Funding you earn now, next payment 02:00 UTC−0.0956%/8h= −104.7% APRnext payment −$1.20 per $10,000 · paid last 24h −0.035%
Price spread now: GMX against Backpack+0.117%7-day average −0.056% · you sell dearer than you buy
to open and closeno order booka leg has no order-book sample
Funding, last 3 days (all we have)+0.036%+$4 on $10k
+Price spread, last 3 days (all we have)−0.142%−$14 · spread now +0.117%, 7d avg −0.056%
=The price spread pays, funding is against you. GMX is 0.173% dearer against Backpack than usual: you sell high and buy low (spread +0.117% now, against its 7-day average of −0.056%): +$17 on $10k if it goes back. Holding the pair costs −$29 a day in funding at the current rate, which eats that in about 14 hours.
The current funding rate is far above what this pair has been paying: over the last 3 days it paid 0.036% in total (about 4.1% a year). A funding rate is set anew for every payment; at this rate the next one is about −$1.20 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 | Backpack TAO_USDC_PERP | 308.27 | 0.0864 | pay 0.0108% / 1h | 42m 55s | $311K | $814K | 10x |
| Short | GMX TAO/USD [WBTC.b-USDC] | 308.63 | L +0.0170% / S +0.0092% | pay 0.0012% / 1h | 42m 55s | $426K | — | 100x |
Backpack TAO_USDC_PERP
GMX TAO/USD [WBTC.b-USDC]Funding history
latest
Range statsloading…
Price spread between the two exchanges
GMX against Backpack. 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
- −$200.85
- Price spread: +0.117% → −0.056%
- $17.32
- Slippage, 4 orders
- no order book: not counted
- Fee Backpack: 5 bp × 2 orders
- −$10
- Fee GMX: 6 bp × 2 orders
- −$12
- Net
- −$205.53
- Costs to cover
- 0.220%
- Break-even
- never at this rate
Slippage unknown: Backpack: live order book, 26 min ago; GMX: 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 Backpack live order book, 26 min ago | 0.16 bp | 5.2 bp −$5 | doesn't fit | doesn't fit | doesn't fit |
| Sell GMX no order-book sample | — | — | — | — | — |
GMX: 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 | |
|---|---|---|---|---|---|---|---|---|
| dYdX TAO-USD | 0.0000% | 1h | 308.91 | +0.208% | $123K | $87K | 5x | as long as short |
| gTrade (Gains Network) TAO/USD | L +0.0004% / S −0.0002% | 1h | 308.57 | +0.097% | $12K | — | 150x | as long as short |
| Popdex TAOUSDT | +0.0096% | 1h | 309.19 | +0.298% | $46K | $605K | 20x | as long as short |
| Deribit TAO_USDC-PERPETUAL | +0.0096% | 1h | 308.53 | +0.086% | $15K | $1.5M | 25x | as long as short |
| Binance TAOUSDT | +0.0100% | 4h | 307.53 | −0.239% | $88.7M | $458.8M | 75x | as long as short |
| OKX TAO-USDT-SWAP | +0.0100% | 8h | 307.60 | −0.217% | $25.1M | $107.8M | 50x | as long as short |
| Gate TAO_USDT | +0.0100% | 4h | 307.00 | −0.412% | $12.5M | $49.6M | 50x | as long as short |
| MEXC TAO_USDT | +0.0100% | 4h | 307.25 | −0.331% | $100.4M | $137.1M | 300x | as long as short |
| KuCoin TAOUSDTM | +0.0100% | 4h | 307.69 | −0.188% | $17.9M | $30.0M | 75x | as long as short |
| Bitget TAOUSDT | +0.0100% | 4h | 307.09 | −0.383% | $34.2M | $52.7M | 50x | as long as short |
dYdX TAO-USD
gTrade (Gains Network) TAO/USD
Popdex TAOUSDT
Deribit TAO_USDC-PERPETUAL
Binance TAOUSDT
OKX TAO-USDT-SWAP
Gate TAO_USDT
MEXC TAO_USDT
KuCoin TAOUSDTM
Bitget TAOUSDTShow all 43 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| edgeX TAOUSDC | +0.0100% | 4h | 309.63 | +0.440% | $34K | $300K | 10x | as long as short |
| GRVT TAO_USDT_Perp | +0.0100% | 4h | 309.02 | +0.244% | $515K | $967K | 10x | as long as short |
