TAO

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.1024%/8h= −112.1% APRnext payment −$1.28 per $10,000 · paid last 24h −0.215%

Price spread now: dYdX against Coinbase International−0.330%7-day average −0.225% · you buy dearer than you sell

Net, funding: paid 7d − costs−$163as in the Funding arb table

Net, price: spread back to 7d avg − costs−$129as in the Price arb table

costs, in and out, $10k−$1191.190% of the position

Long on Coinbase International Short on dYdX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.443%−$44 on $10k

Price spread, last 3 days (all we have)+0.106%+$11 · spread now −0.330%, 7d avg −0.225%

Together, before fees−0.338%−$34 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$31 a day on $10k at the current rate, and dYdX is 0.105% cheaper against Coinbase International than usual: you would sell low and buy high (−$10 if the spread goes back to its 7-day average of −0.225%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.443% in total (about -23.1% a year). A funding rate is set anew for every payment; at this rate the next one is about −$1.28 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	Coinbase International TAO-PERP-INTX	316.39	0.1024	pay 0.0128% / 1h	18m 35s	$1.5M	$6.5M	50x
Short	dYdX TAO-USD	315.35	0	get 0.0000% / 1h	18m 35s	$126K	$84K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX 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 dYdXbpOrdersPrice spread, now −0.330%Rate

Funding earned: −$215.04
Price spread: −0.330% → −0.225%: −$10.5
Slippage, 4 orders: −$99
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee dYdX: 5 bp × 2 orders: −$10
Net: −$344.54
Costs to cover: 1.190%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 5 min ago; dYdX: live order book, 50 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, 5 min ago	10.41 bp	15.6 bp −$16	19.3 bp −$193	doesn't fit	doesn't fit
Sell dYdX live order book, 50 min ago	36.33 bp	44.5 bp −$45	67.6 bp −$676	151.5 bp −$15.1K	609.3 bp −$304.6K

TAO on 42 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
dYdX TAO-USDshort	0.0000%	1h	315.35	−0.330%	$126K	$84K	5x
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	314.36	−0.641%	$10K	—	150x	as long as short
Popdex TAOUSDT	+0.0096%	1h	314.71	−0.531%	$43K	$634K	20x	as long as short
Binance TAOUSDT	+0.0100%	4h	314.71	−0.531%	$90.4M	$467.3M	75x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	315.00	−0.439%	$26.1M	$112.9M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	315.30	−0.345%	$12.9M	$50.5M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	315.48	−0.288%	$111.6M	$139.4M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	315.55	−0.265%	$18.0M	$30.2M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	314.91	−0.468%	$35.1M	$53.7M	50x	as long as short
edgeX TAOUSDC	+0.0100%	4h	315.73	−0.209%	$35K	$300K	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
ApeX Omni TAOUSDT	+0.0100%	1h	315.68	−0.224%	$47K	$252K	50x	as long as short
Orderly PERP_TAO_USDC	+0.0100%	4h	315.46	−0.294%	$57K	$282K	10x	as long as short
SunX TAO-USDT	+0.0100%	4h	314.41	−0.626%	$2K	$1.9M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	314.84	−0.490%	$129K	$472K	20x	as long as short
Phemex TAOUSDT	+0.0100%	4h	315.06	−0.420%	$3.4M	$7.9M	50x	as long as short
Aevo TAO-PERP	+0.0104%	1h	315.70	−0.219%	$173K	$998	3x	as long as short
Katana Perps TAO-USD	+0.0118%	8h	314.77	−0.512%	$1K	$711K	5x	as long as short
Polymarket Perps TAO-USD	+0.0119%	1h	315.02	−0.433%	$80K	$681K	5x	as long as short
Kraken Futures PF_TAOUSD	+0.0167%	1h	315.35	−0.327%	$5.6M	$20.5M	50x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0168% / S +0.0098%	1h	314.27	−0.669%	$430K	—	100x	as long as short
GRVT TAO_USDT_Perp	+0.0174%	4h	317.11	+0.228%	$523K	$954K	10x	as long as short
Bullet TAO-USD	+0.0245%	1h	314.66	−0.547%	$12K	$17K	20x	as long as short
Aster TAOUSDT	+0.0254%	4h	315.32	−0.337%	$1.3M	$9.4M	50x	as long as short
Pacifica TAO	+0.0285%	1h	315.68	−0.224%	$371K	$384K	10x	as long as short
Arcus TAO-USD	+0.0337%	1h	315.26	−0.357%	$99K	$529K	5x	as long as short
Paradex TAO-USD-PERP	+0.0363%	8h	315.69	−0.222%	$14K	$1K	10x	as long as short
Injective TAO/USDC PERP	+0.0470%	1h	318.67	+0.721%	$23K	$2K	12x	as long as short
Nado TAO-PERP	+0.0528%	1h	315.05	−0.424%	$786K	$2.1M	10x	as long as short
Phoenix TAO	+0.0588%	1h	317.30	+0.288%	$332K	$681K	5x	as long as short
01 Exchange TAOUSD	+0.0672%	1h	315.01	−0.436%	$3K	$4K	5x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0677%	1h	315.38	−0.320%	$22K	$1.5M	25x	as long as short
Reya TAORUSDPERP	+0.0696%	1h	315.21	−0.372%	$362	—	20x	as long as short
BingX TAO-USDT	+0.0780%	4h	315.03	−0.430%	—	$30.9M	—	as long as short
Bybit TAOUSDT	+0.0823%	4h	314.88	−0.477%	$66.1M	$138.0M	50x	as long as short
Variational Omni TAO	+0.0845%	4h	315.73	−0.210%	$5.5M	$8.9M	—	as long as short
Extended TAO-USD	+0.0920%	1h	315.09	−0.411%	$905K	$2.3M	25x	as long as short
Backpack TAO_USDC_PERP	+0.0926%	1h	315.60	−0.250%	$319K	$810K	10x	as long as short
Coinbase International TAO-PERP-INTXlong	+0.1024%	1h	316.39	long leg	$1.5M	$6.5M	50x
RISEx TAO/USDC	+0.1132%	1h	314.70	−0.534%	$449K	$631K	5x	as long as short
Hyperliquid TAO	+0.1329%	1h	316.20	−0.060%	$100.4M	$95.1M	5x	as long as short
Lighter TAO	+0.1424%	1h	316.16	−0.073%	$1.7M	$6.1M	5x	as long as short
Bulk TAO-USD	+0.2752%	1h	308.95	−2.353%	$164K	$40K	10x	as long as short