Funding you earn now, next payment 00:00 UTC−0.0225%/8h= −24.6% APRnext payment −$0.28 per $10,000 · paid last 24h −0.084%
Price spread now: Polymarket Perps against Phoenix−0.053%59s7-day average −0.127% · you buy dearer than you sell
Net, funding: paid 7d − costs−$71as 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−$450.448% of the position
Funding, last 7 days−0.266%−$27 on $10k
+Price spread, last 3 days (all we have)+0.087%+$9 · spread now −0.053%, 7d avg −0.127%
=The price spread pays, funding is against you. Polymarket Perps is 0.074% dearer against Phoenix than usual: you sell high and buy low (spread −0.053% now, against its 7-day average of −0.127%): +$7 on $10k if it goes back. Holding the pair costs −$7 a day in funding at the current rate, which eats that in about 26 hours. The two prices were read 59 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 | 318.50 | 0.0525 | pay 0.0066% / 1h | 26m 27s | $333K | $624K | 5x |
| Short | Polymarket Perps TAO-USD | 318.33 | 0.0301 | get 0.0038% / 1h | 26m 27s | $93K | $635K | 5x |
Phoenix TAO
Polymarket Perps TAO-USDFunding history
latest
Range statsloading…
Price spread between the two exchanges
Polymarket Perps 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
- −$47.17
- Price spread: −0.053% → −0.127%
- $7.36
- Slippage, 4 orders
- −$29.79
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee Polymarket Perps: 4 bp × 2 orders
- −$8
- Net
- −$84.59
- Costs to cover
- 0.448%
- Break-even
- never at this rate
Slippage from Phoenix: live order book, 46 min ago; Polymarket Perps: live order book, 46 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, 46 min ago | 3.19 bp | 14.6 bp −$15 | 25.1 bp −$251 | doesn't fit | doesn't fit |
| Sell Polymarket Perps live order book, 46 min ago | 2.71 bp | 6.7 bp −$7 | 9.3 bp −$93 | 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 | −0.1321% | 1h | 318.22 | −0.088% | $169K | $44K | 10x | as long as short |
| dYdX TAO-USD | 0.0000% | 1h | 316.45 | −0.644% | $127K | $88K | 5x | as long as short |
| gTrade (Gains Network) TAO/USD | L +0.0004% / S −0.0004% | 1h | 317.94 | −0.177% | $21K | — | 150x | as long as short |
| Popdex TAOUSDT | +0.0096% | 1h | 317.89 | −0.192% | $43K | $590K | 20x | as long as short |
| Binance TAOUSDT | +0.0100% | 4h | 318.17 | −0.104% | $91.5M | $447.3M | 75x | as long as short |
| OKX TAO-USDT-SWAP | +0.0100% | 8h | 318.10 | −0.126% | $26.0M | $108.6M | 50x | as long as short |
| Gate TAO_USDT | +0.0100% | 4h | 317.80 | −0.220% | $12.9M | $50.7M | 50x | as long as short |
| MEXC TAO_USDT | +0.0100% | 4h | 318.00 | −0.157% | $108.7M | $135.0M | 300x | as long as short |
| KuCoin TAOUSDTM | +0.0100% | 4h | 317.86 | −0.201% | $18.2M | $29.2M | 75x | as long as short |
| Bitget TAOUSDT | +0.0100% | 4h | 318.03 | −0.148% | $35.4M | $50.8M | 50x | as long as short |
Bulk TAO-USD
dYdX TAO-USD
gTrade (Gains Network) TAO/USD
Popdex TAOUSDT
Binance TAOUSDT
OKX TAO-USDT-SWAP
Gate TAO_USDT
MEXC TAO_USDT
KuCoin TAOUSDTM
Bitget TAOUSDTShow all 43 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| edgeX TAOUSDC | +0.0100% | 4h | 317.29 | −0.381% | $40K | $292K | 10x | as long as short |
| GRVT TAO_USDT_Perp | +0.0100% | 4h | 318.49 | −0.002% | $527K | $969K | 10x | as long as short |
| Orderly PERP_TAO_USDC | +0.0100% | 4h | 318.11 | −0.122% | $57K | $316K | 10x | as long as short |
| SunX TAO-USDT | +0.0100% | 4h | 316.66 | −0.578% | $2K | $1.9M | 20x | as long as short |
