Funding you earn now, next payment 22:00 UTC+0.0555%/8h= +60.8% APRnext payment +$0.69 per $10,000 · paid last 24h +0.087%
Price spread now: Hyperliquid against Phoenix−0.104%7-day average −0.070% · you buy dearer than you sell
Net, funding: paid 7d − costs−$30as in the Funding arb table
Net, price: spread back to 7d avg − costs−$51as 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)−0.276%−$28 · spread now −0.104%, 7d avg −0.070%
=Together, before fees−0.098%+ Points / potential airdropHyperliquid: Season 2 · farm board−$10 on $10k · with fees, hour by hour
Funding pays, the price is against you. Hyperliquid is 0.034% cheaper against Phoenix than usual: you would sell low and buy high (spread −0.104% now, against its 7-day average of −0.070%). If the spread goes back, that is −$3 on $10k: about 5 hours of funding at the current rate (+$17 a day). At the pace of the last 7 days (+0.178% in total) that is about 32 hours.
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 +$0.69 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 | 306.60 | 0.0521 | pay 0.0065% / 1h | 18m 57s | $321K | $491K | 5x |
| Short | Hyperliquid TAO | 306.28 | 0.1076 | get 0.0134% / 1h | 18m 57s | $93.2M | $80.6M | 5x |
Phoenix TAO
Hyperliquid TAOFunding 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 itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- $116.57
- Price spread: −0.104% → −0.070%
- −$3.41
- Slippage, 4 orders
- −$31.86
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee Hyperliquid: 4.5 bp × 2 orders
- −$9
- Net
- $65.3
- Costs to cover
- 0.479%
- Break-even
- 3.1 days
Slippage from Phoenix: live order book, 63 min ago; Hyperliquid: live order book, 5 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, 63 min ago | 3.24 bp | 12.2 bp −$12 | 21.1 bp −$211 | doesn't fit | doesn't fit |
| Sell Hyperliquid live order book, 5 min ago | 1.47 bp | 8.5 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 | |
|---|---|---|---|---|---|---|---|---|
| gTrade (Gains Network) TAO/USD | L +0.0004% / S −0.0007% | 1h | 305.94 | −0.215% | $26K | — | 150x | as long as short |
| dYdX TAO-USD | +0.0016% | 1h | 306.13 | −0.153% | $125K | $85K | 5x | as long as short |
| Popdex TAOUSDT | +0.0096% | 1h | 306.15 | −0.147% | $44K | $539K | 20x | as long as short |
| Binance TAOUSDT | +0.0100% | 4h | 305.81 | −0.258% | $85.6M | $414.6M | 75x | as long as short |
| Bybit TAOUSDT | +0.0100% | 4h | 305.97 | −0.205% | $59.2M | $121.4M | 50x | as long as short |
| OKX TAO-USDT-SWAP | +0.0100% | 8h | 305.80 | −0.261% | $24.6M | $95.5M | 50x | as long as short |
| Arcus TAO-USD | +0.0100% | 1h | 306.34 | −0.085% | $79K | $643K | 5x | as long as short |
| Bulk TAO-USD | +0.0100% | 1h | 302.77 | −1.249% | $162K | $54K | 10x | as long as short |
| Gate TAO_USDT | +0.0100% | 4h | 305.80 | −0.261% | $12.2M | $49.1M | 50x | as long as short |
| MEXC TAO_USDT | +0.0100% | 4h | 305.91 | −0.225% | $113.7M | $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 | 305.88 | −0.235% | $18.2M | $27.3M | 75x | as long as short |