| ApeX Omni TAOUSDT | +0.0100% | 1h | 309.89 | +0.526% | $46K | $267K | 50x | as long as short |
| Orderly PERP_TAO_USDC | +0.0100% | 4h | 308.47 | +0.065% | $56K | $284K | 10x | as long as short |
| SunX TAO-USDT | +0.0100% | 4h | 308.86 | +0.191% | $2K | $1.9M | 20x | as long as short |
| HTX TAO-USDT | +0.0100% | 4h | 309.08 | +0.263% | $127K | $470K | 20x | as long as short |
| Aevo TAO-PERP | +0.0104% | 1h | 309.75 | +0.480% | $170K | $998 | 3x | as long as short |
| Katana Perps TAO-USD | +0.0116% | 8h | 309.36 | +0.354% | $1K | $674K | 5x | as long as short |
| GMX TAO/USD [WBTC.b-USDC]short | L +0.0170% / S +0.0092% | 1h | 308.63 | +0.117% | $426K | — | 100x | |
| Kraken Futures PF_TAOUSD | +0.0171% | 1h | 308.45 | +0.059% | $5.5M | $20.3M | 50x | as long as short |
| Aster TAOUSDT | +0.0172% | 4h | 307.93 | −0.109% | $1.3M | $9.1M | 50x | as long as short |
| Bullet TAO-USD | +0.0241% | 1h | 309.08 | +0.264% | $12K | $17K | 20x | as long as short |
| Polymarket Perps TAO-USD | +0.0262% | 1h | 309.06 | +0.256% | $77K | $643K | 5x | as long as short |
| Paradex TAO-USD-PERP | +0.0274% | 8h | 309.34 | +0.346% | $14K | $1K | 10x | as long as short |
| Pacifica TAO | +0.0285% | 1h | 309.31 | +0.337% | $365K | $378K | 10x | as long as short |
| Arcus TAO-USD | +0.0337% | 1h | 309.48 | +0.393% | $82K | $551K | 5x | as long as short |
| BloFin TAO-USDT | +0.0340% | 4h | 311.16 | +0.937% | $4.4M | $10.7M | 100x | as long as short |
| Phemex TAOUSDT | +0.0412% | 4h | 308.20 | −0.023% | $3.4M | $8.0M | 50x | as long as short |
| Injective TAO/USDC PERP | +0.0470% | 1h | 315.63 | +2.388% | $23K | $2K | 12x | as long as short |
| Nado TAO-PERP | +0.0573% | 1h | 308.96 | +0.225% | $756K | $2.1M | 10x | as long as short |
| Phoenix TAO | +0.0588% | 1h | 309.80 | +0.496% | $324K | $681K | 5x | as long as short |
| 01 Exchange TAOUSD | +0.0664% | 1h | 309.75 | +0.480% | $3K | $4K | 5x | as long as short |
| Variational Omni TAO | +0.0696% | 4h | 309.05 | +0.252% | $5.4M | $8.8M | — | as long as short |
| Reya TAORUSDPERP | +0.0696% | 1h | 309.01 | +0.240% | $355 | — | 20x | as long as short |
| BingX TAO-USDT | +0.0740% | 4h | 307.64 | −0.204% | — | $31.0M | — | as long as short |
| Bybit TAOUSDT | +0.0779% | 4h | 307.79 | −0.156% | $62.9M | $135.5M | 50x | as long as short |
| Backpack TAO_USDC_PERPlong | +0.0864% | 1h | 308.27 | long leg | $311K | $814K | 10x | |
| Extended TAO-USD | +0.0976% | 1h | 307.22 | −0.340% | $885K | $2.4M | 25x | as long as short |
| Coinbase International TAO-PERP-INTX | +0.1024% | 1h | 309.88 | +0.522% | $1.5M | $6.3M | 50x | as long as short |
| RISEx TAO/USDC | +0.1132% | 1h | 309.36 | +0.352% | $411K | $605K | 5x | as long as short |
| Hyperliquid TAO | +0.1277% | 1h | 308.48 | +0.068% | $97.8M | $93.0M | 5x | as long as short |
| Lighter TAO | +0.1392% | 1h | 308.93 | +0.215% | $1.6M | $6.0M | 5x | as long as short |
| Bulk TAO-USD | +0.3743% | 1h | 312.40 | +1.340% | $166K | $40K | 10x | as long as short |
edgeX TAOUSDC
GRVT TAO_USDT_Perp
ApeX Omni TAOUSDT
Orderly PERP_TAO_USDC
SunX TAO-USDT
HTX TAO-USDT
Aevo TAO-PERP
Katana Perps TAO-USD
Kraken Futures PF_TAOUSD
Aster TAOUSDT
Bullet TAO-USD
Polymarket Perps TAO-USD
Paradex TAO-USD-PERP
Pacifica TAO
Arcus TAO-USD
BloFin TAO-USDT
Phemex TAOUSDT
Injective TAO/USDC PERP
Nado TAO-PERP
Phoenix TAO
01 Exchange TAOUSD
Variational Omni TAO
Reya TAORUSDPERP
BingX TAO-USDT
Bybit TAOUSDT
Extended TAO-USD
Coinbase International TAO-PERP-INTX
RISEx TAO/USDC
Hyperliquid TAO
Lighter TAO
Bulk TAO-USD