Funding you earn now, next payment 05:00 UTC−0.0410%/8h= −44.9% APRpaid last 24h −0.091%
Price spread now: Katana Perps against Phoenix−0.372%50s7-day average −0.112% · you buy dearer than you sell
to open and closeno order booka leg has no order-book sample
Funding, last 4 days (all we have)−0.133%−$13 on $10k
+Price spread, last 4 days (all we have)+0.024%+$2 · spread now −0.372%, 7d avg −0.112%
=Both sides work against this trade now: funding costs −$12 a day on $10k at the current rate, and Katana Perps is 0.260% cheaper against Phoenix than usual: you would sell low and buy high (−$26 if the spread goes back to its 7-day average of −0.112%). Swap the legs. The two prices were read 50 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 4 days it paid -0.133% in total (about -12.4% a year). A funding rate is set anew for every payment. 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 | 314.20 | 0.0513 | pay 0.0064% / 1h | 26m 29s | $313K | $713K | 5x |
| Short | Katana Perps TAO-USD | 313.03 | 0.0103 | get 0.0103% / 8h | 2h 26m | $641 | $923K | 5x |
Phoenix TAO
Katana Perps TAO-USDFunding history
latest
Range statsloading…
Price spread between the two exchanges
Katana Perps against Phoenix. 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
- −$86.14
- Price spread: −0.372% → −0.112%
- −$26
- Slippage, 4 orders
- no order book: not counted
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee Katana Perps: 1.9 bp × 2 orders
- −$3.8
- Net
- −$122.94
- Costs to cover
- 0.108%
- Break-even
- never at this rate
Slippage unknown: Phoenix: live order book, 21 min ago; Katana Perps: 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, 21 min ago | 3.18 bp | 16.3 bp −$16 | 27.7 bp −$277 | doesn't fit | doesn't fit |
| Sell Katana Perps no order-book sample | — | — | — | — | — |
Katana Perps: 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 | 312.81 | −0.441% | $20K | — | 150x | as long as short |
| dYdX TAO-USD | +0.0046% | 1h | 312.85 | −0.430% | $125K | $85K | 5x | as long as short |
| Binance TAOUSDT | +0.0100% | 4h | 313.14 | −0.337% | $89.9M | $508.1M | 75x | as long as short |
| OKX TAO-USDT-SWAP | +0.0100% | 8h | 313.00 | −0.382% | $26.2M | $122.0M | 50x | as long as short |
| Bulk TAO-USD | +0.0100% | 1h | 313.47 | −0.232% | $167K | $333 | 10x | as long as short |
| Gate TAO_USDT | +0.0100% | 4h | 312.70 | −0.477% | $13.9M | $51.0M | 50x | as long as short |
| MEXC TAO_USDT | +0.0100% | 4h | 313.04 | −0.369% | $107.3M | $145.7M | 300x | as long as short |
| KuCoin TAOUSDTM | +0.0100% | 4h | 312.80 | −0.446% | $17.3M | $31.4M | 75x | as long as short |
| Bitget TAOUSDT | +0.0100% | 4h | 312.76 | −0.458% | $35.2M | $57.0M | 50x | as long as short |
| edgeX TAOUSDC | +0.0100% | 4h | 314.21 | +0.004% | $42K | $314K | 10x | as long as short |
gTrade (Gains Network) TAO/USD
dYdX TAO-USD
Binance TAOUSDT
OKX TAO-USDT-SWAP
Bulk TAO-USD
Gate TAO_USDT
MEXC TAO_USDT
KuCoin TAOUSDTM
Bitget TAOUSDT
edgeX TAOUSDCShow all 43 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Polymarket Perps TAO-USD | +0.0100% | 1h | 312.86 | −0.426% | $89K | $920K | 5x | as long as short |
| SunX TAO-USDT | +0.0100% | 4h | 312.64 | −0.496% | $1K | $1.9M | 20x | as long as short |
| HTX TAO-USDT | +0.0100% | 4h | 313.04 | −0.369% | $113K | $554K | 20x | as long as short |
| Katana Perps TAO-USDshort | +0.0103% | 8h | 313.03 | −0.372% | $641 | $923K | 5x | |
