Funding you earn now, next payment 07:00 UTC+0.0457%/8h= +50.1% APRpaid last 24h +0.094%
Price spread now: Phoenix against Orderly−0.444%7-day average +0.109% · you buy dearer than you sell
to open and closeno order booka leg has no order-book sample
Funding, last 7 days+0.301%+$30 on $10k
+Price spread, last 4 days (all we have)+0.387%+$39 · spread now −0.444%, 7d avg +0.109%
=Funding pays, the price is against you. Phoenix is 0.553% cheaper against Orderly than usual: you would sell low and buy high (spread −0.444% now, against its 7-day average of +0.109%). If the spread goes back, that is −$55 on $10k: about 4.0 days of funding at the current rate (+$14 a day). At the pace of the last 7 days (+0.301% in total) that is about 13 days.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.301% in total (about 15.7% a year). A funding rate is set anew for every payment. 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 | Orderly PERP_TAO_USDC | 319.82 | 0.0172 | pay 0.0086% / 4h | 13m 12s | $52K | $294K | 10x |
| Short | Phoenix TAO | 318.40 | 0.0629 | get 0.0079% / 1h | 13m 12s | $320K | $703K | 5x |
Orderly PERP_TAO_USDC
Phoenix TAOFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phoenix against Orderly. 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
- $96.01
- Price spread: −0.444% → +0.109%
- −$55.3
- Slippage, 4 orders
- no order book: not counted
- Fee Orderly: 3 bp × 2 orders
- −$6
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Net
- $27.71
- Costs to cover
- 0.130%
- Break-even
- 5.0 days
Slippage unknown: Orderly: no order-book sample; Phoenix: live order book, 25 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 Orderly no order-book sample | — | — | — | — | — |
| Sell Phoenix live order book, 25 min ago | 3.15 bp | 18.3 bp −$18 | 25.6 bp −$256 | doesn't fit | doesn't fit |
Orderly: 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 | |
|---|---|---|---|---|---|---|---|---|
| gTrade (Gains Network) TAO/USD | L +0.0004% / S −0.0005% | 1h | 319.52 | −0.094% | $22K | — | 150x | as long as short |
| dYdX TAO-USD | +0.0074% | 1h | 318.96 | −0.270% | $127K | $85K | 5x | as long as short |
| Popdex TAOUSDT | +0.0096% | 1h | 319.87 | +0.016% | $46K | $714K | 20x | as long as short |
| OKX TAO-USDT-SWAP | +0.0100% | 8h | 319.60 | −0.069% | $26.6M | $132.1M | 50x | as long as short |
| Gate TAO_USDT | +0.0100% | 4h | 319.40 | −0.131% | $14.8M | $52.1M | 50x | as long as short |
| KuCoin TAOUSDTM | +0.0100% | 4h | 319.85 | +0.009% | $18.0M | $32.4M | 75x | as long as short |
| Bitget TAOUSDT | +0.0100% | 4h | 319.45 | −0.116% | $35.9M | $57.9M | 50x | as long as short |
| ApeX Omni TAOUSDT | +0.0100% | 1h | 317.41 | −0.754% | $46K | $259K | 50x | as long as short |
| Polymarket Perps TAO-USD | +0.0100% | 1h | 319.71 | −0.034% | $88K | $1.2M | 5x | as long as short |
| SunX TAO-USDT | +0.0100% | 4h | 319.39 | −0.134% | $2K | $2.0M | 20x | as long as short |
gTrade (Gains Network) TAO/USD
dYdX TAO-USD
Popdex TAOUSDT
OKX TAO-USDT-SWAP
Gate TAO_USDT
KuCoin TAOUSDTM
Bitget TAOUSDT
ApeX Omni TAOUSDT
Polymarket Perps TAO-USD
SunX TAO-USDTShow all 43 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| HTX TAO-USDT | +0.0100% | 4h | 319.29 | −0.166% | $117K | $603K | 20x | as long as short |
| GMX TAO/USD [WBTC.b-USDC] | L +0.0104% / S +0.0139% | 1h | 316.95 | −0.896% | $404K | — | 100x | as long as short |
| Katana Perps TAO-USD | +0.0106% | 8h | 319.65 | −0.053% | $2K | $1.1M | 5x | as long as short |
