TAO

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0638%/8h= −69.8% APRnext payment −$0.80 per $10,000 · paid last 24h −0.084%

Price spread now: Backpack against RISEx−0.232%7-day average +0.029% · you buy dearer than you sell

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

Net, price: spread back to 7d avg − costs−$53as in the Price arb table

costs, in and out, $10k−$270.274% of the position

Long on RISEx Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.379%−$38 on $10k

Price spread, last 4 days (all we have)+0.182%+$18 · spread now −0.232%, 7d avg +0.029%

Together, before fees−0.197%−$20 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$19 a day on $10k at the current rate, and Backpack is 0.260% cheaper against RISEx than usual: you would sell low and buy high (−$26 if the spread goes back to its 7-day average of +0.029%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	RISEx TAO/USDC	317.61	0.0991	pay 0.0124% / 1h	40m 01s	$440K	$659K	5x
Short	Backpack TAO_USDC_PERP	316.87	0.0354	get 0.0044% / 1h	40m 01s	$317K	$913K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against RISEx. 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 RISExbpFee BackpackbpOrdersPrice spread, now −0.232%Rate

Funding earned: −$133.92
Price spread: −0.232% → +0.029%: −$26.04
Slippage, 4 orders: −$11.44
Fee RISEx: 3 bp × 2 orders: −$6
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$187.41
Costs to cover: 0.274%
Break-even: never at this rate

Slippage from RISEx: live order book, 19 min ago; Backpack: live order book, 19 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 RISEx live order book, 19 min ago	2.38 bp	5.6 bp −$6	35.7 bp −$357	doesn't fit	doesn't fit
Sell Backpack live order book, 19 min ago	2.85 bp	7.9 bp −$8	42.9 bp −$429	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	−0.0482%	1h	315.13	−0.780%	$167K	$1K	10x	as long as short
dYdX TAO-USD	0.0000%	1h	316.52	−0.342%	$126K	$85K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	316.86	−0.235%	$21K	—	150x	as long as short
Kraken Futures PF_TAOUSD	+0.0056%	1h	316.76	−0.265%	$5.6M	$20.6M	50x	as long as short
Popdex TAOUSDT	+0.0096%	1h	317.59	−0.005%	$42K	$685K	20x	as long as short
Binance TAOUSDT	+0.0100%	4h	316.58	−0.324%	$91.2M	$490.8M	75x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	316.50	−0.348%	$26.0M	$120.1M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	316.50	−0.348%	$13.0M	$49.6M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	316.99	−0.194%	$106.4M	$142.7M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	316.46	−0.361%	$17.6M	$31.6M	75x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget TAOUSDT	+0.0100%	4h	316.65	−0.301%	$35.4M	$55.9M	50x	as long as short
edgeX TAOUSDC	+0.0100%	4h	315.41	−0.691%	$35K	$302K	10x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	316.07	−0.484%	$46K	$252K	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	317.37	−0.074%	$90K	$790K	5x	as long as short
Bullet TAO-USD	+0.0100%	1h	317.30	−0.096%	$12K	$18K	20x	as long as short
SunX TAO-USDT	+0.0100%	4h	316.92	−0.216%	$1K	$1.9M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	317.05	−0.175%	$110K	$527K	20x	as long as short
Phemex TAOUSDT	+0.0100%	4h	316.66	−0.298%	$3.2M	$8.1M	50x	as long as short
Katana Perps TAO-USD	+0.0101%	8h	317.25	−0.112%	$1K	$787K	5x	as long as short
Aevo TAO-PERP	+0.0104%	1h	317.07	−0.167%	$174K	$998	3x	as long as short
GRVT TAO_USDT_Perp	+0.0106%	4h	316.10	−0.473%	$526K	$944K	10x	as long as short
Orderly PERP_TAO_USDC	+0.0126%	4h	316.96	−0.203%	$57K	$275K	10x	as long as short
Bybit TAOUSDT	+0.0128%	4h	316.69	−0.288%	$68.9M	$146.7M	50x	as long as short
BingX TAO-USDT	+0.0146%	4h	316.85	−0.238%	—	$30.1M	—	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0151% / S +0.0122%	1h	316.99	−0.193%	$422K	—	100x	as long as short
Nado TAO-PERP	+0.0162%	1h	317.42	−0.058%	$809K	$2.2M	10x	as long as short
Paradex TAO-USD-PERP	+0.0188%	8h	316.66	−0.297%	$14K	$1K	10x	as long as short
Aster TAOUSDT	+0.0215%	4h	316.45	−0.364%	$1.2M	$10.2M	50x	as long as short
01 Exchange TAOUSD	+0.0240%	1h	317.86	+0.080%	$3K	$4K	5x	as long as short
Hyperliquid TAO	+0.0282%	1h	316.64	−0.304%	$94.0M	$105.5M	5x	as long as short
Extended TAO-USD	+0.0296%	1h	317.00	−0.190%	$927K	$2.4M	25x	as long as short
BloFin TAO-USDT	+0.0340%	4h	316.00	−0.506%	$4.5M	$10.9M	100x	as long as short
Arcus TAO-USD	+0.0345%	1h	317.79	+0.058%	$100K	$488K	5x	as long as short
Backpack TAO_USDC_PERPshort	+0.0354%	1h	316.87	−0.232%	$317K	$913K	10x
Pacifica TAO	+0.0365%	1h	316.93	−0.214%	$363K	$409K	10x	as long as short
Lighter TAO	+0.0400%	1h	316.83	−0.244%	$1.5M	$6.5M	5x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0485%	1h	317.07	−0.169%	$11K	$1.6M	25x	as long as short
Phoenix TAO	+0.0581%	1h	316.10	−0.474%	$315K	$697K	5x	as long as short
Variational Omni TAO	+0.0615%	4h	315.95	−0.523%	$5.8M	$9.8M	—	as long as short
Reya TAORUSDPERP	+0.0696%	1h	317.32	−0.090%	$365	—	20x	as long as short
RISEx TAO/USDClong	+0.0991%	1h	317.61	long leg	$440K	$659K	5x
Coinbase International TAO-PERP-INTX	+0.1008%	1h	318.13	+0.165%	$1.5M	$6.7M	50x	as long as short
Injective TAO/USDC PERP	+0.4222%	1h	319.61	+0.631%	$23K	$2K	12x	as long as short