Funding you earn now, next payment 06:00 UTC−0.0582%/8h= −63.7% APRnext payment −$0.73 per $10,000 · paid last 24h +0.012%
Price spread now: Phoenix against Kraken Futures+0.988%71s7-day average +0.071% · you sell dearer than you buy
Net, funding: paid 7d − costs−$61as 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−$570.567% of the position
Funding, last 7 days−0.044%−$4 on $10k
+Price spread, last 4 days (all we have)−1.039%−$104 · spread now +0.988%, 7d avg +0.071%
=The price spread pays, funding is against you. Phoenix is 0.918% dearer against Kraken Futures than usual: you sell high and buy low (spread +0.988% now, against its 7-day average of +0.071%): +$92 on $10k if it goes back. Holding the pair costs −$17 a day in funding at the current rate, which eats that in about 5.3 days. At the pace of the last 7 days (−0.044% in total) that is about 5 months. The two prices were read 71 seconds apart, so part of this spread may be the market moving, not a spread.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.044% in total (about -2.3% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.73 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 | 321.22 | 0.1149 | pay 0.0144% / 1h | 52m 22s | $6.1M | $21.7M | 50x |
| Short | Phoenix TAO | 324.40 | 0.0567 | get 0.0071% / 1h | 52m 22s | $323K | $709K | 5x |
Kraken Futures PF_TAOUSD
Phoenix TAOFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phoenix 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
- −$122.24
- Price spread: +0.988% → +0.071%
- $91.76
- Slippage, 4 orders
- −$39.69
- Fee Kraken Futures: 5 bp × 2 orders
- −$10
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Net
- −$87.16
- Costs to cover
- 0.567%
- Break-even
- from the start
Slippage from Kraken Futures: live order book, 2 min ago; Phoenix: live order book, 56 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, 2 min ago | 7.16 bp | 12.9 bp −$13 | 24.4 bp −$244 | 111.4 bp −$11.1K | doesn't fit |
| Sell Phoenix live order book, 56 min ago | 3.18 bp | 14.9 bp −$15 | 18.0 bp −$180 | 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 | −0.2101% | 1h | 320.87 | −0.110% | $170K | $333 | 10x | as long as short |
| dYdX TAO-USD | 0.0000% | 1h | 320.75 | −0.149% | $128K | $85K | 5x | as long as short |
| gTrade (Gains Network) TAO/USD | L +0.0004% / S −0.0004% | 1h | 320.96 | −0.082% | $21K | — | 150x | as long as short |
| Popdex TAOUSDT | +0.0096% | 1h | 321.41 | +0.058% | $40K | $694K | 20x | as long as short |
| OKX TAO-USDT-SWAP | +0.0100% | 8h | 320.90 | −0.101% | $26.7M | $129.3M | 50x | as long as short |
| Gate TAO_USDT | +0.0100% | 4h | 320.90 | −0.101% | $14.2M | $51.3M | 50x | as long as short |
| KuCoin TAOUSDTM | +0.0100% | 4h | 321.23 | +0.002% | $17.6M | $31.9M | 75x | as long as short |
| Bitget TAOUSDT | +0.0100% | 4h | 320.90 | −0.101% | $36.1M | $58.0M | 50x | as long as short |
| ApeX Omni TAOUSDT | +0.0100% | 1h | 324.34 | +0.970% | $47K | $258K | 50x | as long as short |
| Polymarket Perps TAO-USD | +0.0100% | 1h | 321.25 | +0.008% | $78K | $1.1M | 5x | as long as short |
Bulk TAO-USD
dYdX TAO-USD
gTrade (Gains Network) TAO/USD
Popdex TAOUSDT
OKX TAO-USDT-SWAP
Gate TAO_USDT
KuCoin TAOUSDTM
Bitget TAOUSDT
ApeX Omni TAOUSDT
Polymarket Perps TAO-USDShow all 43 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| SunX TAO-USDT | +0.0100% | 4h | 320.81 | −0.129% | $1K | $2.0M | 20x | as long as short |
| HTX TAO-USDT | +0.0100% | 4h | 320.97 | −0.079% | $118K | $584K | 20x | as long as short |
