TAO

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0224%/8h= −24.5% APRnext payment −$0.28 per $10,000 · paid last 24h −0.158%

Price spread now: Backpack against Hyperliquid−0.110%7-day average −0.040% · you buy dearer than you sell

Net, funding: paid 7d − costs−$66as in the Funding arb table

Net, price: spread back to 7d avg − costs−$41as in the Price arb table

costs, in and out, $10k−$340.340% of the position

Long on Hyperliquid Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.322%−$32 on $10k

Price spread, last 4 days (all we have)+0.026%+$3 · spread now −0.110%, 7d avg −0.040%

Together, before fees−0.296%+ Points / potential airdropHyperliquid: Season 2 · farm board−$30 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$7 a day on $10k at the current rate, and Backpack is 0.070% cheaper against Hyperliquid than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of −0.040%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid TAO	309.42	0.0945	pay 0.0118% / 1h	57m 04s	$98.5M	$92.4M	5x
Short	Backpack TAO_USDC_PERP	309.08	0.0721	get 0.0090% / 1h	57m 04s	$312K	$818K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Hyperliquid. 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 HyperliquidbpFee BackpackbpOrdersPrice spread, now −0.110%Rate

Funding earned: −$47.04
Price spread: −0.110% → −0.040%: −$7.02
Slippage, 4 orders: −$14.99
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$88.06
Costs to cover: 0.340%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 7 min ago; Backpack: 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 Hyperliquid live order book, 7 min ago	0.16 bp	8.4 bp −$8	doesn't fit	doesn't fit	doesn't fit
Sell Backpack live order book, 12 min ago	0.16 bp	13.4 bp −$13	26.0 bp −$260	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
dYdX TAO-USD	0.0000%	1h	311.19	+0.571%	$124K	$89K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0002%	1h	309.93	+0.165%	$12K	—	150x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0029%	1h	309.80	+0.123%	$16K	$1.5M	25x	as long as short
Popdex TAOUSDT	+0.0096%	1h	311.03	+0.520%	$44K	$611K	20x	as long as short
Binance TAOUSDT	+0.0100%	4h	309.25	−0.054%	$88.8M	$455.9M	75x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	309.20	−0.071%	$25.1M	$107.5M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	308.80	−0.200%	$12.5M	$49.0M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	309.04	−0.123%	$99.3M	$135.5M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	309.17	−0.081%	$18.0M	$29.9M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	309.04	−0.123%	$34.4M	$52.2M	50x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
edgeX TAOUSDC	+0.0100%	4h	312.75	+1.077%	$35K	$297K	10x	as long as short
GRVT TAO_USDT_Perp	+0.0100%	4h	312.72	+1.067%	$521K	$962K	10x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	313.12	+1.196%	$48K	$267K	50x	as long as short
Orderly PERP_TAO_USDC	+0.0100%	4h	309.80	+0.123%	$56K	$322K	10x	as long as short
SunX TAO-USDT	+0.0100%	4h	309.63	+0.068%	$2K	$1.9M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	309.62	+0.065%	$118K	$446K	20x	as long as short
Aevo TAO-PERP	+0.0104%	1h	310.10	+0.219%	$170K	$998	3x	as long as short
Katana Perps TAO-USD	+0.0117%	8h	310.94	+0.491%	$636	$657K	5x	as long as short
Bullet TAO-USD	+0.0128%	1h	310.37	+0.307%	$12K	$17K	20x	as long as short
Polymarket Perps TAO-USD	+0.0148%	1h	310.86	+0.465%	$91K	$672K	5x	as long as short
Kraken Futures PF_TAOUSD	+0.0171%	1h	309.34	−0.025%	$5.5M	$20.3M	50x	as long as short
Aster TAOUSDT	+0.0171%	4h	309.69	+0.087%	$1.2M	$9.0M	50x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0171% / S +0.0110%	1h	309.97	+0.179%	$433K	—	100x	as long as short
Paradex TAO-USD-PERP	+0.0233%	8h	311.28	+0.601%	$14K	$1K	10x	as long as short
Pacifica TAO	+0.0285%	1h	311.37	+0.630%	$369K	$373K	10x	as long as short
Arcus TAO-USD	+0.0337%	1h	311.68	+0.730%	$82K	$550K	5x	as long as short
BloFin TAO-USDT	+0.0340%	4h	309.68	+0.084%	$4.4M	$10.5M	100x	as long as short
Injective TAO/USDC PERP	+0.0470%	1h	316.84	+2.398%	$23K	$2K	12x	as long as short
Phoenix TAO	+0.0525%	1h	313.80	+1.416%	$328K	$620K	5x	as long as short
Bulk TAO-USD	+0.0529%	1h	316.43	+2.266%	$168K	$40K	10x	as long as short
01 Exchange TAOUSD	+0.0592%	1h	311.01	+0.514%	$3K	$4K	5x	as long as short
Variational Omni TAO	+0.0606%	4h	314.06	+1.500%	$5.4M	$8.7M	—	as long as short
Reya TAORUSDPERP	+0.0696%	1h	310.35	+0.300%	$357	—	20x	as long as short
BingX TAO-USDT	+0.0704%	4h	309.00	−0.136%	—	$30.7M	—	as long as short
Backpack TAO_USDC_PERPshort	+0.0721%	1h	309.08	−0.110%	$312K	$818K	10x
Bybit TAOUSDT	+0.0750%	4h	309.43	+0.003%	$63.0M	$135.0M	50x	as long as short
Nado TAO-PERP	+0.0813%	1h	310.58	+0.375%	$765K	$2.1M	10x	as long as short
Hyperliquid TAOlong	+0.0945%	1h	309.42	long leg	$98.5M	$92.4M	5x
Coinbase International TAO-PERP-INTX	+0.1024%	1h	312.74	+1.073%	$1.5M	$6.4M	50x	as long as short
Phemex TAOUSDT	+0.1034%	4h	309.42	0.000%	$3.3M	$7.8M	50x	as long as short
Extended TAO-USD	+0.1048%	1h	309.12	−0.099%	$893K	$2.4M	25x	as long as short
RISEx TAO/USDC	+0.1132%	1h	311.32	+0.614%	$413K	$602K	5x	as long as short
Lighter TAO	+0.1328%	1h	309.95	+0.172%	$1.6M	$6.0M	5x	as long as short