TAO

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC−0.0025%/8h= −2.8% APRnext payment −$0.03 per $10,000 · paid last 24h −0.181%

Price spread now: Backpack against Coinbase International−0.773%7-day average −0.141% · you buy dearer than you sell

Net, funding: paid 7d − costs−$106as in the Funding arb table

Net, price: spread back to 7d avg − costs−$119as in the Price arb table

costs, in and out, $10k−$560.562% of the position

Long on Coinbase International Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.497%−$50 on $10k

Price spread, last 3 days (all we have)+0.703%+$70 · spread now −0.773%, 7d avg −0.141%

Together, before fees+0.205%+$21 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Backpack is 0.632% cheaper against Coinbase International than usual: you would sell low and buy high (−$63 if the spread goes back to its 7-day average of −0.141%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International TAO-PERP-INTX	310.60	0.0960	pay 0.0120% / 1h	9m 29s	$1.5M	$5.5M	50x
Short	Backpack TAO_USDC_PERP	308.20	0.0935	get 0.0117% / 1h	9m 29s	$383K	$754K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Coinbase International. 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 Coinbase InternationalbpFee BackpackbpOrdersPrice spread, now −0.773%Rate

Funding earned: −$5.28
Price spread: −0.773% → −0.141%: −$63.18
Slippage, 4 orders: −$36.23
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$124.7
Costs to cover: 0.562%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 4 min ago; Backpack: live order book, 14 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 Coinbase International live order book, 4 min ago	7.91 bp	14.8 bp −$15	18.5 bp −$185	doesn't fit	doesn't fit
Sell Backpack live order book, 14 min ago	0.16 bp	8.2 bp −$8	13.5 bp −$135	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-USD	−0.0601%	1h	309.73	−0.280%	$203K	$57K	10x	as long as short
dYdX TAO-USD	0.0000%	1h	307.61	−0.963%	$129K	$84K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0007%	1h	308.47	−0.687%	$26K	—	150x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0033%	1h	308.32	−0.735%	$14K	$1.3M	25x	as long as short
Popdex TAOUSDT	+0.0096%	1h	307.99	−0.840%	$41K	$530K	20x	as long as short
Pacifica TAO	+0.0100%	1h	307.98	−0.842%	$364K	$368K	10x	as long as short
Binance TAOUSDT	+0.0100%	4h	307.91	−0.866%	$86.3M	$405.2M	75x	as long as short
Bybit TAOUSDT	+0.0100%	4h	308.17	−0.782%	$60.0M	$119.2M	50x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	308.30	−0.741%	$25.4M	$93.6M	50x	as long as short
Arcus TAO-USD	+0.0100%	1h	308.25	−0.757%	$138K	$603K	5x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate TAO_USDT	+0.0100%	4h	307.70	−0.934%	$12.3M	$48.6M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	308.25	−0.757%	$118.5M	$125.9M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	307.80	−0.901%	$18.7M	$26.5M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	308.04	−0.824%	$34.5M	$44.6M	50x	as long as short
BingX TAO-USDT	+0.0100%	4h	307.89	−0.873%	—	$30.4M	—	as long as short
Variational Omni TAO	+0.0100%	4h	307.99	−0.841%	$3.7M	$6.6M	—	as long as short
edgeX TAOUSDC	+0.0100%	4h	308.08	−0.812%	$40K	$276K	10x	as long as short
GRVT TAO_USDT_Perp	+0.0100%	4h	308.51	−0.673%	$549K	$965K	10x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	307.80	−0.901%	$46K	$268K	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	308.45	−0.692%	$78K	$675K	5x	as long as short
Bullet TAO-USD	+0.0100%	1h	308.47	−0.687%	$11K	$18K	20x	as long as short
Orderly PERP_TAO_USDC	+0.0100%	4h	308.41	−0.705%	$59K	$276K	10x	as long as short
SunX TAO-USDT	+0.0100%	4h	308.54	−0.663%	$2K	$1.8M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	308.56	−0.657%	$122K	$353K	20x	as long as short
Phemex TAOUSDT	+0.0100%	4h	308.15	−0.789%	$3.3M	$7.9M	50x	as long as short
Aevo TAO-PERP	+0.0104%	1h	308.47	−0.687%	$169K	$998	3x	as long as short
Katana Perps TAO-USD	+0.0111%	8h	308.17	−0.782%	$881	$450K	5x	as long as short
Paradex TAO-USD-PERP	+0.0157%	8h	307.89	−0.873%	$14K	$1K	10x	as long as short
Aster TAOUSDT	+0.0157%	4h	307.81	−0.899%	$1.1M	$7.6M	50x	as long as short
Phoenix TAO	+0.0234%	1h	308.80	−0.580%	$327K	$462K	5x	as long as short
Nado TAO-PERP	+0.0306%	1h	308.29	−0.745%	$852K	$1.9M	10x	as long as short
BloFin TAO-USDT	+0.0340%	4h	308.31	−0.737%	$4.3M	$9.5M	100x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0485% / S −0.0184%	1h	308.38	−0.714%	$453K	—	100x	as long as short
01 Exchange TAOUSD	+0.0536%	1h	308.35	−0.724%	$3K	$4K	5x	as long as short
Reya TAORUSDPERP	+0.0694%	1h	308.39	−0.710%	$355	—	20x	as long as short
Extended TAO-USD	+0.0736%	1h	307.88	−0.877%	$907K	$2.0M	25x	as long as short
Backpack TAO_USDC_PERPshort	+0.0935%	1h	308.20	−0.773%	$383K	$754K	10x
Lighter TAO	+0.0936%	1h	308.37	−0.720%	$1.7M	$4.8M	5x	as long as short
Coinbase International TAO-PERP-INTXlong	+0.0960%	1h	310.60	long leg	$1.5M	$5.5M	50x
Kraken Futures PF_TAOUSD	+0.1022%	1h	308.56	−0.656%	$6.4M	$19.1M	50x	as long as short
RISEx TAO/USDC	+0.1053%	1h	308.17	−0.782%	$412K	$542K	5x	as long as short
Hyperliquid TAO	+0.1825%	1h	308.92	−0.541%	$96.6M	$77.4M	5x	as long as short
Injective TAO/USDC PERP	+0.4876%	1h	308.73	−0.602%	$22K	$271	12x	as long as short