Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.1646%/8h= −180.2% APRpaid last 24h −0.150%

Price spread now: Binance against Hyperliquid−0.156%7-day average −0.061% · you buy dearer than you sell

Net, funding: paid 7d − costs−$63as in the Funding arb table

Net, price: spread back to 7d avg − costs−$37as in the Price arb table

costs, in and out, $10k−$270.272% of the position

Long on Hyperliquid Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−0.361%−$36 on $10k

Price spread, last 7 days+0.129%+$13 · spread now −0.156%, 7d avg −0.061%

Together, before fees−0.232%+ Points / potential airdropHyperliquid: Season 2 · farm board−$23 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$49 a day on $10k at the current rate, and Binance is 0.095% cheaper against Hyperliquid than usual: you would sell low and buy high (−$9 if the spread goes back to its 7-day average of −0.061%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.361% in total (about -18.8% 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	Hyperliquid TAO	308.87	0.1746	pay 0.0218% / 1h	21m 48s	$94.5M	$75.7M	5x
Short	Binance TAOUSDT	308.39	0.0100	get 0.0050% / 4h	2h 21m	$86.1M	$404.1M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance 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 BinancebpOrdersPrice spread, now −0.156%Rate

Funding earned: −$345.66
Price spread: −0.156% → −0.061%: −$9.47
Slippage, 4 orders: −$8.17
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Binance: 5 bp × 2 orders: −$10
Net: −$382.29
Costs to cover: 0.272%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 12 min ago; Binance: live order book, 7 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, 12 min ago	1.46 bp	6.9 bp −$7	doesn't fit	doesn't fit	doesn't fit
Sell Binance live order book, 7 min ago	0.16 bp	7.4 bp −$7	15.9 bp −$159	43.2 bp −$4,325	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	306.98	−0.610%	$129K	$84K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0007%	1h	307.58	−0.418%	$26K	—	150x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0065%	1h	307.79	−0.351%	$15K	$1.3M	25x	as long as short
Popdex TAOUSDT	+0.0096%	1h	307.31	−0.505%	$41K	$530K	20x	as long as short
Pacifica TAO	+0.0100%	1h	307.16	−0.555%	$363K	$401K	10x	as long as short
Binance TAOUSDTshort	+0.0100%	4h	308.39	−0.156%	$86.1M	$404.1M	75x
Bybit TAOUSDT	+0.0100%	4h	308.73	−0.045%	$59.6M	$118.4M	50x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	308.70	−0.055%	$25.4M	$93.6M	50x	as long as short
Arcus TAO-USD	+0.0100%	1h	307.57	−0.421%	$137K	$598K	5x	as long as short
Bulk TAO-USD	+0.0100%	1h	307.07	−0.583%	$201K	$57K	10x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate TAO_USDT	+0.0100%	4h	308.20	−0.217%	$12.2M	$48.2M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	308.29	−0.188%	$114.7M	$124.0M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	308.07	−0.259%	$18.6M	$26.4M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	308.60	−0.087%	$34.5M	$44.5M	50x	as long as short
BingX TAO-USDT	+0.0100%	4h	308.18	−0.223%	—	$30.4M	—	as long as short
Variational Omni TAO	+0.0100%	4h	305.90	−0.962%	$3.6M	$6.5M	—	as long as short
edgeX TAOUSDC	+0.0100%	4h	305.13	−1.212%	$39K	$276K	10x	as long as short
GRVT TAO_USDT_Perp	+0.0100%	4h	305.16	−1.202%	$535K	$967K	10x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	304.90	−1.285%	$46K	$267K	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	307.62	−0.405%	$78K	$675K	5x	as long as short
Bullet TAO-USD	+0.0100%	1h	307.59	−0.414%	$11K	$18K	20x	as long as short
Orderly PERP_TAO_USDC	+0.0100%	4h	307.72	−0.372%	$59K	$276K	10x	as long as short
SunX TAO-USDT	+0.0100%	4h	307.60	−0.411%	$2K	$1.8M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	307.77	−0.356%	$121K	$353K	20x	as long as short
Phemex TAOUSDT	+0.0100%	4h	307.46	−0.457%	$3.3M	$7.9M	50x	as long as short
Aevo TAO-PERP	+0.0104%	1h	307.87	−0.325%	$169K	$998	3x	as long as short
Katana Perps TAO-USD	+0.0112%	8h	307.46	−0.457%	$879	$438K	5x	as long as short
Paradex TAO-USD-PERP	+0.0163%	8h	307.04	−0.593%	$14K	$1K	10x	as long as short
Aster TAOUSDT	+0.0166%	4h	308.33	−0.175%	$1.1M	$7.5M	50x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0174% / S +0.0069%	1h	307.54	−0.430%	$439K	—	100x	as long as short
Phoenix TAO	+0.0234%	1h	307.30	−0.508%	$325K	$462K	5x	as long as short
Nado TAO-PERP	+0.0296%	1h	307.37	−0.486%	$843K	$1.9M	10x	as long as short
BloFin TAO-USDT	+0.0340%	4h	307.69	−0.382%	$4.3M	$9.4M	100x	as long as short
01 Exchange TAOUSD	+0.0520%	1h	307.64	−0.398%	$3K	$4K	5x	as long as short
Reya TAORUSDPERP	+0.0694%	1h	307.54	−0.429%	$354	—	20x	as long as short
Extended TAO-USD	+0.0704%	1h	308.06	−0.262%	$906K	$2.0M	25x	as long as short
Lighter TAO	+0.0920%	1h	308.31	−0.182%	$1.7M	$4.8M	5x	as long as short
Coinbase International TAO-PERP-INTX	+0.0960%	1h	308.55	−0.104%	$1.5M	$5.4M	50x	as long as short
Kraken Futures PF_TAOUSD	+0.1024%	1h	307.99	−0.284%	$6.3M	$19.2M	50x	as long as short
RISEx TAO/USDC	+0.1053%	1h	307.57	−0.419%	$414K	$537K	5x	as long as short
Backpack TAO_USDC_PERP	+0.1094%	1h	308.20	−0.217%	$445K	$715K	10x	as long as short
Hyperliquid TAOlong	+0.1746%	1h	308.87	long leg	$94.5M	$75.7M	5x
Injective TAO/USDC PERP	+0.4876%	1h	305.96	−0.942%	$22K	$171	12x	as long as short