TAO

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.2940%/8h= +321.9% APRnext payment +$3.67 per $10,000 · paid last 24h +0.558%

Price spread now: Coinbase International against Bulk−2.214%7-day average +0.288% · 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−$288as in the Price arb table

costs, in and out, $10k−$380.382% of the position

Long on Bulk Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.842%+$84 on $10k

Price spread, last 4 days (all we have)+2.546%+$255 · spread now −2.214%, 7d avg +0.288%

Together, before fees+3.388%+$339 on $10k · with fees, hour by hour

Funding pays, the price is against you. Coinbase International is 2.503% cheaper against Bulk than usual: you would sell low and buy high (spread −2.214% now, against its 7-day average of +0.288%). If the spread goes back, that is −$250 on $10k: about 2.8 days of funding at the current rate (+$88 a day). At the pace of the last 4 days (+0.842% in total) that is about 11 days.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid 0.842% in total (about 86.9% a year). A funding rate is set anew for every payment; at this rate the next one is about +$3.67 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	Bulk TAO-USD	325.17	−0.1916	get 0.0239% / 1h	8m 02s	$172K	$1K	10x
Short	Coinbase International TAO-PERP-INTX	317.97	0.1024	get 0.0128% / 1h	8m 02s	$1.5M	$6.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International 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 Coinbase InternationalbpOrdersPrice spread, now −2.214%Rate

Funding earned: $617.34
Price spread: −2.214% → +0.288%: −$250.26
Slippage, 4 orders: −$21.18
Fee Bulk: 3.5 bp × 2 orders: −$7
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: $328.9
Costs to cover: 0.382%
Break-even: 3.3 days

Slippage from Bulk: live order book, 56 min ago; Coinbase International: live order book, 1 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, 56 min ago	0.16 bp	4.7 bp −$5	8.2 bp −$82	15.3 bp −$1,526	doesn't fit
Sell Coinbase International live order book, 1 min ago	9.76 bp	14.8 bp −$15	19.3 bp −$193	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
Bulk TAO-USDlong	−0.1916%	1h	325.17	long leg	$172K	$1K	10x
dYdX TAO-USD	0.0000%	1h	316.84	−2.562%	$126K	$85K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	316.82	−2.569%	$20K	—	150x	as long as short
Popdex TAOUSDT	+0.0096%	1h	317.12	−2.476%	$40K	$686K	20x	as long as short
Binance TAOUSDT	+0.0100%	4h	316.74	−2.592%	$92.1M	$490.5M	75x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	316.80	−2.574%	$26.1M	$120.1M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	316.50	−2.666%	$13.0M	$50.4M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	316.69	−2.608%	$104.1M	$144.0M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	316.91	−2.540%	$17.7M	$31.6M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	316.41	−2.694%	$35.3M	$55.7M	50x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
edgeX TAOUSDC	+0.0100%	4h	316.99	−2.516%	$36K	$302K	10x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	316.98	−2.519%	$88K	$796K	5x	as long as short
SunX TAO-USDT	+0.0100%	4h	316.96	−2.525%	$1K	$1.9M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	316.71	−2.602%	$109K	$529K	20x	as long as short
Aevo TAO-PERP	+0.0104%	1h	317.20	−2.450%	$174K	$998	3x	as long as short
Katana Perps TAO-USD	+0.0113%	8h	316.63	−2.626%	$673	$776K	5x	as long as short
Orderly PERP_TAO_USDC	+0.0126%	4h	316.73	−2.596%	$57K	$275K	10x	as long as short
Phemex TAOUSDT	+0.0154%	4h	317.03	−2.503%	$3.4M	$7.9M	50x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0157% / S +0.0112%	1h	316.79	−2.576%	$430K	—	100x	as long as short
Bullet TAO-USD	+0.0160%	1h	317.02	−2.506%	$12K	$18K	20x	as long as short
GRVT TAO_USDT_Perp	+0.0192%	4h	318.34	−2.102%	$528K	$952K	10x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0203%	1h	316.87	−2.554%	$15K	$1.6M	25x	as long as short
Paradex TAO-USD-PERP	+0.0246%	8h	317.28	−2.427%	$14K	$1K	10x	as long as short
Kraken Futures PF_TAOUSD	+0.0248%	1h	316.70	−2.604%	$5.6M	$20.8M	50x	as long as short
Aster TAOUSDT	+0.0284%	4h	316.86	−2.555%	$1.2M	$10.1M	50x	as long as short
BloFin TAO-USDT	+0.0340%	4h	317.25	−2.436%	$4.6M	$11.3M	100x	as long as short
ApeX Omni TAOUSDT	+0.0371%	1h	316.95	−2.528%	$47K	$253K	50x	as long as short
Bybit TAOUSDT	+0.0399%	4h	316.99	−2.516%	$69.5M	$146.2M	50x	as long as short
Pacifica TAO	+0.0448%	1h	317.16	−2.465%	$373K	$413K	10x	as long as short
BingX TAO-USDT	+0.0448%	4h	316.64	−2.623%	—	$30.3M	—	as long as short
Phoenix TAO	+0.0504%	1h	317.70	−2.297%	$332K	$707K	5x	as long as short
Arcus TAO-USD	+0.0509%	1h	317.37	−2.399%	$100K	$488K	5x	as long as short
Nado TAO-PERP	+0.0587%	1h	316.99	−2.514%	$817K	$2.2M	10x	as long as short
Extended TAO-USD	+0.0632%	1h	316.72	−2.598%	$932K	$2.4M	25x	as long as short
01 Exchange TAOUSD	+0.0672%	1h	317.23	−2.442%	$3K	$4K	5x	as long as short
Reya TAORUSDPERP	+0.0696%	1h	316.89	−2.545%	$364	—	20x	as long as short
Lighter TAO	+0.0736%	1h	317.06	−2.495%	$1.6M	$6.4M	5x	as long as short
Variational Omni TAO	+0.0799%	4h	316.62	−2.628%	$5.9M	$9.8M	—	as long as short
Backpack TAO_USDC_PERP	+0.0857%	1h	316.77	−2.583%	$315K	$927K	10x	as long as short
Hyperliquid TAO	+0.0999%	1h	316.86	−2.557%	$95.8M	$104.0M	5x	as long as short
Coinbase International TAO-PERP-INTXshort	+0.1024%	1h	317.97	−2.214%	$1.5M	$6.8M	50x
RISEx TAO/USDC	+0.1159%	1h	317.17	−2.459%	$442K	$659K	5x	as long as short
Injective TAO/USDC PERP	+0.4172%	1h	321.62	−1.092%	$23K	$2K	12x	as long as short