Funding you earn now, next payment 22:00 UTC−0.0557%/8h= −60.9% APRnext payment −$0.70 per $10,000 · paid last 24h −0.087%
Price spread now: Phoenix against Hyperliquid+0.013%7-day average +0.070% · you sell dearer than you buy
Net, funding: paid 7d − costs−$66as in the Funding arb table
Net, price: spread back to 7d avg − costs−$54as in the Price arb table
costs, in and out, $10k−$480.479% of the position
Funding, last 7 days−0.178%−$18 on $10k
+Price spread, last 3 days (all we have)+0.367%+$37 · spread now +0.013%, 7d avg +0.070%
=Together, before fees+0.189%+ Points / potential airdropHyperliquid: Season 2 · farm board+$19 on $10k · with fees, hour by hour
Both sides work against this trade now: funding costs −$17 a day on $10k at the current rate, and Phoenix is 0.057% cheaper against Hyperliquid than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of +0.070%). Swap the legs.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.178% in total (about -9.3% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.70 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 | Hyperliquid TAO | 306.56 | 0.1077 | pay 0.0135% / 1h | 19m 26s | $93.3M | $80.6M | 5x |
| Short | Phoenix TAO | 306.60 | 0.0521 | get 0.0065% / 1h | 19m 26s | $321K | $491K | 5x |
Hyperliquid TAO
Phoenix TAOFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phoenix against Hyperliquid. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$116.87
- Price spread: +0.013% → +0.070%
- −$5.72
- Slippage, 4 orders
- −$31.86
- Fee Hyperliquid: 4.5 bp × 2 orders
- −$9
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Net
- −$170.45
- Costs to cover
- 0.479%
- Break-even
- never at this rate
Slippage from Hyperliquid: live order book, 4 min ago; Phoenix: live order book, 63 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 | 1.47 bp | 8.4 bp −$8 | doesn't fit | doesn't fit | doesn't fit |
| Sell Phoenix live order book, 63 min ago | 3.24 bp | 18.8 bp −$19 | 26.2 bp −$262 | 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 | |
|---|---|---|---|---|---|---|---|---|
| gTrade (Gains Network) TAO/USD | L +0.0004% / S −0.0007% | 1h | 305.94 | −0.202% | $26K | — | 150x | as long as short |
| dYdX TAO-USD | +0.0016% | 1h | 306.13 | −0.140% | $125K | $85K | 5x | as long as short |
| Popdex TAOUSDT | +0.0096% | 1h | 306.15 | −0.134% | $44K | $539K | 20x | as long as short |
| Binance TAOUSDT | +0.0100% | 4h | 306.05 | −0.166% | $85.6M | $414.5M | 75x | as long as short |
| Bybit TAOUSDT | +0.0100% | 4h | 306.18 | −0.124% | $59.2M | $121.4M | 50x | as long as short |
| OKX TAO-USDT-SWAP | +0.0100% | 8h | 305.90 | −0.215% | $24.6M | $95.6M | 50x | as long as short |
| Arcus TAO-USD | +0.0100% | 1h | 306.34 | −0.072% | $79K | $643K | 5x | as long as short |
| Bulk TAO-USD | +0.0100% | 1h | 302.77 | −1.236% | $162K | $54K | 10x | as long as short |
| Gate TAO_USDT | +0.0100% | 4h | 306.00 | −0.183% | $12.2M | $49.1M | 50x | as long as short |
| MEXC TAO_USDT | +0.0100% | 4h | 306.14 | −0.137% | $113.8M | $125.7M | 300x | as long as short |
gTrade (Gains Network) TAO/USD
dYdX TAO-USD
Popdex TAOUSDT
Binance TAOUSDT
Bybit TAOUSDT
OKX TAO-USDT-SWAP
Arcus TAO-USD
Bulk TAO-USD
Gate TAO_USDT
MEXC TAO_USDTShow all 43 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| KuCoin TAOUSDTM | +0.0100% | 4h | 306.12 | −0.144% | $18.3M | $27.3M | 75x | as long as short |
| Bitget TAOUSDT | +0.0100% | 4h | 305.74 | −0.267% | $34.1M | $46.0M | 50x | as long as short |
| BingX TAO-USDT | +0.0100% | 4h | 306.04 | −0.170% | — | $30.4M | — | as long as short |
