TAO

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0377%/8h= +41.3% APRnext payment +$0.47 per $10,000 · paid last 24h +0.155%

Price spread now: Coinbase International against Phoenix+0.389%72s7-day average +0.064% · you sell dearer than you buy

Net, funding: paid 7d − costs−$22as 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−$620.615% of the position

Long on Phoenix Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.395%+$40 on $10k

Price spread, last 4 days (all we have)−0.163%−$16 · spread now +0.389%, 7d avg +0.064%

Together, before fees+0.233%+$23 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$11 a day on $10k at the current rate, and Coinbase International is 0.325% dearer against Phoenix than usual: you sell high and buy low: +$32 more if the spread goes back to its 7-day average of +0.064%. The two prices were read 72 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	Phoenix TAO	321.70	0.0567	pay 0.0071% / 1h	48m 00s	$320K	$709K	5x
Short	Coinbase International TAO-PERP-INTX	322.95	0.0944	get 0.0118% / 1h	48m 00s	$1.5M	$6.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against Phoenix. 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 PhoenixbpFee Coinbase InternationalbpOrdersPrice spread, now +0.389%Rate

Funding earned: $79.16
Price spread: +0.389% → +0.064%: $32.47
Slippage, 4 orders: −$44.53
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: $50.11
Costs to cover: 0.615%
Break-even: 2.6 days

Slippage from Phoenix: live order book, 60 min ago; Coinbase International: live order book, 1 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 Phoenix live order book, 60 min ago	3.18 bp	16.3 bp −$16	27.7 bp −$277	doesn't fit	doesn't fit
Sell Coinbase International live order book, 1 min ago	8.56 bp	16.7 bp −$17	21.0 bp −$210	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	−0.2101%	1h	320.87	−0.258%	$170K	$333	10x	as long as short
dYdX TAO-USD	0.0000%	1h	320.04	−0.515%	$128K	$85K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	320.32	−0.428%	$21K	—	150x	as long as short
Popdex TAOUSDT	+0.0096%	1h	320.37	−0.413%	$40K	$694K	20x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	320.50	−0.373%	$26.6M	$129.2M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	320.50	−0.373%	$14.2M	$51.4M	50x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	320.50	−0.373%	$17.6M	$31.9M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	320.24	−0.454%	$36.1M	$58.1M	50x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	320.78	−0.286%	$45K	$258K	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	320.47	−0.382%	$76K	$1.1M	5x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX TAO-USDT	+0.0100%	4h	320.38	−0.410%	$1K	$2.0M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	319.91	−0.556%	$117K	$585K	20x	as long as short
Phemex TAOUSDT	+0.0100%	4h	320.74	−0.298%	$3.3M	$8.1M	50x	as long as short
Katana Perps TAO-USD	+0.0109%	8h	320.32	−0.429%	$2K	$992K	5x	as long as short
Aevo TAO-PERP	+0.0120%	1h	320.81	−0.275%	$176K	$998	3x	as long as short
Orderly PERP_TAO_USDC	+0.0121%	4h	320.68	−0.317%	$53K	$293K	10x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0122% / S +0.0155%	1h	320.26	−0.448%	$433K	—	100x	as long as short
edgeX TAOUSDC	+0.0148%	4h	320.94	−0.236%	$42K	$316K	10x	as long as short
MEXC TAO_USDT	+0.0152%	4h	320.52	−0.367%	$105.2M	$149.4M	300x	as long as short
Binance TAOUSDT	+0.0153%	4h	320.47	−0.382%	$92.9M	$526.1M	75x	as long as short
Paradex TAO-USD-PERP	+0.0264%	8h	320.51	−0.369%	$15K	$1K	10x	as long as short
Aster TAOUSDT	+0.0309%	4h	320.50	−0.374%	$1.3M	$10.9M	50x	as long as short
BingX TAO-USDT	+0.0366%	4h	320.42	−0.398%	—	$34.4M	—	as long as short
Bullet TAO-USD	+0.0369%	1h	320.74	−0.298%	$12K	$17K	20x	as long as short
Bybit TAOUSDT	+0.0385%	4h	320.67	−0.320%	$70.0M	$155.6M	50x	as long as short
BloFin TAO-USDT	+0.0393%	4h	320.43	−0.395%	$4.7M	$11.1M	100x	as long as short
GRVT TAO_USDT_Perp	+0.0424%	4h	322.11	+0.127%	$548K	$948K	10x	as long as short
Extended TAO-USD	+0.0480%	1h	320.42	−0.397%	$914K	$2.4M	25x	as long as short
Pacifica TAO	+0.0525%	1h	320.60	−0.342%	$365K	$423K	10x	as long as short
Variational Omni TAO	+0.0536%	4h	321.98	+0.086%	$5.6M	$10.2M	—	as long as short
Phoenix TAOlong	+0.0567%	1h	321.70	long leg	$320K	$709K	5x
Deribit TAO_USDC-PERPETUAL	+0.0589%	1h	320.63	−0.332%	$14K	$1.9M	25x	as long as short
Backpack TAO_USDC_PERP	+0.0607%	1h	320.77	−0.289%	$319K	$899K	10x	as long as short
Nado TAO-PERP	+0.0636%	1h	320.86	−0.262%	$802K	$2.2M	10x	as long as short
Arcus TAO-USD	+0.0641%	1h	320.73	−0.302%	$103K	$394K	5x	as long as short
01 Exchange TAOUSD	+0.0656%	1h	320.61	−0.339%	$3K	$4K	5x	as long as short
Hyperliquid TAO	+0.0675%	1h	320.92	−0.242%	$94.9M	$109.9M	5x	as long as short
Reya TAORUSDPERP	+0.0698%	1h	320.59	−0.345%	$369	—	20x	as long as short
Lighter TAO	+0.0872%	1h	321.01	−0.215%	$1.5M	$6.6M	5x	as long as short
Coinbase International TAO-PERP-INTXshort	+0.0944%	1h	322.95	+0.389%	$1.5M	$6.9M	50x
RISEx TAO/USDC	+0.1077%	1h	320.34	−0.424%	$461K	$665K	5x	as long as short
Kraken Futures PF_TAOUSD	+0.1151%	1h	320.82	−0.274%	$6.1M	$21.7M	50x	as long as short
Injective TAO/USDC PERP	+0.4723%	1h	328.25	+2.036%	$24K	$2K	12x	as long as short