TAO

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.1198%/8h= −131.2% APRnext payment −$1.50 per $10,000 · paid last 24h −0.141%

Price spread now: dYdX against Hyperliquid−0.179%7-day average −0.120% · you buy dearer than you sell

Net, funding: paid 7d − costs−$135as in the Funding arb table

Net, price: spread back to 7d avg − costs−$118as in the Price arb table

costs, in and out, $10k−$1131.126% of the position

Long on Hyperliquid Short on dYdX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.224%−$22 on $10k

Price spread, last 4 days (all we have)+0.041%+$4 · spread now −0.179%, 7d avg −0.120%

Together, before fees−0.184%+ Points / potential airdropHyperliquid: Season 2 · farm board−$18 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$36 a day on $10k at the current rate, and dYdX is 0.059% cheaper against Hyperliquid than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of −0.120%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.224% in total (about -11.7% a year). A funding rate is set anew for every payment; at this rate the next one is about −$1.50 per $10,000. 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	303.91	0.1198	pay 0.0150% / 1h	42m 29s	$92.7M	$79.9M	5x
Short	dYdX TAO-USD	303.37	0	get 0.0000% / 1h	42m 29s	$124K	$85K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX 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 dYdXbpOrdersPrice spread, now −0.179%Rate

Funding earned: −$251.61
Price spread: −0.179% → −0.120%: −$5.87
Slippage, 4 orders: −$93.56
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee dYdX: 5 bp × 2 orders: −$10
Net: −$370.04
Costs to cover: 1.126%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 11 min ago; dYdX: live order book, 41 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, 11 min ago	0.65 bp	6.9 bp −$7	doesn't fit	doesn't fit	doesn't fit
Sell dYdX live order book, 41 min ago	43.74 bp	49.8 bp −$50	63.6 bp −$636	174.1 bp −$17.4K	377.9 bp −$188.9K

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	−0.0466%	1h	307.38	+1.142%	$202K	$17K	10x	as long as short
dYdX TAO-USDshort	0.0000%	1h	303.37	−0.179%	$124K	$85K	5x
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0007%	1h	303.42	−0.160%	$26K	—	150x	as long as short
Popdex TAOUSDT	+0.0096%	1h	303.68	−0.076%	$43K	$534K	20x	as long as short
Binance TAOUSDT	+0.0100%	4h	303.57	−0.112%	$85.0M	$410.4M	75x	as long as short
Bybit TAOUSDT	+0.0100%	4h	303.71	−0.066%	$58.8M	$120.7M	50x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	303.50	−0.135%	$24.4M	$94.5M	50x	as long as short
Arcus TAO-USD	+0.0100%	1h	303.87	−0.013%	$79K	$642K	5x	as long as short
Gate TAO_USDT	+0.0100%	4h	303.40	−0.168%	$12.1M	$48.5M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	303.68	−0.076%	$110.3M	$124.6M	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	303.33	−0.191%	$18.4M	$26.9M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	303.42	−0.161%	$33.9M	$45.7M	50x	as long as short
BingX TAO-USDT	+0.0100%	4h	303.68	−0.076%	—	$30.3M	—	as long as short
Variational Omni TAO	+0.0100%	4h	303.72	−0.064%	$3.6M	$6.6M	—	as long as short
edgeX TAOUSDC	+0.0100%	4h	303.61	−0.099%	$39K	$279K	10x	as long as short
GRVT TAO_USDT_Perp	+0.0100%	4h	303.82	−0.030%	$502K	$967K	10x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	303.67	−0.079%	$77K	$604K	5x	as long as short
Bullet TAO-USD	+0.0100%	1h	303.58	−0.109%	$11K	$18K	20x	as long as short
Orderly PERP_TAO_USDC	+0.0100%	4h	303.52	−0.128%	$58K	$276K	10x	as long as short
SunX TAO-USDT	+0.0100%	4h	303.45	−0.151%	$1K	$1.8M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	304.23	+0.105%	$122K	$360K	20x	as long as short
Phemex TAOUSDT	+0.0100%	4h	303.68	−0.076%	$3.2M	$7.8M	50x	as long as short
Aevo TAO-PERP	+0.0104%	1h	303.73	−0.059%	$167K	$998	3x	as long as short
Aster TAOUSDT	+0.0106%	4h	303.54	−0.122%	$1.1M	$7.7M	50x	as long as short
Katana Perps TAO-USD	+0.0111%	8h	303.65	−0.086%	$622	$485K	5x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0123%	1h	303.59	−0.106%	$20K	$1.4M	25x	as long as short
Paradex TAO-USD-PERP	+0.0151%	8h	303.62	−0.095%	$14K	$1K	10x	as long as short
Pacifica TAO	+0.0164%	1h	303.59	−0.105%	$358K	$370K	10x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0174% / S +0.0069%	1h	303.38	−0.175%	$434K	—	100x	as long as short
ApeX Omni TAOUSDT	+0.0211%	1h	303.28	−0.207%	$46K	$269K	50x	as long as short
BloFin TAO-USDT	+0.0340%	4h	303.55	−0.118%	$4.3M	$9.3M	100x	as long as short
Lighter TAO	+0.0384%	1h	303.60	−0.102%	$1.6M	$5.3M	5x	as long as short
01 Exchange TAOUSD	+0.0392%	1h	303.81	−0.033%	$3K	$4K	5x	as long as short
Backpack TAO_USDC_PERP	+0.0394%	1h	303.59	−0.105%	$378K	$757K	10x	as long as short
Nado TAO-PERP	+0.0410%	1h	303.48	−0.141%	$826K	$1.9M	10x	as long as short
Phoenix TAO	+0.0521%	1h	303.90	−0.003%	$322K	$491K	5x	as long as short
Reya TAORUSDPERP	+0.0695%	1h	303.57	−0.111%	$349	—	20x	as long as short
Extended TAO-USD	+0.0832%	1h	303.60	−0.102%	$835K	$2.0M	25x	as long as short
Coinbase International TAO-PERP-INTX	+0.1008%	1h	305.27	+0.448%	$1.5M	$5.6M	50x	as long as short
Kraken Futures PF_TAOUSD	+0.1041%	1h	303.48	−0.140%	$5.8M	$19.6M	50x	as long as short
RISEx TAO/USDC	+0.1155%	1h	303.88	−0.011%	$409K	$545K	5x	as long as short
Hyperliquid TAOlong	+0.1198%	1h	303.91	long leg	$92.7M	$79.9M	5x
Injective TAO/USDC PERP	+0.1621%	1h	308.73	+1.586%	$22K	$264	12x	as long as short