TAO

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0042%/8h= +4.6% APRnext payment +$0.05 per $10,000 · paid last 24h −0.072%

Price spread now: Deribit against Phoenix−0.049%7-day average −0.096% · you buy dearer than you sell

Net, funding: paid 7d − costs−$93as in the Funding arb table

Net, price: spread back to 7d avg − costs−$55as in the Price arb table

costs, in and out, $10k−$590.593% of the position

Long on Phoenix Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.334%−$33 on $10k

Price spread, last 4 days (all we have)+0.191%+$19 · spread now −0.049%, 7d avg −0.096%

Together, before fees−0.143%−$14 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Deribit is 0.047% dearer against Phoenix than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of −0.096%. Mind the row above: over the last 7 days funding on this pair cost −0.334%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix TAO	317.40	0.0567	pay 0.0071% / 1h	0m 34s	$316K	$709K	5x
Short	Deribit TAO_USDC-PERPETUAL	317.25	0.0609	get 0.0076% / 1h	0m 34s	$15K	$2.0M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now −0.049%Rate

Funding earned: $8.81
Price spread: −0.049% → −0.096%: $4.69
Slippage, 4 orders: −$45.33
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$45.82
Costs to cover: 0.593%
Break-even: 43.4 days

Slippage from Phoenix: live order book, 42 min ago; Deribit: live order book, 3 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, 42 min ago	3.12 bp	19.0 bp −$19	86.7 bp −$867	doesn't fit	doesn't fit
Sell Deribit live order book, 3 min ago	6.14 bp	10.3 bp −$10	17.0 bp −$170	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
dYdX TAO-USD	0.0000%	1h	317.01	−0.123%	$126K	$85K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0005%	1h	316.79	−0.191%	$22K	—	150x	as long as short
Popdex TAOUSDT	+0.0096%	1h	317.57	+0.054%	$43K	$706K	20x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	317.50	+0.032%	$26.6M	$129.7M	50x	as long as short
Bulk TAO-USD	+0.0100%	1h	317.85	+0.141%	$169K	$333	10x	as long as short
Gate TAO_USDT	+0.0100%	4h	317.40	0.000%	$14.3M	$52.5M	50x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	317.54	+0.044%	$17.8M	$32.4M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	317.36	−0.013%	$35.7M	$58.0M	50x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	319.23	+0.577%	$46K	$260K	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	317.54	+0.044%	$84K	$1.2M	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	316.89	−0.161%	$2K	$2.0M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	316.85	−0.173%	$115K	$602K	20x	as long as short
Katana Perps TAO-USD	+0.0108%	8h	317.51	+0.035%	$983	$1.1M	5x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0112% / S +0.0155%	1h	316.80	−0.190%	$424K	—	100x	as long as short
Aevo TAO-PERP	+0.0128%	1h	317.11	−0.090%	$174K	$998	3x	as long as short
Orderly PERP_TAO_USDC	+0.0133%	4h	317.20	−0.063%	$53K	$293K	10x	as long as short
Binance TAOUSDT	+0.0169%	4h	317.58	+0.057%	$92.2M	$528.8M	75x	as long as short
MEXC TAO_USDT	+0.0170%	4h	317.68	+0.088%	$107.2M	$152.0M	300x	as long as short
edgeX TAOUSDC	+0.0185%	4h	317.44	+0.014%	$42K	$319K	10x	as long as short
Paradex TAO-USD-PERP	+0.0231%	8h	317.87	+0.147%	$14K	$1K	10x	as long as short
Bybit TAOUSDT	+0.0253%	4h	317.67	+0.085%	$69.6M	$156.1M	50x	as long as short
BingX TAO-USDT	+0.0256%	4h	317.66	+0.082%	—	$36.7M	—	as long as short
Bullet TAO-USD	+0.0297%	1h	317.70	+0.095%	$12K	$17K	20x	as long as short
Aster TAOUSDT	+0.0329%	4h	317.40	−0.001%	$1.3M	$11.0M	50x	as long as short
Extended TAO-USD	+0.0336%	1h	317.54	+0.044%	$904K	$2.4M	25x	as long as short
GRVT TAO_USDT_Perp	+0.0336%	4h	316.65	−0.238%	$540K	$926K	10x	as long as short
BloFin TAO-USDT	+0.0412%	4h	317.47	+0.022%	$4.7M	$11.0M	100x	as long as short
Variational Omni TAO	+0.0502%	4h	317.43	+0.009%	$5.6M	$10.2M	—	as long as short
Nado TAO-PERP	+0.0509%	1h	317.67	+0.086%	$787K	$2.0M	10x	as long as short
Pacifica TAO	+0.0525%	1h	317.42	+0.007%	$360K	$429K	10x	as long as short
Phoenix TAOlong	+0.0567%	1h	317.40	long leg	$316K	$709K	5x
Lighter TAO	+0.0568%	1h	317.48	+0.026%	$1.6M	$6.9M	5x	as long as short
Hyperliquid TAO	+0.0582%	1h	317.81	+0.129%	$94.0M	$110.1M	5x	as long as short
01 Exchange TAOUSD	+0.0608%	1h	317.91	+0.161%	$3K	$4K	5x	as long as short
Deribit TAO_USDC-PERPETUALshort	+0.0609%	1h	317.25	−0.049%	$15K	$2.0M	25x
Arcus TAO-USD	+0.0641%	1h	317.93	+0.167%	$102K	$389K	5x	as long as short
Phemex TAOUSDT	+0.0645%	4h	317.52	+0.038%	$3.2M	$8.2M	50x	as long as short
Backpack TAO_USDC_PERP	+0.0666%	1h	317.46	+0.019%	$296K	$905K	10x	as long as short
Reya TAORUSDPERP	+0.0698%	1h	317.07	−0.105%	$365	—	20x	as long as short
Coinbase International TAO-PERP-INTX	+0.0944%	1h	317.68	+0.088%	$1.5M	$6.8M	50x	as long as short
RISEx TAO/USDC	+0.1077%	1h	317.60	+0.063%	$438K	$677K	5x	as long as short
Kraken Futures PF_TAOUSD	+0.1162%	1h	317.56	+0.051%	$5.9M	$21.7M	50x	as long as short
Injective TAO/USDC PERP	+0.4723%	1h	323.52	+1.928%	$24K	$2K	12x	as long as short