TAO

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0703%/8h= −76.9% APRnext payment −$0.88 per $10,000 · paid last 24h −0.085%

Price spread now: GMX against Phoenix−0.299%65s7-day average −0.130% · you buy dearer than you sell

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

Long on Phoenix Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.147%−$15 on $10k

Price spread, last 4 days (all we have)+0.423%+$42 · spread now −0.299%, 7d avg −0.130%

Together, before fees+0.276%+$28 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$21 a day on $10k at the current rate, and GMX is 0.169% cheaper against Phoenix than usual: you would sell low and buy high (−$17 if the spread goes back to its 7-day average of −0.130%). Swap the legs. The two prices were read 65 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 3 days it paid -0.147% in total (about -16.1% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.88 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	Phoenix TAO	315.40	0.0581	pay 0.0073% / 1h	14m 07s	$314K	$697K	5x
Short	GMX TAO/USD [WBTC.b-USDC]	314.46	L +0.0145% / S +0.0122%	pay 0.0015% / 1h	14m 07s	$427K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against Phoenix. 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 PhoenixbpFee GMXbpOrdersPrice spread, now −0.299%Rate

Funding earned: −$147.56
Price spread: −0.299% → −0.130%: −$16.89
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee GMX: 6 bp × 2 orders: −$12
Net: −$183.45
Costs to cover: 0.190%
Break-even: never at this rate

Slippage unknown: Phoenix: live order book, 44 min ago; GMX: no order-book sample. 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 Phoenix live order book, 44 min ago	3.17 bp	19.2 bp −$19	88.2 bp −$882	doesn't fit	doesn't fit
Sell GMX no order-book sample	—	—	—	—	—

GMX: 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
dYdX TAO-USD	0.0000%	1h	314.54	−0.273%	$125K	$85K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	314.49	−0.289%	$20K	—	150x	as long as short
Kraken Futures PF_TAOUSD	+0.0056%	1h	314.59	−0.257%	$5.5M	$20.6M	50x	as long as short
Popdex TAOUSDT	+0.0096%	1h	314.84	−0.178%	$43K	$668K	20x	as long as short
Katana Perps TAO-USD	+0.0098%	8h	314.71	−0.219%	$644	$799K	5x	as long as short
Binance TAOUSDT	+0.0100%	4h	314.67	−0.231%	$90.9M	$495.0M	75x	as long as short
Bybit TAOUSDT	+0.0100%	4h	314.77	−0.200%	$67.7M	$148.9M	50x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	314.70	−0.222%	$26.0M	$120.4M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	314.30	−0.349%	$12.9M	$50.1M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	314.60	−0.254%	$110.6M	$144.1M	300x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin TAOUSDTM	+0.0100%	4h	314.55	−0.269%	$17.7M	$31.7M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	314.40	−0.317%	$35.1M	$56.4M	50x	as long as short
BingX TAO-USDT	+0.0100%	4h	314.57	−0.263%	—	$32.9M	—	as long as short
edgeX TAOUSDC	+0.0100%	4h	315.19	−0.066%	$42K	$313K	10x	as long as short
GRVT TAO_USDT_Perp	+0.0100%	4h	315.53	+0.042%	$522K	$956K	10x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	315.11	−0.092%	$46K	$255K	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	314.60	−0.254%	$77K	$859K	5x	as long as short
Bullet TAO-USD	+0.0100%	1h	314.72	−0.216%	$12K	$18K	20x	as long as short
SunX TAO-USDT	+0.0100%	4h	314.75	−0.206%	$2K	$1.9M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	313.63	−0.561%	$109K	$535K	20x	as long as short
Phemex TAOUSDT	+0.0100%	4h	314.61	−0.250%	$3.2M	$8.1M	50x	as long as short
Bulk TAO-USD	+0.0100%	1h	314.68	−0.228%	$167K	$2K	10x	as long as short
Aevo TAO-PERP	+0.0104%	1h	314.71	−0.218%	$173K	$998	3x	as long as short
Orderly PERP_TAO_USDC	+0.0132%	4h	314.59	−0.257%	$52K	$271K	10x	as long as short
GMX TAO/USD [WBTC.b-USDC]short	L +0.0145% / S +0.0122%	1h	314.46	−0.299%	$427K	—	100x
Paradex TAO-USD-PERP	+0.0157%	8h	314.97	−0.136%	$14K	$1K	10x	as long as short
Aster TAOUSDT	+0.0176%	4h	314.69	−0.224%	$1.2M	$10.4M	50x	as long as short
Extended TAO-USD	+0.0200%	1h	314.49	−0.288%	$923K	$2.4M	25x	as long as short
Nado TAO-PERP	+0.0215%	1h	314.71	−0.220%	$800K	$2.2M	10x	as long as short
Hyperliquid TAO	+0.0266%	1h	314.82	−0.182%	$92.6M	$106.5M	5x	as long as short
01 Exchange TAOUSD	+0.0320%	1h	314.92	−0.152%	$3K	$4K	5x	as long as short
BloFin TAO-USDT	+0.0340%	4h	314.96	−0.140%	$4.6M	$10.9M	100x	as long as short
Backpack TAO_USDC_PERP	+0.0344%	1h	314.73	−0.212%	$315K	$913K	10x	as long as short
Lighter TAO	+0.0344%	1h	314.92	−0.153%	$1.5M	$6.5M	5x	as long as short
Arcus TAO-USD	+0.0345%	1h	315.12	−0.089%	$99K	$438K	5x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0354%	1h	314.62	−0.246%	$23K	$1.7M	25x	as long as short
Pacifica TAO	+0.0365%	1h	314.82	−0.184%	$359K	$412K	10x	as long as short
Variational Omni TAO	+0.0461%	4h	315.17	−0.073%	$5.7M	$9.9M	—	as long as short
Phoenix TAOlong	+0.0581%	1h	315.40	long leg	$314K	$697K	5x
Reya TAORUSDPERP	+0.0697%	1h	314.76	−0.204%	$362	—	20x	as long as short
RISEx TAO/USDC	+0.0991%	1h	314.85	−0.176%	$435K	$651K	5x	as long as short
Coinbase International TAO-PERP-INTX	+0.1008%	1h	316.12	+0.228%	$1.5M	$6.7M	50x	as long as short
Injective TAO/USDC PERP	+0.4222%	1h	318.19	+0.885%	$23K	$2K	12x	as long as short