TAO

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0261%/8h= +28.6% APRnext payment +$0.33 per $10,000 · paid last 24h +0.383%

Price spread now: Backpack against Bulk−0.482%7-day average +0.148% · 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−$88as in the Price arb table

costs, in and out, $10k−$250.250% of the position

Long on Bulk Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.457%+$46 on $10k

Price spread, last 4 days (all we have)+0.787%+$79 · spread now −0.482%, 7d avg +0.148%

Together, before fees+1.245%+$124 on $10k · with fees, hour by hour

Funding pays, the price is against you. Backpack is 0.631% cheaper against Bulk than usual: you would sell low and buy high (spread −0.482% now, against its 7-day average of +0.148%). If the spread goes back, that is −$63 on $10k: about 8.1 days of funding at the current rate (+$8 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bulk TAO-USD	315.10	0.0100	pay 0.0013% / 1h	53m 54s	$167K	$2K	10x
Short	Backpack TAO_USDC_PERP	313.58	0.0361	get 0.0045% / 1h	53m 54s	$311K	$914K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Bulk. 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 BulkbpFee BackpackbpOrdersPrice spread, now −0.482%Rate

Funding earned: $54.81
Price spread: −0.482% → +0.148%: −$63.06
Slippage, 4 orders: −$7.97
Fee Bulk: 3.5 bp × 2 orders: −$7
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$33.22
Costs to cover: 0.250%
Break-even: 11.2 days

Slippage from Bulk: live order book, 65 min ago; Backpack: live order book, 65 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 Bulk live order book, 65 min ago	0.16 bp	3.8 bp −$4	7.1 bp −$71	10.5 bp −$1,053	doesn't fit
Sell Backpack live order book, 65 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
Kraken Futures PF_TAOUSD	−0.0346%	1h	313.56	−0.488%	$5.5M	$20.6M	50x	as long as short
dYdX TAO-USD	0.0000%	1h	314.04	−0.337%	$125K	$85K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	313.84	−0.400%	$20K	—	150x	as long as short
Gate TAO_USDT	+0.0008%	4h	313.30	−0.571%	$13.0M	$49.2M	50x	as long as short
Popdex TAOUSDT	+0.0096%	1h	313.95	−0.365%	$43K	$653K	20x	as long as short
Katana Perps TAO-USD	+0.0098%	8h	313.86	−0.394%	$644	$806K	5x	as long as short
Pacifica TAO	+0.0100%	1h	314.22	−0.280%	$358K	$412K	10x	as long as short
Binance TAOUSDT	+0.0100%	4h	313.93	−0.373%	$90.5M	$496.1M	75x	as long as short
Bybit TAOUSDT	+0.0100%	4h	314.07	−0.327%	$67.6M	$149.3M	50x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	313.90	−0.381%	$25.9M	$120.5M	50x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bulk TAO-USDlong	+0.0100%	1h	315.10	long leg	$167K	$2K	10x
MEXC TAO_USDT	+0.0100%	4h	313.80	−0.413%	$100.8M	$143.6M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	313.68	−0.451%	$17.7M	$31.7M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	313.69	−0.447%	$35.1M	$56.5M	50x	as long as short
BingX TAO-USDT	+0.0100%	4h	313.82	−0.406%	—	$33.0M	—	as long as short
edgeX TAOUSDC	+0.0100%	4h	314.50	−0.189%	$42K	$312K	10x	as long as short
GRVT TAO_USDT_Perp	+0.0100%	4h	313.64	−0.465%	$532K	$955K	10x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	314.57	−0.168%	$46K	$255K	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	313.70	−0.444%	$77K	$863K	5x	as long as short
Bullet TAO-USD	+0.0100%	1h	314.02	−0.343%	$12K	$18K	20x	as long as short
SunX TAO-USDT	+0.0100%	4h	313.56	−0.489%	$1K	$1.9M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	313.51	−0.505%	$109K	$535K	20x	as long as short
Aevo TAO-PERP	+0.0104%	1h	314.09	−0.321%	$172K	$998	3x	as long as short
Hyperliquid TAO	+0.0116%	1h	313.74	−0.432%	$92.1M	$106.6M	5x	as long as short
Orderly PERP_TAO_USDC	+0.0122%	4h	313.66	−0.457%	$52K	$271K	10x	as long as short
Aster TAOUSDT	+0.0131%	4h	313.60	−0.477%	$1.2M	$10.4M	50x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0143% / S +0.0124%	1h	313.82	−0.405%	$426K	—	100x	as long as short
Paradex TAO-USD-PERP	+0.0144%	8h	314.19	−0.290%	$14K	$1K	10x	as long as short
Extended TAO-USD	+0.0184%	1h	313.85	−0.397%	$918K	$2.4M	25x	as long as short
Nado TAO-PERP	+0.0195%	1h	313.78	−0.420%	$797K	$2.2M	10x	as long as short
Arcus TAO-USD	+0.0231%	1h	314.22	−0.279%	$102K	$441K	5x	as long as short
BloFin TAO-USDT	+0.0340%	4h	314.51	−0.187%	$4.6M	$10.8M	100x	as long as short
01 Exchange TAOUSD	+0.0352%	1h	314.20	−0.286%	$3K	$4K	5x	as long as short
Backpack TAO_USDC_PERPshort	+0.0361%	1h	313.58	−0.482%	$311K	$914K	10x
Variational Omni TAO	+0.0362%	4h	313.70	−0.444%	$5.6M	$9.9M	—	as long as short
Lighter TAO	+0.0400%	1h	313.81	−0.410%	$1.5M	$6.4M	5x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0404%	1h	313.69	−0.448%	$21K	$1.7M	25x	as long as short
Phoenix TAO	+0.0581%	1h	313.60	−0.476%	$312K	$711K	5x	as long as short
Reya TAORUSDPERP	+0.0697%	1h	313.75	−0.428%	$361	—	20x	as long as short
RISEx TAO/USDC	+0.0816%	1h	314.08	−0.325%	$435K	$653K	5x	as long as short
Coinbase International TAO-PERP-INTX	+0.0952%	1h	314.92	−0.057%	$1.5M	$6.7M	50x	as long as short
Phemex TAOUSDT	+0.1188%	4h	313.73	−0.435%	$3.2M	$8.1M	50x	as long as short
Injective TAO/USDC PERP	+0.4092%	1h	317.67	+0.816%	$23K	$2K	12x	as long as short