Funding you earn now, next payment 23:00 UTC−0.0368%/8h= −40.3% APRnext payment −$0.46 per $10,000 · paid last 24h −0.028%
Price spread now: Polymarket Perps against Backpack−0.176%7-day average −0.036% · you buy dearer than you sell
Net, funding: paid 7d − costs−$54as in the Funding arb table
Net, price: spread back to 7d avg − costs−$56as in the Price arb table
costs, in and out, $10k−$420.417% of the position
Funding, last 7 days−0.122%−$12 on $10k
+Price spread, last 3 days (all we have)+0.408%+$41 · spread now −0.176%, 7d avg −0.036%
=Both sides work against this trade now: funding costs −$11 a day on $10k at the current rate, and Polymarket Perps is 0.140% cheaper against Backpack than usual: you would sell low and buy high (−$14 if the spread goes back to its 7-day average of −0.036%). Swap the legs.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.122% in total (about -6.4% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.46 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 | 306.72 | 0.0468 | pay 0.0058% / 1h | 20m 54s | $295K | $799K | 10x |
| Short | Polymarket Perps TAO-USD | 306.18 | 0.0100 | get 0.0013% / 1h | 20m 54s | $75K | $567K | 5x |
Backpack TAO_USDC_PERP
Polymarket Perps TAO-USDFunding history
latest
Range statsloading…
Price spread between the two exchanges
Polymarket Perps 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
- −$77.19
- Price spread: −0.176% → −0.036%
- −$14.01
- Slippage, 4 orders
- −$23.7
- Fee Backpack: 5 bp × 2 orders
- −$10
- Fee Polymarket Perps: 4 bp × 2 orders
- −$8
- Net
- −$132.9
- Costs to cover
- 0.417%
- Break-even
- never at this rate
Slippage from Backpack: live order book, 63 min ago; Polymarket Perps: live order book, 62 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, 63 min ago | 0.16 bp | 20.3 bp −$20 | doesn't fit | doesn't fit | doesn't fit |
| Sell Polymarket Perps live order book, 62 min ago | 2.28 bp | 6.9 bp −$7 | 11.3 bp −$113 | 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 −0.0007% | 1h | 306.34 | −0.124% | $26K | — | 150x | as long as short |
| dYdX TAO-USD | +0.0017% | 1h | 305.90 | −0.267% | $125K | $85K | 5x | as long as short |
| Popdex TAOUSDT | +0.0096% | 1h | 306.00 | −0.235% | $44K | $539K | 20x | as long as short |
| Binance TAOUSDT | +0.0100% | 4h | 306.64 | −0.026% | $85.8M | $414.5M | 75x | as long as short |
| Bybit TAOUSDT | +0.0100% | 4h | 306.68 | −0.013% | $59.3M | $121.4M | 50x | as long as short |
| OKX TAO-USDT-SWAP | +0.0100% | 8h | 306.60 | −0.039% | $24.6M | $95.8M | 50x | as long as short |
| Arcus TAO-USD | +0.0100% | 1h | 306.30 | −0.137% | $79K | $643K | 5x | as long as short |
| Bulk TAO-USD | +0.0100% | 1h | 303.38 | −1.090% | $162K | $54K | 10x | as long as short |
| Gate TAO_USDT | +0.0100% | 4h | 306.60 | −0.039% | $12.2M | $49.0M | 50x | as long as short |
| MEXC TAO_USDT | +0.0100% | 4h | 306.69 | −0.010% | $113.1M | $125.6M | 300x | as long as short |
gTrade (Gains Network) TAO/USD
dYdX TAO-USD
Popdex TAOUSDT
Binance TAOUSDT
Bybit TAOUSDT
OKX TAO-USDT-SWAP
Arcus TAO-USD
Bulk TAO-USD
Gate TAO_USDT
MEXC TAO_USDTShow all 43 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| KuCoin TAOUSDTM | +0.0100% | 4h | 306.74 | +0.007% | $18.3M | $27.3M | 75x | as long as short |
| Bitget TAOUSDT | +0.0100% | 4h | 306.51 | −0.068% | $34.2M | $46.0M | 50x | as long as short |
| BingX TAO-USDT | +0.0100% | 4h | 306.62 | −0.033% | — | $30.4M | — | as long as short |
