TAO

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0046%/8h= +5.0% APRnext payment +$0.06 per $10,000 · paid last 24h −0.165%

Price spread now: Backpack against Hyperliquid−0.048%7-day average −0.040% · you buy dearer than you sell

Net, funding: paid 7d − costs−$62as in the Funding arb table

Net, price: spread back to 7d avg − costs−$31as in the Price arb table

costs, in and out, $10k−$300.298% of the position

Long on Hyperliquid Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.326%−$33 on $10k

Price spread, last 4 days (all we have)+0.107%+$11 · spread now −0.048%, 7d avg −0.040%

Together, before fees−0.219%+ Points / potential airdropHyperliquid: Season 2 · farm board−$22 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.040%, so right now this pair is about funding alone: +$1 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair cost −0.326%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid TAO	314.75	0.0216	pay 0.0027% / 1h	50m 12s	$94.0M	$104.8M	5x
Short	Backpack TAO_USDC_PERP	314.60	0.0262	get 0.0033% / 1h	50m 12s	$313K	$914K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Hyperliquid. 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 HyperliquidbpFee BackpackbpOrdersPrice spread, now −0.048%Rate

Funding earned: $9.57
Price spread: −0.048% → −0.040%: −$0.8
Slippage, 4 orders: −$10.77
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$20.99
Costs to cover: 0.298%
Break-even: 22.4 days

Slippage from Hyperliquid: live order book, 4 min ago; Backpack: live order book, 9 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	0.32 bp	6.9 bp −$7	doesn't fit	doesn't fit	doesn't fit
Sell Backpack live order book, 9 min ago	2.85 bp	7.9 bp −$8	42.9 bp −$429	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	−0.0499%	1h	315.15	+0.127%	$167K	$1K	10x	as long as short
dYdX TAO-USD	0.0000%	1h	314.28	−0.149%	$125K	$85K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	314.13	−0.198%	$20K	—	150x	as long as short
Kraken Futures PF_TAOUSD	+0.0057%	1h	314.39	−0.114%	$5.5M	$20.6M	50x	as long as short
Popdex TAOUSDT	+0.0096%	1h	314.31	−0.140%	$41K	$685K	20x	as long as short
Binance TAOUSDT	+0.0100%	4h	314.41	−0.109%	$90.7M	$488.2M	75x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	314.20	−0.175%	$25.9M	$118.7M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	314.10	−0.207%	$12.9M	$49.4M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	314.29	−0.146%	$104.4M	$142.1M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	314.29	−0.146%	$17.5M	$31.6M	75x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget TAOUSDT	+0.0100%	4h	314.32	−0.137%	$35.1M	$55.7M	50x	as long as short
edgeX TAOUSDC	+0.0100%	4h	316.19	+0.456%	$35K	$303K	10x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	315.90	+0.365%	$46K	$252K	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	314.41	−0.108%	$89K	$789K	5x	as long as short
Bullet TAO-USD	+0.0100%	1h	314.36	−0.125%	$12K	$18K	20x	as long as short
SunX TAO-USDT	+0.0100%	4h	314.30	−0.143%	$1K	$1.9M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	314.16	−0.187%	$109K	$526K	20x	as long as short
Phemex TAOUSDT	+0.0100%	4h	314.24	−0.162%	$3.2M	$8.2M	50x	as long as short
Aevo TAO-PERP	+0.0104%	1h	314.46	−0.091%	$173K	$998	3x	as long as short
Katana Perps TAO-USD	+0.0108%	8h	313.98	−0.245%	$1K	$783K	5x	as long as short
GRVT TAO_USDT_Perp	+0.0122%	4h	316.28	+0.485%	$527K	$952K	10x	as long as short
Orderly PERP_TAO_USDC	+0.0123%	4h	314.35	−0.127%	$57K	$275K	10x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0153% / S +0.0115%	1h	314.08	−0.213%	$426K	—	100x	as long as short
01 Exchange TAOUSD	+0.0184%	1h	314.29	−0.146%	$3K	$4K	5x	as long as short
Bybit TAOUSDT	+0.0196%	4h	314.33	−0.133%	$68.7M	$146.0M	50x	as long as short
Paradex TAO-USD-PERP	+0.0201%	8h	315.06	+0.097%	$14K	$1K	10x	as long as short
Hyperliquid TAOlong	+0.0216%	1h	314.75	long leg	$94.0M	$104.8M	5x
Aster TAOUSDT	+0.0218%	4h	314.37	−0.120%	$1.2M	$10.1M	50x	as long as short
BingX TAO-USDT	+0.0244%	4h	314.28	−0.149%	—	$30.2M	—	as long as short
Backpack TAO_USDC_PERPshort	+0.0262%	1h	314.60	−0.048%	$313K	$914K	10x
Nado TAO-PERP	+0.0264%	1h	314.60	−0.048%	$806K	$2.2M	10x	as long as short
Lighter TAO	+0.0328%	1h	314.70	−0.017%	$1.5M	$6.4M	5x	as long as short
BloFin TAO-USDT	+0.0340%	4h	314.43	−0.102%	$4.5M	$10.9M	100x	as long as short
Arcus TAO-USD	+0.0345%	1h	314.71	−0.013%	$99K	$488K	5x	as long as short
Extended TAO-USD	+0.0352%	1h	314.41	−0.109%	$922K	$2.4M	25x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0355%	1h	314.50	−0.081%	$13K	$1.6M	25x	as long as short
Pacifica TAO	+0.0365%	1h	314.59	−0.051%	$367K	$402K	10x	as long as short
Phoenix TAO	+0.0581%	1h	316.60	+0.588%	$315K	$697K	5x	as long as short
Variational Omni TAO	+0.0651%	4h	314.33	−0.133%	$5.8M	$9.8M	—	as long as short
Reya TAORUSDPERP	+0.0696%	1h	314.45	−0.094%	$362	—	20x	as long as short
RISEx TAO/USDC	+0.0991%	1h	314.47	−0.089%	$433K	$657K	5x	as long as short
Coinbase International TAO-PERP-INTX	+0.1008%	1h	315.00	+0.079%	$1.5M	$6.6M	50x	as long as short
Injective TAO/USDC PERP	+0.4222%	1h	319.25	+1.430%	$23K	$2K	12x	as long as short