Funding you earn now, next payment 07:00 UTC−0.0577%/8h= −63.2% APRpaid last 24h −0.230%
Price spread now: Phemex against Hyperliquid+0.382%48s7-day average −0.079% · you sell dearer than you buy
Net, funding: paid 7d − costs−$148as in the Funding arb table
Net, price: spread back to 7d avg − costs—prices read too far apart to compare
costs, in and out, $10k−$610.607% of the position
Funding, last 7 days−0.873%−$87 on $10k
+Price spread, last 4 days (all we have)−0.356%−$36 · spread now +0.382%, 7d avg −0.079%
=Together, before fees−1.229%+ Points / potential airdropHyperliquid: Season 2 · farm board−$123 on $10k · with fees, hour by hour
The price spread pays, funding is against you. Phemex is 0.461% dearer against Hyperliquid than usual: you sell high and buy low (spread +0.382% now, against its 7-day average of −0.079%): +$46 on $10k if it goes back. Holding the pair costs −$17 a day in funding at the current rate, which eats that in about 2.7 days. The two prices were read 48 seconds apart, so part of this spread may be the market moving, not a spread.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Hyperliquid TAO | 321.70 | 0.0677 | pay 0.0085% / 1h | 55m 25s | $95.1M | $110.0M | 5x |
| Short | Phemex TAOUSDT | 322.93 | 0.0100 | get 0.0050% / 4h | 1h 55m | $3.3M | $8.1M | 50x |
Hyperliquid TAO
Phemex TAOUSDTFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phemex against Hyperliquid. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$121.2
- Price spread: +0.382% → −0.079%
- $46.11
- Slippage, 4 orders
- −$39.75
- Fee Hyperliquid: 4.5 bp × 2 orders
- −$9
- Fee Phemex: 6 bp × 2 orders
- −$12
- Net
- −$135.83
- Costs to cover
- 0.607%
- Break-even
- never at this rate
Slippage from Hyperliquid: live order book, 8 min ago; Phemex: live order book, 3 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, 8 min ago | 1.08 bp | 7.3 bp −$7 | doesn't fit | doesn't fit | doesn't fit |
| Sell Phemex live order book, 3 min ago | 8.00 bp | 30.0 bp −$30 | 34.6 bp −$346 | 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 | −0.1440% | 1h | 322.10 | +0.123% | $171K | $333 | 10x | as long as short |
| dYdX TAO-USD | 0.0000% | 1h | 322.84 | +0.353% | $129K | $85K | 5x | as long as short |
| gTrade (Gains Network) TAO/USD | L +0.0004% / S −0.0004% | 1h | 323.01 | +0.406% | $21K | — | 150x | as long as short |
| Popdex TAOUSDT | +0.0096% | 1h | 322.28 | +0.180% | $40K | $690K | 20x | as long as short |
| OKX TAO-USDT-SWAP | +0.0100% | 8h | 321.60 | −0.031% | $26.8M | $129.3M | 50x | as long as short |
| Gate TAO_USDT | +0.0100% | 4h | 321.00 | −0.218% | $14.2M | $51.2M | 50x | as long as short |
| KuCoin TAOUSDTM | +0.0100% | 4h | 321.76 | +0.019% | $17.6M | $31.9M | 75x | as long as short |
| Bitget TAOUSDT | +0.0100% | 4h | 321.26 | −0.137% | $36.2M | $57.8M | 50x | as long as short |
| ApeX Omni TAOUSDT | +0.0100% | 1h | 324.34 | +0.821% | $47K | $258K | 50x | as long as short |
| Polymarket Perps TAO-USD | +0.0100% | 1h | 321.71 | +0.003% | $87K | $1.0M | 5x | as long as short |
Bulk TAO-USD
dYdX TAO-USD
gTrade (Gains Network) TAO/USD
Popdex TAOUSDT
OKX TAO-USDT-SWAP
Gate TAO_USDT
KuCoin TAOUSDTM
Bitget TAOUSDT
ApeX Omni TAOUSDT
Polymarket Perps TAO-USDShow all 43 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| SunX TAO-USDT | +0.0100% | 4h | 323.14 | +0.448% | $1K | $2.0M | 20x | as long as short |
| HTX TAO-USDT | +0.0100% | 4h | 322.80 | +0.342% | $118K | $583K | 20x | as long as short |
| Phemex TAOUSDTshort | +0.0100% | 4h | 322.93 | +0.382% | $3.3M | $8.1M | 50x | |
