Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0460%/8h= −50.3% APRpaid last 24h −0.218%

Price spread now: Paradex against Hyperliquid−0.130%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 −$14 a day on $10k at the current rate, and Paradex is 0.130% cheaper against Hyperliquid than usual: you would sell low and buy high (−$13 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	318.19	0.0710	pay 0.0089% / 1h	16m 45s	$94.0M	$110.5M	5x
Short	Paradex TAO-USD-PERP	317.78	0.0251	get 0.0251% / 8h	16m 45s	$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 −0.130%Rate

Funding earned: −$96.53
Price spread: −0.130% → 0.000%: −$13.03
Slippage, 4 orders: no order book: not counted
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Paradex: 2 bp × 2 orders: −$4
Net: −$122.56
Costs to cover: 0.130%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 7 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, 7 min ago	0.95 bp	8.7 bp −$9	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
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0005%	1h	317.62	−0.179%	$22K	—	150x	as long as short
dYdX TAO-USD	+0.0071%	1h	317.54	−0.205%	$127K	$85K	5x	as long as short
Popdex TAOUSDT	+0.0096%	1h	317.92	−0.085%	$45K	$714K	20x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	317.80	−0.123%	$26.5M	$131.1M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	317.80	−0.123%	$14.7M	$52.0M	50x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	317.92	−0.085%	$17.9M	$32.4M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	317.55	−0.201%	$35.7M	$57.9M	50x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	317.50	−0.217%	$46K	$259K	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	317.85	−0.107%	$88K	$1.2M	5x	as long as short
SunX TAO-USDT	+0.0100%	4h	317.66	−0.167%	$2K	$2.0M	20x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX TAO-USDT	+0.0100%	4h	317.27	−0.289%	$116K	$602K	20x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0104% / S +0.0139%	1h	317.55	−0.201%	$405K	—	100x	as long as short
Katana Perps TAO-USD	+0.0106%	8h	317.72	−0.148%	$2K	$1.1M	5x	as long as short
Aevo TAO-PERP	+0.0128%	1h	318.09	−0.031%	$175K	$998	3x	as long as short
Orderly PERP_TAO_USDC	+0.0168%	4h	317.91	−0.088%	$52K	$294K	10x	as long as short
edgeX TAOUSDC	+0.0171%	4h	317.59	−0.187%	$42K	$320K	10x	as long as short
Binance TAOUSDT	+0.0184%	4h	317.97	−0.069%	$92.0M	$531.4M	75x	as long as short
MEXC TAO_USDT	+0.0184%	4h	317.90	−0.091%	$103.2M	$152.4M	300x	as long as short
Paradex TAO-USD-PERPshort	+0.0251%	8h	317.78	−0.130%	$14K	$1K	10x
BingX TAO-USDT	+0.0258%	4h	318.07	−0.038%	—	$37.3M	—	as long as short
Bybit TAOUSDT	+0.0260%	4h	317.99	−0.063%	$69.7M	$156.9M	50x	as long as short
Bullet TAO-USD	+0.0284%	1h	317.90	−0.091%	$12K	$17K	20x	as long as short
Pacifica TAO	+0.0313%	1h	317.86	−0.104%	$373K	$466K	10x	as long as short
GRVT TAO_USDT_Perp	+0.0324%	4h	317.89	−0.095%	$541K	$907K	10x	as long as short
Aster TAOUSDT	+0.0346%	4h	317.88	−0.097%	$1.3M	$11.0M	50x	as long as short
Extended TAO-USD	+0.0376%	1h	318.02	−0.052%	$903K	$2.4M	25x	as long as short
BloFin TAO-USDT	+0.0425%	4h	318.03	−0.050%	$4.7M	$10.9M	100x	as long as short
Phemex TAOUSDT	+0.0431%	4h	317.84	−0.110%	$3.2M	$8.2M	50x	as long as short
Nado TAO-PERP	+0.0464%	1h	318.08	−0.034%	$784K	$2.0M	10x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0469%	1h	317.88	−0.097%	$15K	$1.9M	25x	as long as short
Arcus TAO-USD	+0.0473%	1h	318.13	−0.019%	$100K	$384K	5x	as long as short
Lighter TAO	+0.0544%	1h	318.03	−0.050%	$1.6M	$6.9M	5x	as long as short
Variational Omni TAO	+0.0557%	4h	315.52	−0.839%	$5.5M	$10.2M	—	as long as short
Phoenix TAO	+0.0629%	1h	318.40	+0.066%	$320K	$703K	5x	as long as short
01 Exchange TAOUSD	+0.0680%	1h	318.17	−0.006%	$3K	$4K	5x	as long as short
Backpack TAO_USDC_PERP	+0.0683%	1h	317.96	−0.072%	$296K	$905K	10x	as long as short
Reya TAORUSDPERP	+0.0698%	1h	317.96	−0.073%	$366	—	20x	as long as short
Hyperliquid TAOlong	+0.0710%	1h	318.19	long leg	$94.0M	$110.5M	5x
RISEx TAO/USDC	+0.0831%	1h	318.06	−0.042%	$450K	$655K	5x	as long as short
Kraken Futures PF_TAOUSD	+0.0834%	1h	317.88	−0.097%	$6.0M	$21.7M	50x	as long as short
Coinbase International TAO-PERP-INTX	+0.0984%	1h	317.99	−0.063%	$1.4M	$7.0M	50x	as long as short
Bulk TAO-USD	+0.1572%	1h	317.17	−0.321%	$169K	$0	10x	as long as short
Injective TAO/USDC PERP	+0.4513%	1h	318.80	+0.192%	$23K	$2K	12x	as long as short