TAO

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0355%/8h= −38.9% APRnext payment −$0.44 per $10,000 · paid last 24h −0.030%

Price spread now: Popdex against Backpack−0.092%7-day average −0.042% · 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−$41as in the Price arb table

costs, in and out, $10k−$360.357% of the position

Long on Backpack Short on Popdex

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.059%−$6 on $10k

Price spread, last 4 days (all we have)+0.099%+$10 · spread now −0.092%, 7d avg −0.042%

Together, before fees+0.041%+$4 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$11 a day on $10k at the current rate, and Popdex is 0.049% cheaper against Backpack than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of −0.042%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid -0.059% in total (about -6.3% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.44 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	305.98	0.0451	pay 0.0056% / 1h	14m 14s	$294K	$800K	10x
Short	Popdex TAOUSDT	305.70	0.0096	get 0.0012% / 1h	14m 14s	$45K	$539K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Popdex 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 PopdexbpOrdersPrice spread, now −0.092%Rate

Funding earned: −$74.57
Price spread: −0.092% → −0.042%: −$4.94
Slippage, 4 orders: −$19.3
Fee Backpack: 5 bp × 2 orders: −$10
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Net: −$115.21
Costs to cover: 0.357%
Break-even: never at this rate

Slippage from Backpack: live order book, 5 min ago; Popdex: live order book, 5 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, 5 min ago	1.96 bp	7.0 bp −$7	40.6 bp −$406	doesn't fit	doesn't fit
Sell Popdex live order book, 5 min ago	3.43 bp	10.5 bp −$11	84.7 bp −$847	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 −0.0004%	1h	305.64	−0.111%	$20K	—	150x	as long as short
dYdX TAO-USD	+0.0014%	1h	305.66	−0.105%	$125K	$85K	5x	as long as short
Popdex TAOUSDTshort	+0.0096%	1h	305.70	−0.092%	$45K	$539K	20x
Binance TAOUSDT	+0.0100%	4h	305.90	−0.025%	$85.5M	$414.3M	75x	as long as short
Bybit TAOUSDT	+0.0100%	4h	306.05	+0.023%	$59.3M	$121.3M	50x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	305.90	−0.026%	$24.6M	$95.5M	50x	as long as short
Arcus TAO-USD	+0.0100%	1h	305.88	−0.033%	$79K	$643K	5x	as long as short
Bulk TAO-USD	+0.0100%	1h	302.77	−1.049%	$162K	$54K	10x	as long as short
Gate TAO_USDT	+0.0100%	4h	305.80	−0.059%	$12.2M	$49.1M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	305.85	−0.042%	$113.7M	$125.8M	300x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin TAOUSDTM	+0.0100%	4h	305.98	0.000%	$18.2M	$27.3M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	305.65	−0.108%	$34.1M	$45.8M	50x	as long as short
BingX TAO-USDT	+0.0100%	4h	305.84	−0.046%	—	$30.3M	—	as long as short
Variational Omni TAO	+0.0100%	4h	305.77	−0.070%	$3.7M	$6.7M	—	as long as short
edgeX TAOUSDC	+0.0100%	4h	305.94	−0.013%	$40K	$280K	10x	as long as short
GRVT TAO_USDT_Perp	+0.0100%	4h	305.70	−0.091%	$505K	$967K	10x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	305.91	−0.023%	$46K	$269K	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	305.82	−0.052%	$75K	$556K	5x	as long as short
Bullet TAO-USD	+0.0100%	1h	305.78	−0.065%	$11K	$18K	20x	as long as short
Orderly PERP_TAO_USDC	+0.0100%	4h	305.82	−0.052%	$59K	$276K	10x	as long as short
SunX TAO-USDT	+0.0100%	4h	305.46	−0.170%	$2K	$1.8M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	305.88	−0.033%	$122K	$368K	20x	as long as short
Phemex TAOUSDT	+0.0100%	4h	305.81	−0.056%	$3.3M	$7.9M	50x	as long as short
Aevo TAO-PERP	+0.0104%	1h	305.95	−0.010%	$168K	$998	3x	as long as short
Katana Perps TAO-USD	+0.0110%	8h	305.69	−0.095%	$625	$506K	5x	as long as short
Aster TAOUSDT	+0.0119%	4h	305.89	−0.028%	$1.1M	$7.7M	50x	as long as short
Paradex TAO-USD-PERP	+0.0154%	8h	305.58	−0.130%	$14K	$1K	10x	as long as short
Pacifica TAO	+0.0164%	1h	305.80	−0.059%	$361K	$370K	10x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0174% / S +0.0069%	1h	305.58	−0.131%	$436K	—	100x	as long as short
Nado TAO-PERP	+0.0325%	1h	305.66	−0.104%	$825K	$1.9M	10x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0336%	1h	305.87	−0.035%	$19K	$1.4M	25x	as long as short
BloFin TAO-USDT	+0.0340%	4h	305.68	−0.098%	$4.2M	$9.5M	100x	as long as short
Lighter TAO	+0.0352%	1h	306.10	+0.040%	$1.6M	$5.4M	5x	as long as short
01 Exchange TAOUSD	+0.0408%	1h	305.74	−0.078%	$3K	$4K	5x	as long as short
Backpack TAO_USDC_PERPlong	+0.0451%	1h	305.98	long leg	$294K	$800K	10x
Phoenix TAO	+0.0521%	1h	306.20	+0.072%	$320K	$491K	5x	as long as short
Reya TAORUSDPERP	+0.0695%	1h	305.72	−0.087%	$352	—	20x	as long as short
Extended TAO-USD	+0.0728%	1h	305.87	−0.036%	$834K	$2.0M	25x	as long as short
Coinbase International TAO-PERP-INTX	+0.1008%	1h	306.84	+0.281%	$1.5M	$5.6M	50x	as long as short
Kraken Futures PF_TAOUSD	+0.1033%	1h	305.92	−0.021%	$5.8M	$19.6M	50x	as long as short
Hyperliquid TAO	+0.1091%	1h	306.30	+0.105%	$93.3M	$80.7M	5x	as long as short
RISEx TAO/USDC	+0.1155%	1h	305.80	−0.058%	$416K	$544K	5x	as long as short
Injective TAO/USDC PERP	+0.1621%	1h	308.73	+0.899%	$22K	$264	12x	as long as short