| Katana Perps TAO-USD | +0.0110% | 8h | 322.29 | +0.183% | $731 | $969K | 5x | as long as short |
| Orderly PERP_TAO_USDC | +0.0119% | 4h | 321.56 | −0.044% | $53K | $292K | 10x | as long as short |
| Aevo TAO-PERP | +0.0120% | 1h | 323.73 | +0.631% | $178K | $998 | 3x | as long as short |
| GMX TAO/USD [WBTC.b-USDC] | L +0.0124% / S +0.0144% | 1h | 321.08 | −0.192% | $430K | — | 100x | as long as short |
| Binance TAOUSDT | +0.0154% | 4h | 321.58 | −0.037% | $93.8M | $523.2M | 75x | as long as short |
| edgeX TAOUSDC | +0.0156% | 4h | 324.58 | +0.896% | $43K | $315K | 10x | as long as short |
| MEXC TAO_USDT | +0.0156% | 4h | 321.64 | −0.019% | $105.2M | $148.9M | 300x | as long as short |
| Paradex TAO-USD-PERP | +0.0272% | 8h | 322.46 | +0.237% | $15K | $1K | 10x | as long as short |
| Aster TAOUSDT | +0.0313% | 4h | 321.59 | −0.033% | $1.3M | $10.8M | 50x | as long as short |
| Bybit TAOUSDT | +0.0366% | 4h | 321.59 | −0.034% | $70.2M | $155.5M | 50x | as long as short |
| BingX TAO-USDT | +0.0382% | 4h | 321.36 | −0.106% | — | $34.3M | — | as long as short |
| BloFin TAO-USDT | +0.0398% | 4h | 324.59 | +0.898% | $4.7M | $11.3M | 100x | as long as short |
| Bullet TAO-USD | +0.0417% | 1h | 323.30 | +0.498% | $12K | $17K | 20x | as long as short |
| GRVT TAO_USDT_Perp | +0.0460% | 4h | 323.74 | +0.633% | $552K | $937K | 10x | as long as short |
| Extended TAO-USD | +0.0488% | 1h | 322.53 | +0.259% | $922K | $2.4M | 25x | as long as short |
| Variational Omni TAO | +0.0506% | 4h | 323.50 | +0.559% | $5.7M | $10.1M | — | as long as short |
| Phoenix TAO | +0.0513% | 1h | 324.40 | +0.839% | $323K | $709K | 5x | as long as short |
| Pacifica TAO | +0.0525% | 1h | 322.95 | +0.387% | $367K | $422K | 10x | as long as short |
| Nado TAO-PERP | +0.0598% | 1h | 321.72 | +0.006% | $804K | $2.2M | 10x | as long as short |
| Deribit TAO_USDC-PERPETUAL | +0.0604% | 1h | 323.69 | +0.620% | $18K | $1.9M | 25x | as long as short |
| Arcus TAO-USD | +0.0641% | 1h | 322.74 | +0.323% | $104K | $384K | 5x | as long as short |
| Backpack TAO_USDC_PERP | +0.0669% | 1h | 323.25 | +0.482% | $322K | $898K | 10x | as long as short |
| Hyperliquid TAOlong | +0.0677% | 1h | 321.70 | long leg | $95.1M | $110.0M | 5x | |
| Reya TAORUSDPERP | +0.0698% | 1h | 321.51 | −0.060% | $370 | — | 20x | as long as short |
| 01 Exchange TAOUSD | +0.0704% | 1h | 322.59 | +0.277% | $3K | $4K | 5x | as long as short |
| Coinbase International TAO-PERP-INTX | +0.0944% | 1h | 323.39 | +0.525% | $1.5M | $6.9M | 50x | as long as short |
| Lighter TAO | +0.1008% | 1h | 322.96 | +0.391% | $1.5M | $6.6M | 5x | as long as short |
| RISEx TAO/USDC | +0.1077% | 1h | 322.38 | +0.212% | $464K | $652K | 5x | as long as short |
| Kraken Futures PF_TAOUSD | +0.1142% | 1h | 323.10 | +0.435% | $6.1M | $21.7M | 50x | as long as short |
| Injective TAO/USDC PERP | +0.4723% | 1h | 323.62 | +0.597% | $24K | $2K | 12x | as long as short |
SunX TAO-USDT
HTX TAO-USDT
Katana Perps TAO-USD
Orderly PERP_TAO_USDC
Aevo TAO-PERP
GMX TAO/USD [WBTC.b-USDC]
Binance TAOUSDT
edgeX TAOUSDC
MEXC TAO_USDT
Paradex TAO-USD-PERP
Aster TAOUSDT
Bybit TAOUSDT
BingX TAO-USDT
BloFin TAO-USDT
Bullet TAO-USD
GRVT TAO_USDT_Perp
Extended TAO-USD
Variational Omni TAO
Phoenix TAO
Pacifica TAO
Nado TAO-PERP
Deribit TAO_USDC-PERPETUAL
Arcus TAO-USD
Backpack TAO_USDC_PERP
Reya TAORUSDPERP
01 Exchange TAOUSD
Coinbase International TAO-PERP-INTX
Lighter TAO
RISEx TAO/USDC
Kraken Futures PF_TAOUSD
Injective TAO/USDC PERP