Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0955%/8h= +104.5% APRpaid last 24h +0.168%

Price spread now: Hyperliquid against BingX+0.082%7-day average +0.069% · you sell dearer than you buy

Net, funding: paid 7d − costs+$1as in the Funding arb table

Net, price: spread back to 7d avg − costs−$26as in the Price arb table

costs, in and out, $10k−$280.277% of the position

Long on BingX Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.292%+$29 on $10k

Price spread, last 7 days−0.065%−$6 · spread now +0.082%, 7d avg +0.069%

Together, before fees+0.228%+ Points / potential airdropHyperliquid: Season 2 · farm board+$23 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.069%, so right now this pair is about funding alone: +$29 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 0.292% in total (about 15.2% 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	BingX TAO-USDT	303.17	0.0100	pay 0.0050% / 4h	1h 30m	—	$30.4M	—
Short	Hyperliquid TAO	303.42	0.1055	get 0.0132% / 1h	30m 25s	$92.1M	$80.5M	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against BingX. 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 BingXbpFee HyperliquidbpOrdersPrice spread, now +0.082%Rate

Funding earned: $200.5
Price spread: +0.082% → +0.069%: $1.35
Slippage, 4 orders: −$8.75
Fee BingX: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $174.11
Costs to cover: 0.277%
Break-even: 0.9 days

Slippage from BingX: live order book, 8 min ago; Hyperliquid: live order book, 3 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 BingX live order book, 8 min ago	0.66 bp	5.7 bp −$6	11.4 bp −$114	24.0 bp −$2,399	55.9 bp −$27.9K
Sell Hyperliquid live order book, 3 min ago	0.49 bp	6.9 bp −$7	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
dYdX TAO-USD	0.0000%	1h	302.58	−0.193%	$124K	$85K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0007%	1h	302.95	−0.072%	$26K	—	150x	as long as short
Popdex TAOUSDT	+0.0096%	1h	303.04	−0.043%	$45K	$537K	20x	as long as short
Aster TAOUSDT	+0.0100%	4h	303.21	+0.014%	$1.1M	$7.7M	50x	as long as short
Binance TAOUSDT	+0.0100%	4h	303.22	+0.016%	$84.8M	$413.6M	75x	as long as short
Bybit TAOUSDT	+0.0100%	4h	303.29	+0.040%	$58.6M	$121.1M	50x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	303.00	−0.056%	$24.4M	$95.2M	50x	as long as short
Arcus TAO-USD	+0.0100%	1h	303.29	+0.040%	$79K	$643K	5x	as long as short
Bulk TAO-USD	+0.0100%	1h	303.38	+0.068%	$162K	$54K	10x	as long as short
Gate TAO_USDT	+0.0100%	4h	303.00	−0.056%	$12.1M	$48.8M	50x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC TAO_USDT	+0.0100%	4h	303.16	−0.003%	$110.8M	$125.2M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	303.01	−0.053%	$18.4M	$27.2M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	302.90	−0.089%	$33.8M	$46.0M	50x	as long as short
BingX TAO-USDTlong	+0.0100%	4h	303.17	long leg	—	$30.4M	—
Variational Omni TAO	+0.0100%	4h	303.79	+0.204%	$3.7M	$6.7M	—	as long as short
edgeX TAOUSDC	+0.0100%	4h	303.27	+0.032%	$39K	$279K	10x	as long as short
GRVT TAO_USDT_Perp	+0.0100%	4h	302.58	−0.194%	$500K	$967K	10x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	303.45	+0.092%	$46K	$269K	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	303.30	+0.043%	$74K	$595K	5x	as long as short
Bullet TAO-USD	+0.0100%	1h	303.27	+0.033%	$11K	$18K	20x	as long as short
Orderly PERP_TAO_USDC	+0.0100%	4h	303.01	−0.053%	$58K	$276K	10x	as long as short
SunX TAO-USDT	+0.0100%	4h	303.09	−0.026%	$2K	$1.8M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	303.21	+0.013%	$121K	$365K	20x	as long as short
Phemex TAOUSDT	+0.0100%	4h	302.71	−0.152%	$3.2M	$7.9M	50x	as long as short
Aevo TAO-PERP	+0.0104%	1h	303.22	+0.015%	$167K	$998	3x	as long as short
Katana Perps TAO-USD	+0.0111%	8h	302.95	−0.073%	$620	$496K	5x	as long as short
Paradex TAO-USD-PERP	+0.0154%	8h	303.02	−0.049%	$14K	$1K	10x	as long as short
Pacifica TAO	+0.0164%	1h	303.01	−0.052%	$358K	$371K	10x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0174% / S +0.0069%	1h	302.95	−0.072%	$433K	—	100x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0192%	1h	303.19	+0.006%	$21K	$1.4M	25x	as long as short
BloFin TAO-USDT	+0.0340%	4h	303.24	+0.023%	$4.2M	$9.3M	100x	as long as short
Nado TAO-PERP	+0.0344%	1h	302.91	−0.085%	$817K	$1.9M	10x	as long as short
Lighter TAO	+0.0368%	1h	303.07	−0.032%	$1.6M	$5.3M	5x	as long as short
01 Exchange TAOUSD	+0.0392%	1h	303.21	+0.013%	$3K	$4K	5x	as long as short
Backpack TAO_USDC_PERP	+0.0435%	1h	302.79	−0.125%	$377K	$757K	10x	as long as short
Phoenix TAO	+0.0521%	1h	304.00	+0.274%	$322K	$491K	5x	as long as short
Reya TAORUSDPERP	+0.0695%	1h	303.07	−0.033%	$349	—	20x	as long as short
Extended TAO-USD	+0.0816%	1h	303.05	−0.040%	$825K	$2.0M	25x	as long as short
Coinbase International TAO-PERP-INTX	+0.1008%	1h	304.00	+0.274%	$1.5M	$5.6M	50x	as long as short
Kraken Futures PF_TAOUSD	+0.1042%	1h	303.14	−0.010%	$5.7M	$19.7M	50x	as long as short
Hyperliquid TAOshort	+0.1055%	1h	303.42	+0.082%	$92.1M	$80.5M	5x
RISEx TAO/USDC	+0.1155%	1h	303.28	+0.038%	$410K	$545K	5x	as long as short
Injective TAO/USDC PERP	+0.1621%	1h	308.73	+1.834%	$22K	$264	12x	as long as short