TAO

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0593%/8h= +65.0% APRnext payment +$0.74 per $10,000 · paid last 24h +0.053%

Price spread now: Backpack against Deribit+0.046%7-day average +0.021% · you sell dearer than you buy

Net, funding: paid 7d − costs−$13as in the Funding arb table

Net, price: spread back to 7d avg − costs−$34as in the Price arb table

costs, in and out, $10k−$360.363% of the position

Long on Deribit Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.236%+$24 on $10k

Price spread, last 3 days (all we have)−0.030%−$3 · spread now +0.046%, 7d avg +0.021%

Together, before fees+0.206%+$21 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$18 a day on $10k at the current rate, and Backpack is 0.025% dearer against Deribit than usual: you sell high and buy low: +$2 more if the spread goes back to its 7-day average of +0.021%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.236% in total (about 12.3% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.74 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	Deribit TAO_USDC-PERPETUAL	316.72	0.0332	pay 0.0041% / 1h	4m 42s	$15K	$1.6M	25x
Short	Backpack TAO_USDC_PERP	316.87	0.0925	get 0.0116% / 1h	4m 42s	$320K	$807K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Deribit. 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 DeribitbpFee BackpackbpOrdersPrice spread, now +0.046%Rate

Funding earned: $124.62
Price spread: +0.046% → +0.021%: $2.48
Slippage, 4 orders: −$19.3
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Backpack: 5 bp × 2 orders: −$10
Net: $90.8
Costs to cover: 0.363%
Break-even: 1.9 days

Slippage from Deribit: live order book, 4 min ago; Backpack: live order book, 64 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 Deribit live order book, 4 min ago	3.65 bp	10.6 bp −$11	doesn't fit	doesn't fit	doesn't fit
Sell Backpack live order book, 64 min ago	0.16 bp	13.4 bp −$13	26.0 bp −$260	doesn't fit	doesn't fit

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
Bulk TAO-USD	−0.0185%	1h	315.28	−0.456%	$167K	$40K	10x	as long as short
dYdX TAO-USD	0.0000%	1h	316.81	+0.026%	$127K	$84K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	316.53	−0.062%	$10K	—	150x	as long as short
Popdex TAOUSDT	+0.0096%	1h	317.02	+0.093%	$44K	$644K	20x	as long as short
Binance TAOUSDT	+0.0100%	4h	317.32	+0.188%	$91.5M	$467.3M	75x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	317.10	+0.119%	$26.3M	$114.6M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	317.00	+0.087%	$12.9M	$50.9M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	317.37	+0.204%	$114.3M	$140.5M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	317.22	+0.156%	$18.1M	$30.4M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	316.93	+0.065%	$35.4M	$53.4M	50x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
edgeX TAOUSDC	+0.0100%	4h	316.38	−0.110%	$36K	$300K	10x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	316.95	+0.071%	$77K	$713K	5x	as long as short
Orderly PERP_TAO_USDC	+0.0100%	4h	316.63	−0.030%	$58K	$282K	10x	as long as short
SunX TAO-USDT	+0.0100%	4h	316.37	−0.112%	$2K	$1.9M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	316.80	+0.024%	$129K	$471K	20x	as long as short
Phemex TAOUSDT	+0.0100%	4h	316.50	−0.071%	$3.4M	$7.9M	50x	as long as short
Aevo TAO-PERP	+0.0104%	1h	316.96	+0.076%	$174K	$998	3x	as long as short
Katana Perps TAO-USD	+0.0116%	8h	316.80	+0.024%	$2K	$727K	5x	as long as short
ApeX Omni TAOUSDT	+0.0149%	1h	316.28	−0.140%	$47K	$253K	50x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0166% / S +0.0102%	1h	316.68	−0.013%	$431K	—	100x	as long as short
Kraken Futures PF_TAOUSD	+0.0167%	1h	316.68	−0.013%	$5.6M	$20.5M	50x	as long as short
GRVT TAO_USDT_Perp	+0.0188%	4h	314.95	−0.562%	$519K	$957K	10x	as long as short
Bullet TAO-USD	+0.0239%	1h	317.00	+0.087%	$12K	$18K	20x	as long as short
Aster TAOUSDT	+0.0273%	4h	317.01	+0.090%	$1.2M	$9.3M	50x	as long as short
Pacifica TAO	+0.0285%	1h	317.33	+0.192%	$369K	$396K	10x	as long as short
Deribit TAO_USDC-PERPETUALlong	+0.0332%	1h	316.72	long leg	$15K	$1.6M	25x
Arcus TAO-USD	+0.0337%	1h	317.43	+0.223%	$100K	$489K	5x	as long as short
Paradex TAO-USD-PERP	+0.0365%	8h	317.05	+0.103%	$14K	$1K	10x	as long as short
Injective TAO/USDC PERP	+0.0470%	1h	321.23	+1.423%	$23K	$2K	12x	as long as short
Nado TAO-PERP	+0.0530%	1h	316.79	+0.021%	$757K	$2.1M	10x	as long as short
Phoenix TAO	+0.0588%	1h	315.80	−0.292%	$330K	$681K	5x	as long as short
01 Exchange TAOUSD	+0.0664%	1h	317.10	+0.119%	$3K	$4K	5x	as long as short
Reya TAORUSDPERP	+0.0696%	1h	316.91	+0.059%	$364	—	20x	as long as short
Bybit TAOUSDT	+0.0757%	4h	317.48	+0.239%	$67.3M	$138.1M	50x	as long as short
BingX TAO-USDT	+0.0768%	4h	317.23	+0.160%	—	$31.0M	—	as long as short
Variational Omni TAO	+0.0857%	4h	316.54	−0.058%	$6.1M	$9.5M	—	as long as short
Extended TAO-USD	+0.0920%	1h	317.11	+0.122%	$903K	$2.3M	25x	as long as short
Backpack TAO_USDC_PERPshort	+0.0925%	1h	316.87	+0.046%	$320K	$807K	10x
Coinbase International TAO-PERP-INTX	+0.1024%	1h	317.17	+0.141%	$1.5M	$6.4M	50x	as long as short
RISEx TAO/USDC	+0.1132%	1h	317.04	+0.098%	$449K	$623K	5x	as long as short
Hyperliquid TAO	+0.1348%	1h	317.44	+0.226%	$99.9M	$97.1M	5x	as long as short
Lighter TAO	+0.1376%	1h	317.76	+0.328%	$1.6M	$6.1M	5x	as long as short