TAO

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC−0.0548%/8h= −60.0% APRnext payment −$0.69 per $10,000 · paid last 24h −0.104%

Price spread now: Aevo against Backpack−0.044%46s7-day average −0.007% · you buy dearer than you sell

Net, funding: paid 7d − costs−$125as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$1121.120% of the position

Long on Backpack Short on Aevo

What this pair did over the last

the charts below follow

Funding, last 7 days−0.131%−$13 on $10k

Price spread, last 4 days (all we have)+0.027%+$3 · spread now −0.044%, 7d avg −0.007%

Together, before fees−0.103%−$10 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$16 a day on $10k at the current rate, and Aevo is 0.036% cheaper against Backpack than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of −0.007%). Swap the legs. The two prices were read 46 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 7 days it paid -0.131% in total (about -6.8% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.69 per $10,000. In the chart: green and red are payments made; yellow are the hours one leg has not settled yet: what the other leg paid, plus the unsettled leg at its current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack TAO_USDC_PERP	317.85	0.0660	pay 0.0083% / 1h	19m 23s	$298K	$1.1M	10x
Short	Aevo TAO-PERP	317.71	0.0112	get 0.0014% / 1h	19m 23s	$174K	$998	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aevo against Backpack. 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 BackpackbpFee AevobpOrdersPrice spread, now −0.044%Rate

Funding earned: −$115.13
Price spread: −0.044% → −0.007%: −$3.61
Slippage, 4 orders: −$86.04
Fee Backpack: 5 bp × 2 orders: −$10
Fee Aevo: 8 bp × 2 orders: −$16
Net: −$230.78
Costs to cover: 1.120%
Break-even: never at this rate

Slippage from Backpack: live order book, 3 min ago; Aevo: live order book, 32 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 Backpack live order book, 3 min ago	2.20 bp	8.0 bp −$8	40.7 bp −$407	doesn't fit	doesn't fit
Sell Aevo live order book, 32 min ago	34.56 bp	49.0 bp −$49	284.1 bp −$2,841	doesn't fit	doesn't fit

TAO on 43 exchanges

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	−0.1080%	1h	318.61	+0.239%	$169K	$0	10x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0003%	1h	317.21	−0.201%	$20K	—	150x	as long as short
Popdex TAOUSDT	+0.0096%	1h	317.50	−0.110%	$51K	$633K	20x	as long as short
Bybit TAOUSDT	+0.0100%	4h	317.65	−0.063%	$69.5M	$155.5M	50x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	317.60	−0.079%	$27.0M	$129.3M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	317.20	−0.204%	$15.6M	$49.1M	50x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	317.39	−0.145%	$17.6M	$31.8M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	317.32	−0.167%	$36.0M	$56.8M	50x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	318.37	+0.164%	$45K	$256K	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	317.24	−0.192%	$81K	$1.1M	5x	as long as short

Show all 43 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX TAO-USDT	+0.0100%	4h	317.22	−0.198%	$1K	$1.8M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	317.89	+0.013%	$117K	$557K	20x	as long as short
Phemex TAOUSDT	+0.0100%	4h	317.93	+0.025%	$3.2M	$8.1M	50x	as long as short
Katana Perps TAO-USD	+0.0106%	8h	317.55	−0.094%	$1K	$1.3M	5x	as long as short
Aevo TAO-PERPshort	+0.0112%	1h	317.71	−0.044%	$174K	$998	3x
MEXC TAO_USDT	+0.0132%	4h	317.54	−0.098%	$110.4M	$151.8M	300x	as long as short
BingX TAO-USDT	+0.0132%	4h	317.57	−0.088%	—	$39.0M	—	as long as short
Binance TAOUSDT	+0.0132%	4h	317.59	−0.082%	$93.2M	$516.2M	75x	as long as short
edgeX TAOUSDC	+0.0132%	4h	318.43	+0.183%	$42K	$324K	10x	as long as short
Paradex TAO-USD-PERP	+0.0182%	8h	317.60	−0.080%	$14K	$876	10x	as long as short
Extended TAO-USD	+0.0224%	1h	317.49	−0.115%	$963K	$2.1M	25x	as long as short
Orderly PERP_TAO_USDC	+0.0250%	4h	317.52	−0.104%	$53K	$262K	10x	as long as short
GRVT TAO_USDT_Perp	+0.0256%	4h	318.62	+0.244%	$541K	$814K	10x	as long as short
Pacifica TAO	+0.0301%	1h	317.72	−0.040%	$371K	$448K	10x	as long as short
Aster TAOUSDT	+0.0305%	4h	317.66	−0.060%	$1.2M	$11.3M	50x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0361% / S −0.0107%	1h	317.19	−0.209%	$373K	—	100x	as long as short
Arcus TAO-USD	+0.0364%	1h	318.01	+0.050%	$100K	$325K	5x	as long as short
Lighter TAO	+0.0368%	1h	317.71	−0.043%	$1.6M	$6.7M	5x	as long as short
BloFin TAO-USDT	+0.0372%	4h	318.45	+0.189%	$4.9M	$10.5M	100x	as long as short
Bullet TAO-USD	+0.0385%	1h	317.67	−0.057%	$12K	$17K	20x	as long as short
Variational Omni TAO	+0.0410%	4h	318.32	+0.148%	$5.7M	$9.8M	—	as long as short
Nado TAO-PERP	+0.0448%	1h	317.67	−0.056%	$712K	$2.0M	10x	as long as short
Phoenix TAO	+0.0567%	1h	319.00	+0.362%	$321K	$712K	5x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0587%	1h	317.51	−0.106%	$14K	$1.9M	25x	as long as short
dYdX TAO-USD	+0.0633%	1h	317.45	−0.127%	$268K	$235K	5x	as long as short
Backpack TAO_USDC_PERPlong	+0.0660%	1h	317.85	long leg	$298K	$1.1M	10x
Kraken Futures PF_TAOUSD	+0.0684%	1h	317.84	−0.004%	$6.2M	$20.3M	50x	as long as short
Reya TAORUSDPERP	+0.0699%	1h	317.81	−0.013%	$365	—	20x	as long as short
RISEx TAO/USDC	+0.0701%	1h	317.97	+0.037%	$439K	$704K	5x	as long as short
01 Exchange TAOUSD	+0.0776%	1h	317.92	+0.022%	$3K	$4K	5x	as long as short
Hyperliquid TAO	+0.0789%	1h	317.60	−0.079%	$95.8M	$108.3M	5x	as long as short
Coinbase International TAO-PERP-INTX	+0.0832%	1h	318.47	+0.195%	$1.1M	$7.7M	50x	as long as short
Injective TAO/USDC PERP	+0.3320%	1h	322.26	+1.387%	$23K	$2K	12x	as long as short