TAO

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.2810%/8h= −307.7% APRnext payment −$3.51 per $10,000 · paid last 24h −0.675%

Price spread now: Backpack against Injective+0.515%7-day average — · you sell dearer than you buy

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

Long on Injective Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−3.450%−$345 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

The price spread pays, funding is against you. Backpack is 0.515% dearer against Injective than usual: you sell high and buy low (spread +0.515% now, against zero (this spread has no 7-day history yet)): +$51 on $10k if it goes back. Holding the pair costs −$84 a day in funding at the current rate, which eats that in about 15 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective TAO/USDC PERP	322.62	0.3512	pay 0.0439% / 1h	2m 31s	$23K	$2K	12x
Short	Backpack TAO_USDC_PERP	324.28	0.0702	get 0.0088% / 1h	2m 31s	$321K	$1.0M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Injective. 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 InjectivebpFee BackpackbpOrdersPrice spread, now +0.515%Rate

Funding earned: −$590.07
Price spread: +0.515% → 0.000%: $51.45
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$548.63
Costs to cover: 0.100%
Break-even: from the start

Slippage unknown: Injective: no order-book sample; Backpack: live order book, 1 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 Injective no order-book sample	—	—	—	—	—
Sell Backpack live order book, 1 min ago	2.32 bp	7.3 bp −$7	22.9 bp −$229	doesn't fit	doesn't fit

Injective: 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	−0.0241%	1h	318.85	−1.170%	$169K	$0	10x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0003%	1h	321.76	−0.267%	$20K	—	150x	as long as short
Popdex TAOUSDT	+0.0096%	1h	324.27	+0.511%	$53K	$700K	20x	as long as short
Bybit TAOUSDT	+0.0100%	4h	324.22	+0.496%	$71.3M	$154.7M	50x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	324.10	+0.459%	$27.2M	$131.7M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	324.40	+0.552%	$15.5M	$51.0M	50x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	323.98	+0.422%	$17.7M	$32.2M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	324.19	+0.487%	$36.6M	$56.6M	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	322.30	−0.099%	$89K	$1.1M	5x	as long as short
SunX TAO-USDT	+0.0100%	4h	322.90	+0.087%	$2K	$1.9M	20x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX TAO-USDT	+0.0100%	4h	323.48	+0.267%	$117K	$548K	20x	as long as short
Phemex TAOUSDT	+0.0100%	4h	323.68	+0.329%	$3.2M	$8.1M	50x	as long as short
Katana Perps TAO-USD	+0.0113%	8h	324.14	+0.471%	$1K	$1.2M	5x	as long as short
Aevo TAO-PERP	+0.0120%	1h	322.68	+0.018%	$177K	$998	3x	as long as short
MEXC TAO_USDT	+0.0156%	4h	324.83	+0.685%	$105.7M	$156.4M	300x	as long as short
Binance TAOUSDT	+0.0156%	4h	324.33	+0.530%	$94.9M	$519.0M	75x	as long as short
BingX TAO-USDT	+0.0162%	4h	324.33	+0.530%	—	$38.9M	—	as long as short
edgeX TAOUSDC	+0.0164%	4h	321.70	−0.286%	$42K	$322K	10x	as long as short
Paradex TAO-USD-PERP	+0.0220%	8h	324.66	+0.632%	$15K	$876	10x	as long as short
Orderly PERP_TAO_USDC	+0.0241%	4h	322.73	+0.034%	$55K	$272K	10x	as long as short
Bullet TAO-USD	+0.0271%	1h	322.10	−0.162%	$13K	$17K	20x	as long as short
Extended TAO-USD	+0.0280%	1h	324.30	+0.520%	$983K	$2.2M	25x	as long as short
GRVT TAO_USDT_Perp	+0.0284%	4h	321.52	−0.341%	$548K	$825K	10x	as long as short
ApeX Omni TAOUSDT	+0.0306%	1h	321.60	−0.316%	$45K	$256K	50x	as long as short
Aster TAOUSDT	+0.0323%	4h	324.36	+0.539%	$1.3M	$11.1M	50x	as long as short
Pacifica TAO	+0.0349%	1h	324.65	+0.629%	$378K	$439K	10x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0368% / S −0.0109%	1h	323.75	+0.351%	$381K	—	100x	as long as short
BloFin TAO-USDT	+0.0396%	4h	323.78	+0.360%	$4.8M	$11.0M	100x	as long as short
Nado TAO-PERP	+0.0403%	1h	322.29	−0.102%	$759K	$2.0M	10x	as long as short
Arcus TAO-USD	+0.0404%	1h	324.57	+0.604%	$102K	$331K	5x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0532%	1h	322.94	+0.099%	$20K	$1.9M	25x	as long as short
dYdX TAO-USD	+0.0532%	1h	324.25	+0.505%	$273K	$232K	5x	as long as short
Variational Omni TAO	+0.0551%	4h	321.24	−0.427%	$5.7M	$9.8M	—	as long as short
Lighter TAO	+0.0568%	1h	324.56	+0.601%	$1.6M	$6.8M	5x	as long as short
Phoenix TAO	+0.0578%	1h	321.70	−0.285%	$324K	$714K	5x	as long as short
01 Exchange TAOUSD	+0.0640%	1h	324.80	+0.676%	$3K	$4K	5x	as long as short
Hyperliquid TAO	+0.0673%	1h	324.63	+0.622%	$98.0M	$109.7M	5x	as long as short
Reya TAORUSDPERP	+0.0699%	1h	322.15	−0.145%	$370	—	20x	as long as short
Backpack TAO_USDC_PERPshort	+0.0702%	1h	324.28	+0.515%	$321K	$1.0M	10x
Kraken Futures PF_TAOUSD	+0.0770%	1h	323.19	+0.178%	$6.3M	$21.0M	50x	as long as short
RISEx TAO/USDC	+0.0840%	1h	322.86	+0.074%	$440K	$711K	5x	as long as short
Coinbase International TAO-PERP-INTX	+0.0944%	1h	324.34	+0.533%	$1.1M	$7.5M	50x	as long as short
Injective TAO/USDC PERPlong	+0.3512%	1h	322.62	long leg	$23K	$2K	12x