Funding you earn now, next payment 06:00 UTC+0.0556%/8h= +60.9% APRnext payment +$0.69 per $10,000 · paid last 24h −0.011%
Price spread now: Backpack against Kraken Futures−0.026%7-day average −0.001% · you buy dearer than you sell
Net, funding: paid 7d − costs−$64as in the Funding arb table
Net, price: spread back to 7d avg − costs−$53as in the Price arb table
costs, in and out, $10k−$500.501% of the position
Funding, last 7 days−0.137%−$14 on $10k
+Price spread, last 4 days (all we have)+0.012%+$1 · spread now −0.026%, 7d avg −0.001%
=Funding pays, the price is against you. Backpack is 0.024% cheaper against Kraken Futures than usual: you would sell low and buy high (spread −0.026% now, against its 7-day average of −0.001%). If the spread goes back, that is −$2 on $10k: about 3 hours of funding at the current rate (+$17 a day). Mind the row above: over the last 7 days funding on this pair cost −0.137%, so the current rate has only just turned in your favour.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.137% in total (about -7.1% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.69 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 | Kraken Futures PF_TAOUSD | 324.15 | 0.0294 | pay 0.0037% / 1h | 2m 51s | $6.1M | $21.6M | 50x |
| Short | Backpack TAO_USDC_PERP | 324.07 | 0.0850 | get 0.0106% / 1h | 2m 51s | $321K | $894K | 10x |
Kraken Futures PF_TAOUSD
Backpack TAO_USDC_PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Backpack against Kraken Futures. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- $116.75
- Price spread: −0.026% → −0.001%
- −$2.43
- Slippage, 4 orders
- −$30.14
- Fee Kraken Futures: 5 bp × 2 orders
- −$10
- Fee Backpack: 5 bp × 2 orders
- −$10
- Net
- $64.18
- Costs to cover
- 0.501%
- Break-even
- 3.2 days
Slippage from Kraken Futures: live order book, 1 min ago; Backpack: live order book, 46 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 Kraken Futures live order book, 1 min ago | 6.80 bp | 19.6 bp −$20 | 28.6 bp −$286 | 89.9 bp −$8,989 | doesn't fit |
| Sell Backpack live order book, 46 min ago | 0.32 bp | 5.7 bp −$6 | 19.2 bp −$192 | 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 | −0.1195% | 1h | 319.01 | −1.586% | $169K | $333 | 10x | as long as short |
| gTrade (Gains Network) TAO/USD | L +0.0004% / S −0.0004% | 1h | 323.17 | −0.305% | $21K | — | 150x | as long as short |
| dYdX TAO-USD | +0.0027% | 1h | 323.34 | −0.252% | $129K | $85K | 5x | as long as short |
| OKX TAO-USDT-SWAP | +0.0100% | 8h | 324.30 | +0.045% | $27.0M | $129.2M | 50x | as long as short |
| Gate TAO_USDT | +0.0100% | 4h | 323.60 | −0.171% | $14.3M | $52.2M | 50x | as long as short |
| KuCoin TAOUSDTM | +0.0100% | 4h | 323.89 | −0.081% | $17.8M | $31.7M | 75x | as long as short |
| Bitget TAOUSDT | +0.0100% | 4h | 324.20 | +0.014% | $36.6M | $57.7M | 50x | as long as short |
| Polymarket Perps TAO-USD | +0.0100% | 1h | 323.42 | −0.226% | $83K | $971K | 5x | as long as short |
| SunX TAO-USDT | +0.0100% | 4h | 323.08 | −0.331% | $1K | $2.0M | 20x | as long as short |
| HTX TAO-USDT | +0.0100% | 4h | 323.18 | −0.300% | $118K | $566K | 20x | as long as short |
Bulk TAO-USD
gTrade (Gains Network) TAO/USD
dYdX TAO-USD
OKX TAO-USDT-SWAP
Gate TAO_USDT
KuCoin TAOUSDTM
Bitget TAOUSDT
Polymarket Perps TAO-USD
SunX TAO-USDT
HTX TAO-USDTShow all 43 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Phemex TAOUSDT | +0.0100% | 4h | 323.80 | −0.109% | $3.3M | $8.1M | 50x | as long as short |
| Popdex TAOUSDT | +0.0104% | 1h | 323.44 | −0.220% | $41K | $687K | 20x | as long as short |
