Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.1110%/8h= −121.5% APRpaid last 24h −0.214%

Price spread now: Phemex against Hyperliquid−0.124%7-day average −0.076% · you buy dearer than you sell

Net, funding: paid 7d − costs−$148as in the Funding arb table

Net, price: spread back to 7d avg − costs−$65as in the Price arb table

costs, in and out, $10k−$600.604% of the position

Long on Hyperliquid Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.871%−$87 on $10k

Price spread, last 3 days (all we have)+0.133%+$13 · spread now −0.124%, 7d avg −0.076%

Together, before fees−0.738%+ Points / potential airdropHyperliquid: Season 2 · farm board−$74 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 Phemex is 0.048% cheaper against Hyperliquid than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of −0.076%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid TAO	313.29	0.1210	pay 0.0151% / 1h	29m 34s	$99.0M	$94.6M	5x
Short	Phemex TAOUSDT	312.90	0.0100	get 0.0050% / 4h	2h 29m	$3.4M	$8.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now −0.124%Rate

Funding earned: −$233.03
Price spread: −0.124% → −0.076%: −$4.82
Slippage, 4 orders: −$39.44
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$298.29
Costs to cover: 0.604%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 4 min ago; Phemex: live order book, 4 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, 4 min ago	2.09 bp	8.6 bp −$9	doesn't fit	doesn't fit	doesn't fit
Sell Phemex live order book, 4 min ago	5.64 bp	20.9 bp −$21	doesn't fit	doesn't fit	doesn't fit

TAO on 42 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	312.49	−0.255%	$125K	$84K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0002%	1h	312.32	−0.309%	$12K	—	150x	as long as short
Popdex TAOUSDT	+0.0096%	1h	312.77	−0.166%	$39K	$623K	20x	as long as short
Binance TAOUSDT	+0.0100%	4h	312.69	−0.192%	$89.7M	$463.2M	75x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	312.90	−0.124%	$25.7M	$111.0M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	312.90	−0.124%	$12.7M	$50.0M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	312.98	−0.099%	$107.6M	$138.4M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	313.15	−0.045%	$18.0M	$30.1M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	312.79	−0.160%	$34.9M	$53.3M	50x	as long as short
edgeX TAOUSDC	+0.0100%	4h	311.73	−0.499%	$34K	$300K	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT TAO_USDT_Perp	+0.0100%	4h	310.29	−0.959%	$511K	$966K	10x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	311.54	−0.559%	$47K	$256K	50x	as long as short
Orderly PERP_TAO_USDC	+0.0100%	4h	312.53	−0.243%	$57K	$282K	10x	as long as short
SunX TAO-USDT	+0.0100%	4h	312.50	−0.252%	$1K	$1.9M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	312.47	−0.262%	$128K	$471K	20x	as long as short
Phemex TAOUSDTshort	+0.0100%	4h	312.90	−0.124%	$3.4M	$8.0M	50x
Aevo TAO-PERP	+0.0104%	1h	312.48	−0.257%	$172K	$998	3x	as long as short
Katana Perps TAO-USD	+0.0122%	8h	313.01	−0.089%	$1K	$696K	5x	as long as short
Polymarket Perps TAO-USD	+0.0158%	1h	312.89	−0.128%	$82K	$678K	5x	as long as short
Kraken Futures PF_TAOUSD	+0.0169%	1h	313.10	−0.062%	$5.6M	$20.4M	50x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0169% / S +0.0090%	1h	312.34	−0.304%	$437K	—	100x	as long as short
Bullet TAO-USD	+0.0222%	1h	312.73	−0.179%	$12K	$17K	20x	as long as short
Aster TAOUSDT	+0.0222%	4h	312.75	−0.172%	$1.3M	$9.4M	50x	as long as short
Pacifica TAO	+0.0285%	1h	313.04	−0.079%	$368K	$381K	10x	as long as short
Paradex TAO-USD-PERP	+0.0314%	8h	312.90	−0.124%	$14K	$1K	10x	as long as short
Arcus TAO-USD	+0.0337%	1h	313.31	+0.006%	$98K	$529K	5x	as long as short
Injective TAO/USDC PERP	+0.0470%	1h	312.28	−0.322%	$23K	$2K	12x	as long as short
Nado TAO-PERP	+0.0534%	1h	312.81	−0.152%	$776K	$2.1M	10x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0553%	1h	313.11	−0.059%	$24K	$1.5M	25x	as long as short
Phoenix TAO	+0.0588%	1h	309.20	−1.305%	$323K	$681K	5x	as long as short
01 Exchange TAOUSD	+0.0648%	1h	313.14	−0.048%	$3K	$4K	5x	as long as short
Reya TAORUSDPERP	+0.0696%	1h	312.85	−0.140%	$360	—	20x	as long as short
BingX TAO-USDT	+0.0708%	4h	313.15	−0.045%	—	$31.0M	—	as long as short
Variational Omni TAO	+0.0774%	4h	311.95	−0.429%	$5.4M	$8.8M	—	as long as short
Bybit TAOUSDT	+0.0799%	4h	312.84	−0.144%	$65.2M	$137.2M	50x	as long as short
Backpack TAO_USDC_PERP	+0.0882%	1h	313.15	−0.045%	$316K	$814K	10x	as long as short
Extended TAO-USD	+0.0920%	1h	312.91	−0.122%	$898K	$2.3M	25x	as long as short
Coinbase International TAO-PERP-INTX	+0.1024%	1h	313.88	+0.188%	$1.5M	$6.4M	50x	as long as short
RISEx TAO/USDC	+0.1132%	1h	313.02	−0.085%	$448K	$631K	5x	as long as short
Hyperliquid TAOlong	+0.1210%	1h	313.29	long leg	$99.0M	$94.6M	5x
Lighter TAO	+0.1416%	1h	313.32	+0.010%	$1.6M	$6.0M	5x	as long as short
Bulk TAO-USD	+0.4286%	1h	309.11	−1.335%	$164K	$40K	10x	as long as short