Funding you earn now, next payment 05:00 UTC−0.0209%/8h= −22.9% APRnext payment −$0.26 per $10,000 · paid last 24h −0.007%
Price spread now: Kraken Futures against Phoenix+0.215%71s7-day average −0.071% · you sell dearer than you buy
Net, funding: paid 7d − costs−$48as 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−$530.527% of the position
Funding, last 7 days+0.044%+$4 on $10k
+Price spread, last 4 days (all we have)−0.165%−$16 · spread now +0.215%, 7d avg −0.071%
=The price spread pays, funding is against you. Kraken Futures is 0.286% dearer against Phoenix than usual: you sell high and buy low (spread +0.215% now, against its 7-day average of −0.071%): +$29 on $10k if it goes back. Holding the pair costs −$6 a day in funding at the current rate, which eats that in about 4.6 days. The two prices were read 71 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 0.044% in total (about 2.3% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.26 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 | Phoenix TAO | 313.30 | 0.0513 | pay 0.0064% / 1h | 46m 02s | $312K | $713K | 5x |
| Short | Kraken Futures PF_TAOUSD | 313.98 | 0.0304 | get 0.0038% / 1h | 46m 02s | $5.7M | $21.1M | 50x |
Phoenix TAO
Kraken Futures PF_TAOUSDFunding history
latest
Range statsloading…
Price spread between the two exchanges
Kraken Futures against Phoenix. 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
- −$43.95
- Price spread: +0.215% → −0.071%
- $28.63
- Slippage, 4 orders
- −$35.72
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee Kraken Futures: 5 bp × 2 orders
- −$10
- Net
- −$68.04
- Costs to cover
- 0.527%
- Break-even
- never at this rate
Slippage from Phoenix: live order book, 67 min ago; Kraken Futures: 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, 67 min ago | 3.18 bp | 9.6 bp −$10 | 19.6 bp −$196 | doesn't fit | doesn't fit |
| Sell Kraken Futures live order book, 3 min ago | 4.47 bp | 12.9 bp −$13 | 25.6 bp −$256 | 116.1 bp −$11.6K | 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 | 313.35 | +0.015% | $125K | $85K | 5x | as long as short |
| gTrade (Gains Network) TAO/USD | L +0.0004% / S −0.0003% | 1h | 313.42 | +0.040% | $22K | — | 150x | as long as short |
| Katana Perps TAO-USD | +0.0100% | 8h | 313.72 | +0.134% | $1K | $888K | 5x | as long as short |
| Binance TAOUSDT | +0.0100% | 4h | 313.69 | +0.124% | $89.7M | $505.2M | 75x | as long as short |
| OKX TAO-USDT-SWAP | +0.0100% | 8h | 313.70 | +0.128% | $26.2M | $122.1M | 50x | as long as short |
| Gate TAO_USDT | +0.0100% | 4h | 313.40 | +0.032% | $13.7M | $50.4M | 50x | as long as short |
| MEXC TAO_USDT | +0.0100% | 4h | 313.75 | +0.144% | $104.9M | $144.7M | 300x | as long as short |
| KuCoin TAOUSDTM | +0.0100% | 4h | 313.67 | +0.118% | $17.4M | $31.4M | 75x | as long as short |
| Bitget TAOUSDT | +0.0100% | 4h | 313.46 | +0.051% | $35.3M | $56.9M | 50x | as long as short |
| edgeX TAOUSDC | +0.0100% | 4h | 313.37 | +0.021% | $41K | $315K | 10x | as long as short |
dYdX TAO-USD
gTrade (Gains Network) TAO/USD
Katana Perps TAO-USD
Binance TAOUSDT
OKX TAO-USDT-SWAP
Gate TAO_USDT
MEXC TAO_USDT
KuCoin TAOUSDTM
Bitget TAOUSDT
edgeX TAOUSDCShow all 43 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Polymarket Perps TAO-USD | +0.0100% | 1h | 313.52 | +0.070% | $81K | $909K | 5x | as long as short |
| SunX TAO-USDT | +0.0100% | 4h | 313.51 | +0.067% | $1K | $1.9M | 20x | as long as short |
| HTX TAO-USDT | +0.0100% | 4h | 313.20 | −0.032% | $111K | $545K | 20x | as long as short |
