Funding you earn now, next payment 05:00 UTC+0.0513%/8h= +56.2% APRnext payment +$0.64 per $10,000 · paid last 24h +0.088%
Price spread now: Phoenix against dYdX−0.074%46s7-day average +0.177% · you buy dearer than you sell
Net, funding: paid 7d − costs−$98as in the Funding arb table
Net, price: spread back to 7d avg − costs—prices read too far apart to compare
costs, in and out, $10k−$1081.080% of the position
Funding, last 7 days+0.095%+$9 on $10k
+Price spread, last 4 days (all we have)+0.552%+$55 · spread now −0.074%, 7d avg +0.177%
=Funding pays, the price is against you. Phoenix is 0.251% cheaper against dYdX than usual: you would sell low and buy high (spread −0.074% now, against its 7-day average of +0.177%). If the spread goes back, that is −$25 on $10k: about 39 hours of funding at the current rate (+$15 a day). At the pace of the last 7 days (+0.095% in total) that is about 19 days. The two prices were read 46 seconds apart, so part of this spread may be the market moving, not a spread.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.095% in total (about 4.9% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.64 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 | dYdX TAO-USD | 312.73 | 0 | get 0.0000% / 1h | 50m 07s | $125K | $85K | 5x |
| Short | Phoenix TAO | 312.50 | 0.0513 | get 0.0064% / 1h | 50m 07s | $311K | $713K | 5x |
dYdX TAO-USD
Phoenix TAOFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phoenix against dYdX. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- $107.69
- Price spread: −0.074% → +0.177%
- −$25.1
- Slippage, 4 orders
- −$90.97
- Fee dYdX: 5 bp × 2 orders
- −$10
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Net
- −$25.38
- Costs to cover
- 1.080%
- Break-even
- 8.6 days
Slippage from dYdX: live order book, 64 min ago; Phoenix: live order book, 63 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 dYdX live order book, 64 min ago | 31.65 bp | 42.5 bp −$42 | 67.6 bp −$676 | 147.8 bp −$14.8K | 533.8 bp −$266.9K |
| Sell Phoenix live order book, 63 min ago | 3.18 bp | 19.2 bp −$19 | 28.6 bp −$286 | 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 | |
|---|---|---|---|---|---|---|---|---|
| dYdX TAO-USDlong | 0.0000% | 1h | 312.73 | long leg | $125K | $85K | 5x | |
| gTrade (Gains Network) TAO/USD | L +0.0004% / S −0.0004% | 1h | 312.94 | +0.068% | $20K | — | 150x | as long as short |
| Katana Perps TAO-USD | +0.0100% | 8h | 313.26 | +0.169% | $641 | $879K | 5x | as long as short |
| Binance TAOUSDT | +0.0100% | 4h | 313.20 | +0.150% | $89.6M | $505.0M | 75x | as long as short |
| OKX TAO-USDT-SWAP | +0.0100% | 8h | 313.20 | +0.150% | $26.2M | $121.8M | 50x | as long as short |
| Gate TAO_USDT | +0.0100% | 4h | 312.90 | +0.054% | $13.6M | $50.3M | 50x | as long as short |
| MEXC TAO_USDT | +0.0100% | 4h | 313.19 | +0.147% | $104.5M | $144.5M | 300x | as long as short |
| KuCoin TAOUSDTM | +0.0100% | 4h | 313.10 | +0.118% | $17.5M | $31.4M | 75x | as long as short |
| Bitget TAOUSDT | +0.0100% | 4h | 312.94 | +0.067% | $35.2M | $56.9M | 50x | as long as short |
| edgeX TAOUSDC | +0.0100% | 4h | 312.14 | −0.189% | $41K | $314K | 10x | as long as short |
gTrade (Gains Network) TAO/USD
Katana Perps TAO-USD
Binance TAOUSDT
OKX TAO-USDT-SWAP
Gate TAO_USDT
MEXC TAO_USDT
KuCoin TAOUSDTM
Bitget TAOUSDT
edgeX TAOUSDCShow all 43 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Polymarket Perps TAO-USD | +0.0100% | 1h | 313.12 | +0.125% | $81K | $908K | 5x | as long as short |
| SunX TAO-USDT | +0.0100% | 4h | 312.92 | +0.061% | $1K | $1.9M | 20x | as long as short |