| edgeX TAOUSDC | +0.0100% | 4h | 306.18 | −0.124% | $40K | $279K | 10x | as long as short |
| GRVT TAO_USDT_Perp | +0.0100% | 4h | 306.70 | +0.046% | $507K | $967K | 10x | as long as short |
| Polymarket Perps TAO-USD | +0.0100% | 1h | 306.22 | −0.111% | $75K | $566K | 5x | as long as short |
| Bullet TAO-USD | +0.0100% | 1h | 306.15 | −0.134% | $11K | $18K | 20x | as long as short |
| Orderly PERP_TAO_USDC | +0.0100% | 4h | 305.92 | −0.209% | $59K | $276K | 10x | as long as short |
| SunX TAO-USDT | +0.0100% | 4h | 305.88 | −0.222% | $2K | $1.8M | 20x | as long as short |
| HTX TAO-USDT | +0.0100% | 4h | 306.36 | −0.065% | $122K | $367K | 20x | as long as short |
| Phemex TAOUSDT | +0.0100% | 4h | 306.15 | −0.134% | $3.2M | $7.9M | 50x | as long as short |
| ApeX Omni TAOUSDT | +0.0102% | 1h | 306.21 | −0.114% | $46K | $270K | 50x | as long as short |
| Aevo TAO-PERP | +0.0104% | 1h | 306.11 | −0.148% | $168K | $998 | 3x | as long as short |
| Variational Omni TAO | +0.0105% | 4h | 305.97 | −0.194% | $3.7M | $6.7M | — | as long as short |
| Katana Perps TAO-USD | +0.0110% | 8h | 306.09 | −0.153% | $1K | $506K | 5x | as long as short |
| Aster TAOUSDT | +0.0126% | 4h | 306.09 | −0.153% | $1.1M | $7.7M | 50x | as long as short |
| Deribit TAO_USDC-PERPETUAL | +0.0148% | 1h | 305.98 | −0.188% | $19K | $1.4M | 25x | as long as short |
| Paradex TAO-USD-PERP | +0.0157% | 8h | 306.14 | −0.138% | $14K | $1K | 10x | as long as short |
| Pacifica TAO | +0.0164% | 1h | 306.23 | −0.106% | $362K | $370K | 10x | as long as short |
| GMX TAO/USD [WBTC.b-USDC] | L +0.0174% / S +0.0069% | 1h | 305.96 | −0.196% | $437K | — | 100x | as long as short |
| Nado TAO-PERP | +0.0315% | 1h | 306.10 | −0.151% | $826K | $1.9M | 10x | as long as short |
| BloFin TAO-USDT | +0.0340% | 4h | 307.02 | +0.150% | $4.2M | $9.5M | 100x | as long as short |
| Lighter TAO | +0.0408% | 1h | 306.23 | −0.107% | $1.6M | $5.3M | 5x | as long as short |
| 01 Exchange TAOUSD | +0.0416% | 1h | 306.31 | −0.082% | $3K | $4K | 5x | as long as short |
| Backpack TAO_USDC_PERP | +0.0464% | 1h | 306.38 | −0.059% | $295K | $799K | 10x | as long as short |
| Phoenix TAOshort | +0.0521% | 1h | 306.60 | +0.013% | $321K | $491K | 5x | |
| Reya TAORUSDPERP | +0.0695% | 1h | 306.04 | −0.169% | $352 | — | 20x | as long as short |
| Extended TAO-USD | +0.0792% | 1h | 305.95 | −0.200% | $834K | $2.0M | 25x | as long as short |
| Coinbase International TAO-PERP-INTX | +0.1008% | 1h | 307.01 | +0.147% | $1.5M | $5.6M | 50x | as long as short |
| Kraken Futures PF_TAOUSD | +0.1031% | 1h | 306.26 | −0.097% | $5.8M | $19.6M | 50x | as long as short |
| Hyperliquid TAOlong | +0.1077% | 1h | 306.56 | long leg | $93.3M | $80.6M | 5x | |
| RISEx TAO/USDC | +0.1155% | 1h | 306.23 | −0.109% | $417K | $544K | 5x | as long as short |
| Injective TAO/USDC PERP | +0.1621% | 1h | 308.73 | +0.708% | $22K | $264 | 12x | as long as short |
KuCoin TAOUSDTM
Bitget TAOUSDT
BingX TAO-USDT
edgeX TAOUSDC
GRVT TAO_USDT_Perp
Polymarket Perps TAO-USD
Bullet TAO-USD
Orderly PERP_TAO_USDC
SunX TAO-USDT
HTX TAO-USDT
Phemex TAOUSDT
ApeX Omni TAOUSDT
Aevo TAO-PERP
Variational Omni TAO
Katana Perps TAO-USD
Aster TAOUSDT
Deribit TAO_USDC-PERPETUAL
Paradex TAO-USD-PERP
Pacifica TAO
GMX TAO/USD [WBTC.b-USDC]
Nado TAO-PERP
BloFin TAO-USDT
Lighter TAO
01 Exchange TAOUSD
Backpack TAO_USDC_PERP
Reya TAORUSDPERP
Extended TAO-USD
Coinbase International TAO-PERP-INTX
Kraken Futures PF_TAOUSD
RISEx TAO/USDC
Injective TAO/USDC PERP