TAO

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0725%/8h= +79.4% APRnext payment +$0.91 per $10,000 · paid last 24h −0.055%

Price spread now: Backpack against GMX+0.097%7-day average +0.056% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on GMX Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.288%−$29 on $10k

Price spread, last 3 days (all we have)−0.065%−$6 · spread now +0.097%, 7d avg +0.056%

Together, before fees−0.353%−$35 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$22 a day on $10k at the current rate, and Backpack is 0.042% dearer against GMX than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of +0.056%. Mind the row above: over the last 3 days funding on this pair cost −0.288%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX TAO/USD [WBTC.b-USDC]	319.58	L +0.0173% / S +0.0089%	pay 0.0022% / 1h	33m 29s	$464K	—	100x
Short	Backpack TAO_USDC_PERP	319.89	0.0899	get 0.0112% / 1h	33m 29s	$323K	$819K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against GMX. 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 GMXbpFee BackpackbpOrdersPrice spread, now +0.097%Rate

Funding earned: $152.31
Price spread: +0.097% → +0.056%: $4.17
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Backpack: 5 bp × 2 orders: −$10
Net: $134.47
Costs to cover: 0.220%
Break-even: 0.8 days

Slippage unknown: GMX: no order-book sample; Backpack: live order book, 40 min ago. Net counts fees only.

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 GMX no order-book sample	—	—	—	—	—
Sell Backpack live order book, 40 min ago	2.57 bp	7.9 bp −$8	128.6 bp −$1,286	doesn't fit	doesn't fit

GMX: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.1322%	1h	319.84	+0.082%	$170K	$44K	10x	as long as short
Phemex TAOUSDT	−0.1078%	4h	319.49	−0.028%	$3.4M	$7.9M	50x	as long as short
dYdX TAO-USD	0.0000%	1h	320.12	+0.169%	$128K	$88K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	319.58	0.000%	$21K	—	150x	as long as short
Popdex TAOUSDT	+0.0096%	1h	320.14	+0.176%	$42K	$589K	20x	as long as short
Binance TAOUSDT	+0.0100%	4h	319.86	+0.088%	$92.1M	$446.3M	75x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	319.80	+0.069%	$26.2M	$108.9M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	319.90	+0.100%	$13.0M	$50.5M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	320.02	+0.138%	$108.4M	$134.3M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	319.93	+0.110%	$18.3M	$29.1M	75x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget TAOUSDT	+0.0100%	4h	320.03	+0.141%	$35.7M	$50.3M	50x	as long as short
edgeX TAOUSDC	+0.0100%	4h	319.52	−0.020%	$40K	$293K	10x	as long as short
Orderly PERP_TAO_USDC	+0.0100%	4h	319.79	+0.066%	$58K	$316K	10x	as long as short
SunX TAO-USDT	+0.0100%	4h	319.38	−0.062%	$1K	$1.9M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	319.62	+0.013%	$128K	$424K	20x	as long as short
GRVT TAO_USDT_Perp	+0.0104%	4h	320.01	+0.134%	$529K	$969K	10x	as long as short
Aevo TAO-PERP	+0.0104%	1h	319.82	+0.075%	$176K	$998	3x	as long as short
Katana Perps TAO-USD	+0.0117%	8h	320.14	+0.176%	$1K	$619K	5x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0135%	1h	319.58	+0.001%	$18K	$1.6M	25x	as long as short
Bullet TAO-USD	+0.0172%	1h	319.86	+0.088%	$12K	$17K	20x	as long as short
GMX TAO/USD [WBTC.b-USDC]long	L +0.0173% / S +0.0089%	1h	319.58	long leg	$464K	—	100x
Pacifica TAO	+0.0185%	1h	320.25	+0.210%	$379K	$374K	10x	as long as short
Arcus TAO-USD	+0.0201%	1h	320.63	+0.329%	$85K	$550K	5x	as long as short
Aster TAOUSDT	+0.0236%	4h	320.05	+0.146%	$1.1M	$8.3M	50x	as long as short
Paradex TAO-USD-PERP	+0.0243%	8h	320.21	+0.198%	$15K	$1K	10x	as long as short
BloFin TAO-USDT	+0.0340%	4h	319.99	+0.129%	$4.5M	$10.9M	100x	as long as short
ApeX Omni TAOUSDT	+0.0344%	1h	319.23	−0.109%	$48K	$266K	50x	as long as short
Polymarket Perps TAO-USD	+0.0348%	1h	320.24	+0.207%	$94K	$638K	5x	as long as short
Variational Omni TAO	+0.0398%	4h	320.33	+0.234%	$5.6M	$8.7M	—	as long as short
BingX TAO-USDT	+0.0428%	4h	320.01	+0.135%	—	$30.5M	—	as long as short
Bybit TAOUSDT	+0.0469%	4h	320.11	+0.166%	$65.8M	$133.0M	50x	as long as short
Kraken Futures PF_TAOUSD	+0.0479%	1h	319.72	+0.044%	$5.8M	$20.3M	50x	as long as short
Phoenix TAO	+0.0525%	1h	320.00	+0.132%	$335K	$624K	5x	as long as short
Injective TAO/USDC PERP	+0.0571%	1h	319.79	+0.066%	$23K	$666	12x	as long as short
01 Exchange TAOUSD	+0.0664%	1h	320.08	+0.157%	$3K	$4K	5x	as long as short
Reya TAORUSDPERP	+0.0695%	1h	320.00	+0.133%	$368	—	20x	as long as short
Nado TAO-PERP	+0.0758%	1h	320.20	+0.194%	$894K	$2.0M	10x	as long as short
Backpack TAO_USDC_PERPshort	+0.0899%	1h	319.89	+0.097%	$323K	$819K	10x
Coinbase International TAO-PERP-INTX	+0.0984%	1h	320.73	+0.360%	$1.5M	$6.3M	50x	as long as short
RISEx TAO/USDC	+0.1141%	1h	320.29	+0.221%	$426K	$600K	5x	as long as short
Extended TAO-USD	+0.1144%	1h	319.70	+0.038%	$936K	$2.2M	25x	as long as short
Lighter TAO	+0.1440%	1h	320.69	+0.347%	$1.7M	$6.0M	5x	as long as short
Hyperliquid TAO	+0.2319%	1h	320.57	+0.310%	$103.6M	$90.8M	5x	as long as short