Funding you earn now, next payment 01:00 UTC+0.4444%/8h= +486.6% APRpaid last 24h +0.180%
Price spread now: Hyperliquid against Phemex+0.267%7-day average +0.071% · you sell dearer than you buy
Net, funding: paid 7d − costs−$25as in the Funding arb table
Net, price: spread back to 7d avg − costs−$92as in the Price arb table
costs, in and out, $10k−$1111.111% of the position
Funding, last 7 days+0.859%+$86 on $10k
+Price spread, last 3 days (all we have)−0.293%−$29 · spread now +0.267%, 7d avg +0.071%
=Together, before fees+0.566%+ Points / potential airdropHyperliquid: Season 2 · farm board+$57 on $10k · with fees, hour by hour
Both sides work for this trade now. Funding pays +$133 a day on $10k at the current rate, and Hyperliquid is 0.196% dearer against Phemex than usual: you sell high and buy low: +$20 more if the spread goes back to its 7-day average of +0.071%.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.859% in total (about 44.8% 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 | Phemex TAOUSDT | 318.72 | −0.1508 | get 0.0754% / 4h | 3h 55m | $3.4M | $7.9M | 50x |
| Short | Hyperliquid TAO | 319.57 | 0.2936 | get 0.0367% / 1h | 55m 15s | $104.3M | $88.4M | 5x |
Funding history
latest
Range statsloading…
Price spread between the two exchanges
Hyperliquid against Phemex. 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
- $933.17
- Price spread: +0.267% → +0.071%
- $19.57
- Slippage, 4 orders
- −$90.08
- Fee Phemex: 6 bp × 2 orders
- −$12
- Fee Hyperliquid: 4.5 bp × 2 orders
- −$9
- Net
- $841.66
- Costs to cover
- 1.111%
- Break-even
- 0.7 days
Slippage from Phemex: live order book, 4 min ago; Hyperliquid: 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 Phemex live order book, 4 min ago | 24.94 bp | 39.5 bp −$40 | doesn't fit | doesn't fit | doesn't fit |
| Sell Hyperliquid live order book, 9 min ago | 2.68 bp | 11.3 bp −$11 | doesn't fit | 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 | −0.1799% | 1h | 311.96 | −2.121% | $167K | $44K | 10x | as long as short |
| Phemex TAOUSDTlong | −0.1508% | 4h | 318.72 | long leg | $3.4M | $7.9M | 50x | |
| dYdX TAO-USD | 0.0000% | 1h | 318.93 | +0.066% | $128K | $88K | 5x | as long as short |
| gTrade (Gains Network) TAO/USD | L +0.0004% / S −0.0004% | 1h | 318.83 | +0.035% | $21K | — | 150x | as long as short |
| Popdex TAOUSDT | +0.0096% | 1h | 319.14 | +0.132% | $40K | $578K | 20x | as long as short |
| Katana Perps TAO-USD | +0.0100% | 8h | 319.30 | +0.182% | $853 | $589K | 5x | as long as short |
| Binance TAOUSDT | +0.0100% | 4h | 318.75 | +0.009% | $91.1M | $437.7M | 75x | as long as short |
| OKX TAO-USDT-SWAP | +0.0100% | 8h | 318.60 | −0.038% | $25.8M | $106.2M | 50x | as long as short |
| Gate TAO_USDT | +0.0100% | 4h | 318.60 | −0.038% | $12.9M | $49.4M | 50x | as long as short |
| MEXC TAO_USDT | +0.0100% | 4h | 318.81 | +0.028% | $104.9M | $131.1M | 300x | as long as short |
Show all 43 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| KuCoin TAOUSDTM | +0.0100% | 4h | 318.86 | +0.044% | $19.0M | $28.3M | 75x | as long as short |
| Bitget TAOUSDT | +0.0100% | 4h | 318.73 | +0.003% | $35.7M | $48.7M | 50x | as long as short |
| edgeX TAOUSDC | +0.0100% | 4h | 319.37 | +0.205% | $36K | $287K | 10x | as long as short |
| Orderly PERP_TAO_USDC | +0.0100% | 4h | 318.90 | +0.056% | $57K | $316K | 10x | as long as short |
| SunX TAO-USDT | +0.0100% | 4h | 318.90 | +0.056% | $2K | $1.9M | 20x | as long as short |
