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: Hyperliquid against Phemex+0.125%7-day average +0.076% · you sell dearer than you buy

Net, funding: paid 7d − costs+$27as in the Funding arb table

Net, price: spread back to 7d avg − costs−$56as in the Price arb table

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

Long on Phemex Short on Hyperliquid

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 +0.125%, 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 for this trade now. Funding pays +$33 a day on $10k at the current rate, and Hyperliquid is 0.048% dearer against Phemex than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of +0.076%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex TAOUSDT	312.90	0.0100	pay 0.0050% / 4h	2h 29m	$3.4M	$8.0M	50x
Short	Hyperliquid TAO	313.29	0.1210	get 0.0151% / 1h	29m 39s	$99.0M	$94.6M	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Phemex. 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 PhemexbpFee HyperliquidbpOrdersPrice spread, now +0.125%Rate

Funding earned: $233.03
Price spread: +0.125% → +0.076%: $4.84
Slippage, 4 orders: −$39.44
Fee Phemex: 6 bp × 2 orders: −$12
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $177.43
Costs to cover: 0.604%
Break-even: 1.7 days

Slippage from Phemex: live order book, 4 min ago; Hyperliquid: 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 Phemex live order book, 4 min ago	5.64 bp	23.0 bp −$23	doesn't fit	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 4 min ago	2.09 bp	8.0 bp −$8	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	−0.131%	$125K	$84K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0002%	1h	312.32	−0.185%	$12K	—	150x	as long as short
Popdex TAOUSDT	+0.0096%	1h	312.77	−0.042%	$39K	$623K	20x	as long as short
Binance TAOUSDT	+0.0100%	4h	312.69	−0.067%	$89.7M	$463.2M	75x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	312.90	0.000%	$25.7M	$111.0M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	312.90	0.000%	$12.7M	$50.0M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	312.98	+0.026%	$107.6M	$138.4M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	313.15	+0.080%	$18.0M	$30.1M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	312.79	−0.035%	$34.9M	$53.3M	50x	as long as short
edgeX TAOUSDC	+0.0100%	4h	311.73	−0.375%	$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	−0.835%	$511K	$966K	10x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	311.54	−0.435%	$47K	$256K	50x	as long as short
Orderly PERP_TAO_USDC	+0.0100%	4h	312.53	−0.118%	$57K	$282K	10x	as long as short
SunX TAO-USDT	+0.0100%	4h	312.50	−0.128%	$1K	$1.9M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	312.47	−0.137%	$128K	$471K	20x	as long as short
Phemex TAOUSDTlong	+0.0100%	4h	312.90	long leg	$3.4M	$8.0M	50x
Aevo TAO-PERP	+0.0104%	1h	312.48	−0.133%	$172K	$998	3x	as long as short
Katana Perps TAO-USD	+0.0122%	8h	313.01	+0.035%	$1K	$696K	5x	as long as short
Polymarket Perps TAO-USD	+0.0158%	1h	312.89	−0.003%	$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	−0.180%	$437K	—	100x	as long as short
Bullet TAO-USD	+0.0222%	1h	312.73	−0.055%	$12K	$17K	20x	as long as short
Aster TAOUSDT	+0.0222%	4h	312.75	−0.047%	$1.3M	$9.4M	50x	as long as short
Pacifica TAO	+0.0285%	1h	313.04	+0.045%	$368K	$381K	10x	as long as short
Paradex TAO-USD-PERP	+0.0314%	8h	312.90	0.000%	$14K	$1K	10x	as long as short
Arcus TAO-USD	+0.0337%	1h	313.31	+0.131%	$98K	$529K	5x	as long as short
Injective TAO/USDC PERP	+0.0470%	1h	312.28	−0.198%	$23K	$2K	12x	as long as short
Nado TAO-PERP	+0.0534%	1h	312.81	−0.027%	$776K	$2.1M	10x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0553%	1h	313.11	+0.066%	$24K	$1.5M	25x	as long as short
Phoenix TAO	+0.0588%	1h	309.20	−1.182%	$323K	$681K	5x	as long as short
01 Exchange TAOUSD	+0.0648%	1h	313.14	+0.077%	$3K	$4K	5x	as long as short
Reya TAORUSDPERP	+0.0696%	1h	312.85	−0.016%	$360	—	20x	as long as short
BingX TAO-USDT	+0.0708%	4h	313.15	+0.080%	—	$31.0M	—	as long as short
Variational Omni TAO	+0.0774%	4h	311.95	−0.305%	$5.4M	$8.8M	—	as long as short
Bybit TAOUSDT	+0.0799%	4h	312.84	−0.019%	$65.2M	$137.2M	50x	as long as short
Backpack TAO_USDC_PERP	+0.0882%	1h	313.15	+0.080%	$316K	$814K	10x	as long as short
Extended TAO-USD	+0.0920%	1h	312.91	+0.002%	$898K	$2.3M	25x	as long as short
Coinbase International TAO-PERP-INTX	+0.1024%	1h	313.88	+0.313%	$1.5M	$6.4M	50x	as long as short
RISEx TAO/USDC	+0.1132%	1h	313.02	+0.040%	$448K	$631K	5x	as long as short
Hyperliquid TAOshort	+0.1210%	1h	313.29	+0.125%	$99.0M	$94.6M	5x
Lighter TAO	+0.1416%	1h	313.32	+0.135%	$1.6M	$6.0M	5x	as long as short
Bulk TAO-USD	+0.4286%	1h	309.11	−1.212%	$164K	$40K	10x	as long as short