Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0016%/8h= −1.7% APRpaid last 24h −0.231%

Price spread now: BingX against Hyperliquid+0.025%7-day average −0.074% · you sell dearer than you buy

Net, funding: paid 7d − costs−$67as in the Funding arb table

Net, price: spread back to 7d avg − costs−$20as in the Price arb table

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

Long on Hyperliquid Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.376%−$38 on $10k

Price spread, last 7 days−0.057%−$6 · spread now +0.025%, 7d avg −0.074%

Together, before fees−0.433%+ Points / potential airdropHyperliquid: Season 2 · farm board−$43 on $10k · with fees, hour by hour

The price spread pays, funding is against you. BingX is 0.099% dearer against Hyperliquid than usual: you sell high and buy low (spread +0.025% now, against its 7-day average of −0.074%): +$10 on $10k if it goes back. Holding the pair costs $0 a day in funding at the current rate, which eats that in about 21 days. At the pace of the last 7 days (−0.376% in total) that is about 44 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid TAO	313.74	0.0116	pay 0.0014% / 1h	53m 53s	$92.1M	$106.6M	5x
Short	BingX TAO-USDT	313.82	0.0100	get 0.0050% / 4h	3h 53m	—	$33.0M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX 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 BingXbpOrdersPrice spread, now +0.025%Rate

Funding earned: −$3.26
Price spread: +0.025% → −0.074%: $9.94
Slippage, 4 orders: −$10.81
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee BingX: 5 bp × 2 orders: −$10
Net: −$23.13
Costs to cover: 0.298%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 10 min ago; BingX: live order book, 10 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, 10 min ago	0.16 bp	6.7 bp −$7	doesn't fit	doesn't fit	doesn't fit
Sell BingX live order book, 10 min ago	0.63 bp	8.4 bp −$8	14.3 bp −$143	22.0 bp −$2,204	51.8 bp −$25.9K

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
Kraken Futures PF_TAOUSD	−0.0346%	1h	313.56	−0.056%	$5.5M	$20.6M	50x	as long as short
dYdX TAO-USD	0.0000%	1h	314.04	+0.095%	$125K	$85K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	313.84	+0.032%	$20K	—	150x	as long as short
Gate TAO_USDT	+0.0008%	4h	313.30	−0.140%	$13.0M	$49.2M	50x	as long as short
Popdex TAOUSDT	+0.0096%	1h	313.95	+0.067%	$43K	$653K	20x	as long as short
Katana Perps TAO-USD	+0.0098%	8h	313.86	+0.038%	$644	$806K	5x	as long as short
Pacifica TAO	+0.0100%	1h	314.22	+0.152%	$358K	$412K	10x	as long as short
Binance TAOUSDT	+0.0100%	4h	313.93	+0.059%	$90.5M	$496.1M	75x	as long as short
Bybit TAOUSDT	+0.0100%	4h	314.07	+0.105%	$67.6M	$149.3M	50x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	313.90	+0.051%	$25.9M	$120.5M	50x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bulk TAO-USD	+0.0100%	1h	315.10	+0.433%	$167K	$2K	10x	as long as short
MEXC TAO_USDT	+0.0100%	4h	313.80	+0.019%	$100.8M	$143.6M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	313.68	−0.019%	$17.7M	$31.7M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	313.69	−0.016%	$35.1M	$56.5M	50x	as long as short
BingX TAO-USDTshort	+0.0100%	4h	313.82	+0.025%	—	$33.0M	—
edgeX TAOUSDC	+0.0100%	4h	314.50	+0.244%	$42K	$312K	10x	as long as short
GRVT TAO_USDT_Perp	+0.0100%	4h	313.64	−0.033%	$532K	$955K	10x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	314.57	+0.265%	$46K	$255K	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	313.70	−0.013%	$77K	$863K	5x	as long as short
Bullet TAO-USD	+0.0100%	1h	314.02	+0.089%	$12K	$18K	20x	as long as short
SunX TAO-USDT	+0.0100%	4h	313.56	−0.057%	$1K	$1.9M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	313.51	−0.073%	$109K	$535K	20x	as long as short
Aevo TAO-PERP	+0.0104%	1h	314.09	+0.111%	$172K	$998	3x	as long as short
Hyperliquid TAOlong	+0.0116%	1h	313.74	long leg	$92.1M	$106.6M	5x
Orderly PERP_TAO_USDC	+0.0122%	4h	313.66	−0.025%	$52K	$271K	10x	as long as short
Aster TAOUSDT	+0.0131%	4h	313.60	−0.046%	$1.2M	$10.4M	50x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0143% / S +0.0124%	1h	313.82	+0.026%	$426K	—	100x	as long as short
Paradex TAO-USD-PERP	+0.0144%	8h	314.19	+0.143%	$14K	$1K	10x	as long as short
Extended TAO-USD	+0.0184%	1h	313.85	+0.035%	$918K	$2.4M	25x	as long as short
Nado TAO-PERP	+0.0195%	1h	313.78	+0.012%	$797K	$2.2M	10x	as long as short
Arcus TAO-USD	+0.0231%	1h	314.22	+0.153%	$102K	$441K	5x	as long as short
BloFin TAO-USDT	+0.0340%	4h	314.51	+0.245%	$4.6M	$10.8M	100x	as long as short
01 Exchange TAOUSD	+0.0352%	1h	314.20	+0.147%	$3K	$4K	5x	as long as short
Backpack TAO_USDC_PERP	+0.0361%	1h	313.58	−0.051%	$311K	$914K	10x	as long as short
Variational Omni TAO	+0.0362%	4h	313.70	−0.013%	$5.6M	$9.9M	—	as long as short
Lighter TAO	+0.0400%	1h	313.81	+0.022%	$1.5M	$6.4M	5x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0404%	1h	313.69	−0.016%	$21K	$1.7M	25x	as long as short
Phoenix TAO	+0.0581%	1h	313.60	−0.045%	$312K	$711K	5x	as long as short
Reya TAORUSDPERP	+0.0697%	1h	313.75	+0.003%	$361	—	20x	as long as short
RISEx TAO/USDC	+0.0816%	1h	314.08	+0.107%	$435K	$653K	5x	as long as short
Coinbase International TAO-PERP-INTX	+0.0952%	1h	314.92	+0.376%	$1.5M	$6.7M	50x	as long as short
Phemex TAOUSDT	+0.1188%	4h	313.73	−0.003%	$3.2M	$8.1M	50x	as long as short
Injective TAO/USDC PERP	+0.4092%	1h	317.67	+1.253%	$23K	$2K	12x	as long as short