TAO

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0529%/8h= +57.9% APRnext payment +$0.66 per $10,000 · paid last 24h +0.093%

Price spread now: Phoenix against Polymarket Perps+0.285%7-day average +0.131% · you sell dearer than you buy

Net, funding: paid 7d − costs−$22as in the Funding arb table

Net, price: spread back to 7d avg − costs−$38as in the Price arb table

costs, in and out, $10k−$530.533% of the position

Long on Polymarket Perps Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.312%+$31 on $10k

Price spread, last 4 days (all we have)−0.141%−$14 · spread now +0.285%, 7d avg +0.131%

Together, before fees+0.171%+$17 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$16 a day on $10k at the current rate, and Phoenix is 0.153% dearer against Polymarket Perps than usual: you sell high and buy low: +$15 more if the spread goes back to its 7-day average of +0.131%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.312% in total (about 16.3% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.66 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	Polymarket Perps TAO-USD	316.30	0.0100	pay 0.0013% / 1h	35m 15s	$87K	$1.2M	5x
Short	Phoenix TAO	317.20	0.0629	get 0.0079% / 1h	35m 15s	$316K	$703K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Polymarket Perps. 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 Polymarket PerpsbpFee PhoenixbpOrdersPrice spread, now +0.285%Rate

Funding earned: $111.12
Price spread: +0.285% → +0.131%: $15.33
Slippage, 4 orders: −$38.34
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $73.1
Costs to cover: 0.533%
Break-even: 2.4 days

Slippage from Polymarket Perps: live order book, 3 min ago; Phoenix: live order book, 68 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 Polymarket Perps live order book, 3 min ago	2.37 bp	8.8 bp −$9	9.6 bp −$96	doesn't fit	doesn't fit
Sell Phoenix live order book, 68 min ago	3.12 bp	18.9 bp −$19	28.1 bp −$281	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
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0005%	1h	316.12	−0.057%	$22K	—	150x	as long as short
dYdX TAO-USD	+0.0037%	1h	316.13	−0.055%	$126K	$85K	5x	as long as short
Popdex TAOUSDT	+0.0096%	1h	316.51	+0.066%	$44K	$711K	20x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	316.40	+0.032%	$26.3M	$130.2M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	316.10	−0.063%	$14.4M	$51.3M	50x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	316.38	+0.025%	$17.7M	$32.4M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	316.25	−0.016%	$35.6M	$58.0M	50x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	316.70	+0.126%	$46K	$260K	50x	as long as short
Polymarket Perps TAO-USDlong	+0.0100%	1h	316.30	long leg	$87K	$1.2M	5x
SunX TAO-USDT	+0.0100%	4h	316.20	−0.032%	$1K	$2.0M	20x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX TAO-USDT	+0.0100%	4h	315.86	−0.139%	$115K	$604K	20x	as long as short
Katana Perps TAO-USD	+0.0107%	8h	316.29	−0.003%	$4K	$1.1M	5x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0107% / S +0.0136%	1h	316.16	−0.044%	$403K	—	100x	as long as short
Aevo TAO-PERP	+0.0128%	1h	316.50	+0.063%	$174K	$998	3x	as long as short
Orderly PERP_TAO_USDC	+0.0150%	4h	316.30	0.000%	$52K	$294K	10x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0165%	1h	316.29	−0.002%	$15K	$1.9M	25x	as long as short
Binance TAOUSDT	+0.0167%	4h	316.39	+0.029%	$91.6M	$530.6M	75x	as long as short
MEXC TAO_USDT	+0.0170%	4h	316.45	+0.047%	$99.8M	$151.5M	300x	as long as short
edgeX TAOUSDC	+0.0179%	4h	316.75	+0.142%	$42K	$319K	10x	as long as short
Paradex TAO-USD-PERP	+0.0236%	8h	316.70	+0.127%	$14K	$1K	10x	as long as short
Bullet TAO-USD	+0.0261%	1h	316.46	+0.050%	$12K	$17K	20x	as long as short
Bybit TAOUSDT	+0.0263%	4h	316.41	+0.035%	$69.2M	$156.6M	50x	as long as short
BingX TAO-USDT	+0.0280%	4h	316.30	0.000%	—	$37.0M	—	as long as short
Pacifica TAO	+0.0313%	1h	316.66	+0.115%	$371K	$452K	10x	as long as short
Bulk TAO-USD	+0.0317%	1h	319.23	+0.926%	$170K	$0	10x	as long as short
GRVT TAO_USDT_Perp	+0.0318%	4h	317.09	+0.250%	$541K	$918K	10x	as long as short
Extended TAO-USD	+0.0320%	1h	316.40	+0.032%	$903K	$2.4M	25x	as long as short
Aster TAOUSDT	+0.0326%	4h	316.44	+0.044%	$1.3M	$11.0M	50x	as long as short
BloFin TAO-USDT	+0.0407%	4h	316.79	+0.155%	$4.7M	$10.9M	100x	as long as short
Arcus TAO-USD	+0.0473%	1h	316.53	+0.073%	$102K	$381K	5x	as long as short
Nado TAO-PERP	+0.0487%	1h	316.31	+0.004%	$786K	$2.0M	10x	as long as short
Phemex TAOUSDT	+0.0495%	4h	316.60	+0.095%	$3.2M	$8.2M	50x	as long as short
Lighter TAO	+0.0528%	1h	316.63	+0.105%	$1.6M	$6.9M	5x	as long as short
Variational Omni TAO	+0.0534%	4h	316.88	+0.184%	$5.5M	$10.2M	—	as long as short
Phoenix TAOshort	+0.0629%	1h	317.20	+0.285%	$316K	$703K	5x
Backpack TAO_USDC_PERP	+0.0675%	1h	316.98	+0.215%	$292K	$906K	10x	as long as short
01 Exchange TAOUSD	+0.0680%	1h	316.55	+0.079%	$3K	$4K	5x	as long as short
Reya TAORUSDPERP	+0.0698%	1h	316.35	+0.016%	$364	—	20x	as long as short
Hyperliquid TAO	+0.0737%	1h	316.62	+0.101%	$93.6M	$110.1M	5x	as long as short
RISEx TAO/USDC	+0.0831%	1h	316.36	+0.018%	$443K	$670K	5x	as long as short
Kraken Futures PF_TAOUSD	+0.0837%	1h	316.64	+0.106%	$5.9M	$21.6M	50x	as long as short
Coinbase International TAO-PERP-INTX	+0.0984%	1h	317.20	+0.285%	$1.4M	$6.9M	50x	as long as short
Injective TAO/USDC PERP	+0.4513%	1h	322.94	+2.099%	$23K	$2K	12x	as long as short