TAO

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.1110%/8h= −121.5% APRnext payment −$1.39 per $10,000 · paid last 24h −0.149%

Price spread now: Nado against Hyperliquid−0.103%7-day average −0.081% · you buy dearer than you sell

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

Net, price: spread back to 7d avg − costs−$41as in the Price arb table

costs, in and out, $10k−$390.387% of the position

Long on Hyperliquid Short on Nado

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.256%−$26 on $10k

Price spread, last 3 days (all we have)+0.288%+$29 · spread now −0.103%, 7d avg −0.081%

Together, before fees+0.032%+ Points / potential airdropHyperliquid: Season 2 · Nado: Active · farm board+$3 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$33 a day on $10k at the current rate, and Nado is 0.022% cheaper against Hyperliquid than usual: you would sell low and buy high (−$2 if the spread goes back to its 7-day average of −0.081%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid -0.256% in total (about -28.8% a year). A funding rate is set anew for every payment; at this rate the next one is about −$1.39 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	316.77	0.1888	pay 0.0236% / 1h	15m 39s	$101.6M	$91.7M	5x
Short	Nado TAO-PERP	316.44	0.0778	get 0.0097% / 1h	15m 39s	$879K	$2.0M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Nado 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 NadobpOrdersPrice spread, now −0.103%Rate

Funding earned: −$233.01
Price spread: −0.103% → −0.081%: −$2.24
Slippage, 4 orders: −$22.69
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Nado: 3.5 bp × 2 orders: −$7
Net: −$273.94
Costs to cover: 0.387%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 8 min ago; Nado: live order book, 3 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	1.72 bp	12.5 bp −$12	doesn't fit	doesn't fit	doesn't fit
Sell Nado live order book, 3 min ago	1.10 bp	8.6 bp −$9	24.7 bp −$247	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
Bulk TAO-USD	−0.1821%	1h	318.67	+0.600%	$169K	$40K	10x	as long as short
dYdX TAO-USD	0.0000%	1h	315.95	−0.259%	$126K	$88K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	316.39	−0.120%	$21K	—	150x	as long as short
Popdex TAOUSDT	+0.0096%	1h	316.48	−0.092%	$43K	$597K	20x	as long as short
Binance TAOUSDT	+0.0100%	4h	316.30	−0.150%	$90.7M	$449.7M	75x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	316.40	−0.117%	$25.8M	$108.8M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	316.20	−0.180%	$12.8M	$51.0M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	316.39	−0.120%	$109.7M	$136.0M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	316.32	−0.142%	$18.0M	$29.3M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	316.03	−0.234%	$35.2M	$51.2M	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	318.35	+0.498%	$40K	$293K	10x	as long as short
GRVT TAO_USDT_Perp	+0.0100%	4h	319.06	+0.722%	$528K	$960K	10x	as long as short
Bullet TAO-USD	+0.0100%	1h	316.67	−0.031%	$12K	$17K	20x	as long as short
Orderly PERP_TAO_USDC	+0.0100%	4h	316.47	−0.095%	$57K	$316K	10x	as long as short
SunX TAO-USDT	+0.0100%	4h	316.38	−0.123%	$2K	$1.9M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	316.45	−0.101%	$126K	$423K	20x	as long as short
Phemex TAOUSDT	+0.0100%	4h	316.60	−0.054%	$3.4M	$7.8M	50x	as long as short
Aevo TAO-PERP	+0.0104%	1h	316.69	−0.024%	$174K	$998	3x	as long as short
Katana Perps TAO-USD	+0.0110%	8h	316.10	−0.212%	$2K	$633K	5x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0173% / S +0.0094%	1h	316.37	−0.127%	$455K	—	100x	as long as short
Pacifica TAO	+0.0185%	1h	316.43	−0.107%	$375K	$375K	10x	as long as short
Arcus TAO-USD	+0.0201%	1h	316.45	−0.101%	$84K	$550K	5x	as long as short
Aster TAOUSDT	+0.0203%	4h	316.20	−0.179%	$1.2M	$8.7M	50x	as long as short
Paradex TAO-USD-PERP	+0.0233%	8h	316.48	−0.092%	$14K	$1K	10x	as long as short
Polymarket Perps TAO-USD	+0.0275%	1h	316.78	+0.003%	$93K	$633K	5x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0275%	1h	316.61	−0.049%	$17K	$1.5M	25x	as long as short
ApeX Omni TAOUSDT	+0.0292%	1h	318.26	+0.470%	$49K	$267K	50x	as long as short
BloFin TAO-USDT	+0.0340%	4h	317.01	+0.076%	$4.4M	$10.8M	100x	as long as short
Kraken Futures PF_TAOUSD	+0.0484%	1h	316.54	−0.074%	$5.7M	$20.3M	50x	as long as short
Variational Omni TAO	+0.0516%	4h	316.67	−0.033%	$5.5M	$8.7M	—	as long as short
Phoenix TAO	+0.0525%	1h	318.00	+0.388%	$333K	$624K	5x	as long as short
01 Exchange TAOUSD	+0.0568%	1h	316.96	+0.060%	$3K	$4K	5x	as long as short
Injective TAO/USDC PERP	+0.0571%	1h	317.77	+0.316%	$23K	$802	12x	as long as short
BingX TAO-USDT	+0.0596%	4h	316.53	−0.076%	—	$30.4M	—	as long as short
Bybit TAOUSDT	+0.0660%	4h	316.60	−0.054%	$65.2M	$133.3M	50x	as long as short
Reya TAORUSDPERP	+0.0695%	1h	316.49	−0.087%	$364	—	20x	as long as short
Nado TAO-PERPshort	+0.0778%	1h	316.44	−0.103%	$879K	$2.0M	10x
Backpack TAO_USDC_PERP	+0.0817%	1h	316.20	−0.180%	$320K	$816K	10x	as long as short
Coinbase International TAO-PERP-INTX	+0.0984%	1h	317.35	+0.183%	$1.5M	$6.4M	50x	as long as short
Extended TAO-USD	+0.1128%	1h	316.20	−0.180%	$886K	$2.3M	25x	as long as short
RISEx TAO/USDC	+0.1141%	1h	316.10	−0.212%	$418K	$593K	5x	as long as short
Lighter TAO	+0.1416%	1h	316.83	+0.018%	$1.7M	$6.0M	5x	as long as short
Hyperliquid TAOlong	+0.1888%	1h	316.77	long leg	$101.6M	$91.7M	5x