| Bitget TAOUSDT | +0.0100% | 4h | 305.55 | −0.342% | $34.1M | $46.0M | 50x | as long as short |
| BingX TAO-USDT | +0.0100% | 4h | 305.86 | −0.241% | — | $30.4M | — | as long as short |
| edgeX TAOUSDC | +0.0100% | 4h | 306.18 | −0.137% | $40K | $279K | 10x | as long as short |
| GRVT TAO_USDT_Perp | +0.0100% | 4h | 306.70 | +0.033% | $507K | $967K | 10x | as long as short |
| Polymarket Perps TAO-USD | +0.0100% | 1h | 306.22 | −0.124% | $75K | $566K | 5x | as long as short |
| Bullet TAO-USD | +0.0100% | 1h | 306.15 | −0.147% | $11K | $18K | 20x | as long as short |
| Orderly PERP_TAO_USDC | +0.0100% | 4h | 305.92 | −0.222% | $59K | $276K | 10x | as long as short |
| SunX TAO-USDT | +0.0100% | 4h | 305.88 | −0.235% | $2K | $1.8M | 20x | as long as short |
| HTX TAO-USDT | +0.0100% | 4h | 306.02 | −0.189% | $122K | $367K | 20x | as long as short |
| Phemex TAOUSDT | +0.0100% | 4h | 305.80 | −0.261% | $3.2M | $7.9M | 50x | as long as short |
| ApeX Omni TAOUSDT | +0.0102% | 1h | 306.21 | −0.127% | $46K | $270K | 50x | as long as short |
| Aevo TAO-PERP | +0.0104% | 1h | 306.11 | −0.161% | $168K | $998 | 3x | as long as short |
| Variational Omni TAO | +0.0105% | 4h | 305.97 | −0.207% | $3.7M | $6.7M | — | as long as short |
| Katana Perps TAO-USD | +0.0110% | 8h | 306.09 | −0.166% | $1K | $506K | 5x | as long as short |
| Aster TAOUSDT | +0.0126% | 4h | 305.94 | −0.215% | $1.1M | $7.7M | 50x | as long as short |
| Deribit TAO_USDC-PERPETUAL | +0.0148% | 1h | 305.98 | −0.201% | $19K | $1.4M | 25x | as long as short |
| Paradex TAO-USD-PERP | +0.0157% | 8h | 306.14 | −0.151% | $14K | $1K | 10x | as long as short |
| Pacifica TAO | +0.0164% | 1h | 306.23 | −0.119% | $362K | $370K | 10x | as long as short |
| GMX TAO/USD [WBTC.b-USDC] | L +0.0174% / S +0.0069% | 1h | 305.96 | −0.209% | $437K | — | 100x | as long as short |
| Nado TAO-PERP | +0.0315% | 1h | 306.10 | −0.164% | $826K | $1.9M | 10x | as long as short |
| BloFin TAO-USDT | +0.0340% | 4h | 305.92 | −0.222% | $4.2M | $9.5M | 100x | as long as short |
| Lighter TAO | +0.0392% | 1h | 306.09 | −0.168% | $1.6M | $5.3M | 5x | as long as short |
| 01 Exchange TAOUSD | +0.0416% | 1h | 306.31 | −0.095% | $3K | $4K | 5x | as long as short |
| Backpack TAO_USDC_PERP | +0.0458% | 1h | 305.94 | −0.215% | $294K | $800K | 10x | as long as short |
| Phoenix TAOlong | +0.0521% | 1h | 306.60 | long leg | $321K | $491K | 5x | |
| Reya TAORUSDPERP | +0.0695% | 1h | 306.04 | −0.182% | $352 | — | 20x | as long as short |
| Extended TAO-USD | +0.0784% | 1h | 305.72 | −0.288% | $834K | $2.0M | 25x | as long as short |
| Coinbase International TAO-PERP-INTX | +0.1008% | 1h | 307.01 | +0.134% | $1.5M | $5.6M | 50x | as long as short |
| Kraken Futures PF_TAOUSD | +0.1033% | 1h | 305.86 | −0.242% | $5.8M | $19.6M | 50x | as long as short |
| Hyperliquid TAOshort | +0.1076% | 1h | 306.28 | −0.104% | $93.2M | $80.6M | 5x | |
| RISEx TAO/USDC | +0.1155% | 1h | 306.23 | −0.122% | $417K | $544K | 5x | as long as short |
| Injective TAO/USDC PERP | +0.1621% | 1h | 308.73 | +0.695% | $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