Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.1734%/8h= −189.9% APRpaid last 24h −0.180%

Price spread now: Bybit against Hyperliquid−0.367%7-day average −0.053% · you buy dearer than you sell

Net, funding: paid 7d − costs−$67as in the Funding arb table

Net, price: spread back to 7d avg − costs−$65as in the Price arb table

costs, in and out, $10k−$340.335% of the position

Long on Hyperliquid Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.330%−$33 on $10k

Price spread, last 7 days+0.364%+$36 · spread now −0.367%, 7d avg −0.053%

Together, before fees+0.034%+ Points / potential airdropHyperliquid: Season 2 · farm board+$3 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$52 a day on $10k at the current rate, and Bybit is 0.314% cheaper against Hyperliquid than usual: you would sell low and buy high (−$31 if the spread goes back to its 7-day average of −0.053%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.330% in total (about -17.2% 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.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid TAO	316.38	0.1834	pay 0.0229% / 1h	34m 29s	$98.6M	$83.4M	5x
Short	Bybit TAOUSDT	315.22	0.0100	get 0.0050% / 4h	34m 29s	$62.1M	$124.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.367%Rate

Funding earned: −$364.1
Price spread: −0.367% → −0.053%: −$31.4
Slippage, 4 orders: −$13.5
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$429
Costs to cover: 0.335%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 9 min ago; Bybit: live order book, 5 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, 9 min ago	0.32 bp	6.7 bp −$7	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 5 min ago	0.16 bp	8.0 bp −$8	16.9 bp −$169	41.1 bp −$4,111	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	−0.4478%	1h	313.97	−0.762%	$168K	$48K	10x	as long as short
dYdX TAO-USD	0.0000%	1h	315.82	−0.177%	$126K	$88K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	314.48	−0.600%	$21K	—	150x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0025%	1h	314.44	−0.613%	$33K	$1.5M	25x	as long as short
Injective TAO/USDC PERP	+0.0033%	1h	314.95	−0.452%	$23K	$361	12x	as long as short
Popdex TAOUSDT	+0.0096%	1h	315.19	−0.376%	$34K	$561K	20x	as long as short
Pacifica TAO	+0.0100%	1h	315.94	−0.138%	$374K	$369K	10x	as long as short
Binance TAOUSDT	+0.0100%	4h	314.99	−0.439%	$89.1M	$424.5M	75x	as long as short
Bybit TAOUSDTshort	+0.0100%	4h	315.22	−0.367%	$62.1M	$124.4M	50x
OKX TAO-USDT-SWAP	+0.0100%	8h	314.80	−0.499%	$25.4M	$101.6M	50x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate TAO_USDT	+0.0100%	4h	315.30	−0.341%	$12.8M	$49.5M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	315.66	−0.228%	$122.4M	$128.7M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	315.88	−0.158%	$19.1M	$27.7M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	314.56	−0.575%	$35.1M	$46.3M	50x	as long as short
BingX TAO-USDT	+0.0100%	4h	315.45	−0.294%	—	$30.3M	—	as long as short
edgeX TAOUSDC	+0.0100%	4h	314.20	−0.688%	$41K	$280K	10x	as long as short
GRVT TAO_USDT_Perp	+0.0100%	4h	313.97	−0.763%	$521K	$956K	10x	as long as short
Bullet TAO-USD	+0.0100%	1h	315.19	−0.376%	$11K	$17K	20x	as long as short
Orderly PERP_TAO_USDC	+0.0100%	4h	314.56	−0.575%	$61K	$275K	10x	as long as short
SunX TAO-USDT	+0.0100%	4h	314.47	−0.604%	$1K	$1.8M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	313.35	−0.958%	$128K	$400K	20x	as long as short
Phemex TAOUSDT	+0.0100%	4h	314.55	−0.578%	$3.4M	$7.9M	50x	as long as short
Aevo TAO-PERP	+0.0104%	1h	314.63	−0.555%	$173K	$998	3x	as long as short
Katana Perps TAO-USD	+0.0110%	8h	315.13	−0.395%	$1K	$546K	5x	as long as short
ApeX Omni TAOUSDT	+0.0123%	1h	314.07	−0.730%	$47K	$267K	50x	as long as short
Polymarket Perps TAO-USD	+0.0138%	1h	315.02	−0.430%	$77K	$516K	5x	as long as short
Arcus TAO-USD	+0.0186%	1h	315.64	−0.234%	$83K	$606K	5x	as long as short
Variational Omni TAO	+0.0194%	4h	314.76	−0.512%	$4.0M	$7.0M	—	as long as short
Paradex TAO-USD-PERP	+0.0197%	8h	315.53	−0.269%	$14K	$1K	10x	as long as short
Aster TAOUSDT	+0.0214%	4h	315.82	−0.178%	$1.1M	$7.8M	50x	as long as short
BloFin TAO-USDT	+0.0340%	4h	314.79	−0.503%	$4.3M	$10.3M	100x	as long as short
Kraken Futures PF_TAOUSD	+0.0447%	1h	314.60	−0.563%	$5.8M	$19.8M	50x	as long as short
Nado TAO-PERP	+0.0450%	1h	314.90	−0.467%	$835K	$2.0M	10x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0478% / S −0.0175%	1h	314.58	−0.568%	$452K	—	100x	as long as short
Phoenix TAO	+0.0537%	1h	314.20	−0.689%	$329K	$521K	5x	as long as short
Backpack TAO_USDC_PERP	+0.0549%	1h	315.24	−0.360%	$300K	$800K	10x	as long as short
01 Exchange TAOUSD	+0.0688%	1h	315.57	−0.256%	$3K	$4K	5x	as long as short
Reya TAORUSDPERP	+0.0695%	1h	314.83	−0.489%	$362	—	20x	as long as short
Extended TAO-USD	+0.0880%	1h	315.40	−0.309%	$864K	$2.1M	25x	as long as short
Coinbase International TAO-PERP-INTX	+0.0960%	1h	316.53	+0.047%	$1.5M	$5.8M	50x	as long as short
RISEx TAO/USDC	+0.1238%	1h	315.34	−0.329%	$456K	$559K	5x	as long as short
Lighter TAO	+0.1336%	1h	316.30	−0.025%	$1.7M	$5.8M	5x	as long as short
Hyperliquid TAOlong	+0.1834%	1h	316.38	long leg	$98.6M	$83.4M	5x