TAO

Alert: funding

Alert: spread

Funding you earn now, next payment 20:00 UTC−0.0125%/8h= −13.6% APRnext payment −$0.16 per $10,000 · paid last 24h −0.010%

Price spread now: Phoenix against GMX+0.087%65s7-day average +0.123% · you sell dearer than you buy

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

Long on GMX Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.114%−$11 on $10k

Price spread, last 3 days (all we have)−0.566%−$57 · spread now +0.087%, 7d avg +0.123%

Together, before fees−0.680%−$68 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and Phoenix is 0.036% cheaper against GMX than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of +0.123%). Swap the legs. The two prices were read 65 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX TAO/USD [WBTC.b-USDC]	312.93	L +0.0490% / S −0.0188%	pay 0.0061% / 1h	32m 29s	$463K	—	100x
Short	Phoenix TAO	313.20	0.0365	get 0.0046% / 1h	32m 29s	$332K	$326K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now +0.087%Rate

Funding earned: −$26.17
Price spread: +0.087% → +0.123%: −$3.57
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$48.73
Costs to cover: 0.190%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Phoenix: live order book, 14 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 Phoenix live order book, 14 min ago	3.20 bp	9.7 bp −$10	13.9 bp −$139	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	−1.0220%	1h	313.13	+0.066%	$209K	$54K	10x	as long as short
dYdX TAO-USD	0.0000%	1h	313.15	+0.071%	$131K	$95K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0007%	1h	313.02	+0.030%	$27K	—	150x	as long as short
Phemex TAOUSDT	+0.0025%	4h	314.22	+0.413%	$3.3M	$7.9M	50x	as long as short
Popdex TAOUSDT	+0.0096%	1h	313.31	+0.122%	$36K	$507K	20x	as long as short
Pacifica TAO	+0.0100%	1h	313.56	+0.202%	$365K	$396K	10x	as long as short
Binance TAOUSDT	+0.0100%	4h	313.15	+0.070%	$88.6M	$380.8M	75x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	313.30	+0.119%	$25.7M	$88.9M	50x	as long as short
Arcus TAO-USD	+0.0100%	1h	313.84	+0.292%	$141K	$585K	5x	as long as short
Gate TAO_USDT	+0.0100%	4h	313.10	+0.055%	$12.4M	$47.2M	50x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC TAO_USDT	+0.0100%	4h	313.12	+0.062%	$105.7M	$115.1M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	313.12	+0.062%	$20.2M	$24.9M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	312.95	+0.007%	$35.2M	$42.0M	50x	as long as short
BingX TAO-USDT	+0.0100%	4h	313.13	+0.065%	—	$29.9M	—	as long as short
Variational Omni TAO	+0.0100%	4h	313.60	+0.215%	$3.5M	$6.2M	—	as long as short
edgeX TAOUSDC	+0.0100%	4h	312.30	−0.201%	$40K	$274K	10x	as long as short
GRVT TAO_USDT_Perp	+0.0100%	4h	313.48	+0.176%	$551K	$933K	10x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	312.28	−0.207%	$48K	$268K	50x	as long as short
Bullet TAO-USD	+0.0100%	1h	313.15	+0.072%	$12K	$18K	20x	as long as short
Orderly PERP_TAO_USDC	+0.0100%	4h	314.59	+0.531%	$61K	$277K	10x	as long as short
SunX TAO-USDT	+0.0100%	4h	314.22	+0.413%	$1K	$1.7M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	313.25	+0.103%	$125K	$354K	20x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	313.34	+0.132%	$90K	$636K	5x	as long as short
Aevo TAO-PERP	+0.0104%	1h	314.56	+0.520%	$173K	$998	3x	as long as short
Bybit TAOUSDT	+0.0106%	4h	313.32	+0.126%	$60.2M	$111.9M	50x	as long as short
Katana Perps TAO-USD	+0.0121%	8h	313.44	+0.164%	$896	$378K	5x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0154%	1h	314.36	+0.459%	$16K	$1.3M	25x	as long as short
Paradex TAO-USD-PERP	+0.0196%	8h	313.29	+0.115%	$15K	$992	10x	as long as short
Aster TAOUSDT	+0.0215%	4h	313.12	+0.062%	$1.7M	$7.1M	50x	as long as short
BloFin TAO-USDT	+0.0340%	4h	314.14	+0.388%	$4.3M	$9.4M	100x	as long as short
Phoenix TAOshort	+0.0365%	1h	313.20	+0.087%	$332K	$326K	5x
Kraken Futures PF_TAOUSD	+0.0392%	1h	314.72	+0.571%	$6.6M	$17.4M	50x	as long as short
GMX TAO/USD [WBTC.b-USDC]long	L +0.0490% / S −0.0188%	1h	312.93	long leg	$463K	—	100x
Backpack TAO_USDC_PERP	+0.0581%	1h	314.84	+0.611%	$386K	$546K	10x	as long as short
Extended TAO-USD	+0.0584%	1h	313.19	+0.085%	$937K	$1.8M	25x	as long as short
01 Exchange TAOUSD	+0.0616%	1h	313.84	+0.292%	$3K	$4K	5x	as long as short
RISEx TAO/USDC	+0.0688%	1h	313.54	+0.196%	$411K	$526K	5x	as long as short
Reya TAORUSDPERP	+0.0694%	1h	313.15	+0.071%	$360	—	20x	as long as short
Nado TAO-PERP	+0.0699%	1h	313.23	+0.097%	$1.1M	$1.5M	10x	as long as short
Coinbase International TAO-PERP-INTX	+0.0936%	1h	315.61	+0.857%	$1.5M	$5.4M	50x	as long as short
Lighter TAO	+0.2016%	1h	314.09	+0.371%	$2.0M	$3.5M	5x	as long as short
Hyperliquid TAO	+0.2498%	1h	314.38	+0.464%	$95.6M	$66.8M	5x	as long as short
Injective TAO/USDC PERP	+0.3384%	1h	316.14	+1.027%	$23K	$137	12x	as long as short