| HTX TAO-USDT | +0.0100% | 4h | 312.72 | −0.003% | $111K | $545K | 20x | as long as short |
| Aevo TAO-PERP | +0.0104% | 1h | 313.30 | +0.182% | $172K | $998 | 3x | as long as short |
| Orderly PERP_TAO_USDC | +0.0121% | 4h | 313.18 | +0.144% | $52K | $290K | 10x | as long as short |
| GMX TAO/USD [WBTC.b-USDC] | L +0.0132% / S +0.0137% | 1h | 312.88 | +0.048% | $419K | — | 100x | as long as short |
| Bulk TAO-USD | +0.0138% | 1h | 312.42 | −0.098% | $166K | $333 | 10x | as long as short |
| Aster TAOUSDT | +0.0149% | 4h | 312.95 | +0.069% | $1.3M | $10.5M | 50x | as long as short |
| Paradex TAO-USD-PERP | +0.0220% | 8h | 313.29 | +0.180% | $14K | $1K | 10x | as long as short |
| GRVT TAO_USDT_Perp | +0.0232% | 4h | 312.47 | −0.085% | $531K | $942K | 10x | as long as short |
| Pacifica TAO | +0.0233% | 1h | 313.40 | +0.214% | $357K | $419K | 10x | as long as short |
| Popdex TAOUSDT | +0.0248% | 1h | 313.43 | +0.224% | $49K | $662K | 20x | as long as short |
| Nado TAO-PERP | +0.0259% | 1h | 313.35 | +0.199% | $779K | $2.2M | 10x | as long as short |
| ApeX Omni TAOUSDT | +0.0265% | 1h | 312.08 | −0.208% | $46K | $255K | 50x | as long as short |
| Kraken Futures PF_TAOUSD | +0.0305% | 1h | 312.92 | +0.060% | $5.5M | $20.7M | 50x | as long as short |
| Bullet TAO-USD | +0.0328% | 1h | 313.25 | +0.168% | $12K | $17K | 20x | as long as short |
| BloFin TAO-USDT | +0.0340% | 4h | 313.00 | +0.086% | $4.5M | $10.8M | 100x | as long as short |
| BingX TAO-USDT | +0.0358% | 4h | 313.06 | +0.106% | — | $33.7M | — | as long as short |
| Phemex TAOUSDT | +0.0359% | 4h | 313.09 | +0.115% | $3.1M | $7.9M | 50x | as long as short |
| Bybit TAOUSDT | +0.0370% | 4h | 313.23 | +0.160% | $67.8M | $151.2M | 50x | as long as short |
| Variational Omni TAO | +0.0371% | 4h | 313.10 | +0.118% | $5.5M | $10.1M | — | as long as short |
| Extended TAO-USD | +0.0384% | 1h | 313.10 | +0.119% | $902K | $2.4M | 25x | as long as short |
| Arcus TAO-USD | +0.0483% | 1h | 313.56 | +0.265% | $101K | $370K | 5x | as long as short |
| Phoenix TAOshort | +0.0513% | 1h | 312.50 | −0.074% | $311K | $713K | 5x | |
| Deribit TAO_USDC-PERPETUAL | +0.0529% | 1h | 313.17 | +0.141% | $11K | $1.8M | 25x | as long as short |
| Hyperliquid TAO | +0.0697% | 1h | 313.30 | +0.182% | $91.7M | $108.3M | 5x | as long as short |
| Reya TAORUSDPERP | +0.0697% | 1h | 313.33 | +0.192% | $360 | — | 20x | as long as short |
| 01 Exchange TAOUSD | +0.0768% | 1h | 313.87 | +0.365% | $3K | $4K | 5x | as long as short |
| Backpack TAO_USDC_PERP | +0.0827% | 1h | 313.24 | +0.163% | $311K | $885K | 10x | as long as short |
| Lighter TAO | +0.0888% | 1h | 313.27 | +0.173% | $1.5M | $6.5M | 5x | as long as short |
| Coinbase International TAO-PERP-INTX | +0.0928% | 1h | 313.67 | +0.301% | $1.5M | $6.8M | 50x | as long as short |
| RISEx TAO/USDC | +0.0948% | 1h | 313.37 | +0.203% | $450K | $650K | 5x | as long as short |
| Injective TAO/USDC PERP | +0.3711% | 1h | 316.07 | +1.068% | $23K | $2K | 12x | as long as short |
Polymarket Perps TAO-USD
SunX TAO-USDT
HTX TAO-USDT
Aevo TAO-PERP
Orderly PERP_TAO_USDC
GMX TAO/USD [WBTC.b-USDC]
Bulk TAO-USD
Aster TAOUSDT
Paradex TAO-USD-PERP
GRVT TAO_USDT_Perp
Pacifica TAO
Popdex TAOUSDT
Nado TAO-PERP
ApeX Omni TAOUSDT
Kraken Futures PF_TAOUSD
Bullet TAO-USD
BloFin TAO-USDT
BingX TAO-USDT
Phemex TAOUSDT
Bybit TAOUSDT
Variational Omni TAO
Extended TAO-USD
Arcus TAO-USD
Deribit TAO_USDC-PERPETUAL
Hyperliquid TAO
Reya TAORUSDPERP
01 Exchange TAOUSD
Backpack TAO_USDC_PERP
Lighter TAO
Coinbase International TAO-PERP-INTX
RISEx TAO/USDC
Injective TAO/USDC PERP