| edgeX TAOUSDC | +0.0100% | 4h | 303.93 | −0.909% | $39K | $278K | 10x | as long as short |
| GRVT TAO_USDT_Perp | +0.0100% | 4h | 304.26 | −0.803% | $503K | $967K | 10x | as long as short |
| Polymarket Perps TAO-USDshort | +0.0100% | 1h | 306.18 | −0.176% | $75K | $567K | 5x | |
| Bullet TAO-USD | +0.0100% | 1h | 306.41 | −0.101% | $11K | $18K | 20x | as long as short |
| Orderly PERP_TAO_USDC | +0.0100% | 4h | 306.53 | −0.062% | $59K | $276K | 10x | as long as short |
| SunX TAO-USDT | +0.0100% | 4h | 306.61 | −0.036% | $2K | $1.8M | 20x | as long as short |
| HTX TAO-USDT | +0.0100% | 4h | 307.18 | +0.150% | $122K | $367K | 20x | as long as short |
| Phemex TAOUSDT | +0.0100% | 4h | 306.49 | −0.075% | $3.3M | $7.9M | 50x | as long as short |
| ApeX Omni TAOUSDT | +0.0103% | 1h | 303.74 | −0.972% | $46K | $269K | 50x | as long as short |
| Variational Omni TAO | +0.0104% | 4h | 303.54 | −1.038% | $3.7M | $6.7M | — | as long as short |
| Aevo TAO-PERP | +0.0104% | 1h | 306.73 | +0.004% | $168K | $998 | 3x | as long as short |
| Katana Perps TAO-USD | +0.0110% | 8h | 306.15 | −0.186% | $1K | $506K | 5x | as long as short |
| Aster TAOUSDT | +0.0121% | 4h | 306.67 | −0.016% | $1.1M | $7.7M | 50x | as long as short |
| Paradex TAO-USD-PERP | +0.0159% | 8h | 306.08 | −0.207% | $14K | $1K | 10x | as long as short |
| Pacifica TAO | +0.0164% | 1h | 306.25 | −0.153% | $362K | $372K | 10x | as long as short |
| GMX TAO/USD [WBTC.b-USDC] | L +0.0174% / S +0.0069% | 1h | 306.23 | −0.158% | $437K | — | 100x | as long as short |
| Deribit TAO_USDC-PERPETUAL | +0.0226% | 1h | 306.56 | −0.051% | $20K | $1.4M | 25x | as long as short |
| Nado TAO-PERP | +0.0317% | 1h | 305.96 | −0.249% | $826K | $1.9M | 10x | as long as short |
| BloFin TAO-USDT | +0.0340% | 4h | 307.02 | +0.098% | $4.2M | $9.5M | 100x | as long as short |
| Lighter TAO | +0.0408% | 1h | 306.92 | +0.065% | $1.6M | $5.3M | 5x | as long as short |
| 01 Exchange TAOUSD | +0.0416% | 1h | 306.47 | −0.082% | $3K | $4K | 5x | as long as short |
| Backpack TAO_USDC_PERPlong | +0.0468% | 1h | 306.72 | long leg | $295K | $799K | 10x | |
| Phoenix TAO | +0.0521% | 1h | 303.80 | −0.952% | $322K | $491K | 5x | as long as short |
| Reya TAORUSDPERP | +0.0695% | 1h | 306.05 | −0.218% | $352 | — | 20x | as long as short |
| Extended TAO-USD | +0.0808% | 1h | 306.63 | −0.028% | $834K | $2.0M | 25x | as long as short |
| Coinbase International TAO-PERP-INTX | +0.1008% | 1h | 306.29 | −0.140% | $1.5M | $5.6M | 50x | as long as short |
| Kraken Futures PF_TAOUSD | +0.1030% | 1h | 306.71 | −0.003% | $5.8M | $19.6M | 50x | as long as short |
| Hyperliquid TAO | +0.1079% | 1h | 307.05 | +0.108% | $93.4M | $80.6M | 5x | as long as short |
| RISEx TAO/USDC | +0.1155% | 1h | 306.34 | −0.125% | $417K | $544K | 5x | as long as short |
| Injective TAO/USDC PERP | +0.1621% | 1h | 308.73 | +0.655% | $22K | $264 | 12x | as long as short |
KuCoin TAOUSDTM
Bitget TAOUSDT
BingX TAO-USDT
edgeX TAOUSDC
GRVT TAO_USDT_Perp
Bullet TAO-USD
Orderly PERP_TAO_USDC
SunX TAO-USDT
HTX TAO-USDT
Phemex TAOUSDT
ApeX Omni TAOUSDT
Variational Omni TAO
Aevo TAO-PERP
Katana Perps TAO-USD
Aster TAOUSDT
Paradex TAO-USD-PERP
Pacifica TAO
GMX TAO/USD [WBTC.b-USDC]
Deribit TAO_USDC-PERPETUAL
Nado TAO-PERP
BloFin TAO-USDT
Lighter TAO
01 Exchange TAOUSD
Phoenix TAO
Reya TAORUSDPERP
Extended TAO-USD
Coinbase International TAO-PERP-INTX
Kraken Futures PF_TAOUSD
Hyperliquid TAO
RISEx TAO/USDC
Injective TAO/USDC PERP