Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.2065%/8h= +226.1% APRpaid last 24h +0.197%

Price spread now: Hyperliquid against OKX+0.095%7-day average +0.099% · you sell dearer than you buy

Net, funding: paid 7d − costs−$2as in the Funding arb table

Net, price: spread back to 7d avg − costs−$42as in the Price arb table

costs, in and out, $10k−$420.417% of the position

Long on OKX Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.392%+$39 on $10k

Price spread, last 7 days−0.054%−$5 · spread now +0.095%, 7d avg +0.099%

Together, before fees+0.338%+ Points / potential airdropHyperliquid: Season 2 · farm board+$34 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.099%, so right now this pair is about funding alone: +$62 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.392% in total (about 20.4% a year). A funding rate is set anew for every payment. 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	OKX TAO-USDT-SWAP	317.10	0.0100	pay 0.0100% / 8h	7h 29m	$26.0M	$108.2M	50x
Short	Hyperliquid TAO	317.40	0.2165	get 0.0271% / 1h	29m 50s	$102.3M	$91.0M	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against OKX. 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 OKXbpFee HyperliquidbpOrdersPrice spread, now +0.095%Rate

Funding earned: $433.7
Price spread: +0.095% → +0.099%: −$0.48
Slippage, 4 orders: −$22.65
Fee OKX: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $391.57
Costs to cover: 0.417%
Break-even: 0.7 days

Slippage from OKX: 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 OKX live order book, 4 min ago	1.56 bp	11.4 bp −$11	20.6 bp −$206	66.0 bp −$6,604	doesn't fit
Sell Hyperliquid live order book, 4 min ago	1.40 bp	10.3 bp −$10	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	−0.1322%	1h	319.84	+0.864%	$170K	$44K	10x	as long as short
dYdX TAO-USD	0.0000%	1h	317.15	+0.016%	$127K	$88K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	317.04	−0.019%	$21K	—	150x	as long as short
Popdex TAOUSDT	+0.0096%	1h	317.24	+0.044%	$42K	$589K	20x	as long as short
Binance TAOUSDT	+0.0100%	4h	317.05	−0.016%	$91.1M	$447.5M	75x	as long as short
OKX TAO-USDT-SWAPlong	+0.0100%	8h	317.10	long leg	$26.0M	$108.2M	50x
Gate TAO_USDT	+0.0100%	4h	317.00	−0.032%	$12.9M	$50.6M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	317.29	+0.060%	$108.1M	$134.7M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	317.44	+0.107%	$18.1M	$29.2M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	316.94	−0.050%	$35.3M	$50.6M	50x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
edgeX TAOUSDC	+0.0100%	4h	319.52	+0.762%	$40K	$293K	10x	as long as short
Orderly PERP_TAO_USDC	+0.0100%	4h	317.30	+0.063%	$57K	$316K	10x	as long as short
SunX TAO-USDT	+0.0100%	4h	317.19	+0.028%	$2K	$1.9M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	317.41	+0.098%	$127K	$424K	20x	as long as short
Phemex TAOUSDT	+0.0100%	4h	317.28	+0.057%	$3.4M	$7.9M	50x	as long as short
GRVT TAO_USDT_Perp	+0.0104%	4h	320.01	+0.917%	$529K	$969K	10x	as long as short
Aevo TAO-PERP	+0.0104%	1h	317.51	+0.128%	$174K	$998	3x	as long as short
Katana Perps TAO-USD	+0.0114%	8h	317.29	+0.060%	$734	$623K	5x	as long as short
Bullet TAO-USD	+0.0144%	1h	317.30	+0.063%	$12K	$17K	20x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0161%	1h	317.26	+0.052%	$17K	$1.5M	25x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0173% / S +0.0092%	1h	317.02	−0.027%	$458K	—	100x	as long as short
Pacifica TAO	+0.0185%	1h	317.62	+0.164%	$376K	$374K	10x	as long as short
Arcus TAO-USD	+0.0201%	1h	317.90	+0.252%	$84K	$550K	5x	as long as short
Aster TAOUSDT	+0.0230%	4h	317.38	+0.088%	$1.1M	$8.5M	50x	as long as short
Paradex TAO-USD-PERP	+0.0237%	8h	317.68	+0.182%	$14K	$1K	10x	as long as short
Polymarket Perps TAO-USD	+0.0312%	1h	317.57	+0.148%	$93K	$638K	5x	as long as short
BloFin TAO-USDT	+0.0340%	4h	318.00	+0.284%	$4.5M	$10.8M	100x	as long as short
Bybit TAOUSDT	+0.0411%	4h	317.34	+0.076%	$65.3M	$132.9M	50x	as long as short
BingX TAO-USDT	+0.0428%	4h	317.19	+0.028%	—	$30.7M	—	as long as short
Variational Omni TAO	+0.0436%	4h	318.35	+0.393%	$5.5M	$8.7M	—	as long as short
Kraken Futures PF_TAOUSD	+0.0483%	1h	317.40	+0.096%	$5.7M	$20.3M	50x	as long as short
Phoenix TAO	+0.0525%	1h	320.00	+0.915%	$335K	$624K	5x	as long as short
ApeX Omni TAOUSDT	+0.0552%	1h	320.00	+0.915%	$48K	$266K	50x	as long as short
Injective TAO/USDC PERP	+0.0571%	1h	322.97	+1.851%	$23K	$678	12x	as long as short
01 Exchange TAOUSD	+0.0632%	1h	317.50	+0.126%	$3K	$4K	5x	as long as short
Reya TAORUSDPERP	+0.0695%	1h	317.39	+0.090%	$365	—	20x	as long as short
Nado TAO-PERP	+0.0798%	1h	317.34	+0.075%	$886K	$2.0M	10x	as long as short
Backpack TAO_USDC_PERP	+0.0870%	1h	317.56	+0.145%	$321K	$819K	10x	as long as short
Coinbase International TAO-PERP-INTX	+0.0984%	1h	318.00	+0.284%	$1.5M	$6.3M	50x	as long as short
RISEx TAO/USDC	+0.1141%	1h	317.45	+0.112%	$422K	$600K	5x	as long as short
Extended TAO-USD	+0.1152%	1h	317.37	+0.086%	$927K	$2.3M	25x	as long as short
Lighter TAO	+0.1360%	1h	317.81	+0.225%	$1.7M	$6.0M	5x	as long as short
Hyperliquid TAOshort	+0.2165%	1h	317.40	+0.095%	$102.3M	$91.0M	5x