| Phemex TAOUSDT | +0.0100% | 4h | 320.86 | −0.114% | $3.3M | $8.1M | 50x | as long as short |
| Katana Perps TAO-USD | +0.0109% | 8h | 321.24 | +0.005% | $729 | $985K | 5x | as long as short |
| Orderly PERP_TAO_USDC | +0.0119% | 4h | 321.07 | −0.048% | $53K | $292K | 10x | as long as short |
| Aevo TAO-PERP | +0.0120% | 1h | 321.14 | −0.026% | $176K | $998 | 3x | as long as short |
| GMX TAO/USD [WBTC.b-USDC] | L +0.0123% / S +0.0155% | 1h | 320.92 | −0.095% | $434K | — | 100x | as long as short |
| MEXC TAO_USDT | +0.0146% | 4h | 321.32 | +0.030% | $105.2M | $149.2M | 300x | as long as short |
| Binance TAOUSDT | +0.0148% | 4h | 320.78 | −0.138% | $93.6M | $524.8M | 75x | as long as short |
| edgeX TAOUSDC | +0.0158% | 4h | 322.15 | +0.289% | $43K | $316K | 10x | as long as short |
| Paradex TAO-USD-PERP | +0.0266% | 8h | 320.98 | −0.075% | $15K | $1K | 10x | as long as short |
| Aster TAOUSDT | +0.0301% | 4h | 320.87 | −0.110% | $1.3M | $10.9M | 50x | as long as short |
| Bullet TAO-USD | +0.0370% | 1h | 321.40 | +0.055% | $12K | $17K | 20x | as long as short |
| Bybit TAOUSDT | +0.0380% | 4h | 320.70 | −0.163% | $70.0M | $155.6M | 50x | as long as short |
| BingX TAO-USDT | +0.0382% | 4h | 321.24 | +0.005% | — | $34.3M | — | as long as short |
| BloFin TAO-USDT | +0.0388% | 4h | 320.87 | −0.110% | $4.7M | $11.1M | 100x | as long as short |
| GRVT TAO_USDT_Perp | +0.0434% | 4h | 321.38 | +0.047% | $548K | $937K | 10x | as long as short |
| Extended TAO-USD | +0.0488% | 1h | 320.98 | −0.077% | $914K | $2.4M | 25x | as long as short |
| Variational Omni TAO | +0.0506% | 4h | 323.50 | +0.708% | $5.7M | $10.1M | — | as long as short |
| Pacifica TAO | +0.0525% | 1h | 321.08 | −0.047% | $365K | $422K | 10x | as long as short |
| Phoenix TAOshort | +0.0567% | 1h | 324.40 | +0.988% | $323K | $709K | 5x | |
| Backpack TAO_USDC_PERP | +0.0584% | 1h | 320.58 | −0.201% | $319K | $899K | 10x | as long as short |
| Hyperliquid TAO | +0.0613% | 1h | 321.61 | +0.120% | $95.1M | $109.8M | 5x | as long as short |
| Deribit TAO_USDC-PERPETUAL | +0.0623% | 1h | 321.10 | −0.040% | $14K | $1.9M | 25x | as long as short |
| Nado TAO-PERP | +0.0633% | 1h | 321.28 | +0.016% | $803K | $2.2M | 10x | as long as short |
| 01 Exchange TAOUSD | +0.0640% | 1h | 321.48 | +0.079% | $3K | $4K | 5x | as long as short |
| Arcus TAO-USD | +0.0641% | 1h | 321.45 | +0.070% | $103K | $394K | 5x | as long as short |
| Reya TAORUSDPERP | +0.0698% | 1h | 321.46 | +0.074% | $370 | — | 20x | as long as short |
| Lighter TAO | +0.0864% | 1h | 321.39 | +0.051% | $1.5M | $6.6M | 5x | as long as short |
| Coinbase International TAO-PERP-INTX | +0.0944% | 1h | 321.95 | +0.226% | $1.5M | $6.9M | 50x | as long as short |
| RISEx TAO/USDC | +0.1077% | 1h | 321.29 | +0.019% | $463K | $665K | 5x | as long as short |
| Kraken Futures PF_TAOUSDlong | +0.1149% | 1h | 321.22 | long leg | $6.1M | $21.7M | 50x | |
| Injective TAO/USDC PERP | +0.4723% | 1h | 328.25 | +2.187% | $24K | $2K | 12x | as long as short |
SunX TAO-USDT
HTX TAO-USDT
Phemex TAOUSDT
Katana Perps TAO-USD
Orderly PERP_TAO_USDC
Aevo TAO-PERP
GMX TAO/USD [WBTC.b-USDC]
MEXC TAO_USDT
Binance TAOUSDT
edgeX TAOUSDC
Paradex TAO-USD-PERP
Aster TAOUSDT
Bullet TAO-USD
Bybit TAOUSDT
BingX TAO-USDT
BloFin TAO-USDT
GRVT TAO_USDT_Perp
Extended TAO-USD
Variational Omni TAO
Pacifica TAO
Backpack TAO_USDC_PERP
Hyperliquid TAO
Deribit TAO_USDC-PERPETUAL
Nado TAO-PERP
01 Exchange TAOUSD
Arcus TAO-USD
Reya TAORUSDPERP
Lighter TAO
Coinbase International TAO-PERP-INTX
RISEx TAO/USDC
Injective TAO/USDC PERP