TAO

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0575%/8h= +63.0% APRnext payment +$0.72 per $10,000 · paid last 24h −0.052%

Price spread now: Backpack against Kraken Futures+0.324%51s7-day average −0.005% · you sell dearer than you buy

Net, funding: paid 7d − costs−$63as 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−$480.476% of the position

Long on Kraken Futures Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.155%−$16 on $10k

Price spread, last 4 days (all we have)−0.388%−$39 · spread now +0.324%, 7d avg −0.005%

Together, before fees−0.543%−$54 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$17 a day on $10k at the current rate, and Backpack is 0.329% dearer against Kraken Futures than usual: you sell high and buy low: +$33 more if the spread goes back to its 7-day average of −0.005%. Mind the row above: over the last 7 days funding on this pair cost −0.155%, so the current rate has only just turned in your favour. The two prices were read 51 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 -0.155% in total (about -8.1% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.72 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	Kraken Futures PF_TAOUSD	315.73	0.0249	pay 0.0031% / 1h	4m 23s	$5.6M	$20.8M	50x
Short	Backpack TAO_USDC_PERP	316.75	0.0824	get 0.0103% / 1h	4m 23s	$315K	$926K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Kraken Futures. 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 Kraken FuturesbpFee BackpackbpOrdersPrice spread, now +0.324%Rate

Funding earned: $120.76
Price spread: +0.324% → −0.005%: $32.91
Slippage, 4 orders: −$27.58
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: $106.1
Costs to cover: 0.476%
Break-even: 0.9 days

Slippage from Kraken Futures: live order book, 5 min ago; Backpack: live order book, 60 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 Kraken Futures live order book, 5 min ago	6.78 bp	15.3 bp −$15	30.9 bp −$309	104.5 bp −$10.4K	doesn't fit
Sell Backpack live order book, 60 min ago	2.19 bp	8.9 bp −$9	335.6 bp −$3,356	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
Bulk TAO-USD	−0.0766%	1h	316.69	+0.303%	$168K	$1K	10x	as long as short
dYdX TAO-USD	0.0000%	1h	316.53	+0.253%	$126K	$85K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	315.69	−0.012%	$20K	—	150x	as long as short
Popdex TAOUSDT	+0.0096%	1h	316.05	+0.102%	$41K	$686K	20x	as long as short
Binance TAOUSDT	+0.0100%	4h	315.93	+0.064%	$91.8M	$490.4M	75x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	315.70	−0.009%	$26.0M	$119.6M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	315.70	−0.009%	$12.9M	$50.4M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	315.89	+0.052%	$104.4M	$144.2M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	315.82	+0.030%	$17.6M	$31.7M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	315.56	−0.053%	$35.2M	$56.0M	50x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
edgeX TAOUSDC	+0.0100%	4h	316.32	+0.187%	$35K	$303K	10x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	315.88	+0.049%	$88K	$794K	5x	as long as short
SunX TAO-USDT	+0.0100%	4h	315.55	−0.056%	$1K	$1.9M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	315.33	−0.126%	$109K	$529K	20x	as long as short
Phemex TAOUSDT	+0.0103%	4h	315.55	−0.056%	$3.2M	$8.1M	50x	as long as short
Aevo TAO-PERP	+0.0104%	1h	315.75	+0.007%	$173K	$998	3x	as long as short
Katana Perps TAO-USD	+0.0112%	8h	315.95	+0.071%	$673	$778K	5x	as long as short
Orderly PERP_TAO_USDC	+0.0126%	4h	315.73	+0.001%	$57K	$275K	10x	as long as short
Bullet TAO-USD	+0.0129%	1h	315.89	+0.051%	$12K	$18K	20x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0156% / S +0.0113%	1h	315.70	−0.009%	$428K	—	100x	as long as short
GRVT TAO_USDT_Perp	+0.0178%	4h	317.27	+0.489%	$528K	$965K	10x	as long as short
Paradex TAO-USD-PERP	+0.0234%	8h	316.39	+0.210%	$14K	$1K	10x	as long as short
Kraken Futures PF_TAOUSDlong	+0.0249%	1h	315.73	long leg	$5.6M	$20.8M	50x
Aster TAOUSDT	+0.0265%	4h	316.15	+0.136%	$1.2M	$10.1M	50x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0274%	1h	315.75	+0.006%	$15K	$1.7M	25x	as long as short
BloFin TAO-USDT	+0.0340%	4h	316.31	+0.185%	$4.6M	$10.9M	100x	as long as short
ApeX Omni TAOUSDT	+0.0349%	1h	316.96	+0.391%	$47K	$252K	50x	as long as short
Bybit TAOUSDT	+0.0367%	4h	315.90	+0.055%	$69.2M	$146.0M	50x	as long as short
BingX TAO-USDT	+0.0386%	4h	315.75	+0.007%	—	$30.4M	—	as long as short
Pacifica TAO	+0.0448%	1h	316.56	+0.264%	$372K	$413K	10x	as long as short
Phoenix TAO	+0.0504%	1h	316.50	+0.245%	$331K	$707K	5x	as long as short
Arcus TAO-USD	+0.0509%	1h	316.48	+0.239%	$100K	$488K	5x	as long as short
Nado TAO-PERP	+0.0560%	1h	315.75	+0.007%	$824K	$2.2M	10x	as long as short
Extended TAO-USD	+0.0560%	1h	315.72	−0.003%	$927K	$2.4M	25x	as long as short
01 Exchange TAOUSD	+0.0640%	1h	316.26	+0.169%	$3K	$4K	5x	as long as short
Reya TAORUSDPERP	+0.0696%	1h	315.86	+0.043%	$363	—	20x	as long as short
Lighter TAO	+0.0704%	1h	316.90	+0.373%	$1.6M	$6.4M	5x	as long as short
Variational Omni TAO	+0.0758%	4h	315.94	+0.069%	$5.9M	$9.8M	—	as long as short
Backpack TAO_USDC_PERPshort	+0.0824%	1h	316.75	+0.324%	$315K	$926K	10x
Hyperliquid TAO	+0.0930%	1h	315.93	+0.064%	$95.3M	$104.2M	5x	as long as short
Coinbase International TAO-PERP-INTX	+0.1024%	1h	317.08	+0.429%	$1.5M	$6.8M	50x	as long as short
RISEx TAO/USDC	+0.1159%	1h	316.21	+0.155%	$436K	$659K	5x	as long as short
Injective TAO/USDC PERP	+0.4172%	1h	321.62	+1.867%	$23K	$2K	12x	as long as short