Funding you earn now, next payment 23:00 UTC+0.0733%/8h= +80.2% APRnext payment +$0.92 per $10,000 · paid last 24h +0.140%
Price spread now: Hyperliquid against Backpack+0.130%7-day average +0.039% · you sell dearer than you buy
Net, funding: paid 7d − costs+$2as in the Funding arb table
Net, price: spread back to 7d avg − costs−$20as in the Price arb table
costs, in and out, $10k−$290.294% of the position
Funding, last 7 days+0.309%+$31 on $10k
+Price spread, last 4 days (all we have)−0.117%−$12 · spread now +0.130%, 7d avg +0.039%
=Together, before fees+0.191%+ Points / potential airdropHyperliquid: Season 2 · farm board+$19 on $10k · with fees, hour by hour
Both sides work for this trade now. Funding pays +$22 a day on $10k at the current rate, and Hyperliquid is 0.090% dearer against Backpack than usual: you sell high and buy low: +$9 more if the spread goes back to its 7-day average of +0.039%.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.309% in total (about 16.1% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.92 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 | Backpack TAO_USDC_PERP | 310.20 | 0.0481 | pay 0.0060% / 1h | 2m 08s | $298K | $800K | 10x |
| Short | Hyperliquid TAO | 310.60 | 0.1213 | get 0.0152% / 1h | 2m 08s | $95.0M | $81.0M | 5x |
Backpack TAO_USDC_PERP
Hyperliquid TAOFunding history
latest
Range statsloading…
Price spread between the two exchanges
Hyperliquid against Backpack. 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
- $153.86
- Price spread: +0.130% → +0.039%
- $9.02
- Slippage, 4 orders
- −$10.37
- Fee Backpack: 5 bp × 2 orders
- −$10
- Fee Hyperliquid: 4.5 bp × 2 orders
- −$9
- Net
- $133.52
- Costs to cover
- 0.294%
- Break-even
- 0.9 days
Slippage from Backpack: live order book, 17 min ago; Hyperliquid: live order book, 12 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 Backpack live order book, 17 min ago | 1.96 bp | 7.0 bp −$7 | 40.6 bp −$406 | doesn't fit | doesn't fit |
| Sell Hyperliquid live order book, 12 min ago | 0.16 bp | 6.3 bp −$6 | 7.7 bp −$77 | 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 | −0.0396% | 1h | 305.88 | −1.394% | $163K | $52K | 10x | as long as short |
| gTrade (Gains Network) TAO/USD | L +0.0004% / S −0.0004% | 1h | 309.54 | −0.213% | $20K | — | 150x | as long as short |
| dYdX TAO-USD | +0.0011% | 1h | 309.36 | −0.272% | $124K | $88K | 5x | as long as short |
| Popdex TAOUSDT | +0.0096% | 1h | 309.68 | −0.168% | $45K | $541K | 20x | as long as short |
| Binance TAOUSDT | +0.0100% | 4h | 310.43 | +0.073% | $87.1M | $415.9M | 75x | as long as short |
| Bybit TAOUSDT | +0.0100% | 4h | 310.57 | +0.119% | $60.7M | $121.9M | 50x | as long as short |
| OKX TAO-USDT-SWAP | +0.0100% | 8h | 310.60 | +0.129% | $24.9M | $97.6M | 50x | as long as short |
| Arcus TAO-USD | +0.0100% | 1h | 309.93 | −0.087% | $80K | $643K | 5x | as long as short |
| Gate TAO_USDT | +0.0100% | 4h | 309.90 | −0.097% | $12.4M | $49.4M | 50x | as long as short |
| MEXC TAO_USDT | +0.0100% | 4h | 310.10 | −0.032% | $117.4M | $126.9M | 300x | as long as short |
Bulk TAO-USD
gTrade (Gains Network) TAO/USD
dYdX TAO-USD
Popdex TAOUSDT
Binance TAOUSDT
Bybit TAOUSDT
OKX TAO-USDT-SWAP
Arcus TAO-USD
Gate TAO_USDT
MEXC TAO_USDTShow all 43 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| KuCoin TAOUSDTM | +0.0100% | 4h | 310.07 | −0.042% | $18.8M | $27.3M | 75x | as long as short |
| Bitget TAOUSDT | +0.0100% | 4h | 309.92 | −0.090% | $34.6M | $45.7M | 50x | as long as short |