| Aevo TAO-PERP | +0.0104% | 1h | 313.69 | +0.124% | $172K | $998 | 3x | as long as short |
| Orderly PERP_TAO_USDC | +0.0122% | 4h | 313.57 | +0.086% | $52K | $290K | 10x | as long as short |
| GMX TAO/USD [WBTC.b-USDC] | L +0.0132% / S +0.0137% | 1h | 313.32 | +0.006% | $420K | — | 100x | as long as short |
| Bulk TAO-USD | +0.0138% | 1h | 312.42 | −0.280% | $166K | $333 | 10x | as long as short |
| Aster TAOUSDT | +0.0162% | 4h | 313.75 | +0.144% | $1.3M | $10.5M | 50x | as long as short |
| Pacifica TAO | +0.0233% | 1h | 313.92 | +0.198% | $357K | $419K | 10x | as long as short |
| Paradex TAO-USD-PERP | +0.0235% | 8h | 313.88 | +0.185% | $14K | $1K | 10x | as long as short |
| Nado TAO-PERP | +0.0252% | 1h | 313.76 | +0.146% | $780K | $2.2M | 10x | as long as short |
| ApeX Omni TAOUSDT | +0.0255% | 1h | 312.72 | −0.185% | $46K | $255K | 50x | as long as short |
| GRVT TAO_USDT_Perp | +0.0260% | 4h | 313.21 | −0.027% | $532K | $942K | 10x | as long as short |
| Popdex TAOUSDT | +0.0288% | 1h | 313.87 | +0.182% | $49K | $662K | 20x | as long as short |
| Kraken Futures PF_TAOUSDshort | +0.0304% | 1h | 313.98 | +0.215% | $5.7M | $21.1M | 50x | |
| Phemex TAOUSDT | +0.0314% | 4h | 313.65 | +0.112% | $3.2M | $7.9M | 50x | as long as short |
| Bullet TAO-USD | +0.0331% | 1h | 313.74 | +0.141% | $12K | $17K | 20x | as long as short |
| BloFin TAO-USDT | +0.0340% | 4h | 313.60 | +0.096% | $4.5M | $10.8M | 100x | as long as short |
| BingX TAO-USDT | +0.0384% | 4h | 313.75 | +0.144% | — | $33.7M | — | as long as short |
| Variational Omni TAO | +0.0390% | 4h | 313.71 | +0.131% | $5.5M | $10.1M | — | as long as short |
| Bybit TAOUSDT | +0.0394% | 4h | 313.81 | +0.163% | $68.1M | $151.3M | 50x | as long as short |
| Extended TAO-USD | +0.0400% | 1h | 313.72 | +0.134% | $905K | $2.4M | 25x | as long as short |
| Deribit TAO_USDC-PERPETUAL | +0.0423% | 1h | 313.54 | +0.078% | $11K | $1.8M | 25x | as long as short |
| Arcus TAO-USD | +0.0483% | 1h | 314.07 | +0.246% | $101K | $370K | 5x | as long as short |
| Phoenix TAOlong | +0.0513% | 1h | 313.30 | long leg | $312K | $713K | 5x | |
| Reya TAORUSDPERP | +0.0697% | 1h | 313.67 | +0.118% | $361 | — | 20x | as long as short |
| Hyperliquid TAO | +0.0743% | 1h | 313.96 | +0.211% | $91.8M | $108.5M | 5x | as long as short |
| Backpack TAO_USDC_PERP | +0.0799% | 1h | 313.84 | +0.172% | $310K | $886K | 10x | as long as short |
| 01 Exchange TAOUSD | +0.0800% | 1h | 314.30 | +0.319% | $3K | $4K | 5x | as long as short |
| Lighter TAO | +0.0888% | 1h | 313.90 | +0.192% | $1.5M | $6.5M | 5x | as long as short |
| Coinbase International TAO-PERP-INTX | +0.0928% | 1h | 314.47 | +0.373% | $1.5M | $6.8M | 50x | as long as short |
| RISEx TAO/USDC | +0.0948% | 1h | 313.89 | +0.188% | $452K | $651K | 5x | as long as short |
| Injective TAO/USDC PERP | +0.3711% | 1h | 316.07 | +0.884% | $23K | $2K | 12x | as long as short |
Polymarket Perps TAO-USD
SunX TAO-USDT
HTX TAO-USDT
Aevo TAO-PERP
Orderly PERP_TAO_USDC
GMX TAO/USD [WBTC.b-USDC]
Bulk TAO-USD
Aster TAOUSDT
Pacifica TAO
Paradex TAO-USD-PERP
Nado TAO-PERP
ApeX Omni TAOUSDT
GRVT TAO_USDT_Perp
Popdex TAOUSDT
Phemex TAOUSDT
Bullet TAO-USD
BloFin TAO-USDT
BingX TAO-USDT
Variational Omni TAO
Bybit TAOUSDT
Extended TAO-USD
Deribit TAO_USDC-PERPETUAL
Arcus TAO-USD
Reya TAORUSDPERP
Hyperliquid TAO
Backpack TAO_USDC_PERP
01 Exchange TAOUSD
Lighter TAO
Coinbase International TAO-PERP-INTX
RISEx TAO/USDC
Injective TAO/USDC PERP