| Katana Perps TAO-USD | +0.0110% | 8h | 323.30 | −0.263% | $3K | $962K | 5x | as long as short |
| Aevo TAO-PERP | +0.0112% | 1h | 323.62 | −0.164% | $178K | $998 | 3x | as long as short |
| Orderly PERP_TAO_USDC | +0.0119% | 4h | 323.53 | −0.192% | $53K | $291K | 10x | as long as short |
| edgeX TAOUSDC | +0.0124% | 4h | 323.29 | −0.265% | $43K | $316K | 10x | as long as short |
| GMX TAO/USD [WBTC.b-USDC] | L +0.0125% / S +0.0143% | 1h | 323.07 | −0.334% | $435K | — | 100x | as long as short |
| MEXC TAO_USDT | +0.0144% | 4h | 323.91 | −0.075% | $103.8M | $149.1M | 300x | as long as short |
| Binance TAOUSDT | +0.0144% | 4h | 324.22 | +0.019% | $93.7M | $518.0M | 75x | as long as short |
| Pacifica TAO | +0.0233% | 1h | 323.54 | −0.189% | $368K | $421K | 10x | as long as short |
| Kraken Futures PF_TAOUSDlong | +0.0294% | 1h | 324.15 | long leg | $6.1M | $21.6M | 50x | |
| Nado TAO-PERP | +0.0295% | 1h | 323.33 | −0.255% | $816K | $2.2M | 10x | as long as short |
| Paradex TAO-USD-PERP | +0.0295% | 8h | 323.38 | −0.240% | $15K | $1K | 10x | as long as short |
| Aster TAOUSDT | +0.0305% | 4h | 324.14 | −0.004% | $1.3M | $10.8M | 50x | as long as short |
| Bullet TAO-USD | +0.0323% | 1h | 323.46 | −0.213% | $12K | $17K | 20x | as long as short |
| Deribit TAO_USDC-PERPETUAL | +0.0363% | 1h | 323.48 | −0.207% | $24K | $1.9M | 25x | as long as short |
| BloFin TAO-USDT | +0.0384% | 4h | 323.38 | −0.239% | $4.6M | $11.2M | 100x | as long as short |
| BingX TAO-USDT | +0.0418% | 4h | 323.86 | −0.091% | — | $34.0M | — | as long as short |
| Bybit TAOUSDT | +0.0441% | 4h | 324.59 | +0.135% | $71.2M | $154.7M | 50x | as long as short |
| GRVT TAO_USDT_Perp | +0.0468% | 4h | 322.01 | −0.660% | $549K | $948K | 10x | as long as short |
| Arcus TAO-USD | +0.0483% | 1h | 323.71 | −0.137% | $111K | $377K | 5x | as long as short |
| ApeX Omni TAOUSDT | +0.0495% | 1h | 323.55 | −0.186% | $47K | $257K | 50x | as long as short |
| Extended TAO-USD | +0.0496% | 1h | 323.83 | −0.100% | $920K | $2.4M | 25x | as long as short |
| Phoenix TAO | +0.0513% | 1h | 323.50 | −0.202% | $322K | $713K | 5x | as long as short |
| Variational Omni TAO | +0.0516% | 4h | 323.58 | −0.177% | $5.7M | $10.1M | — | as long as short |
| Reya TAORUSDPERP | +0.0697% | 1h | 323.45 | −0.217% | $372 | — | 20x | as long as short |
| Lighter TAO | +0.0800% | 1h | 324.92 | +0.237% | $1.5M | $6.6M | 5x | as long as short |
| Hyperliquid TAO | +0.0808% | 1h | 324.75 | +0.184% | $95.8M | $109.6M | 5x | as long as short |
| 01 Exchange TAOUSD | +0.0816% | 1h | 324.06 | −0.029% | $3K | $4K | 5x | as long as short |
| Backpack TAO_USDC_PERPshort | +0.0850% | 1h | 324.07 | −0.026% | $321K | $894K | 10x | |
| Coinbase International TAO-PERP-INTX | +0.0928% | 1h | 324.00 | −0.047% | $1.5M | $6.9M | 50x | as long as short |
| RISEx TAO/USDC | +0.0948% | 1h | 323.40 | −0.231% | $465K | $650K | 5x | as long as short |
| Injective TAO/USDC PERP | +0.3711% | 1h | 323.62 | −0.165% | $24K | $2K | 12x | as long as short |
Phemex TAOUSDT
Popdex TAOUSDT
Katana Perps TAO-USD
Aevo TAO-PERP
Orderly PERP_TAO_USDC
edgeX TAOUSDC
GMX TAO/USD [WBTC.b-USDC]
MEXC TAO_USDT
Binance TAOUSDT
Pacifica TAO
Nado TAO-PERP
Paradex TAO-USD-PERP
Aster TAOUSDT
Bullet TAO-USD
Deribit TAO_USDC-PERPETUAL
BloFin TAO-USDT
BingX TAO-USDT
Bybit TAOUSDT
GRVT TAO_USDT_Perp
Arcus TAO-USD
ApeX Omni TAOUSDT
Extended TAO-USD
Phoenix TAO
Variational Omni TAO
Reya TAORUSDPERP
Lighter TAO
Hyperliquid TAO
01 Exchange TAOUSD
Coinbase International TAO-PERP-INTX
RISEx TAO/USDC
Injective TAO/USDC PERP