| Aevo TAO-PERP | +0.0104% | 1h | 313.10 | −0.352% | $172K | $998 | 3x | as long as short |
| Orderly PERP_TAO_USDC | +0.0121% | 4h | 312.94 | −0.401% | $52K | $290K | 10x | as long as short |
| Popdex TAOUSDT | +0.0128% | 1h | 313.09 | −0.353% | $51K | $668K | 20x | as long as short |
| GMX TAO/USD [WBTC.b-USDC] | L +0.0129% / S +0.0140% | 1h | 312.72 | −0.472% | $419K | — | 100x | as long as short |
| Phemex TAOUSDT | +0.0180% | 4h | 312.91 | −0.411% | $3.1M | $8.0M | 50x | as long as short |
| Aster TAOUSDT | +0.0207% | 4h | 313.12 | −0.344% | $1.3M | $10.6M | 50x | as long as short |
| Pacifica TAO | +0.0233% | 1h | 313.05 | −0.365% | $356K | $419K | 10x | as long as short |
| Paradex TAO-USD-PERP | +0.0267% | 8h | 312.97 | −0.392% | $14K | $1K | 10x | as long as short |
| Nado TAO-PERP | +0.0275% | 1h | 312.93 | −0.403% | $771K | $2.2M | 10x | as long as short |
| Kraken Futures PF_TAOUSD | +0.0304% | 1h | 312.99 | −0.385% | $5.9M | $21.4M | 50x | as long as short |
| Bullet TAO-USD | +0.0323% | 1h | 312.97 | −0.391% | $12K | $17K | 20x | as long as short |
| BloFin TAO-USDT | +0.0340% | 4h | 313.29 | −0.290% | $4.6M | $10.9M | 100x | as long as short |
| GRVT TAO_USDT_Perp | +0.0348% | 4h | 314.02 | −0.058% | $533K | $923K | 10x | as long as short |
| ApeX Omni TAOUSDT | +0.0400% | 1h | 314.32 | +0.038% | $44K | $256K | 50x | as long as short |
| Bybit TAOUSDT | +0.0420% | 4h | 313.06 | −0.363% | $68.0M | $152.4M | 50x | as long as short |
| BingX TAO-USDT | +0.0430% | 4h | 312.99 | −0.385% | — | $33.7M | — | as long as short |
| Deribit TAO_USDC-PERPETUAL | +0.0447% | 1h | 312.93 | −0.404% | $15K | $1.8M | 25x | as long as short |
| Variational Omni TAO | +0.0449% | 4h | 314.04 | −0.052% | $5.5M | $10.1M | — | as long as short |
| Extended TAO-USD | +0.0464% | 1h | 313.00 | −0.382% | $896K | $2.4M | 25x | as long as short |
| Arcus TAO-USD | +0.0483% | 1h | 313.39 | −0.258% | $101K | $345K | 5x | as long as short |
| Phoenix TAOlong | +0.0513% | 1h | 314.20 | long leg | $313K | $713K | 5x | |
| Reya TAORUSDPERP | +0.0697% | 1h | 313.03 | −0.373% | $360 | — | 20x | as long as short |
| 01 Exchange TAOUSD | +0.0760% | 1h | 313.49 | −0.226% | $3K | $4K | 5x | as long as short |
| Lighter TAO | +0.0784% | 1h | 313.13 | −0.339% | $1.5M | $6.6M | 5x | as long as short |
| Hyperliquid TAO | +0.0800% | 1h | 313.20 | −0.318% | $91.5M | $109.0M | 5x | as long as short |
| Backpack TAO_USDC_PERP | +0.0812% | 1h | 313.26 | −0.299% | $311K | $890K | 10x | as long as short |
| Coinbase International TAO-PERP-INTX | +0.0928% | 1h | 314.27 | +0.022% | $1.5M | $6.8M | 50x | as long as short |
| RISEx TAO/USDC | +0.0948% | 1h | 313.15 | −0.334% | $454K | $649K | 5x | as long as short |
| Injective TAO/USDC PERP | +0.3711% | 1h | 319.48 | +1.680% | $23K | $2K | 12x | as long as short |
Polymarket Perps TAO-USD
SunX TAO-USDT
HTX TAO-USDT
Aevo TAO-PERP
Orderly PERP_TAO_USDC
Popdex TAOUSDT
GMX TAO/USD [WBTC.b-USDC]
Phemex TAOUSDT
Aster TAOUSDT
Pacifica TAO
Paradex TAO-USD-PERP
Nado TAO-PERP
Kraken Futures PF_TAOUSD
Bullet TAO-USD
BloFin TAO-USDT
GRVT TAO_USDT_Perp
ApeX Omni TAOUSDT
Bybit TAOUSDT
BingX TAO-USDT
Deribit TAO_USDC-PERPETUAL
Variational Omni TAO
Extended TAO-USD
Arcus TAO-USD
Reya TAORUSDPERP
01 Exchange TAOUSD
Lighter TAO
Hyperliquid TAO
Backpack TAO_USDC_PERP
Coinbase International TAO-PERP-INTX
RISEx TAO/USDC
Injective TAO/USDC PERP