| BingX TAO-USDT | +0.0100% | 4h | 310.09 | −0.035% | — | $30.2M | — | as long as short |
| edgeX TAOUSDC | +0.0100% | 4h | 308.15 | −0.662% | $40K | $279K | 10x | as long as short |
| GRVT TAO_USDT_Perp | +0.0100% | 4h | 309.02 | −0.381% | $511K | $950K | 10x | as long as short |
| ApeX Omni TAOUSDT | +0.0100% | 1h | 307.07 | −1.009% | $46K | $270K | 50x | as long as short |
| Polymarket Perps TAO-USD | +0.0100% | 1h | 309.79 | −0.132% | $76K | $550K | 5x | as long as short |
| Bullet TAO-USD | +0.0100% | 1h | 309.79 | −0.132% | $11K | $18K | 20x | as long as short |
| Orderly PERP_TAO_USDC | +0.0100% | 4h | 309.82 | −0.123% | $60K | $276K | 10x | as long as short |
| SunX TAO-USDT | +0.0100% | 4h | 309.77 | −0.139% | $1K | $1.8M | 20x | as long as short |
| HTX TAO-USDT | +0.0100% | 4h | 310.24 | +0.013% | $124K | $373K | 20x | as long as short |
| Phemex TAOUSDT | +0.0100% | 4h | 309.69 | −0.164% | $3.3M | $7.9M | 50x | as long as short |
| Aevo TAO-PERP | +0.0104% | 1h | 310.18 | −0.008% | $170K | $998 | 3x | as long as short |
| Katana Perps TAO-USD | +0.0109% | 8h | 309.86 | −0.110% | $2K | $523K | 5x | as long as short |
| Variational Omni TAO | +0.0118% | 4h | 307.52 | −0.863% | $3.7M | $6.7M | — | as long as short |
| Aster TAOUSDT | +0.0158% | 4h | 310.24 | +0.013% | $1.1M | $7.8M | 50x | as long as short |
| Pacifica TAO | +0.0164% | 1h | 309.90 | −0.097% | $366K | $369K | 10x | as long as short |
| Paradex TAO-USD-PERP | +0.0165% | 8h | 309.72 | −0.154% | $14K | $1K | 10x | as long as short |
| Nado TAO-PERP | +0.0319% | 1h | 309.80 | −0.130% | $846K | $1.9M | 10x | as long as short |
| BloFin TAO-USDT | +0.0340% | 4h | 309.46 | −0.239% | $4.2M | $9.6M | 100x | as long as short |
| Lighter TAO | +0.0360% | 1h | 310.13 | −0.021% | $1.6M | $5.5M | 5x | as long as short |
| 01 Exchange TAOUSD | +0.0440% | 1h | 310.23 | +0.010% | $3K | $4K | 5x | as long as short |
| Deribit TAO_USDC-PERPETUAL | +0.0470% | 1h | 309.84 | −0.117% | $21K | $1.4M | 25x | as long as short |
| GMX TAO/USD [WBTC.b-USDC] | L +0.0473% / S −0.0175% | 1h | 309.48 | −0.234% | $444K | — | 100x | as long as short |
| Backpack TAO_USDC_PERPlong | +0.0481% | 1h | 310.20 | long leg | $298K | $800K | 10x | |
| Phoenix TAO | +0.0521% | 1h | 309.20 | −0.322% | $323K | $491K | 5x | as long as short |
| Reya TAORUSDPERP | +0.0695% | 1h | 309.65 | −0.177% | $356 | — | 20x | as long as short |
| Extended TAO-USD | +0.0712% | 1h | 309.85 | −0.114% | $842K | $2.0M | 25x | as long as short |
| Coinbase International TAO-PERP-INTX | +0.1008% | 1h | 310.28 | +0.026% | $1.5M | $5.6M | 50x | as long as short |
| Kraken Futures PF_TAOUSD | +0.1019% | 1h | 309.99 | −0.067% | $5.8M | $19.7M | 50x | as long as short |
| RISEx TAO/USDC | +0.1155% | 1h | 309.82 | −0.121% | $422K | $533K | 5x | as long as short |
| Hyperliquid TAOshort | +0.1213% | 1h | 310.60 | +0.130% | $95.0M | $81.0M | 5x | |
| Injective TAO/USDC PERP | +0.1621% | 1h | 308.73 | −0.474% | $22K | $264 | 12x | as long as short |
KuCoin TAOUSDTM
Bitget TAOUSDT
BingX TAO-USDT
edgeX TAOUSDC
GRVT TAO_USDT_Perp
ApeX Omni TAOUSDT
Polymarket Perps TAO-USD
Bullet TAO-USD
Orderly PERP_TAO_USDC
SunX TAO-USDT
HTX TAO-USDT
Phemex TAOUSDT
Aevo TAO-PERP
Katana Perps TAO-USD
Variational Omni TAO
Aster TAOUSDT
Pacifica TAO
Paradex TAO-USD-PERP
Nado TAO-PERP
BloFin TAO-USDT
Lighter TAO
01 Exchange TAOUSD
Deribit TAO_USDC-PERPETUAL
GMX TAO/USD [WBTC.b-USDC]
Phoenix TAO
Reya TAORUSDPERP
Extended TAO-USD
Coinbase International TAO-PERP-INTX
Kraken Futures PF_TAOUSD
RISEx TAO/USDC
Injective TAO/USDC PERP