	as long as short
BingX TAO-USDT	+0.0384%	4h	314.10	−0.118%	—	$33.7M	—	as long as short
Variational Omni TAO	+0.0390%	4h	313.71	−0.242%	$5.5M	$10.1M	—	as long as short
Extended TAO-USD	+0.0408%	1h	314.18	−0.092%	$905K	$2.4M	25x	as long as short
Bybit TAOUSDT	+0.0415%	4h	314.10	−0.118%	$68.1M	$151.4M	50x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0423%	1h	313.54	−0.294%	$11K	$1.8M	25x	as long as short
Arcus TAO-USD	+0.0483%	1h	314.53	+0.019%	$101K	$370K	5x	as long as short
Phoenix TAO	+0.0513%	1h	314.00	−0.149%	$312K	$713K	5x	as long as short
Reya TAORUSDPERP	+0.0697%	1h	314.01	−0.145%	$361	—	20x	as long as short
Hyperliquid TAO	+0.0750%	1h	314.36	−0.035%	$92.0M	$108.5M	5x	as long as short
Backpack TAO_USDC_PERP	+0.0799%	1h	313.84	−0.200%	$310K	$886K	10x	as long as short
01 Exchange TAOUSD	+0.0800%	1h	314.69	+0.070%	$3K	$4K	5x	as long as short
Lighter TAO	+0.0888%	1h	314.53	+0.019%	$1.5M	$6.5M	5x	as long as short
Coinbase International TAO-PERP-INTXlong	+0.0928%	1h	314.47	long leg	$1.5M	$6.8M	50x
RISEx TAO/USDC	+0.0948%	1h	314.24	−0.074%	$453K	$651K	5x	as long as short
Injective TAO/USDC PERP	+0.3711%	1h	316.07	+0.509%	$23K	$2K	12x	as long as short