TAO

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0449%/8h= −49.2% APRnext payment −$0.56 per $10,000 · paid last 24h −0.129%

Price spread now: Kraken Futures against Hyperliquid−0.121%7-day average −0.036% · you buy dearer than you sell

Net, funding: paid 7d − costs−$62as in the Funding arb table

Net, price: spread back to 7d avg − costs−$53as in the Price arb table

costs, in and out, $10k−$440.442% of the position

Long on Hyperliquid Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days−0.176%−$18 on $10k

Price spread, last 4 days (all we have)+0.127%+$13 · spread now −0.121%, 7d avg −0.036%

Together, before fees−0.049%+ Points / potential airdropHyperliquid: Season 2 · farm board−$5 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$13 a day on $10k at the current rate, and Kraken Futures is 0.085% cheaper against Hyperliquid than usual: you would sell low and buy high (−$9 if the spread goes back to its 7-day average of −0.036%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.176% in total (about -9.2% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.56 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	315.04	0.0104	pay 0.0013% / 1h	58m 48s	$92.6M	$106.7M	5x
Short	Kraken Futures PF_TAOUSD	314.66	−0.0345	pay 0.0043% / 1h	58m 48s	$5.5M	$20.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now −0.121%Rate

Funding earned: −$94.27
Price spread: −0.121% → −0.036%: −$8.51
Slippage, 4 orders: −$25.24
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$147.02
Costs to cover: 0.442%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 5 min ago; Kraken Futures: 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, 5 min ago	0.16 bp	6.7 bp −$7	doesn't fit	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 5 min ago	6.34 bp	13.7 bp −$14	21.7 bp −$217	88.6 bp −$8,855	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
Kraken Futures PF_TAOUSDshort	−0.0345%	1h	314.66	−0.121%	$5.5M	$20.6M	50x
dYdX TAO-USD	0.0000%	1h	314.60	−0.140%	$125K	$85K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	314.61	−0.138%	$20K	—	150x	as long as short
Popdex TAOUSDT	+0.0096%	1h	314.98	−0.019%	$43K	$659K	20x	as long as short
Katana Perps TAO-USD	+0.0098%	8h	314.86	−0.057%	$2K	$800K	5x	as long as short
Nado TAO-PERP	+0.0100%	1h	315.10	+0.018%	$801K	$2.2M	10x	as long as short
Binance TAOUSDT	+0.0100%	4h	314.83	−0.067%	$90.9M	$495.2M	75x	as long as short
Bybit TAOUSDT	+0.0100%	4h	315.12	+0.025%	$67.9M	$149.0M	50x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	314.80	−0.076%	$26.0M	$120.6M	50x	as long as short
Bulk TAO-USD	+0.0100%	1h	314.80	−0.076%	$167K	$2K	10x	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	314.60	−0.140%	$13.0M	$49.2M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	314.83	−0.067%	$100.9M	$143.4M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	314.73	−0.098%	$17.8M	$31.7M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	314.62	−0.133%	$35.2M	$56.5M	50x	as long as short
BingX TAO-USDT	+0.0100%	4h	314.82	−0.070%	—	$32.9M	—	as long as short
edgeX TAOUSDC	+0.0100%	4h	315.12	+0.024%	$42K	$313K	10x	as long as short
GRVT TAO_USDT_Perp	+0.0100%	4h	315.30	+0.083%	$535K	$969K	10x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	315.19	+0.048%	$46K	$255K	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	314.80	−0.076%	$77K	$863K	5x	as long as short
Bullet TAO-USD	+0.0100%	1h	314.86	−0.057%	$12K	$18K	20x	as long as short
SunX TAO-USDT	+0.0100%	4h	314.79	−0.079%	$1K	$1.9M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	314.46	−0.184%	$110K	$535K	20x	as long as short
Phemex TAOUSDT	+0.0100%	4h	314.81	−0.073%	$3.2M	$8.1M	50x	as long as short
Hyperliquid TAOlong	+0.0104%	1h	315.04	long leg	$92.6M	$106.7M	5x
Aevo TAO-PERP	+0.0104%	1h	314.86	−0.056%	$173K	$998	3x	as long as short
Orderly PERP_TAO_USDC	+0.0126%	4h	314.68	−0.114%	$52K	$271K	10x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0143% / S +0.0124%	1h	314.62	−0.132%	$427K	—	100x	as long as short
Paradex TAO-USD-PERP	+0.0148%	8h	315.25	+0.066%	$14K	$1K	10x	as long as short
Aster TAOUSDT	+0.0152%	4h	314.78	−0.082%	$1.2M	$10.4M	50x	as long as short
Extended TAO-USD	+0.0208%	1h	314.69	−0.111%	$923K	$2.4M	25x	as long as short
Backpack TAO_USDC_PERP	+0.0274%	1h	314.75	−0.092%	$313K	$914K	10x	as long as short
01 Exchange TAOUSD	+0.0296%	1h	315.07	+0.010%	$3K	$4K	5x	as long as short
Lighter TAO	+0.0312%	1h	315.22	+0.057%	$1.5M	$6.4M	5x	as long as short
BloFin TAO-USDT	+0.0340%	4h	314.69	−0.111%	$4.5M	$10.9M	100x	as long as short
Arcus TAO-USD	+0.0345%	1h	315.47	+0.136%	$101K	$440K	5x	as long as short
Pacifica TAO	+0.0365%	1h	315.09	+0.016%	$359K	$412K	10x	as long as short
Variational Omni TAO	+0.0396%	4h	315.16	+0.038%	$5.7M	$9.9M	—	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0427%	1h	314.82	−0.071%	$22K	$1.7M	25x	as long as short
Phoenix TAO	+0.0581%	1h	315.50	+0.146%	$314K	$695K	5x	as long as short
Reya TAORUSDPERP	+0.0697%	1h	314.95	−0.030%	$362	—	20x	as long as short
RISEx TAO/USDC	+0.0816%	1h	315.14	+0.033%	$439K	$651K	5x	as long as short
Coinbase International TAO-PERP-INTX	+0.0952%	1h	315.53	+0.156%	$1.5M	$6.7M	50x	as long as short
Injective TAO/USDC PERP	+0.4092%	1h	317.67	+0.835%	$23K	$2K	12x	as long as short