TAO

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.2883%/8h= −315.6% APRnext payment −$3.60 per $10,000 · paid last 24h −0.597%

Price spread now: Backpack against Injective−1.092%72s7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Injective Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−3.379%−$338 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$86 a day on $10k at the current rate, and Backpack is 1.092% cheaper against Injective than usual: you would sell low and buy high (−$109 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 72 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	Injective TAO/USDC PERP	317.66	0.3711	pay 0.0464% / 1h	33m 35s	$23K	$2K	12x
Short	Backpack TAO_USDC_PERP	314.19	0.0829	get 0.0104% / 1h	33m 35s	$310K	$889K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Injective. 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 InjectivebpFee BackpackbpOrdersPrice spread, now −1.092%Rate

Funding earned: −$605.35
Price spread: −1.092% → 0.000%: −$109.24
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$724.61
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: Injective: no order-book sample; Backpack: live order book, 15 min ago. Net counts fees only.

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 Injective no order-book sample	—	—	—	—	—
Sell Backpack live order book, 15 min ago	0.32 bp	5.7 bp −$6	19.2 bp −$192	doesn't fit	doesn't fit

Injective: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	314.03	−1.144%	$20K	—	150x	as long as short
dYdX TAO-USD	+0.0038%	1h	313.17	−1.413%	$125K	$85K	5x	as long as short
Binance TAOUSDT	+0.0100%	4h	313.52	−1.304%	$89.9M	$507.7M	75x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	313.10	−1.435%	$26.2M	$122.0M	50x	as long as short
Bulk TAO-USD	+0.0100%	1h	314.32	−1.051%	$167K	$333	10x	as long as short
Gate TAO_USDT	+0.0100%	4h	312.90	−1.498%	$13.8M	$50.8M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	313.62	−1.272%	$107.3M	$145.5M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	313.47	−1.319%	$17.3M	$31.4M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	313.13	−1.426%	$35.2M	$57.1M	50x	as long as short
edgeX TAOUSDC	+0.0100%	4h	313.69	−1.251%	$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	314.32	−1.051%	$90K	$920K	5x	as long as short
SunX TAO-USDT	+0.0100%	4h	313.97	−1.162%	$2K	$1.9M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	314.24	−1.077%	$113K	$553K	20x	as long as short
Katana Perps TAO-USD	+0.0103%	8h	313.45	−1.325%	$642	$907K	5x	as long as short
Aevo TAO-PERP	+0.0104%	1h	314.42	−1.022%	$173K	$998	3x	as long as short
Orderly PERP_TAO_USDC	+0.0124%	4h	314.24	−1.077%	$52K	$290K	10x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0130% / S +0.0139%	1h	313.92	−1.176%	$421K	—	100x	as long as short
Phemex TAOUSDT	+0.0135%	4h	314.22	−1.083%	$3.2M	$8.0M	50x	as long as short
Popdex TAOUSDT	+0.0160%	1h	313.33	−1.363%	$49K	$665K	20x	as long as short
Aster TAOUSDT	+0.0196%	4h	313.64	−1.266%	$1.3M	$10.6M	50x	as long as short
Pacifica TAO	+0.0233%	1h	313.63	−1.270%	$357K	$419K	10x	as long as short
Nado TAO-PERP	+0.0256%	1h	314.67	−0.940%	$777K	$2.2M	10x	as long as short
Paradex TAO-USD-PERP	+0.0263%	8h	313.58	−1.284%	$14K	$1K	10x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0296%	1h	314.13	−1.111%	$10K	$1.8M	25x	as long as short
Kraken Futures PF_TAOUSD	+0.0303%	1h	314.38	−1.033%	$5.9M	$21.4M	50x	as long as short
GRVT TAO_USDT_Perp	+0.0306%	4h	313.96	−1.164%	$533K	$935K	10x	as long as short
Bullet TAO-USD	+0.0333%	1h	314.35	−1.042%	$12K	$17K	20x	as long as short
ApeX Omni TAOUSDT	+0.0338%	1h	313.52	−1.303%	$44K	$257K	50x	as long as short
BloFin TAO-USDT	+0.0340%	4h	315.94	−0.541%	$4.6M	$11.0M	100x	as long as short
BingX TAO-USDT	+0.0426%	4h	313.14	−1.423%	—	$33.7M	—	as long as short
Variational Omni TAO	+0.0431%	4h	314.95	−0.854%	$5.5M	$10.1M	—	as long as short
Extended TAO-USD	+0.0456%	1h	313.09	−1.439%	$900K	$2.4M	25x	as long as short
Bybit TAOUSDT	+0.0464%	4h	313.68	−1.253%	$68.1M	$152.3M	50x	as long as short
Arcus TAO-USD	+0.0483%	1h	313.75	−1.231%	$101K	$370K	5x	as long as short
Phoenix TAO	+0.0513%	1h	314.00	−1.152%	$312K	$713K	5x	as long as short
Reya TAORUSDPERP	+0.0697%	1h	314.43	−1.016%	$362	—	20x	as long as short
01 Exchange TAOUSD	+0.0768%	1h	313.55	−1.294%	$3K	$4K	5x	as long as short
Hyperliquid TAO	+0.0795%	1h	313.85	−1.199%	$91.8M	$108.8M	5x	as long as short
Lighter TAO	+0.0800%	1h	313.84	−1.203%	$1.5M	$6.6M	5x	as long as short
Backpack TAO_USDC_PERPshort	+0.0829%	1h	314.19	−1.092%	$310K	$889K	10x
Coinbase International TAO-PERP-INTX	+0.0928%	1h	316.22	−0.453%	$1.5M	$6.8M	50x	as long as short
RISEx TAO/USDC	+0.0948%	1h	313.69	−1.251%	$455K	$648K	5x	as long as short
Injective TAO/USDC PERPlong	+0.3711%	1h	317.66	long leg	$23K	$2K	12x