Funding you earn now, next payment 06:00 UTC−0.0447%/8h= −48.9% APRpaid last 24h −0.093%
Price spread now: Orderly against Phoenix−0.578%7-day average −0.111% · you buy dearer than you sell
to open and closeno order booka leg has no order-book sample
Funding, last 7 days−0.294%−$29 on $10k
+Price spread, last 4 days (all we have)+0.684%+$68 · spread now −0.578%, 7d avg −0.111%
=Both sides work against this trade now: funding costs −$13 a day on $10k at the current rate, and Orderly is 0.467% cheaper against Phoenix than usual: you would sell low and buy high (−$47 if the spread goes back to its 7-day average of −0.111%). Swap the legs.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.294% in total (about -15.3% 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 | Phoenix TAO | 321.70 | 0.0567 | pay 0.0071% / 1h | 46m 52s | $320K | $709K | 5x |
| Short | Orderly PERP_TAO_USDC | 319.84 | 0.0120 | get 0.0060% / 4h | 1h 46m | $53K | $293K | 10x |
Phoenix TAO
Orderly PERP_TAO_USDCFunding history
latest
Range statsloading…
Price spread between the two exchanges
Orderly 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
- −$93.81
- Price spread: −0.578% → −0.111%
- −$46.71
- Slippage, 4 orders
- no order book: not counted
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee Orderly: 3 bp × 2 orders
- −$6
- Net
- −$153.52
- Costs to cover
- 0.130%
- Break-even
- never at this rate
Slippage unknown: Phoenix: live order book, 61 min ago; Orderly: no order-book sample. 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 Phoenix live order book, 61 min ago | 3.18 bp | 16.3 bp −$16 | 27.7 bp −$277 | doesn't fit | doesn't fit |
| Sell Orderly no order-book sample | — | — | — | — | — |
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 | |
|---|---|---|---|---|---|---|---|---|
| Bulk TAO-USD | −0.2101% | 1h | 320.87 | −0.258% | $170K | $333 | 10x | as long as short |
| dYdX TAO-USD | 0.0000% | 1h | 319.84 | −0.579% | $128K | $85K | 5x | as long as short |
| gTrade (Gains Network) TAO/USD | L +0.0004% / S −0.0004% | 1h | 319.72 | −0.617% | $21K | — | 150x | as long as short |
| Popdex TAOUSDT | +0.0096% | 1h | 320.19 | −0.469% | $41K | $694K | 20x | as long as short |
| OKX TAO-USDT-SWAP | +0.0100% | 8h | 319.50 | −0.684% | $26.5M | $128.8M | 50x | as long as short |
| Gate TAO_USDT | +0.0100% | 4h | 318.90 | −0.870% | $14.1M | $51.4M | 50x | as long as short |
| KuCoin TAOUSDTM | +0.0100% | 4h | 319.35 | −0.730% | $17.5M | $31.9M | 75x | as long as short |
| Bitget TAOUSDT | +0.0100% | 4h | 319.07 | −0.818% | $35.9M | $58.1M | 50x | as long as short |
| ApeX Omni TAOUSDT | +0.0100% | 1h | 320.69 | −0.314% | $45K | $259K | 50x | as long as short |
| Polymarket Perps TAO-USD | +0.0100% | 1h | 319.90 | −0.560% | $76K | $1.1M | 5x | as long as short |
Bulk TAO-USD
dYdX TAO-USD
gTrade (Gains Network) TAO/USD
Popdex TAOUSDT
OKX TAO-USDT-SWAP
Gate TAO_USDT
KuCoin TAOUSDTM
Bitget TAOUSDT
ApeX Omni TAOUSDT
Polymarket Perps TAO-USDShow all 43 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| SunX TAO-USDT | +0.0100% | 4h | 319.62 | −0.647% | $1K | $2.0M | 20x | as long as short |
