TAO

Alert: funding

Alert: spread

Funding you earn now, next payment 20:00 UTC+0.0276%/8h= +30.3% APRnext payment +$0.35 per $10,000 · paid last 24h +0.041%

Price spread now: Hyperliquid against Phoenix−1.164%61s7-day average −0.056% · you buy dearer than you sell

Net, funding: paid 7d − costs−$34as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$480.478% of the position

Long on Phoenix Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.140%+$14 on $10k

Price spread, last 3 days (all we have)+0.546%+$55 · spread now −1.164%, 7d avg −0.056%

Together, before fees+0.686%+ Points / potential airdropHyperliquid: Season 2 · farm board+$69 on $10k · with fees, hour by hour

Funding pays, the price is against you. Hyperliquid is 1.108% cheaper against Phoenix than usual: you would sell low and buy high (spread −1.164% now, against its 7-day average of −0.056%). If the spread goes back, that is −$111 on $10k: about 13 days of funding at the current rate (+$8 a day). At the pace of the last 7 days (+0.140% in total) that is about 55 days. The two prices were read 61 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.140% in total (about 7.3% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.35 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	Phoenix TAO	309.30	0.0365	pay 0.0046% / 1h	58m 14s	$328K	$322K	5x
Short	Hyperliquid TAO	305.70	0.0641	get 0.0080% / 1h	58m 14s	$89.6M	$71.6M	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Phoenix. 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 PhoenixbpFee HyperliquidbpOrdersPrice spread, now −1.164%Rate

Funding earned: $58.02
Price spread: −1.164% → −0.056%: −$110.77
Slippage, 4 orders: −$31.75
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$100.5
Costs to cover: 0.478%
Break-even: 19.1 days

Slippage from Phoenix: live order book, 27 min ago; Hyperliquid: live order book, 6 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 Phoenix live order book, 27 min ago	3.22 bp	16.5 bp −$16	28.0 bp −$280	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 6 min ago	1.78 bp	8.4 bp −$8	doesn't fit	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	−0.7481%	1h	306.26	−0.983%	$201K	$57K	10x	as long as short
dYdX TAO-USD	0.0000%	1h	306.02	−1.059%	$128K	$92K	5x	as long as short
Deribit TAO_USDC-PERPETUAL	0.0000%	1h	304.75	−1.472%	$16K	$1.3M	25x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	304.95	−1.405%	$19K	—	150x	as long as short
Popdex TAOUSDT	+0.0096%	1h	305.66	−1.177%	$38K	$516K	20x	as long as short
Pacifica TAO	+0.0100%	1h	306.28	−0.977%	$358K	$405K	10x	as long as short
Binance TAOUSDT	+0.0100%	4h	304.76	−1.468%	$85.4M	$399.5M	75x	as long as short
Bybit TAOUSDT	+0.0100%	4h	305.04	−1.377%	$58.4M	$117.5M	50x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	304.90	−1.423%	$25.1M	$91.7M	50x	as long as short
Arcus TAO-USD	+0.0100%	1h	306.16	−1.015%	$138K	$591K	5x	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	305.20	−1.326%	$12.0M	$47.1M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	305.24	−1.313%	$107.9M	$119.7M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	305.32	−1.287%	$18.2M	$26.3M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	304.56	−1.532%	$34.2M	$44.0M	50x	as long as short
BingX TAO-USDT	+0.0100%	4h	305.13	−1.348%	—	$30.4M	—	as long as short
Variational Omni TAO	+0.0100%	4h	308.35	−0.307%	$3.6M	$6.7M	—	as long as short
edgeX TAOUSDC	+0.0100%	4h	308.98	−0.102%	$40K	$276K	10x	as long as short
GRVT TAO_USDT_Perp	+0.0100%	4h	308.50	−0.258%	$540K	$967K	10x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	308.62	−0.220%	$47K	$267K	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	305.65	−1.180%	$85K	$662K	5x	as long as short
Bullet TAO-USD	+0.0100%	1h	305.15	−1.342%	$12K	$18K	20x	as long as short
Orderly PERP_TAO_USDC	+0.0100%	4h	304.88	−1.429%	$58K	$278K	10x	as long as short
SunX TAO-USDT	+0.0100%	4h	304.91	−1.419%	$1K	$1.8M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	305.11	−1.355%	$121K	$355K	20x	as long as short
Phemex TAOUSDT	+0.0100%	4h	304.59	−1.523%	$3.2M	$8.0M	50x	as long as short
Aster TAOUSDT	+0.0104%	4h	305.26	−1.307%	$1.2M	$7.4M	50x	as long as short
Aevo TAO-PERP	+0.0104%	1h	305.02	−1.383%	$168K	$998	3x	as long as short
Katana Perps TAO-USD	+0.0115%	8h	305.71	−1.161%	$1K	$412K	5x	as long as short
Paradex TAO-USD-PERP	+0.0158%	8h	305.97	−1.076%	$14K	$992	10x	as long as short
BloFin TAO-USDT	+0.0340%	4h	306.96	−0.757%	$4.3M	$9.4M	100x	as long as short
Phoenix TAOlong	+0.0365%	1h	309.30	long leg	$328K	$322K	5x
01 Exchange TAOUSD	+0.0416%	1h	305.91	−1.096%	$3K	$4K	5x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0479% / S −0.0183%	1h	304.89	−1.424%	$446K	—	100x	as long as short
Nado TAO-PERP	+0.0539%	1h	305.63	−1.186%	$1.0M	$1.5M	10x	as long as short
Extended TAO-USD	+0.0544%	1h	304.89	−1.425%	$879K	$1.9M	25x	as long as short
Backpack TAO_USDC_PERP	+0.0590%	1h	306.63	−0.863%	$437K	$677K	10x	as long as short
Hyperliquid TAOshort	+0.0641%	1h	305.70	−1.164%	$89.6M	$71.6M	5x
Reya TAORUSDPERP	+0.0694%	1h	305.36	−1.273%	$351	—	20x	as long as short
Lighter TAO	+0.0824%	1h	305.19	−1.328%	$1.7M	$4.7M	5x	as long as short
Coinbase International TAO-PERP-INTX	+0.0960%	1h	305.48	−1.235%	$1.5M	$5.5M	50x	as long as short
Kraken Futures PF_TAOUSD	+0.1034%	1h	304.89	−1.425%	$6.2M	$19.9M	50x	as long as short
RISEx TAO/USDC	+0.1053%	1h	306.01	−1.065%	$402K	$533K	5x	as long as short
Injective TAO/USDC PERP	+0.4876%	1h	311.91	+0.844%	$23K	$135	12x	as long as short