TAO

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0493%/8h= −54.0% APRnext payment −$0.62 per $10,000 · paid last 24h −0.503%

Price spread now: Bulk against Hyperliquid+2.434%7-day average −0.193% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs+$238as in the Price arb table

costs, in and out, $10k−$250.252% of the position

Long on Hyperliquid Short on Bulk

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.659%−$66 on $10k

Price spread, last 4 days (all we have)−2.658%−$266 · spread now +2.434%, 7d avg −0.193%

Together, before fees−3.316%+ Points / potential airdropHyperliquid: Season 2 · farm board−$332 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bulk is 2.627% dearer against Hyperliquid than usual: you sell high and buy low (spread +2.434% now, against its 7-day average of −0.193%): +$263 on $10k if it goes back. Holding the pair costs −$15 a day in funding at the current rate, which eats that in about 18 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid TAO	308.91	0.1022	pay 0.0128% / 1h	55m 59s	$98.1M	$92.6M	5x
Short	Bulk TAO-USD	316.43	0.0529	get 0.0066% / 1h	55m 59s	$168K	$40K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bulk 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 BulkbpOrdersPrice spread, now +2.434%Rate

Funding earned: −$103.63
Price spread: +2.434% → −0.193%: $262.72
Slippage, 4 orders: −$9.16
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Bulk: 3.5 bp × 2 orders: −$7
Net: $133.92
Costs to cover: 0.252%
Break-even: from the start

Slippage from Hyperliquid: live order book, 8 min ago; Bulk: live order book, 13 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, 8 min ago	0.16 bp	8.4 bp −$8	doesn't fit	doesn't fit	doesn't fit
Sell Bulk live order book, 13 min ago	0.16 bp	5.5 bp −$6	7.8 bp −$78	8.1 bp −$805	18.3 bp −$9,130

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	308.50	−0.133%	$123K	$89K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0002%	1h	308.15	−0.244%	$12K	—	150x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0028%	1h	308.59	−0.104%	$16K	$1.5M	25x	as long as short
Popdex TAOUSDT	+0.0096%	1h	308.39	−0.168%	$44K	$612K	20x	as long as short
Binance TAOUSDT	+0.0100%	4h	308.98	+0.024%	$88.6M	$457.6M	75x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	308.90	−0.003%	$25.1M	$107.8M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	308.70	−0.068%	$12.5M	$49.1M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	309.03	+0.039%	$98.7M	$135.6M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	308.95	+0.013%	$18.0M	$30.0M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	308.70	−0.068%	$34.3M	$52.3M	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	+1.244%	$35K	$297K	10x	as long as short
GRVT TAO_USDT_Perp	+0.0100%	4h	312.72	+1.233%	$521K	$962K	10x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	313.12	+1.363%	$48K	$267K	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	308.66	−0.081%	$91K	$672K	5x	as long as short
Orderly PERP_TAO_USDC	+0.0100%	4h	308.43	−0.155%	$56K	$330K	10x	as long as short
SunX TAO-USDT	+0.0100%	4h	308.67	−0.078%	$2K	$1.9M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	307.89	−0.330%	$117K	$447K	20x	as long as short
Aevo TAO-PERP	+0.0104%	1h	308.22	−0.224%	$169K	$998	3x	as long as short
Bullet TAO-USD	+0.0114%	1h	308.38	−0.172%	$11K	$17K	20x	as long as short
Katana Perps TAO-USD	+0.0117%	8h	308.75	−0.052%	$632	$662K	5x	as long as short
Aster TAOUSDT	+0.0151%	4h	308.43	−0.157%	$1.2M	$9.0M	50x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0171% / S +0.0096%	1h	308.11	−0.258%	$419K	—	100x	as long as short
Kraken Futures PF_TAOUSD	+0.0171%	1h	308.37	−0.175%	$5.5M	$20.4M	50x	as long as short
Paradex TAO-USD-PERP	+0.0230%	8h	308.70	−0.067%	$14K	$1K	10x	as long as short
Pacifica TAO	+0.0285%	1h	308.45	−0.150%	$365K	$373K	10x	as long as short
Arcus TAO-USD	+0.0337%	1h	309.08	+0.055%	$82K	$550K	5x	as long as short
BloFin TAO-USDT	+0.0340%	4h	309.68	+0.249%	$4.4M	$10.5M	100x	as long as short
Injective TAO/USDC PERP	+0.0470%	1h	316.84	+2.567%	$23K	$2K	12x	as long as short
Phoenix TAO	+0.0525%	1h	313.80	+1.583%	$328K	$620K	5x	as long as short
Bulk TAO-USDshort	+0.0529%	1h	316.43	+2.434%	$168K	$40K	10x
01 Exchange TAOUSD	+0.0560%	1h	309.07	+0.052%	$3K	$4K	5x	as long as short
Backpack TAO_USDC_PERP	+0.0607%	1h	308.49	−0.136%	$312K	$818K	10x	as long as short
Variational Omni TAO	+0.0654%	4h	308.57	−0.111%	$5.3M	$8.8M	—	as long as short
Reya TAORUSDPERP	+0.0696%	1h	308.54	−0.119%	$355	—	20x	as long as short
BingX TAO-USDT	+0.0704%	4h	309.05	+0.045%	—	$30.8M	—	as long as short
Bybit TAOUSDT	+0.0750%	4h	309.13	+0.071%	$62.9M	$135.2M	50x	as long as short
Nado TAO-PERP	+0.0895%	1h	308.54	−0.121%	$760K	$2.1M	10x	as long as short
Hyperliquid TAOlong	+0.1022%	1h	308.91	long leg	$98.1M	$92.6M	5x
Coinbase International TAO-PERP-INTX	+0.1024%	1h	309.22	+0.100%	$1.5M	$6.3M	50x	as long as short
Extended TAO-USD	+0.1032%	1h	309.03	+0.038%	$893K	$2.4M	25x	as long as short
RISEx TAO/USDC	+0.1132%	1h	308.89	−0.008%	$410K	$602K	5x	as long as short
Phemex TAOUSDT	+0.1292%	4h	308.30	−0.197%	$3.3M	$7.9M	50x	as long as short
Lighter TAO	+0.1616%	1h	308.86	−0.015%	$1.6M	$6.0M	5x	as long as short