Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0146%/8h= −16.0% APRpaid last 24h +0.159%

Price spread now: Hyperliquid against BloFin−0.253%67s7-day average +0.061% · you buy dearer than you sell

Net, funding: paid 7d − costs−$29as 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−$290.293% of the position

Long on BloFin Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.001%$0 on $10k

Price spread, last 4 days (all we have)+0.299%+$30 · spread now −0.253%, 7d avg +0.061%

Together, before fees+0.300%+ Points / potential airdropHyperliquid: Season 2 · farm board+$30 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and Hyperliquid is 0.314% cheaper against BloFin than usual: you would sell low and buy high (−$31 if the spread goes back to its 7-day average of +0.061%). Swap the legs. The two prices were read 67 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	BloFin TAO-USDT	316.15	0.0340	pay 0.0170% / 4h	52m 16s	$4.5M	$10.9M	100x
Short	Hyperliquid TAO	315.35	0.0194	get 0.0024% / 1h	52m 16s	$94.3M	$104.7M	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against BloFin. 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 BloFinbpFee HyperliquidbpOrdersPrice spread, now −0.253%Rate

Funding earned: −$30.75
Price spread: −0.253% → +0.061%: −$31.41
Slippage, 4 orders: −$8.33
Fee BloFin: 6 bp × 2 orders: −$12
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$91.49
Costs to cover: 0.293%
Break-even: never at this rate

Slippage from BloFin: live order book, 7 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 BloFin live order book, 7 min ago	0.16 bp	7.3 bp −$7	15.5 bp −$155	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 12 min ago	1.11 bp	8.1 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	−0.0499%	1h	315.15	−0.316%	$167K	$1K	10x	as long as short
dYdX TAO-USD	0.0000%	1h	315.36	−0.250%	$126K	$85K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	315.42	−0.232%	$20K	—	150x	as long as short
ApeX Omni TAOUSDT	+0.0050%	1h	315.08	−0.338%	$46K	$252K	50x	as long as short
Kraken Futures PF_TAOUSD	+0.0056%	1h	315.18	−0.307%	$5.5M	$20.6M	50x	as long as short
Popdex TAOUSDT	+0.0096%	1h	315.71	−0.139%	$41K	$685K	20x	as long as short
Binance TAOUSDT	+0.0100%	4h	315.31	−0.267%	$91.4M	$487.4M	75x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	315.30	−0.269%	$25.9M	$119.0M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	315.50	−0.206%	$12.9M	$49.3M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	315.28	−0.275%	$104.8M	$142.0M	300x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin TAOUSDTM	+0.0100%	4h	315.19	−0.304%	$17.5M	$31.6M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	314.36	−0.566%	$35.1M	$55.7M	50x	as long as short
edgeX TAOUSDC	+0.0100%	4h	316.41	+0.082%	$35K	$302K	10x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	315.53	−0.196%	$89K	$789K	5x	as long as short
Bullet TAO-USD	+0.0100%	1h	315.64	−0.162%	$12K	$18K	20x	as long as short
SunX TAO-USDT	+0.0100%	4h	315.57	−0.183%	$2K	$1.9M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	315.22	−0.294%	$109K	$526K	20x	as long as short
Phemex TAOUSDT	+0.0100%	4h	315.20	−0.300%	$3.2M	$8.1M	50x	as long as short
Aevo TAO-PERP	+0.0104%	1h	315.54	−0.193%	$173K	$998	3x	as long as short
Katana Perps TAO-USD	+0.0108%	8h	315.44	−0.225%	$2K	$780K	5x	as long as short
Orderly PERP_TAO_USDC	+0.0123%	4h	315.57	−0.183%	$57K	$275K	10x	as long as short
GRVT TAO_USDT_Perp	+0.0130%	4h	316.46	+0.099%	$527K	$952K	10x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0153% / S +0.0115%	1h	315.42	−0.231%	$428K	—	100x	as long as short
01 Exchange TAOUSD	+0.0184%	1h	315.47	−0.215%	$3K	$4K	5x	as long as short
Hyperliquid TAOshort	+0.0194%	1h	315.35	−0.253%	$94.3M	$104.7M	5x
Paradex TAO-USD-PERP	+0.0204%	8h	315.33	−0.261%	$14K	$1K	10x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0210%	1h	315.72	−0.137%	$13K	$1.6M	25x	as long as short
Bybit TAOUSDT	+0.0220%	4h	315.51	−0.202%	$69.0M	$145.7M	50x	as long as short
Aster TAOUSDT	+0.0234%	4h	315.71	−0.140%	$1.2M	$10.1M	50x	as long as short
Nado TAO-PERP	+0.0239%	1h	315.67	−0.151%	$807K	$2.2M	10x	as long as short
BingX TAO-USDT	+0.0244%	4h	314.96	−0.376%	—	$30.1M	—	as long as short
Backpack TAO_USDC_PERP	+0.0280%	1h	315.38	−0.244%	$313K	$914K	10x	as long as short
BloFin TAO-USDTlong	+0.0340%	4h	316.15	long leg	$4.5M	$10.9M	100x
Lighter TAO	+0.0344%	1h	315.55	−0.189%	$1.5M	$6.4M	5x	as long as short
Arcus TAO-USD	+0.0345%	1h	315.46	−0.218%	$99K	$488K	5x	as long as short
Pacifica TAO	+0.0365%	1h	315.42	−0.232%	$368K	$402K	10x	as long as short
Extended TAO-USD	+0.0368%	1h	315.23	−0.292%	$922K	$2.4M	25x	as long as short
Phoenix TAO	+0.0581%	1h	315.90	−0.079%	$314K	$697K	5x	as long as short
Variational Omni TAO	+0.0690%	4h	316.99	+0.267%	$5.9M	$9.7M	—	as long as short
Reya TAORUSDPERP	+0.0696%	1h	315.92	−0.073%	$363	—	20x	as long as short
RISEx TAO/USDC	+0.0991%	1h	315.15	−0.315%	$433K	$656K	5x	as long as short
Coinbase International TAO-PERP-INTX	+0.1008%	1h	316.48	+0.104%	$1.5M	$6.7M	50x	as long as short
Injective TAO/USDC PERP	+0.4222%	1h	319.25	+0.981%	$23K	$2K	12x	as long as short