TAO

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0160%/8h= +17.5% APRnext payment +$0.20 per $10,000 · paid last 24h +0.092%

Price spread now: Phoenix against Deribit−0.020%50s7-day average +0.105% · you buy dearer than you sell

Net, funding: paid 7d − costs−$32as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$670.672% of the position

Long on Deribit Short on Phoenix

What this pair did over the last

the charts below follow

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

Price spread, last 3 days (all we have)−0.002%$0 · spread now −0.020%, 7d avg +0.105%

Together, before fees+0.346%+$35 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phoenix is 0.126% cheaper against Deribit than usual: you would sell low and buy high (spread −0.020% now, against its 7-day average of +0.105%). If the spread goes back, that is −$13 on $10k: about 2.6 days of funding at the current rate (+$5 a day). The two prices were read 50 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit TAO_USDC-PERPETUAL	312.66	0.0377	pay 0.0047% / 1h	45m 32s	$21K	$1.4M	25x
Short	Phoenix TAO	312.60	0.0537	get 0.0067% / 1h	45m 32s	$327K	$521K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now −0.020%Rate

Funding earned: $33.65
Price spread: −0.020% → +0.105%: −$12.56
Slippage, 4 orders: −$53.17
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$46.07
Costs to cover: 0.672%
Break-even: 16.6 days

Slippage from Deribit: live order book, 3 min ago; Phoenix: live order book, 32 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, 3 min ago	4.30 bp	15.0 bp −$15	doesn't fit	doesn't fit	doesn't fit
Sell Phoenix live order book, 32 min ago	3.27 bp	18.9 bp −$19	24.6 bp −$246	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	−0.4722%	1h	314.01	+0.431%	$168K	$48K	10x	as long as short
dYdX TAO-USD	0.0000%	1h	312.51	−0.048%	$125K	$88K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	312.67	+0.002%	$21K	—	150x	as long as short
Injective TAO/USDC PERP	+0.0033%	1h	314.39	+0.552%	$23K	$260	12x	as long as short
Popdex TAOUSDT	+0.0096%	1h	312.94	+0.088%	$40K	$549K	20x	as long as short
Pacifica TAO	+0.0100%	1h	312.88	+0.069%	$370K	$372K	10x	as long as short
Binance TAOUSDT	+0.0100%	4h	312.95	+0.092%	$88.6M	$423.5M	75x	as long as short
Bybit TAOUSDT	+0.0100%	4h	312.97	+0.098%	$61.4M	$123.6M	50x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	312.90	+0.076%	$25.1M	$100.1M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	312.60	−0.020%	$12.7M	$49.1M	50x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC TAO_USDT	+0.0100%	4h	312.75	+0.028%	$119.6M	$127.3M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	312.98	+0.101%	$19.0M	$27.7M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	312.64	−0.007%	$35.0M	$46.3M	50x	as long as short
BingX TAO-USDT	+0.0100%	4h	312.87	+0.066%	—	$30.2M	—	as long as short
edgeX TAOUSDC	+0.0100%	4h	313.65	+0.314%	$41K	$280K	10x	as long as short
GRVT TAO_USDT_Perp	+0.0100%	4h	314.17	+0.483%	$519K	$950K	10x	as long as short
Orderly PERP_TAO_USDC	+0.0100%	4h	312.65	−0.004%	$60K	$276K	10x	as long as short
SunX TAO-USDT	+0.0100%	4h	312.57	−0.030%	$1K	$1.8M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	312.67	+0.002%	$128K	$394K	20x	as long as short
Phemex TAOUSDT	+0.0100%	4h	312.20	−0.148%	$3.3M	$7.9M	50x	as long as short
Aevo TAO-PERP	+0.0104%	1h	312.81	+0.048%	$172K	$998	3x	as long as short
Katana Perps TAO-USD	+0.0110%	8h	312.89	+0.072%	$828	$539K	5x	as long as short
Polymarket Perps TAO-USD	+0.0137%	1h	312.93	+0.085%	$77K	$522K	5x	as long as short
Bullet TAO-USD	+0.0150%	1h	312.91	+0.078%	$11K	$17K	20x	as long as short
Variational Omni TAO	+0.0173%	4h	313.59	+0.295%	$3.8M	$6.9M	—	as long as short
Arcus TAO-USD	+0.0186%	1h	313.20	+0.172%	$83K	$626K	5x	as long as short
Paradex TAO-USD-PERP	+0.0187%	8h	312.83	+0.052%	$14K	$1K	10x	as long as short
Aster TAOUSDT	+0.0206%	4h	312.91	+0.079%	$1.1M	$7.8M	50x	as long as short
ApeX Omni TAOUSDT	+0.0212%	1h	314.14	+0.472%	$47K	$270K	50x	as long as short
BloFin TAO-USDT	+0.0340%	4h	313.41	+0.239%	$4.3M	$9.7M	100x	as long as short
Deribit TAO_USDC-PERPETUALlong	+0.0377%	1h	312.66	long leg	$21K	$1.4M	25x
Kraken Futures PF_TAOUSD	+0.0449%	1h	312.67	+0.002%	$5.8M	$19.8M	50x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0475% / S −0.0175%	1h	312.69	+0.010%	$448K	—	100x	as long as short
Nado TAO-PERP	+0.0532%	1h	312.99	+0.104%	$833K	$2.0M	10x	as long as short
Phoenix TAOshort	+0.0537%	1h	312.60	−0.020%	$327K	$521K	5x
Backpack TAO_USDC_PERP	+0.0571%	1h	312.11	−0.177%	$299K	$798K	10x	as long as short
Reya TAORUSDPERP	+0.0695%	1h	312.79	+0.039%	$360	—	20x	as long as short
01 Exchange TAOUSD	+0.0808%	1h	313.23	+0.181%	$3K	$4K	5x	as long as short
Extended TAO-USD	+0.0864%	1h	312.84	+0.056%	$864K	$2.1M	25x	as long as short
Coinbase International TAO-PERP-INTX	+0.0960%	1h	314.43	+0.565%	$1.5M	$5.7M	50x	as long as short
RISEx TAO/USDC	+0.1238%	1h	313.11	+0.143%	$431K	$536K	5x	as long as short
Lighter TAO	+0.1472%	1h	313.47	+0.258%	$1.6M	$5.8M	5x	as long as short
Hyperliquid TAO	+0.2117%	1h	313.43	+0.245%	$98.2M	$82.9M	5x	as long as short