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Funding arb · Price arb /

TAO

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Alert: spread
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Funding you earn now, next payment 23:00 UTC+0.1377%/8h= +150.8% APRpaid last 24h +0.168%
Price spread now: Hyperliquid against Bybit+0.260%7-day average +0.052% · you sell dearer than you buy
Net, funding: paid 7d − costs−$3as in the Funding arb table
Net, price: spread back to 7d avg − costs−$14as in the Price arb table
costs, in and out, $10k−$350.351% of the position
Long on BybitShort on Hyperliquid
What this pair did over the last
the charts below follow
Funding, last 7 days+0.316%+$32 on $10k
Price spread, last 7 days−0.253%−$25 · spread now +0.260%, 7d avg +0.052%
Together, before fees+0.063%+ Points / potential airdropHyperliquid: Season 2 · farm board+$6 on $10k · with fees, hour by hour
Both sides work for this trade now. Funding pays +$41 a day on $10k at the current rate, and Hyperliquid is 0.207% dearer against Bybit than usual: you sell high and buy low: +$21 more if the spread goes back to its 7-day average of +0.052%.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.316% in total (about 16.5% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongBybit TAOUSDT304.240.0100pay 0.0050% / 4h1h 50m$59.1M$120.4M50x
ShortHyperliquid TAO305.030.1477get 0.0185% / 1h50m 18s$93.8M$78.5M5x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Hyperliquid against Bybit. 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

Funding earned
$289.15
Price spread: +0.260% → +0.052%
$20.73
Slippage, 4 orders
−$15.07
Fee Bybit: 5.5 bp × 2 orders
−$11
Fee Hyperliquid: 4.5 bp × 2 orders
−$9
Net
$274.81
Costs to cover
0.351%
Break-even
0.3 days
Slippage from Bybit: live order book, 4 min ago; Hyperliquid: live order book, 4 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again
LegHalf-spread$10k$100k$1M$5M
Buy Bybit live order book, 4 min ago0.16 bp9.8 bp −$1017.7 bp −$17741.1 bp −$4,106doesn't fit
Sell Hyperliquid live order book, 4 min ago0.65 bp7.1 bp −$7doesn't fitdoesn't fitdoesn't fit

TAO on 43 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Bulk TAO-USD−0.0466%1h307.38+1.032%$202K$17K10xas long as short
dYdX TAO-USD0.0000%1h304.37+0.043%$125K$87K5xas long as short
gTrade (Gains Network) TAO/USDL +0.0004% / S −0.0007%1h303.95−0.095%$26K—150xas long as short
Popdex TAOUSDT+0.0096%1h304.74+0.164%$42K$532K20xas long as short
Binance TAOUSDT+0.0100%4h304.11−0.042%$85.4M$409.3M75xas long as short
Bybit TAOUSDTlong+0.0100%4h304.24long leg$59.1M$120.4M50x
OKX TAO-USDT-SWAP+0.0100%8h304.10−0.046%$24.5M$94.3M50xas long as short
Arcus TAO-USD+0.0100%1h305.02+0.256%$136K$642K5xas long as short
Gate TAO_USDT+0.0100%4h304.10−0.046%$12.1M$48.2M50xas long as short
MEXC TAO_USDT+0.0100%4h304.12−0.039%$119.5M$123.6M300xas long as short
Show all 43 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
KuCoin TAOUSDTM+0.0100%4h304.62+0.125%$18.3M$26.8M75xas long as short
Bitget TAOUSDT+0.0100%4h304.02−0.072%$34.1M$45.7M50xas long as short
BingX TAO-USDT+0.0100%4h304.18−0.020%—$30.4M—as long as short
Variational Omni TAO+0.0100%4h305.07+0.273%$3.6M$6.6M—as long as short
edgeX TAOUSDC+0.0100%4h306.44+0.722%$40K$278K10xas long as short
GRVT TAO_USDT_Perp+0.0100%4h306.54+0.757%$545K$937K10xas long as short
ApeX Omni TAOUSDT+0.0100%1h306.50+0.743%$46K$269K50xas long as short
Polymarket Perps TAO-USD+0.0100%1h304.76+0.171%$78K$607K5xas long as short
Bullet TAO-USD+0.0100%1h304.15−0.030%$11K$18K20xas long as short
Orderly PERP_TAO_USDC+0.0100%4h304.11−0.043%$58K$276K10xas long as short
SunX TAO-USDT+0.0100%4h304.00−0.079%$2K$1.8M20xas long as short
HTX TAO-USDT+0.0100%4h304.72+0.158%$120K$354K20xas long as short
Phemex TAOUSDT+0.0100%4h304.68+0.145%$3.2M$7.9M50xas long as short
Aevo TAO-PERP+0.0104%1h304.23−0.003%$167K$9983xas long as short
Katana Perps TAO-USD+0.0112%8h304.95+0.233%$2K$485K5xas long as short
Aster TAOUSDT+0.0125%4h304.74+0.165%$1.1M$7.6M50xas long as short
Paradex TAO-USD-PERP+0.0157%8h304.42+0.061%$14K$1K10xas long as short
Pacifica TAO+0.0164%1h304.52+0.092%$360K$369K10xas long as short
GMX TAO/USD [WBTC.b-USDC]L +0.0174% / S +0.0069%1h303.98−0.084%$434K—100xas long as short
Deribit TAO_USDC-PERPETUAL+0.0283%1h304.19−0.016%$22K$1.4M25xas long as short
BloFin TAO-USDT+0.0340%4h304.89+0.214%$4.3M$9.4M100xas long as short
Backpack TAO_USDC_PERP+0.0380%1h304.91+0.220%$377K$756K10xas long as short
01 Exchange TAOUSD+0.0432%1h304.97+0.240%$3K$4K5xas long as short
Nado TAO-PERP+0.0511%1h304.69+0.149%$836K$1.9M10xas long as short
Phoenix TAO+0.0521%1h307.40+1.039%$326K$491K5xas long as short
Lighter TAO+0.0584%1h304.61+0.123%$1.7M$5.1M5xas long as short
Reya TAORUSDPERP+0.0694%1h304.20−0.013%$350—20xas long as short
Extended TAO-USD+0.0848%1h304.03−0.069%$888K$2.0M25xas long as short
Coinbase International TAO-PERP-INTX+0.1008%1h305.27+0.339%$1.5M$5.6M50xas long as short
Kraken Futures PF_TAOUSD+0.1039%1h304.05−0.061%$5.8M$19.8M50xas long as short
RISEx TAO/USDC+0.1155%1h305.08+0.276%$411K$545K5xas long as short
Hyperliquid TAOshort+0.1477%1h305.03+0.260%$93.8M$78.5M5x
Injective TAO/USDC PERP+0.1621%1h308.73+1.476%$22K$26412xas long as short