Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0507%/8h= +55.6% APRpaid last 24h +0.232%

Price spread now: Hyperliquid against Binance+0.081%7-day average +0.069% · you sell dearer than you buy

Net, funding: paid 7d − costs+$14as in the Funding arb table

Net, price: spread back to 7d avg − costs−$31as in the Price arb table

costs, in and out, $10k−$320.320% of the position

Long on Binance Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.465%+$47 on $10k

Price spread, last 7 days−0.041%−$4 · spread now +0.081%, 7d avg +0.069%

Together, before fees+0.425%+ Points / potential airdropHyperliquid: Season 2 · farm board+$42 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.069%, so right now this pair is about funding alone: +$15 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance TAOUSDT	319.96	0.0156	pay 0.0078% / 4h	1h 43m	$92.6M	$527.1M	75x
Short	Hyperliquid TAO	320.22	0.0664	get 0.0083% / 1h	43m 19s	$94.6M	$110.1M	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Binance. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee BinancebpFee HyperliquidbpOrdersPrice spread, now +0.081%Rate

Funding earned: $106.57
Price spread: +0.081% → +0.069%: $1.27
Slippage, 4 orders: −$13.04
Fee Binance: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $75.8
Costs to cover: 0.320%
Break-even: 2.0 days

Slippage from Binance: live order book, 15 min ago; Hyperliquid: live order book, 10 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 Binance live order book, 15 min ago	0.62 bp	9.4 bp −$9	16.9 bp −$169	35.4 bp −$3,543	doesn't fit
Sell Hyperliquid live order book, 10 min ago	0.16 bp	7.8 bp −$8	doesn't fit	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	−0.2101%	1h	320.87	+0.284%	$170K	$333	10x	as long as short
dYdX TAO-USD	0.0000%	1h	319.64	−0.099%	$127K	$85K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	319.74	−0.070%	$21K	—	150x	as long as short
Popdex TAOUSDT	+0.0096%	1h	320.16	+0.063%	$41K	$696K	20x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	319.90	−0.019%	$26.6M	$129.2M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	319.80	−0.050%	$14.2M	$51.6M	50x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	320.09	+0.041%	$17.8M	$32.0M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	319.63	−0.103%	$35.9M	$58.3M	50x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	319.81	−0.047%	$45K	$258K	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	319.89	−0.022%	$75K	$1.1M	5x	as long as short

Show 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	−0.106%	$1K	$2.0M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	319.31	−0.203%	$118K	$589K	20x	as long as short
Phemex TAOUSDT	+0.0100%	4h	320.08	+0.038%	$3.3M	$8.1M	50x	as long as short
Katana Perps TAO-USD	+0.0109%	8h	320.06	+0.031%	$726	$992K	5x	as long as short
Aevo TAO-PERP	+0.0120%	1h	320.01	+0.017%	$176K	$998	3x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0121% / S +0.0156%	1h	319.78	−0.055%	$432K	—	100x	as long as short
Orderly PERP_TAO_USDC	+0.0122%	4h	320.00	+0.013%	$53K	$293K	10x	as long as short
edgeX TAOUSDC	+0.0152%	4h	320.03	+0.023%	$42K	$318K	10x	as long as short
MEXC TAO_USDT	+0.0156%	4h	320.17	+0.066%	$105.2M	$149.6M	300x	as long as short
Binance TAOUSDTlong	+0.0156%	4h	319.96	long leg	$92.6M	$527.1M	75x
Paradex TAO-USD-PERP	+0.0263%	8h	320.11	+0.048%	$15K	$1K	10x	as long as short
Aster TAOUSDT	+0.0312%	4h	320.03	+0.021%	$1.3M	$10.9M	50x	as long as short
Bullet TAO-USD	+0.0386%	1h	320.19	+0.072%	$12K	$17K	20x	as long as short
BingX TAO-USDT	+0.0386%	4h	320.08	+0.038%	—	$34.4M	—	as long as short
Bybit TAOUSDT	+0.0387%	4h	319.99	+0.009%	$69.9M	$155.9M	50x	as long as short
BloFin TAO-USDT	+0.0396%	4h	320.21	+0.078%	$4.7M	$11.1M	100x	as long as short
GRVT TAO_USDT_Perp	+0.0408%	4h	319.77	−0.059%	$544K	$948K	10x	as long as short
Extended TAO-USD	+0.0488%	1h	319.93	−0.010%	$917K	$2.4M	25x	as long as short
Pacifica TAO	+0.0525%	1h	320.18	+0.070%	$365K	$423K	10x	as long as short
Variational Omni TAO	+0.0538%	4h	319.36	−0.188%	$5.6M	$10.2M	—	as long as short
Phoenix TAO	+0.0567%	1h	320.30	+0.106%	$319K	$709K	5x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0583%	1h	319.91	−0.014%	$14K	$1.9M	25x	as long as short
01 Exchange TAOUSD	+0.0640%	1h	320.54	+0.181%	$3K	$4K	5x	as long as short
Backpack TAO_USDC_PERP	+0.0641%	1h	319.97	+0.003%	$300K	$908K	10x	as long as short
Arcus TAO-USD	+0.0641%	1h	320.56	+0.188%	$103K	$394K	5x	as long as short
Nado TAO-PERP	+0.0643%	1h	320.27	+0.098%	$802K	$2.2M	10x	as long as short
Hyperliquid TAOshort	+0.0664%	1h	320.22	+0.081%	$94.6M	$110.1M	5x
Reya TAORUSDPERP	+0.0698%	1h	319.99	+0.008%	$368	—	20x	as long as short
Lighter TAO	+0.0856%	1h	320.19	+0.073%	$1.5M	$6.7M	5x	as long as short
Coinbase International TAO-PERP-INTX	+0.0944%	1h	321.04	+0.338%	$1.5M	$6.9M	50x	as long as short
RISEx TAO/USDC	+0.1077%	1h	320.19	+0.072%	$462K	$665K	5x	as long as short
Kraken Futures PF_TAOUSD	+0.1153%	1h	320.03	+0.022%	$6.1M	$21.7M	50x	as long as short
Injective TAO/USDC PERP	+0.4723%	1h	323.63	+1.147%	$24K	$2K	12x	as long as short