Settings8H · net · $10k
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Funding arb · Price arb /

TAO

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Alert: funding
Measured
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Alert: spread
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Funding you earn now, next payment 01:00 UTC+0.1711%/8h= +187.3% APRpaid last 24h −0.005%
Price spread now: Deribit against Phemex+0.057%7-day average +0.014% · you sell dearer than you buy
Net, funding: paid 7d − costs−$50as in the Funding arb table
Net, price: spread back to 7d avg − costs−$76as in the Price arb table
costs, in and out, $10k−$800.804% of the position
Long on PhemexShort on Deribit
What this pair did over the last
the charts below follow
Funding, last 7 days+0.303%+$30 on $10k
Price spread, last 3 days (all we have)−0.053%−$5 · spread now +0.057%, 7d avg +0.014%
Together, before fees+0.250%+$25 on $10k · with fees, hour by hour
Both sides work for this trade now. Funding pays +$51 a day on $10k at the current rate, and Deribit is 0.043% dearer against Phemex than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of +0.014%.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.303% in total (about 15.8% 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.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongPhemex TAOUSDT320.20−0.1370get 0.0685% / 4h3h 52m$3.5M$7.9M50x
ShortDeribit TAO_USDC-PERPETUAL320.380.0341get 0.0043% / 1h52m 20s$22K$1.5M25x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Deribit against Phemex. 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

Funding earned
$359.27
Price spread: +0.057% → +0.014%
$4.25
Slippage, 4 orders
−$61.36
Fee Phemex: 6 bp × 2 orders
−$12
Fee Deribit: 3.5 bp × 2 orders
−$7
Net
$283.16
Costs to cover
0.804%
Break-even
1.5 days
Slippage from Phemex: live order book, 2 min ago; Deribit: live order book, 2 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again
LegHalf-spread$10k$100k$1M$5M
Buy Phemex live order book, 2 min ago13.83 bp22.5 bp −$22doesn't fitdoesn't fitdoesn't fit
Sell Deribit live order book, 2 min ago6.13 bp9.6 bp −$10doesn't fitdoesn't fitdoesn't fit

TAO on 43 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Bulk TAO-USD−0.1799%1h311.96−2.573%$167K$44K10xas long as short
Phemex TAOUSDTlong−0.1370%4h320.20long leg$3.5M$7.9M50x
dYdX TAO-USD0.0000%1h320.23+0.009%$128K$88K5xas long as short
gTrade (Gains Network) TAO/USDL +0.0004% / S −0.0004%1h320.92+0.225%$21K—150xas long as short
Popdex TAOUSDT+0.0096%1h320.63+0.134%$40K$578K20xas long as short
Katana Perps TAO-USD+0.0100%8h320.48+0.087%$857$591K5xas long as short
Binance TAOUSDT+0.0100%4h320.56+0.112%$92.2M$439.0M75xas long as short
OKX TAO-USDT-SWAP+0.0100%8h320.60+0.125%$26.0M$107.0M50xas long as short
Gate TAO_USDT+0.0100%4h320.200.000%$12.9M$49.6M50xas long as short
MEXC TAO_USDT+0.0100%4h320.60+0.125%$105.8M$131.5M300xas long as short
Show all 43 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
KuCoin TAOUSDTM+0.0100%4h320.51+0.097%$19.1M$28.3M75xas long as short
Bitget TAOUSDT+0.0100%4h320.32+0.037%$35.8M$48.9M50xas long as short
edgeX TAOUSDC+0.0100%4h319.37−0.258%$36K$287K10xas long as short
Orderly PERP_TAO_USDC+0.0100%4h320.51+0.097%$58K$316K10xas long as short
SunX TAO-USDT+0.0100%4h320.29+0.028%$1K$1.9M20xas long as short
HTX TAO-USDT+0.0100%4h320.60+0.125%$128K$422K20xas long as short
Aevo TAO-PERP+0.0104%1h321.87+0.522%$177K$9983xas long as short
GRVT TAO_USDT_Perp+0.0142%4h319.47−0.229%$531K$945K10xas long as short
GMX TAO/USD [WBTC.b-USDC]L +0.0174% / S +0.0085%1h320.79+0.184%$464K—100xas long as short
Pacifica TAO+0.0185%1h320.43+0.072%$379K$371K10xas long as short
Arcus TAO-USD+0.0201%1h320.51+0.097%$85K$545K5xas long as short
Paradex TAO-USD-PERP+0.0220%8h320.20+0.001%$15K$1K10xas long as short
Aster TAOUSDT+0.0222%4h320.55+0.109%$1.1M$8.1M50xas long as short
Bullet TAO-USD+0.0262%1h321.12+0.287%$12K$17K20xas long as short
Variational Omni TAO+0.0291%4h319.01−0.371%$5.5M$8.6M—as long as short
BloFin TAO-USDT+0.0340%4h319.44−0.237%$4.4M$10.9M100xas long as short
Deribit TAO_USDC-PERPETUALshort+0.0341%1h320.38+0.057%$22K$1.5M25x
Polymarket Perps TAO-USD+0.0362%1h320.70+0.156%$100K$633K5xas long as short
BingX TAO-USDT+0.0398%4h321.25+0.328%—$30.7M—as long as short
Bybit TAOUSDT+0.0473%4h320.65+0.141%$65.8M$130.0M50xas long as short
ApeX Omni TAOUSDT+0.0476%1h318.98−0.381%$48K$268K50xas long as short
Kraken Futures PF_TAOUSD+0.0479%1h320.34+0.044%$5.8M$20.2M50xas long as short
Phoenix TAO+0.0525%1h319.30−0.281%$334K$624K5xas long as short
Injective TAO/USDC PERP+0.0571%1h317.85−0.734%$23K$37012xas long as short
Reya TAORUSDPERP+0.0695%1h320.25+0.016%$368—20xas long as short
Nado TAO-PERP+0.0772%1h320.43+0.073%$892K$2.0M10xas long as short
01 Exchange TAOUSD+0.0824%1h321.10+0.281%$3K$4K5xas long as short
Coinbase International TAO-PERP-INTX+0.0984%1h320.83+0.197%$1.5M$6.1M50xas long as short
Backpack TAO_USDC_PERP+0.1001%1h320.21+0.003%$317K$817K10xas long as short
Extended TAO-USD+0.1032%1h320.47+0.083%$933K$2.2M25xas long as short
RISEx TAO/USDC+0.1141%1h320.44+0.076%$422K$586K5xas long as short
Lighter TAO+0.1880%1h321.02+0.257%$1.7M$5.8M5xas long as short
Hyperliquid TAO+0.2944%1h321.12+0.287%$104.9M$88.5M5xas long as short