Note that for some reason, Cloudflare charges substantially more for .io domains than other registrars. Cloudflare charges $45 whereas Dynadot charges $26.99 and Porkbun charges $28.97.
.io is heavily subsidized by most registrars for a couple reasons: the .io registry offers substantial volume discounts and .io domains are associated with a higher spend on add-on services. In most cases, they discount .io domains because they hope users spend more on other upsell products.