| HTX TAO-USDT | +0.0100% | 4h | 317.26 | −0.389% | $127K | $423K | 20x | as long as short |
| Phemex TAOUSDT | +0.0100% | 4h | 316.69 | −0.568% | $3.4M | $7.9M | 50x | as long as short |
| Aevo TAO-PERP | +0.0104% | 1h | 318.35 | −0.047% | $175K | $998 | 3x | as long as short |
| Katana Perps TAO-USD | +0.0111% | 8h | 317.73 | −0.242% | $735 | $625K | 5x | as long as short |
| Bullet TAO-USD | +0.0118% | 1h | 318.21 | −0.090% | $12K | $17K | 20x | as long as short |
| GMX TAO/USD [WBTC.b-USDC] | L +0.0173% / S +0.0093% | 1h | 317.99 | −0.159% | $457K | — | 100x | as long as short |
| Pacifica TAO | +0.0185% | 1h | 316.72 | −0.558% | $375K | $376K | 10x | as long as short |
| Arcus TAO-USD | +0.0201% | 1h | 317.74 | −0.239% | $84K | $550K | 5x | as long as short |
| Deribit TAO_USDC-PERPETUAL | +0.0215% | 1h | 316.92 | −0.496% | $17K | $1.5M | 25x | as long as short |
| Aster TAOUSDT | +0.0220% | 4h | 317.24 | −0.396% | $1.1M | $8.5M | 50x | as long as short |
| Paradex TAO-USD-PERP | +0.0233% | 8h | 316.97 | −0.480% | $14K | $1K | 10x | as long as short |
| ApeX Omni TAOUSDT | +0.0296% | 1h | 317.11 | −0.436% | $48K | $266K | 50x | as long as short |
| Polymarket Perps TAO-USDshort | +0.0301% | 1h | 318.33 | −0.053% | $93K | $635K | 5x | |
| BloFin TAO-USDT | +0.0340% | 4h | 317.04 | −0.458% | $4.5M | $10.8M | 100x | as long as short |
| BingX TAO-USDT | +0.0398% | 4h | 318.24 | −0.082% | — | $30.7M | — | as long as short |
| Bybit TAOUSDT | +0.0429% | 4h | 318.46 | −0.013% | $65.6M | $133.0M | 50x | as long as short |
| Variational Omni TAO | +0.0460% | 4h | 318.45 | −0.015% | $5.5M | $8.7M | — | as long as short |
| Kraken Futures PF_TAOUSD | +0.0484% | 1h | 316.74 | −0.553% | $5.7M | $20.3M | 50x | as long as short |
| Phoenix TAOlong | +0.0525% | 1h | 318.50 | long leg | $333K | $624K | 5x | |
| Injective TAO/USDC PERP | +0.0571% | 1h | 322.97 | +1.403% | $23K | $678 | 12x | as long as short |
| 01 Exchange TAOUSD | +0.0600% | 1h | 317.90 | −0.188% | $3K | $4K | 5x | as long as short |
| Reya TAORUSDPERP | +0.0695% | 1h | 318.01 | −0.153% | $366 | — | 20x | as long as short |
| Nado TAO-PERP | +0.0781% | 1h | 318.05 | −0.141% | $885K | $2.0M | 10x | as long as short |
| Backpack TAO_USDC_PERP | +0.0848% | 1h | 316.78 | −0.540% | $320K | $818K | 10x | as long as short |
| Coinbase International TAO-PERP-INTX | +0.0984% | 1h | 317.78 | −0.226% | $1.5M | $6.3M | 50x | as long as short |
| RISEx TAO/USDC | +0.1141% | 1h | 317.77 | −0.228% | $422K | $591K | 5x | as long as short |
| Extended TAO-USD | +0.1144% | 1h | 317.38 | −0.351% | $921K | $2.3M | 25x | as long as short |
| Lighter TAO | +0.1392% | 1h | 317.26 | −0.390% | $1.7M | $6.0M | 5x | as long as short |
| Hyperliquid TAO | +0.2069% | 1h | 318.49 | −0.003% | $102.6M | $91.2M | 5x | as long as short |
edgeX TAOUSDC
GRVT TAO_USDT_Perp
Orderly PERP_TAO_USDC
SunX TAO-USDT
HTX TAO-USDT
Phemex TAOUSDT
Aevo TAO-PERP
Katana Perps TAO-USD
Bullet TAO-USD
GMX TAO/USD [WBTC.b-USDC]
Pacifica TAO
Arcus TAO-USD
Deribit TAO_USDC-PERPETUAL
Aster TAOUSDT
Paradex TAO-USD-PERP
ApeX Omni TAOUSDT
BloFin TAO-USDT
BingX TAO-USDT
Bybit TAOUSDT
Variational Omni TAO
Kraken Futures PF_TAOUSD
Injective TAO/USDC PERP
01 Exchange TAOUSD
Reya TAORUSDPERP
Nado TAO-PERP
Backpack TAO_USDC_PERP
Coinbase International TAO-PERP-INTX
RISEx TAO/USDC
Extended TAO-USD
Lighter TAO
Hyperliquid TAO