TAO

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0515%/8h= +56.4% APRnext payment +$0.64 per $10,000 · paid last 24h +0.085%

Price spread now: Backpack against Popdex+0.034%7-day average +0.046% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$33as in the Price arb table

costs, in and out, $10k−$320.323% of the position

Long on Popdex Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.105%+$10 on $10k

Price spread, last 4 days (all we have)−0.042%−$4 · spread now +0.034%, 7d avg +0.046%

Together, before fees+0.063%+$6 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.046%, so right now this pair is about funding alone: +$15 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid 0.105% in total (about 10.4% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.64 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	Popdex TAOUSDT	322.16	0.0096	pay 0.0012% / 1h	50m 41s	$40K	$695K	20x
Short	Backpack TAO_USDC_PERP	322.27	0.0611	get 0.0076% / 1h	50m 41s	$320K	$899K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Popdex. 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 PopdexbpFee BackpackbpOrdersPrice spread, now +0.034%Rate

Funding earned: $108.09
Price spread: +0.034% → +0.046%: −$1.23
Slippage, 4 orders: −$15.86
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Fee Backpack: 5 bp × 2 orders: −$10
Net: $74.61
Costs to cover: 0.323%
Break-even: 2.2 days

Slippage from Popdex: live order book, 58 min ago; Backpack: live order book, 58 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 Popdex live order book, 58 min ago	0.96 bp	7.4 bp −$7	68.8 bp −$688	doesn't fit	doesn't fit
Sell Backpack live order book, 58 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	−0.2101%	1h	320.87	−0.400%	$170K	$333	10x	as long as short
dYdX TAO-USD	0.0000%	1h	321.85	−0.097%	$128K	$85K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	321.22	−0.292%	$21K	—	150x	as long as short
Popdex TAOUSDTlong	+0.0096%	1h	322.16	long leg	$40K	$695K	20x
OKX TAO-USDT-SWAP	+0.0100%	8h	321.90	−0.081%	$26.7M	$129.7M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	321.70	−0.143%	$14.2M	$51.3M	50x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	321.95	−0.065%	$17.6M	$31.9M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	321.68	−0.149%	$36.2M	$58.0M	50x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	320.78	−0.428%	$45K	$258K	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	321.36	−0.248%	$77K	$1.1M	5x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX TAO-USDT	+0.0100%	4h	321.25	−0.282%	$2K	$2.0M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	320.70	−0.453%	$117K	$584K	20x	as long as short
Phemex TAOUSDT	+0.0100%	4h	321.73	−0.133%	$3.3M	$8.1M	50x	as long as short
Katana Perps TAO-USD	+0.0109%	8h	321.99	−0.053%	$731	$985K	5x	as long as short
Aevo TAO-PERP	+0.0120%	1h	321.42	−0.229%	$177K	$998	3x	as long as short
Orderly PERP_TAO_USDC	+0.0120%	4h	321.62	−0.168%	$53K	$292K	10x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0123% / S +0.0155%	1h	321.17	−0.309%	$434K	—	100x	as long as short
MEXC TAO_USDT	+0.0146%	4h	322.10	−0.019%	$105.7M	$149.3M	300x	as long as short
edgeX TAOUSDC	+0.0148%	4h	320.94	−0.378%	$42K	$316K	10x	as long as short
Binance TAOUSDT	+0.0148%	4h	322.20	+0.012%	$94.0M	$524.9M	75x	as long as short
Paradex TAO-USD-PERP	+0.0267%	8h	322.02	−0.042%	$15K	$1K	10x	as long as short
Aster TAOUSDT	+0.0307%	4h	321.75	−0.128%	$1.3M	$10.9M	50x	as long as short
BingX TAO-USDT	+0.0366%	4h	321.93	−0.071%	—	$34.3M	—	as long as short
Bullet TAO-USD	+0.0367%	1h	321.59	−0.178%	$12K	$17K	20x	as long as short
BloFin TAO-USDT	+0.0388%	4h	321.61	−0.171%	$4.7M	$11.1M	100x	as long as short
Bybit TAOUSDT	+0.0389%	4h	322.07	−0.028%	$70.3M	$155.7M	50x	as long as short
GRVT TAO_USDT_Perp	+0.0420%	4h	320.79	−0.425%	$546K	$948K	10x	as long as short
Extended TAO-USD	+0.0488%	1h	321.86	−0.094%	$914K	$2.4M	25x	as long as short
Pacifica TAO	+0.0525%	1h	322.16	0.000%	$367K	$422K	10x	as long as short
Variational Omni TAO	+0.0536%	4h	321.98	−0.057%	$5.6M	$10.2M	—	as long as short
Phoenix TAO	+0.0567%	1h	321.70	−0.143%	$320K	$709K	5x	as long as short
Backpack TAO_USDC_PERPshort	+0.0611%	1h	322.27	+0.034%	$320K	$899K	10x
Nado TAO-PERP	+0.0617%	1h	321.21	−0.294%	$803K	$2.2M	10x	as long as short
Arcus TAO-USD	+0.0641%	1h	322.22	+0.019%	$104K	$394K	5x	as long as short
Hyperliquid TAO	+0.0654%	1h	322.29	+0.040%	$95.3M	$109.9M	5x	as long as short
01 Exchange TAOUSD	+0.0656%	1h	322.49	+0.102%	$3K	$4K	5x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0688%	1h	321.64	−0.162%	$14K	$1.9M	25x	as long as short
Reya TAORUSDPERP	+0.0698%	1h	321.48	−0.211%	$370	—	20x	as long as short
Lighter TAO	+0.0880%	1h	322.38	+0.067%	$1.5M	$6.6M	5x	as long as short
Coinbase International TAO-PERP-INTX	+0.0944%	1h	321.95	−0.065%	$1.5M	$6.9M	50x	as long as short
RISEx TAO/USDC	+0.1077%	1h	322.09	−0.021%	$464K	$665K	5x	as long as short
Kraken Futures PF_TAOUSD	+0.1146%	1h	322.04	−0.038%	$6.1M	$21.7M	50x	as long as short
Injective TAO/USDC PERP	+0.4723%	1h	328.25	+1.890%	$24K	$2K	12x	as long as short