TAO

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.2878%/8h= −315.1% APRnext payment −$3.60 per $10,000 · paid last 24h −0.353%

Price spread now: Bulk against Deribit−0.114%7-day average −0.130% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$37as in the Price arb table

costs, in and out, $10k−$390.390% of the position

Long on Deribit Short on Bulk

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.376%−$38 on $10k

Price spread, last 4 days (all we have)−0.189%−$19 · spread now −0.114%, 7d avg −0.130%

Together, before fees−0.565%−$57 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.130%, so right now this pair is about funding alone: −$86 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.376% in total (about -37.3% a year). A funding rate is set anew for every payment; at this rate the next one is about −$3.60 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	319.84	0.0883	pay 0.0110% / 1h	30m 10s	$16K	$1.9M	25x
Short	Bulk TAO-USD	319.47	−0.1995	pay 0.0249% / 1h	30m 10s	$170K	$333	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bulk 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 BulkbpOrdersPrice spread, now −0.114%Rate

Funding earned: −$604.34
Price spread: −0.114% → −0.130%: $1.62
Slippage, 4 orders: −$25.02
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Bulk: 3.5 bp × 2 orders: −$7
Net: −$641.75
Costs to cover: 0.390%
Break-even: never at this rate

Slippage from Deribit: live order book, 4 min ago; Bulk: live order book, 14 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, 4 min ago	11.24 bp	15.0 bp −$15	doesn't fit	doesn't fit	doesn't fit
Sell Bulk live order book, 14 min ago	0.16 bp	3.7 bp −$4	4.6 bp −$46	6.0 bp −$601	11.5 bp −$5,743

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-USDshort	−0.1995%	1h	319.47	−0.114%	$170K	$333	10x
dYdX TAO-USD	0.0000%	1h	319.13	−0.220%	$127K	$85K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0005%	1h	319.23	−0.190%	$22K	—	150x	as long as short
Popdex TAOUSDT	+0.0096%	1h	319.54	−0.092%	$42K	$706K	20x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	319.70	−0.042%	$26.7M	$129.8M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	319.50	−0.105%	$14.3M	$51.9M	50x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	319.84	+0.002%	$17.9M	$32.1M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	319.37	−0.145%	$35.9M	$58.4M	50x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	320.35	+0.161%	$45K	$259K	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	319.47	−0.114%	$96K	$1.2M	5x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX TAO-USDT	+0.0100%	4h	319.16	−0.211%	$1K	$2.0M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	319.05	−0.246%	$118K	$590K	20x	as long as short
Katana Perps TAO-USD	+0.0109%	8h	319.22	−0.192%	$1K	$1.0M	5x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0118% / S +0.0149%	1h	319.56	−0.086%	$427K	—	100x	as long as short
Aevo TAO-PERP	+0.0120%	1h	320.01	+0.055%	$176K	$998	3x	as long as short
Orderly PERP_TAO_USDC	+0.0122%	4h	319.82	−0.005%	$53K	$292K	10x	as long as short
edgeX TAOUSDC	+0.0161%	4h	320.34	+0.158%	$42K	$318K	10x	as long as short
MEXC TAO_USDT	+0.0168%	4h	319.70	−0.042%	$105.7M	$150.0M	300x	as long as short
Binance TAOUSDT	+0.0170%	4h	319.65	−0.058%	$92.5M	$529.1M	75x	as long as short
Paradex TAO-USD-PERP	+0.0263%	8h	319.31	−0.163%	$14K	$1K	10x	as long as short
Phemex TAOUSDT	+0.0315%	4h	320.13	+0.092%	$3.3M	$8.1M	50x	as long as short
Aster TAOUSDT	+0.0332%	4h	319.85	+0.006%	$1.3M	$10.9M	50x	as long as short
Bybit TAOUSDT	+0.0338%	4h	319.72	−0.036%	$70.0M	$156.2M	50x	as long as short
BingX TAO-USDT	+0.0350%	4h	319.91	+0.023%	—	$34.5M	—	as long as short
Bullet TAO-USD	+0.0389%	1h	319.87	+0.011%	$12K	$17K	20x	as long as short
GRVT TAO_USDT_Perp	+0.0396%	4h	320.22	+0.119%	$545K	$940K	10x	as long as short
BloFin TAO-USDT	+0.0409%	4h	319.67	−0.052%	$4.7M	$11.1M	100x	as long as short
Extended TAO-USD	+0.0464%	1h	319.82	−0.006%	$916K	$2.4M	25x	as long as short
Pacifica TAO	+0.0525%	1h	319.41	−0.134%	$364K	$423K	10x	as long as short
Variational Omni TAO	+0.0541%	4h	320.05	+0.067%	$5.7M	$10.2M	—	as long as short
Nado TAO-PERP	+0.0566%	1h	319.64	−0.060%	$798K	$2.1M	10x	as long as short
Phoenix TAO	+0.0567%	1h	319.20	−0.199%	$318K	$709K	5x	as long as short
Hyperliquid TAO	+0.0626%	1h	319.60	−0.074%	$94.4M	$110.3M	5x	as long as short
01 Exchange TAOUSD	+0.0632%	1h	319.76	−0.024%	$3K	$4K	5x	as long as short
Arcus TAO-USD	+0.0641%	1h	319.92	+0.027%	$103K	$394K	5x	as long as short
Backpack TAO_USDC_PERP	+0.0695%	1h	319.64	−0.061%	$298K	$905K	10x	as long as short
Reya TAORUSDPERP	+0.0698%	1h	319.63	−0.065%	$368	—	20x	as long as short
Lighter TAO	+0.0784%	1h	320.00	+0.052%	$1.5M	$6.7M	5x	as long as short
Deribit TAO_USDC-PERPETUALlong	+0.0883%	1h	319.84	long leg	$16K	$1.9M	25x
Coinbase International TAO-PERP-INTX	+0.0944%	1h	319.86	+0.008%	$1.5M	$6.8M	50x	as long as short
RISEx TAO/USDC	+0.1077%	1h	319.41	−0.132%	$457K	$666K	5x	as long as short
Kraken Futures PF_TAOUSD	+0.1154%	1h	319.95	+0.036%	$6.0M	$21.8M	50x	as long as short
Injective TAO/USDC PERP	+0.4723%	1h	323.44	+1.127%	$24K	$2K	12x	as long as short