| HTX TAO-USDT | +0.0100% | 4h | 319.91 | −0.556% | $117K | $587K | 20x | as long as short |
| Phemex TAOUSDT | +0.0100% | 4h | 319.93 | −0.550% | $3.3M | $8.1M | 50x | as long as short |
| Katana Perps TAO-USD | +0.0109% | 8h | 320.34 | −0.423% | $1K | $992K | 5x | as long as short |
| Aevo TAO-PERP | +0.0120% | 1h | 320.03 | −0.518% | $176K | $998 | 3x | as long as short |
| Orderly PERP_TAO_USDCshort | +0.0120% | 4h | 319.84 | −0.578% | $53K | $293K | 10x | |
| GMX TAO/USD [WBTC.b-USDC] | L +0.0122% / S +0.0155% | 1h | 319.66 | −0.634% | $432K | — | 100x | as long as short |
| edgeX TAOUSDC | +0.0148% | 4h | 320.71 | −0.307% | $42K | $317K | 10x | as long as short |
| MEXC TAO_USDT | +0.0152% | 4h | 319.35 | −0.730% | $104.7M | $149.5M | 300x | as long as short |
| Binance TAOUSDT | +0.0152% | 4h | 319.32 | −0.739% | $92.5M | $526.5M | 75x | as long as short |
| Paradex TAO-USD-PERP | +0.0262% | 8h | 320.07 | −0.507% | $15K | $1K | 10x | as long as short |
| Aster TAOUSDT | +0.0306% | 4h | 319.37 | −0.724% | $1.3M | $10.9M | 50x | as long as short |
| Bullet TAO-USD | +0.0373% | 1h | 320.05 | −0.514% | $12K | $17K | 20x | as long as short |
| BingX TAO-USDT | +0.0386% | 4h | 319.30 | −0.746% | — | $34.4M | — | as long as short |
| Bybit TAOUSDT | +0.0389% | 4h | 319.41 | −0.712% | $69.7M | $155.7M | 50x | as long as short |
| BloFin TAO-USDT | +0.0392% | 4h | 319.76 | −0.603% | $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 | +0.0488% | 1h | 319.45 | −0.700% | $917K | $2.4M | 25x | as long as short |
| Pacifica TAO | +0.0525% | 1h | 320.28 | −0.440% | $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 | +0.0568% | 1h | 319.83 | −0.580% | $14K | $1.9M | 25x | as long as short |
| Backpack TAO_USDC_PERP | +0.0608% | 1h | 319.54 | −0.671% | $317K | $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 | 320.47 | −0.382% | $103K | $394K | 5x | as long as short |
| 01 Exchange TAOUSD | +0.0648% | 1h | 320.52 | −0.367% | $3K | $4K | 5x | as long as short |
| Hyperliquid TAO | +0.0660% | 1h | 319.60 | −0.653% | $94.4M | $110.1M | 5x | as long as short |
| Reya TAORUSDPERP | +0.0698% | 1h | 319.97 | −0.537% | $368 | — | 20x | as long as short |
| Lighter TAO | +0.0872% | 1h | 320.11 | −0.494% | $1.5M | $6.6M | 5x | as long as short |
| Coinbase International TAO-PERP-INTX | +0.0944% | 1h | 322.95 | +0.389% | $1.5M | $6.9M | 50x | as long as short |
| RISEx TAO/USDC | +0.1077% | 1h | 320.25 | −0.452% | $461K | $665K | 5x | as long as short |
| Kraken Futures PF_TAOUSD | +0.1153% | 1h | 320.03 | −0.518% | $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 |
SunX TAO-USDT
HTX TAO-USDT
Phemex TAOUSDT
Katana Perps TAO-USD
Aevo TAO-PERP
GMX TAO/USD [WBTC.b-USDC]
edgeX TAOUSDC
MEXC TAO_USDT
Binance TAOUSDT
Paradex TAO-USD-PERP
Aster TAOUSDT
Bullet TAO-USD
BingX TAO-USDT
Bybit TAOUSDT
BloFin TAO-USDT
GRVT TAO_USDT_Perp
Extended TAO-USD
Pacifica TAO
Variational Omni TAO
Deribit TAO_USDC-PERPETUAL
Backpack TAO_USDC_PERP
Nado TAO-PERP
Arcus TAO-USD
01 Exchange TAOUSD
Hyperliquid TAO
Reya TAORUSDPERP
Lighter TAO
Coinbase International TAO-PERP-INTX
RISEx TAO/USDC
Kraken Futures PF_TAOUSD
Injective TAO/USDC PERP