Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0093%/8h= −10.2% APRpaid last 24h −0.231%

Price spread now: Gate against Hyperliquid−0.013%7-day average −0.086% · you buy dearer than you sell

Net, funding: paid 7d − costs−$91as in the Funding arb table

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

costs, in and out, $10k−$490.486% of the position

Long on Hyperliquid Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.428%−$43 on $10k

Price spread, last 7 days−0.009%−$1 · spread now −0.013%, 7d avg −0.086%

Together, before fees−0.438%+ Points / potential airdropHyperliquid: Season 2 · farm board−$44 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Gate is 0.073% dearer against Hyperliquid than usual: you sell high and buy low (spread −0.013% now, against its 7-day average of −0.086%): +$7 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 2.6 days. At the pace of the last 7 days (−0.428% in total) that is about 29 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid TAO	313.94	0.0101	pay 0.0013% / 1h	54m 25s	$92.1M	$106.6M	5x
Short	Gate TAO_USDT	313.90	0.0008	get 0.0004% / 4h	3h 54m	$13.0M	$49.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.013%Rate

Funding earned: −$19.63
Price spread: −0.013% → −0.086%: $7.3
Slippage, 4 orders: −$24.58
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$60.92
Costs to cover: 0.486%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 9 min ago; Gate: 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, 9 min ago	0.16 bp	6.7 bp −$7	doesn't fit	doesn't fit	doesn't fit
Sell Gate live order book, 4 min ago	3.18 bp	14.2 bp −$14	32.3 bp −$323	73.1 bp −$7,310	120.5 bp −$60.2K

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
Kraken Futures PF_TAOUSD	−0.0345%	1h	314.47	+0.170%	$5.5M	$20.6M	50x	as long as short
dYdX TAO-USD	0.0000%	1h	314.04	+0.031%	$125K	$85K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	314.40	+0.147%	$20K	—	150x	as long as short
Gate TAO_USDTshort	+0.0008%	4h	313.90	−0.013%	$13.0M	$49.2M	50x
Popdex TAOUSDT	+0.0096%	1h	313.95	+0.003%	$43K	$653K	20x	as long as short
Katana Perps TAO-USD	+0.0098%	8h	313.86	−0.025%	$644	$806K	5x	as long as short
Pacifica TAO	+0.0100%	1h	314.22	+0.089%	$358K	$412K	10x	as long as short
Binance TAOUSDT	+0.0100%	4h	313.93	−0.002%	$90.5M	$495.9M	75x	as long as short
Bybit TAOUSDT	+0.0100%	4h	313.89	−0.016%	$67.6M	$149.2M	50x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	313.70	−0.076%	$26.0M	$120.4M	50x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bulk TAO-USD	+0.0100%	1h	315.10	+0.369%	$167K	$2K	10x	as long as short
MEXC TAO_USDT	+0.0100%	4h	313.89	−0.016%	$100.9M	$143.6M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	313.73	−0.067%	$17.7M	$31.7M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	313.52	−0.134%	$35.0M	$56.5M	50x	as long as short
BingX TAO-USDT	+0.0100%	4h	314.01	+0.022%	—	$33.0M	—	as long as short
edgeX TAOUSDC	+0.0100%	4h	314.50	+0.180%	$42K	$312K	10x	as long as short
GRVT TAO_USDT_Perp	+0.0100%	4h	313.64	−0.097%	$532K	$955K	10x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	314.57	+0.201%	$46K	$255K	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	313.70	−0.076%	$77K	$863K	5x	as long as short
Bullet TAO-USD	+0.0100%	1h	314.02	+0.025%	$12K	$18K	20x	as long as short
SunX TAO-USDT	+0.0100%	4h	314.26	+0.102%	$1K	$1.9M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	314.11	+0.054%	$109K	$535K	20x	as long as short
Phemex TAOUSDT	+0.0100%	4h	314.68	+0.236%	$3.2M	$8.1M	50x	as long as short
Hyperliquid TAOlong	+0.0101%	1h	313.94	long leg	$92.1M	$106.6M	5x
Aevo TAO-PERP	+0.0104%	1h	314.24	+0.094%	$173K	$998	3x	as long as short
Orderly PERP_TAO_USDC	+0.0123%	4h	314.44	+0.159%	$52K	$271K	10x	as long as short
Aster TAOUSDT	+0.0131%	4h	314.09	+0.048%	$1.2M	$10.4M	50x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0143% / S +0.0124%	1h	314.55	+0.194%	$428K	—	100x	as long as short
Paradex TAO-USD-PERP	+0.0144%	8h	314.19	+0.079%	$14K	$1K	10x	as long as short
Extended TAO-USD	+0.0192%	1h	314.11	+0.054%	$918K	$2.4M	25x	as long as short
Nado TAO-PERP	+0.0195%	1h	313.78	−0.052%	$797K	$2.2M	10x	as long as short
Arcus TAO-USD	+0.0231%	1h	314.22	+0.089%	$102K	$441K	5x	as long as short
BloFin TAO-USDT	+0.0340%	4h	314.51	+0.182%	$4.6M	$10.8M	100x	as long as short
Backpack TAO_USDC_PERP	+0.0349%	1h	314.66	+0.229%	$313K	$914K	10x	as long as short
01 Exchange TAOUSD	+0.0352%	1h	314.20	+0.083%	$3K	$4K	5x	as long as short
Variational Omni TAO	+0.0362%	4h	313.70	−0.076%	$5.6M	$9.9M	—	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0366%	1h	314.59	+0.206%	$22K	$1.7M	25x	as long as short
Lighter TAO	+0.0392%	1h	314.46	+0.167%	$1.5M	$6.4M	5x	as long as short
Phoenix TAO	+0.0581%	1h	313.60	−0.108%	$312K	$711K	5x	as long as short
Reya TAORUSDPERP	+0.0697%	1h	313.75	−0.060%	$361	—	20x	as long as short
RISEx TAO/USDC	+0.0816%	1h	314.08	+0.044%	$435K	$653K	5x	as long as short
Coinbase International TAO-PERP-INTX	+0.0952%	1h	314.04	+0.032%	$1.5M	$6.6M	50x	as long as short
Injective TAO/USDC PERP	+0.4092%	1h	317.67	+1.188%	$23K	$2K	12x	as long as short