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Funding arb · Price arb /

TAO

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Alert: funding
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Alert: spread
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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
Long on PhemexShort on Hyperliquid
What this pair did over the last
the charts below follow
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.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongPhemex TAOUSDT318.72−0.1508get 0.0754% / 4h3h 55m$3.4M$7.9M50x
ShortHyperliquid TAO319.570.2936get 0.0367% / 1h55m 15s$104.3M$88.4M5x

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 it
latest
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
LegHalf-spread$10k$100k$1M$5M
Buy Phemex live order book, 4 min ago24.94 bp39.5 bp −$40doesn't fitdoesn't fitdoesn't fit
Sell Hyperliquid live order book, 9 min ago2.68 bp11.3 bp −$11doesn't fitdoesn't fitdoesn't fit

TAO on 43 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Bulk TAO-USD−0.1799%1h311.96−2.121%$167K$44K10xas long as short
Phemex TAOUSDTlong−0.1508%4h318.72long leg$3.4M$7.9M50x
dYdX TAO-USD0.0000%1h318.93+0.066%$128K$88K5xas long as short
gTrade (Gains Network) TAO/USDL +0.0004% / S −0.0004%1h318.83+0.035%$21K—150xas long as short
Popdex TAOUSDT+0.0096%1h319.14+0.132%$40K$578K20xas long as short
Katana Perps TAO-USD+0.0100%8h319.30+0.182%$853$589K5xas long as short
Binance TAOUSDT+0.0100%4h318.75+0.009%$91.1M$437.7M75xas long as short
OKX TAO-USDT-SWAP+0.0100%8h318.60−0.038%$25.8M$106.2M50xas long as short
Gate TAO_USDT+0.0100%4h318.60−0.038%$12.9M$49.4M50xas long as short
MEXC TAO_USDT+0.0100%4h318.81+0.028%$104.9M$131.1M300xas long as short
Show all 43 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
KuCoin TAOUSDTM+0.0100%4h318.86+0.044%$19.0M$28.3M75xas long as short
Bitget TAOUSDT+0.0100%4h318.73+0.003%$35.7M$48.7M50xas long as short
edgeX TAOUSDC+0.0100%4h319.37+0.205%$36K$287K10xas long as short
Orderly PERP_TAO_USDC+0.0100%4h318.90+0.056%$57K$316K10xas long as short
SunX TAO-USDT+0.0100%4h318.90+0.056%$2K$1.9M20xas long as short
HTX TAO-USDT+0.0100%4h319.04+0.100%$127K$423K20xas long as short
Aevo TAO-PERP+0.0104%1h321.72+0.941%$177K$9983xas long as short
GRVT TAO_USDT_Perp+0.0142%4h319.47+0.234%$531K$945K10xas long as short
GMX TAO/USD [WBTC.b-USDC]L +0.0174% / S +0.0071%1h318.75+0.008%$454K—100xas long as short
Pacifica TAO+0.0185%1h319.35+0.198%$378K$371K10xas long as short
Arcus TAO-USD+0.0201%1h319.38+0.207%$84K$545K5xas long as short
Aster TAOUSDT+0.0209%4h318.90+0.056%$1.1M$8.1M50xas long as short
Paradex TAO-USD-PERP+0.0217%8h318.99+0.085%$14K$1K10xas long as short
Deribit TAO_USDC-PERPETUAL+0.0230%1h318.92+0.062%$24K$1.5M25xas long as short
Variational Omni TAO+0.0291%4h319.01+0.092%$5.5M$8.6M—as long as short
Bullet TAO-USD+0.0292%1h319.11+0.122%$12K$17K20xas long as short
BloFin TAO-USDT+0.0340%4h318.55−0.053%$4.4M$10.8M100xas long as short
BingX TAO-USDT+0.0398%4h318.84+0.038%—$30.7M—as long as short
Polymarket Perps TAO-USD+0.0419%1h319.24+0.163%$100K$633K5xas long as short
ApeX Omni TAOUSDT+0.0476%1h318.98+0.082%$48K$268K50xas long as short
Bybit TAOUSDT+0.0477%4h318.87+0.047%$65.4M$129.7M50xas long as short
Kraken Futures PF_TAOUSD+0.0481%1h318.70−0.005%$5.8M$20.2M50xas long as short
Phoenix TAO+0.0537%1h319.30+0.182%$334K$624K5xas long as short
Injective TAO/USDC PERP+0.0571%1h317.85−0.273%$23K$37012xas long as short
Reya TAORUSDPERP+0.0695%1h318.88+0.050%$367—20xas long as short
Nado TAO-PERP+0.0783%1h319.11+0.122%$886K$2.0M10xas long as short
01 Exchange TAOUSD+0.0840%1h319.30+0.182%$3K$4K5xas long as short
Coinbase International TAO-PERP-INTX+0.0984%1h320.17+0.455%$1.5M$6.1M50xas long as short
Extended TAO-USD+0.1000%1h318.91+0.059%$928K$2.2M25xas long as short
Backpack TAO_USDC_PERP+0.1121%1h318.82+0.031%$316K$817K10xas long as short
RISEx TAO/USDC+0.1141%1h319.14+0.132%$420K$586K5xas long as short
Lighter TAO+0.1928%1h319.42+0.218%$1.7M$5.8M5xas long as short
Hyperliquid TAOshort+0.2936%1h319.57+0.267%$104.3M$88.4M5x