| Aevo TAO-PERP | +0.0128% | 1h | 319.84 | +0.005% | $176K | $998 | 3x | as long as short |
| Orderly PERP_TAO_USDClong | +0.0172% | 4h | 319.82 | long leg | $52K | $294K | 10x | |
| MEXC TAO_USDT | +0.0178% | 4h | 319.77 | −0.016% | $104.0M | $152.6M | 300x | as long as short |
| Binance TAOUSDT | +0.0180% | 4h | 319.79 | −0.009% | $92.5M | $531.9M | 75x | as long as short |
| edgeX TAOUSDC | +0.0184% | 4h | 317.44 | −0.745% | $42K | $321K | 10x | as long as short |
| BingX TAO-USDT | +0.0258% | 4h | 319.77 | −0.016% | — | $37.2M | — | as long as short |
| Paradex TAO-USD-PERP | +0.0258% | 8h | 319.71 | −0.033% | $15K | $1K | 10x | as long as short |
| Bybit TAOUSDT | +0.0273% | 4h | 319.84 | +0.006% | $70.2M | $157.0M | 50x | as long as short |
| Bullet TAO-USD | +0.0292% | 1h | 319.62 | −0.061% | $12K | $17K | 20x | as long as short |
| Pacifica TAO | +0.0313% | 1h | 319.69 | −0.042% | $375K | $466K | 10x | as long as short |
| GRVT TAO_USDT_Perp | +0.0316% | 4h | 318.09 | −0.541% | $541K | $907K | 10x | as long as short |
| Aster TAOUSDT | +0.0342% | 4h | 319.73 | −0.028% | $1.3M | $11.0M | 50x | as long as short |
| Phemex TAOUSDT | +0.0352% | 4h | 319.63 | −0.059% | $3.2M | $8.2M | 50x | as long as short |
| Extended TAO-USD | +0.0384% | 1h | 319.84 | +0.006% | $908K | $2.4M | 25x | as long as short |
| BloFin TAO-USDT | +0.0420% | 4h | 319.77 | −0.016% | $4.7M | $11.0M | 100x | as long as short |
| Nado TAO-PERP | +0.0455% | 1h | 319.80 | −0.005% | $787K | $2.0M | 10x | as long as short |
| Arcus TAO-USD | +0.0473% | 1h | 320.04 | +0.069% | $101K | $384K | 5x | as long as short |
| Variational Omni TAO | +0.0560% | 4h | 318.03 | −0.561% | $5.6M | $10.1M | — | as long as short |
| Lighter TAO | +0.0584% | 1h | 320.11 | +0.091% | $1.6M | $6.9M | 5x | as long as short |
| Deribit TAO_USDC-PERPETUAL | +0.0606% | 1h | 319.87 | +0.016% | $15K | $1.9M | 25x | as long as short |
| Phoenix TAOshort | +0.0629% | 1h | 318.40 | −0.444% | $320K | $703K | 5x | |
| 01 Exchange TAOUSD | +0.0672% | 1h | 320.25 | +0.134% | $3K | $4K | 5x | as long as short |
| Backpack TAO_USDC_PERP | +0.0687% | 1h | 319.37 | −0.141% | $298K | $905K | 10x | as long as short |
| Reya TAORUSDPERP | +0.0698% | 1h | 319.64 | −0.057% | $368 | — | 20x | as long as short |
| Hyperliquid TAO | +0.0714% | 1h | 319.90 | +0.024% | $94.5M | $110.6M | 5x | as long as short |
| Kraken Futures PF_TAOUSD | +0.0828% | 1h | 319.90 | +0.024% | $6.0M | $21.7M | 50x | as long as short |
| RISEx TAO/USDC | +0.0831% | 1h | 319.82 | +0.001% | $454K | $662K | 5x | as long as short |
| Coinbase International TAO-PERP-INTX | +0.0984% | 1h | 320.04 | +0.069% | $1.4M | $7.0M | 50x | as long as short |
| Bulk TAO-USD | +0.1572% | 1h | 317.17 | −0.829% | $169K | $0 | 10x | as long as short |
| Injective TAO/USDC PERP | +0.4513% | 1h | 318.80 | −0.319% | $23K | $2K | 12x | as long as short |
HTX TAO-USDT
GMX TAO/USD [WBTC.b-USDC]
Katana Perps TAO-USD
Aevo TAO-PERP
MEXC TAO_USDT
Binance TAOUSDT
edgeX TAOUSDC
BingX TAO-USDT
Paradex TAO-USD-PERP
Bybit TAOUSDT
Bullet TAO-USD
Pacifica TAO
GRVT TAO_USDT_Perp
Aster TAOUSDT
Phemex TAOUSDT
Extended TAO-USD
BloFin TAO-USDT
Nado TAO-PERP
Arcus TAO-USD
Variational Omni TAO
Lighter TAO
Deribit TAO_USDC-PERPETUAL
01 Exchange TAOUSD
Backpack TAO_USDC_PERP
Reya TAORUSDPERP
Hyperliquid TAO
Kraken Futures PF_TAOUSD
RISEx TAO/USDC
Coinbase International TAO-PERP-INTX
Bulk TAO-USD
Injective TAO/USDC PERP