Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0486%/8h= +53.2% APRpaid last 24h +0.235%

Price spread now: Hyperliquid against Bitget+0.255%7-day average +0.084% · 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−$24as in the Price arb table

costs, in and out, $10k−$410.411% of the position

Long on Bitget Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.424%+$42 on $10k

Price spread, last 7 days−0.251%−$25 · spread now +0.255%, 7d avg +0.084%

Together, before fees+0.173%+ Points / potential airdropHyperliquid: Season 2 · farm board+$17 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$15 a day on $10k at the current rate, and Hyperliquid is 0.171% dearer against Bitget than usual: you sell high and buy low: +$17 more if the spread goes back to its 7-day average of +0.084%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget TAOUSDT	317.98	0.0100	pay 0.0050% / 4h	3h 18m	$35.9M	$56.9M	50x
Short	Hyperliquid TAO	318.79	0.0586	get 0.0073% / 1h	18m 41s	$94.6M	$109.3M	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Bitget. 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 BitgetbpFee HyperliquidbpOrdersPrice spread, now +0.255%Rate

Funding earned: $102.04
Price spread: +0.255% → +0.084%: $17.11
Slippage, 4 orders: −$20.06
Fee Bitget: 6 bp × 2 orders: −$12
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $78.08
Costs to cover: 0.411%
Break-even: 1.6 days

Slippage from Bitget: live order book, 10 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 Bitget live order book, 10 min ago	1.60 bp	11.4 bp −$11	22.3 bp −$223	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 5 min ago	0.31 bp	6.2 bp −$6	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	−0.0269%	1h	313.94	−1.271%	$167K	$0	10x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0003%	1h	318.73	+0.237%	$20K	—	150x	as long as short
Popdex TAOUSDT	+0.0096%	1h	319.11	+0.355%	$49K	$697K	20x	as long as short
Bybit TAOUSDT	+0.0100%	4h	318.36	+0.120%	$69.6M	$154.8M	50x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	318.20	+0.069%	$26.5M	$129.8M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	318.10	+0.038%	$15.1M	$50.2M	50x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	318.32	+0.107%	$17.6M	$32.3M	75x	as long as short
Bitget TAOUSDTlong	+0.0100%	4h	317.98	long leg	$35.9M	$56.9M	50x
Polymarket Perps TAO-USD	+0.0100%	1h	318.70	+0.226%	$88K	$1.1M	5x	as long as short
SunX TAO-USDT	+0.0100%	4h	318.74	+0.239%	$1K	$1.9M	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	319.08	+0.346%	$116K	$573K	20x	as long as short
Phemex TAOUSDT	+0.0100%	4h	318.87	+0.280%	$3.2M	$8.1M	50x	as long as short
Aevo TAO-PERP	+0.0120%	1h	318.89	+0.288%	$175K	$998	3x	as long as short
Katana Perps TAO-USD	+0.0126%	8h	318.38	+0.126%	$1K	$1.2M	5x	as long as short
BingX TAO-USDT	+0.0152%	4h	318.31	+0.104%	—	$38.8M	—	as long as short
edgeX TAOUSDC	+0.0153%	4h	319.28	+0.408%	$42K	$321K	10x	as long as short
MEXC TAO_USDT	+0.0164%	4h	318.28	+0.094%	$111.0M	$153.7M	300x	as long as short
Binance TAOUSDT	+0.0168%	4h	318.39	+0.129%	$92.7M	$520.9M	75x	as long as short
Orderly PERP_TAO_USDC	+0.0234%	4h	319.06	+0.340%	$54K	$276K	10x	as long as short
Paradex TAO-USD-PERP	+0.0241%	8h	318.27	+0.091%	$14K	$876	10x	as long as short
dYdX TAO-USD	+0.0288%	1h	318.40	+0.132%	$128K	$87K	5x	as long as short
Bullet TAO-USD	+0.0292%	1h	319.04	+0.332%	$12K	$17K	20x	as long as short
ApeX Omni TAOUSDT	+0.0293%	1h	319.06	+0.340%	$45K	$254K	50x	as long as short
Aster TAOUSDT	+0.0335%	4h	318.40	+0.132%	$1.3M	$11.1M	50x	as long as short
Pacifica TAO	+0.0349%	1h	318.49	+0.160%	$361K	$437K	10x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0367% / S −0.0109%	1h	319.14	+0.364%	$378K	—	100x	as long as short
GRVT TAO_USDT_Perp	+0.0370%	4h	319.29	+0.413%	$541K	$838K	10x	as long as short
Arcus TAO-USD	+0.0404%	1h	318.78	+0.252%	$100K	$343K	5x	as long as short
BloFin TAO-USDT	+0.0406%	4h	318.98	+0.314%	$4.8M	$10.9M	100x	as long as short
Extended TAO-USD	+0.0416%	1h	318.20	+0.069%	$893K	$2.2M	25x	as long as short
Nado TAO-PERP	+0.0450%	1h	319.00	+0.320%	$773K	$1.9M	10x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0491%	1h	319.01	+0.324%	$9K	$1.8M	25x	as long as short
Phoenix TAO	+0.0578%	1h	319.20	+0.384%	$321K	$714K	5x	as long as short
Hyperliquid TAOshort	+0.0586%	1h	318.79	+0.255%	$94.6M	$109.3M	5x
Variational Omni TAO	+0.0616%	4h	319.30	+0.415%	$5.6M	$10.0M	—	as long as short
01 Exchange TAOUSD	+0.0640%	1h	319.71	+0.544%	$3K	$4K	5x	as long as short
Lighter TAO	+0.0680%	1h	318.77	+0.250%	$1.6M	$6.7M	5x	as long as short
Reya TAORUSDPERP	+0.0699%	1h	318.86	+0.277%	$367	—	20x	as long as short
Backpack TAO_USDC_PERP	+0.0745%	1h	319.06	+0.340%	$315K	$1.0M	10x	as long as short
Kraken Futures PF_TAOUSD	+0.0780%	1h	319.28	+0.409%	$6.1M	$21.2M	50x	as long as short
RISEx TAO/USDC	+0.0840%	1h	318.23	+0.078%	$452K	$706K	5x	as long as short
Coinbase International TAO-PERP-INTX	+0.0944%	1h	319.66	+0.528%	$1.1M	$7.5M	50x	as long as short
Injective TAO/USDC PERP	+0.3512%	1h	317.77	−0.066%	$23K	$2K	12x	as long as short