Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0950%/8h= −104.0% APRpaid last 24h −0.167%

Price spread now: Paradex against Hyperliquid−0.089%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Hyperliquid Short on Paradex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropHyperliquid: Season 2 · Paradex: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$28 a day on $10k at the current rate, and Paradex is 0.089% cheaper against Hyperliquid than usual: you would sell low and buy high (−$9 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid TAO	303.55	0.1105	pay 0.0138% / 1h	37m 29s	$92.1M	$80.3M	5x
Short	Paradex TAO-USD-PERP	303.28	0.0155	get 0.0155% / 8h	1h 37m	$14K	$1K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex 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 ParadexbpOrdersPrice spread, now −0.089%Rate

Funding earned: −$199.49
Price spread: −0.089% → 0.000%: −$8.93
Slippage, 4 orders: no order book: not counted
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Paradex: 2 bp × 2 orders: −$4
Net: −$221.42
Costs to cover: 0.130%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 6 min ago; Paradex: no order-book sample. Net counts fees only.

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, 6 min ago	1.97 bp	7.0 bp −$7	doesn't fit	doesn't fit	doesn't fit
Sell Paradex no order-book sample	—	—	—	—	—

Paradex: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0186%	1h	303.81	+0.086%	$162K	$54K	10x	as long as short
dYdX TAO-USD	0.0000%	1h	303.16	−0.128%	$124K	$85K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0007%	1h	303.55	−0.002%	$26K	—	150x	as long as short
Popdex TAOUSDT	+0.0096%	1h	303.45	−0.033%	$43K	$535K	20x	as long as short
Binance TAOUSDT	+0.0100%	4h	303.30	−0.082%	$85.0M	$411.6M	75x	as long as short
Bybit TAOUSDT	+0.0100%	4h	303.43	−0.040%	$58.7M	$120.8M	50x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	303.30	−0.082%	$24.4M	$94.8M	50x	as long as short
Arcus TAO-USD	+0.0100%	1h	303.59	+0.013%	$79K	$642K	5x	as long as short
Gate TAO_USDT	+0.0100%	4h	303.20	−0.115%	$12.1M	$48.6M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	303.21	−0.112%	$110.2M	$124.8M	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	303.36	−0.063%	$18.3M	$27.1M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	303.07	−0.158%	$33.9M	$45.9M	50x	as long as short
BingX TAO-USDT	+0.0100%	4h	303.32	−0.076%	—	$30.3M	—	as long as short
Variational Omni TAO	+0.0100%	4h	303.66	+0.036%	$3.6M	$6.7M	—	as long as short
edgeX TAOUSDC	+0.0100%	4h	303.48	−0.025%	$39K	$278K	10x	as long as short
GRVT TAO_USDT_Perp	+0.0100%	4h	303.75	+0.065%	$502K	$967K	10x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	303.30	−0.082%	$46K	$269K	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	303.40	−0.049%	$77K	$600K	5x	as long as short
Bullet TAO-USD	+0.0100%	1h	303.32	−0.076%	$11K	$18K	20x	as long as short
Orderly PERP_TAO_USDC	+0.0100%	4h	303.74	+0.063%	$58K	$276K	10x	as long as short
SunX TAO-USDT	+0.0100%	4h	303.41	−0.046%	$1K	$1.8M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	303.89	+0.112%	$122K	$363K	20x	as long as short
Phemex TAOUSDT	+0.0100%	4h	303.43	−0.040%	$3.2M	$7.8M	50x	as long as short
Aster TAOUSDT	+0.0102%	4h	303.24	−0.102%	$1.1M	$7.7M	50x	as long as short
Aevo TAO-PERP	+0.0104%	1h	303.85	+0.098%	$167K	$998	3x	as long as short
Katana Perps TAO-USD	+0.0111%	8h	303.31	−0.079%	$2K	$490K	5x	as long as short
Paradex TAO-USD-PERPshort	+0.0155%	8h	303.28	−0.089%	$14K	$1K	10x
Pacifica TAO	+0.0164%	1h	303.31	−0.080%	$358K	$371K	10x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0174% / S +0.0069%	1h	303.54	−0.003%	$433K	—	100x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0237%	1h	303.67	+0.039%	$22K	$1.4M	25x	as long as short
BloFin TAO-USDT	+0.0340%	4h	303.16	−0.128%	$4.2M	$9.3M	100x	as long as short
Lighter TAO	+0.0376%	1h	303.40	−0.049%	$1.6M	$5.3M	5x	as long as short
Nado TAO-PERP	+0.0381%	1h	303.22	−0.110%	$818K	$1.9M	10x	as long as short
01 Exchange TAOUSD	+0.0400%	1h	303.75	+0.066%	$3K	$4K	5x	as long as short
Backpack TAO_USDC_PERP	+0.0419%	1h	303.76	+0.069%	$378K	$757K	10x	as long as short
Phoenix TAO	+0.0521%	1h	304.10	+0.181%	$322K	$491K	5x	as long as short
Reya TAORUSDPERP	+0.0695%	1h	303.15	−0.133%	$349	—	20x	as long as short
Extended TAO-USD	+0.0840%	1h	303.34	−0.071%	$835K	$2.0M	25x	as long as short
Coinbase International TAO-PERP-INTX	+0.1008%	1h	304.24	+0.227%	$1.5M	$5.6M	50x	as long as short
Kraken Futures PF_TAOUSD	+0.1041%	1h	303.49	−0.018%	$5.7M	$19.6M	50x	as long as short
Hyperliquid TAOlong	+0.1105%	1h	303.55	long leg	$92.1M	$80.3M	5x
RISEx TAO/USDC	+0.1155%	1h	303.53	−0.007%	$409K	$544K	5x	as long as short
Injective TAO/USDC PERP	+0.1621%	1h	308.73	+1.706%	$22K	$264	12x	as long as short