Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0273%/8h= −29.9% APRpaid last 24h −0.232%

Price spread now: edgeX against Hyperliquid−0.213%46s7-day average −0.085% · you buy dearer than you sell

Net, funding: paid 7d − costs−$79as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$330.327% of the position

Long on Hyperliquid Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.466%−$47 on $10k

Price spread, last 4 days (all we have)+0.402%+$40 · spread now −0.213%, 7d avg −0.085%

Together, before fees−0.063%+ Points / potential airdropHyperliquid: Season 2 · edgeX: Active · farm board−$6 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$8 a day on $10k at the current rate, and edgeX is 0.129% cheaper against Hyperliquid than usual: you would sell low and buy high (−$13 if the spread goes back to its 7-day average of −0.085%). Swap the legs. The two prices were read 46 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid TAO	317.84	0.0452	pay 0.0056% / 1h	58m 37s	$94.0M	$110.1M	5x
Short	edgeX TAOUSDC	317.16	0.0178	get 0.0089% / 4h	58m 37s	$42K	$319K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX 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 edgeXbpOrdersPrice spread, now −0.213%Rate

Funding earned: −$57.4
Price spread: −0.213% → −0.085%: −$12.86
Slippage, 4 orders: −$14.73
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$102.99
Costs to cover: 0.327%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 5 min ago; edgeX: live order book, 44 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, 5 min ago	0.79 bp	8.0 bp −$8	doesn't fit	doesn't fit	doesn't fit
Sell edgeX live order book, 44 min ago	4.70 bp	9.3 bp −$9	26.3 bp −$263	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	317.27	−0.180%	$127K	$85K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0005%	1h	317.32	−0.165%	$22K	—	150x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	317.40	−0.138%	$26.6M	$129.7M	50x	as long as short
Bulk TAO-USD	+0.0100%	1h	317.85	+0.003%	$169K	$333	10x	as long as short
Gate TAO_USDT	+0.0100%	4h	317.30	−0.170%	$14.3M	$50.8M	50x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	317.42	−0.132%	$17.8M	$32.4M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	317.24	−0.189%	$35.6M	$58.0M	50x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	317.02	−0.258%	$46K	$260K	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	317.48	−0.113%	$84K	$1.2M	5x	as long as short
SunX TAO-USDT	+0.0100%	4h	317.34	−0.157%	$1K	$2.0M	20x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX TAO-USDT	+0.0100%	4h	317.29	−0.173%	$116K	$602K	20x	as long as short
Katana Perps TAO-USD	+0.0108%	8h	317.42	−0.132%	$2K	$1.1M	5x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0112% / S +0.0155%	1h	317.36	−0.152%	$424K	—	100x	as long as short
Aevo TAO-PERP	+0.0120%	1h	317.61	−0.074%	$174K	$998	3x	as long as short
Orderly PERP_TAO_USDC	+0.0134%	4h	317.59	−0.079%	$53K	$293K	10x	as long as short
MEXC TAO_USDT	+0.0170%	4h	317.54	−0.094%	$107.5M	$150.3M	300x	as long as short
Binance TAOUSDT	+0.0171%	4h	317.56	−0.089%	$92.1M	$528.8M	75x	as long as short
Bullet TAO-USD	+0.0178%	1h	317.69	−0.046%	$12K	$17K	20x	as long as short
edgeX TAOUSDCshort	+0.0178%	4h	317.16	−0.213%	$42K	$319K	10x
Paradex TAO-USD-PERP	+0.0229%	8h	317.58	−0.080%	$14K	$1K	10x	as long as short
Bybit TAOUSDT	+0.0242%	4h	317.64	−0.063%	$69.6M	$156.1M	50x	as long as short
BingX TAO-USDT	+0.0256%	4h	317.55	−0.091%	—	$36.7M	—	as long as short
Pacifica TAO	+0.0313%	1h	317.54	−0.093%	$361K	$427K	10x	as long as short
GRVT TAO_USDT_Perp	+0.0328%	4h	317.36	−0.152%	$541K	$926K	10x	as long as short
Aster TAOUSDT	+0.0330%	4h	317.51	−0.102%	$1.3M	$11.0M	50x	as long as short
Extended TAO-USD	+0.0336%	1h	317.45	−0.122%	$904K	$2.4M	25x	as long as short
BloFin TAO-USDT	+0.0411%	4h	317.50	−0.107%	$4.7M	$10.9M	100x	as long as short
Hyperliquid TAOlong	+0.0452%	1h	317.84	long leg	$94.0M	$110.1M	5x
Deribit TAO_USDC-PERPETUAL	+0.0468%	1h	317.54	−0.093%	$15K	$2.0M	25x	as long as short
Arcus TAO-USD	+0.0473%	1h	317.83	−0.003%	$102K	$389K	5x	as long as short
Popdex TAOUSDT	+0.0480%	1h	317.63	−0.066%	$43K	$706K	20x	as long as short
Lighter TAO	+0.0496%	1h	317.80	−0.012%	$1.6M	$6.8M	5x	as long as short
Variational Omni TAO	+0.0502%	4h	317.43	−0.129%	$5.6M	$10.2M	—	as long as short
Nado TAO-PERP	+0.0545%	1h	317.83	−0.004%	$788K	$2.0M	10x	as long as short
Phoenix TAO	+0.0567%	1h	317.40	−0.138%	$316K	$701K	5x	as long as short
Phemex TAOUSDT	+0.0632%	4h	317.70	−0.044%	$3.2M	$8.2M	50x	as long as short
Backpack TAO_USDC_PERP	+0.0648%	1h	317.58	−0.082%	$296K	$905K	10x	as long as short
01 Exchange TAOUSD	+0.0688%	1h	317.94	+0.031%	$3K	$4K	5x	as long as short
Reya TAORUSDPERP	+0.0698%	1h	317.49	−0.112%	$365	—	20x	as long as short
RISEx TAO/USDC	+0.0831%	1h	317.55	−0.093%	$438K	$677K	5x	as long as short
Kraken Futures PF_TAOUSD	+0.0834%	1h	317.59	−0.080%	$5.9M	$21.7M	50x	as long as short
Coinbase International TAO-PERP-INTX	+0.0984%	1h	318.45	+0.192%	$1.5M	$6.8M	50x	as long as short
Injective TAO/USDC PERP	+0.4513%	1h	323.52	+1.787%	$24K	$2K	12x	as long as short