TAO

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0576%/8h= +63.1% APRnext payment +$0.72 per $10,000 · paid last 24h +0.058%

Price spread now: Backpack against Deribit+0.024%7-day average +0.023% · you sell dearer than you buy

Net, funding: paid 7d − costs−$9as in the Funding arb table

Net, price: spread back to 7d avg − costs−$33as in the Price arb table

costs, in and out, $10k−$330.327% of the position

Long on Deribit Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.239%+$24 on $10k

Price spread, last 4 days (all we have)−0.058%−$6 · spread now +0.024%, 7d avg +0.023%

Together, before fees+0.182%+$18 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.023%, so right now this pair is about funding alone: +$17 a day on $10k at the current rate.

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 +$0.72 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	Deribit TAO_USDC-PERPETUAL	317.35	0.0293	pay 0.0037% / 1h	9m 05s	$15K	$1.6M	25x
Short	Backpack TAO_USDC_PERP	317.42	0.0869	get 0.0109% / 1h	9m 05s	$315K	$927K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Deribit. 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 DeribitbpFee BackpackbpOrdersPrice spread, now +0.024%Rate

Funding earned: $120.95
Price spread: +0.024% → +0.023%: $0.06
Slippage, 4 orders: −$15.71
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Backpack: 5 bp × 2 orders: −$10
Net: $88.3
Costs to cover: 0.327%
Break-even: 1.9 days

Slippage from Deribit: live order book, 5 min ago; Backpack: live order book, 55 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 Deribit live order book, 5 min ago	3.31 bp	8.7 bp −$9	17.9 bp −$179	doesn't fit	doesn't fit
Sell Backpack live order book, 55 min ago	2.19 bp	8.9 bp −$9	335.6 bp −$3,356	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	+2.466%	$172K	$1K	10x	as long as short
dYdX TAO-USD	0.0000%	1h	316.62	−0.229%	$126K	$85K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	317.09	−0.081%	$21K	—	150x	as long as short
Popdex TAOUSDT	+0.0096%	1h	317.17	−0.055%	$40K	$687K	20x	as long as short
Binance TAOUSDT	+0.0100%	4h	317.31	−0.012%	$92.3M	$490.4M	75x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	317.10	−0.077%	$26.1M	$120.3M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	317.10	−0.077%	$13.0M	$50.3M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	317.41	+0.020%	$103.0M	$143.8M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	317.29	−0.017%	$17.7M	$31.6M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	317.17	−0.055%	$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	−0.113%	$36K	$302K	10x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	317.06	−0.090%	$88K	$796K	5x	as long as short
SunX TAO-USDT	+0.0100%	4h	317.22	−0.040%	$1K	$1.9M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	317.19	−0.049%	$128K	$483K	20x	as long as short
Aevo TAO-PERP	+0.0104%	1h	317.33	−0.005%	$174K	$998	3x	as long as short
Katana Perps TAO-USD	+0.0113%	8h	316.77	−0.181%	$673	$776K	5x	as long as short
Orderly PERP_TAO_USDC	+0.0126%	4h	317.13	−0.068%	$57K	$275K	10x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0157% / S +0.0112%	1h	316.99	−0.112%	$430K	—	100x	as long as short
Phemex TAOUSDT	+0.0167%	4h	317.35	+0.001%	$3.4M	$7.9M	50x	as long as short
Bullet TAO-USD	+0.0168%	1h	317.17	−0.055%	$12K	$18K	20x	as long as short
GRVT TAO_USDT_Perp	+0.0192%	4h	318.34	+0.312%	$528K	$952K	10x	as long as short
Kraken Futures PF_TAOUSD	+0.0247%	1h	317.17	−0.056%	$5.6M	$20.8M	50x	as long as short
Paradex TAO-USD-PERP	+0.0249%	8h	317.18	−0.052%	$14K	$1K	10x	as long as short
Aster TAOUSDT	+0.0284%	4h	317.37	+0.006%	$1.2M	$10.1M	50x	as long as short
Deribit TAO_USDC-PERPETUALlong	+0.0293%	1h	317.35	long leg	$15K	$1.6M	25x
BloFin TAO-USDT	+0.0340%	4h	317.25	−0.030%	$4.6M	$11.3M	100x	as long as short
ApeX Omni TAOUSDT	+0.0371%	1h	316.95	−0.125%	$47K	$253K	50x	as long as short
Bybit TAOUSDT	+0.0406%	4h	317.39	+0.014%	$69.6M	$146.2M	50x	as long as short
Pacifica TAO	+0.0448%	1h	316.92	−0.133%	$373K	$413K	10x	as long as short
BingX TAO-USDT	+0.0448%	4h	317.30	−0.014%	—	$30.5M	—	as long as short
Phoenix TAO	+0.0504%	1h	317.70	+0.112%	$332K	$707K	5x	as long as short
Arcus TAO-USD	+0.0509%	1h	317.34	−0.002%	$100K	$488K	5x	as long as short
Nado TAO-PERP	+0.0598%	1h	317.12	−0.072%	$817K	$2.2M	10x	as long as short
Extended TAO-USD	+0.0648%	1h	317.21	−0.044%	$932K	$2.4M	25x	as long as short
01 Exchange TAOUSD	+0.0688%	1h	317.02	−0.103%	$3K	$4K	5x	as long as short
Reya TAORUSDPERP	+0.0696%	1h	317.06	−0.088%	$365	—	20x	as long as short
Lighter TAO	+0.0736%	1h	317.67	+0.102%	$1.6M	$6.4M	5x	as long as short
Variational Omni TAO	+0.0799%	4h	316.62	−0.228%	$5.9M	$9.8M	—	as long as short
Backpack TAO_USDC_PERPshort	+0.0869%	1h	317.42	+0.024%	$315K	$927K	10x
Hyperliquid TAO	+0.1019%	1h	317.49	+0.046%	$96.1M	$104.0M	5x	as long as short
Coinbase International TAO-PERP-INTX	+0.1024%	1h	317.97	+0.197%	$1.5M	$6.8M	50x	as long as short
RISEx TAO/USDC	+0.1159%	1h	317.07	−0.085%	$445K	$657K	5x	as long as short
Injective TAO/USDC PERP	+0.4172%	1h	321.62	+1.347%	$23K	$2K	12x	as long as short