| HTX TAO-USDT | +0.0100% | 4h | 319.04 | +0.100% | $127K | $423K | 20x | as long as short |
| Aevo TAO-PERP | +0.0104% | 1h | 321.72 | +0.941% | $177K | $998 | 3x | as long as short |
| GRVT TAO_USDT_Perp | +0.0142% | 4h | 319.47 | +0.234% | $531K | $945K | 10x | as long as short |
| GMX TAO/USD [WBTC.b-USDC] | L +0.0174% / S +0.0071% | 1h | 318.75 | +0.008% | $454K | — | 100x | as long as short |
| Pacifica TAO | +0.0185% | 1h | 319.35 | +0.198% | $378K | $371K | 10x | as long as short |
| Arcus TAO-USD | +0.0201% | 1h | 319.38 | +0.207% | $84K | $545K | 5x | as long as short |
| Aster TAOUSDT | +0.0209% | 4h | 318.90 | +0.056% | $1.1M | $8.1M | 50x | as long as short |
| Paradex TAO-USD-PERP | +0.0217% | 8h | 318.99 | +0.085% | $14K | $1K | 10x | as long as short |
| Deribit TAO_USDC-PERPETUAL | +0.0230% | 1h | 318.92 | +0.062% | $24K | $1.5M | 25x | as long as short |
| Variational Omni TAO | +0.0291% | 4h | 319.01 | +0.092% | $5.5M | $8.6M | — | as long as short |
| Bullet TAO-USD | +0.0292% | 1h | 319.11 | +0.122% | $12K | $17K | 20x | as long as short |
| BloFin TAO-USDT | +0.0340% | 4h | 318.55 | −0.053% | $4.4M | $10.8M | 100x | as long as short |
| BingX TAO-USDT | +0.0398% | 4h | 318.84 | +0.038% | — | $30.7M | — | as long as short |
| Polymarket Perps TAO-USD | +0.0419% | 1h | 319.24 | +0.163% | $100K | $633K | 5x | as long as short |
| ApeX Omni TAOUSDT | +0.0476% | 1h | 318.98 | +0.082% | $48K | $268K | 50x | as long as short |
| Bybit TAOUSDT | +0.0477% | 4h | 318.87 | +0.047% | $65.4M | $129.7M | 50x | as long as short |
| Kraken Futures PF_TAOUSD | +0.0481% | 1h | 318.70 | −0.005% | $5.8M | $20.2M | 50x | as long as short |
| Phoenix TAO | +0.0537% | 1h | 319.30 | +0.182% | $334K | $624K | 5x | as long as short |
| Injective TAO/USDC PERP | +0.0571% | 1h | 317.85 | −0.273% | $23K | $370 | 12x | as long as short |
| Reya TAORUSDPERP | +0.0695% | 1h | 318.88 | +0.050% | $367 | — | 20x | as long as short |
| Nado TAO-PERP | +0.0783% | 1h | 319.11 | +0.122% | $886K | $2.0M | 10x | as long as short |
| 01 Exchange TAOUSD | +0.0840% | 1h | 319.30 | +0.182% | $3K | $4K | 5x | as long as short |
| Coinbase International TAO-PERP-INTX | +0.0984% | 1h | 320.17 | +0.455% | $1.5M | $6.1M | 50x | as long as short |
| Extended TAO-USD | +0.1000% | 1h | 318.91 | +0.059% | $928K | $2.2M | 25x | as long as short |
| Backpack TAO_USDC_PERP | +0.1121% | 1h | 318.82 | +0.031% | $316K | $817K | 10x | as long as short |
| RISEx TAO/USDC | +0.1141% | 1h | 319.14 | +0.132% | $420K | $586K | 5x | as long as short |
| Lighter TAO | +0.1928% | 1h | 319.42 | +0.218% | $1.7M | $5.8M | 5x | as long as short |
| Hyperliquid TAOshort | +0.2936% | 1h | 319.57 | +0.267% | $104.3M | $88.4M | 5x |
Phemex TAOUSDT
Hyperliquid TAO
Bulk TAO-USD
gTrade (Gains Network) TAO/USD
Popdex TAOUSDT
Katana Perps TAO-USD
Binance TAOUSDT
OKX TAO-USDT-SWAP
Gate TAO_USDT
MEXC TAO_USDT
KuCoin TAOUSDTM
Bitget TAOUSDT
edgeX TAOUSDC
SunX TAO-USDT
HTX TAO-USDT
GRVT TAO_USDT_Perp
GMX TAO/USD [WBTC.b-USDC]
Pacifica TAO
Aster TAOUSDT
Paradex TAO-USD-PERP
Deribit TAO_USDC-PERPETUAL
Variational Omni TAO
Bullet TAO-USD
BloFin TAO-USDT
BingX TAO-USDT
Polymarket Perps TAO-USD
ApeX Omni TAOUSDT
Bybit TAOUSDT
Kraken Futures PF_TAOUSD
Phoenix TAO
Injective TAO/USDC PERP
01 Exchange TAOUSD
Coinbase International TAO-PERP-INTX
Extended TAO-USD
Backpack TAO_USDC_PERP
RISEx TAO/USDC
Lighter TAO