Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0163%/8h= −17.8% APRpaid last 24h −0.231%

Price spread now: Orderly against Hyperliquid−0.278%7-day average −0.078% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Hyperliquid Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days−0.521%−$52 on $10k

Price spread, last 4 days (all we have)+0.229%+$23 · spread now −0.278%, 7d avg −0.078%

Together, before fees−0.292%+ Points / potential airdropHyperliquid: Season 2 · farm board−$29 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and Orderly is 0.200% cheaper against Hyperliquid than usual: you would sell low and buy high (−$20 if the spread goes back to its 7-day average of −0.078%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid TAO	316.76	0.0288	pay 0.0036% / 1h	40m 48s	$94.3M	$105.4M	5x
Short	Orderly PERP_TAO_USDC	315.88	0.0125	get 0.0063% / 4h	40m 48s	$57K	$275K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.278%Rate

Funding earned: −$34.14
Price spread: −0.278% → −0.078%: −$20.02
Slippage, 4 orders: no order book: not counted
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$69.16
Costs to cover: 0.150%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 13 min ago; Orderly: no order-book sample. Net counts fees only.

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, 13 min ago	0.32 bp	6.9 bp −$7	doesn't fit	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0482%	1h	315.13	−0.515%	$167K	$1K	10x	as long as short
dYdX TAO-USD	0.0000%	1h	314.45	−0.729%	$125K	$85K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	315.81	−0.300%	$20K	—	150x	as long as short
Kraken Futures PF_TAOUSD	+0.0056%	1h	315.95	−0.256%	$5.6M	$20.6M	50x	as long as short
Popdex TAOUSDT	+0.0096%	1h	315.49	−0.401%	$42K	$685K	20x	as long as short
Binance TAOUSDT	+0.0100%	4h	316.48	−0.088%	$91.2M	$490.3M	75x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	316.60	−0.051%	$26.1M	$120.1M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	316.50	−0.082%	$13.0M	$49.6M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	316.78	+0.006%	$106.2M	$142.6M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	316.75	−0.003%	$17.6M	$31.7M	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	316.44	−0.101%	$35.3M	$55.8M	50x	as long as short
edgeX TAOUSDC	+0.0100%	4h	315.41	−0.425%	$35K	$302K	10x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	316.07	−0.218%	$46K	$252K	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	315.16	−0.505%	$89K	$790K	5x	as long as short
Bullet TAO-USD	+0.0100%	1h	315.94	−0.258%	$12K	$18K	20x	as long as short
SunX TAO-USDT	+0.0100%	4h	315.81	−0.300%	$1K	$1.9M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	314.78	−0.625%	$109K	$527K	20x	as long as short
Phemex TAOUSDT	+0.0100%	4h	315.92	−0.265%	$3.2M	$8.1M	50x	as long as short
Katana Perps TAO-USD	+0.0101%	8h	314.98	−0.562%	$645	$786K	5x	as long as short
Aevo TAO-PERP	+0.0104%	1h	315.73	−0.327%	$173K	$998	3x	as long as short
GRVT TAO_USDT_Perp	+0.0106%	4h	316.10	−0.207%	$526K	$944K	10x	as long as short
Orderly PERP_TAO_USDCshort	+0.0125%	4h	315.88	−0.278%	$57K	$275K	10x
Bybit TAOUSDT	+0.0131%	4h	316.71	−0.016%	$68.9M	$146.6M	50x	as long as short
BingX TAO-USDT	+0.0146%	4h	316.57	−0.060%	—	$30.1M	—	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0151% / S +0.0122%	1h	315.69	−0.339%	$420K	—	100x	as long as short
Nado TAO-PERP	+0.0183%	1h	315.43	−0.421%	$799K	$2.2M	10x	as long as short
Paradex TAO-USD-PERP	+0.0188%	8h	314.94	−0.575%	$14K	$1K	10x	as long as short
Aster TAOUSDT	+0.0210%	4h	316.13	−0.200%	$1.2M	$10.2M	50x	as long as short
01 Exchange TAOUSD	+0.0232%	1h	315.35	−0.445%	$3K	$4K	5x	as long as short
Hyperliquid TAOlong	+0.0288%	1h	316.76	long leg	$94.3M	$105.4M	5x
Extended TAO-USD	+0.0296%	1h	316.81	+0.014%	$927K	$2.4M	25x	as long as short
Backpack TAO_USDC_PERP	+0.0322%	1h	316.27	−0.155%	$317K	$913K	10x	as long as short
BloFin TAO-USDT	+0.0340%	4h	316.00	−0.240%	$4.5M	$10.9M	100x	as long as short
Arcus TAO-USD	+0.0345%	1h	315.24	−0.480%	$99K	$488K	5x	as long as short
Pacifica TAO	+0.0365%	1h	314.90	−0.589%	$361K	$409K	10x	as long as short
Lighter TAO	+0.0416%	1h	316.33	−0.136%	$1.5M	$6.5M	5x	as long as short
Phoenix TAO	+0.0581%	1h	316.10	−0.208%	$315K	$697K	5x	as long as short
Variational Omni TAO	+0.0615%	4h	315.95	−0.257%	$5.8M	$9.8M	—	as long as short
Reya TAORUSDPERP	+0.0696%	1h	315.62	−0.359%	$363	—	20x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0744%	1h	316.09	−0.212%	$11K	$1.6M	25x	as long as short
RISEx TAO/USDC	+0.0991%	1h	315.02	−0.549%	$437K	$659K	5x	as long as short
Coinbase International TAO-PERP-INTX	+0.1008%	1h	316.38	−0.120%	$1.5M	$6.6M	50x	as long as short
Injective TAO/USDC PERP	+0.4222%	1h	319.61	+0.900%	$23K	$2K	12x	as long as short