Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0624%/8h= +68.3% APRpaid last 24h +0.230%

Price spread now: Hyperliquid against Phemex+0.087%7-day average +0.079% · you sell dearer than you buy

Net, funding: paid 7d − costs+$27as in the Funding arb table

Net, price: spread back to 7d avg − costs−$60as in the Price arb table

costs, in and out, $10k−$610.607% of the position

Long on Phemex Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.873%+$87 on $10k

Price spread, last 4 days (all we have)−0.113%−$11 · spread now +0.087%, 7d avg +0.079%

Together, before fees+0.760%+ Points / potential airdropHyperliquid: Season 2 · farm board+$76 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.079%, so right now this pair is about funding alone: +$19 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex TAOUSDT	322.93	0.0100	pay 0.0050% / 4h	1h 55m	$3.3M	$8.1M	50x
Short	Hyperliquid TAO	323.21	0.0724	get 0.0091% / 1h	55m 37s	$95.6M	$110.0M	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 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 PhemexbpFee HyperliquidbpOrdersPrice spread, now +0.087%Rate

Funding earned: $131.05
Price spread: +0.087% → +0.079%: $0.79
Slippage, 4 orders: −$39.75
Fee Phemex: 6 bp × 2 orders: −$12
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $71.1
Costs to cover: 0.607%
Break-even: 3.2 days

Slippage from Phemex: live order book, 3 min ago; Hyperliquid: live order book, 8 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, 3 min ago	8.00 bp	14.7 bp −$15	41.6 bp −$416	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 8 min ago	1.08 bp	8.7 bp −$9	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	−0.1440%	1h	322.10	−0.259%	$171K	$333	10x	as long as short
dYdX TAO-USD	0.0000%	1h	322.84	−0.029%	$129K	$85K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	323.01	+0.024%	$21K	—	150x	as long as short
Popdex TAOUSDT	+0.0096%	1h	322.28	−0.201%	$40K	$690K	20x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	322.40	−0.164%	$26.9M	$129.4M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	322.20	−0.226%	$14.2M	$51.1M	50x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	322.74	−0.059%	$17.7M	$31.9M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	322.38	−0.170%	$36.3M	$57.8M	50x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	324.34	+0.437%	$47K	$258K	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	323.46	+0.164%	$76K	$991K	5x	as long as short

Show 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	+0.065%	$1K	$2.0M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	322.80	−0.040%	$118K	$583K	20x	as long as short
Phemex TAOUSDTlong	+0.0100%	4h	322.93	long leg	$3.3M	$8.1M	50x
Katana Perps TAO-USD	+0.0110%	8h	322.29	−0.198%	$731	$969K	5x	as long as short
Orderly PERP_TAO_USDC	+0.0120%	4h	323.47	+0.167%	$53K	$292K	10x	as long as short
Aevo TAO-PERP	+0.0120%	1h	323.73	+0.248%	$178K	$998	3x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0124% / S +0.0144%	1h	322.90	−0.008%	$432K	—	100x	as long as short
Binance TAOUSDT	+0.0154%	4h	322.11	−0.255%	$94.0M	$522.9M	75x	as long as short
edgeX TAOUSDC	+0.0156%	4h	324.58	+0.512%	$43K	$315K	10x	as long as short
MEXC TAO_USDT	+0.0156%	4h	322.45	−0.149%	$105.4M	$148.9M	300x	as long as short
Paradex TAO-USD-PERP	+0.0272%	8h	322.46	−0.145%	$15K	$1K	10x	as long as short
Aster TAOUSDT	+0.0313%	4h	322.01	−0.284%	$1.3M	$10.8M	50x	as long as short
Bybit TAOUSDT	+0.0366%	4h	322.02	−0.282%	$70.3M	$155.4M	50x	as long as short
BingX TAO-USDT	+0.0382%	4h	322.46	−0.146%	—	$34.3M	—	as long as short
BloFin TAO-USDT	+0.0398%	4h	324.59	+0.514%	$4.7M	$11.3M	100x	as long as short
Bullet TAO-USD	+0.0417%	1h	323.30	+0.115%	$12K	$17K	20x	as long as short
GRVT TAO_USDT_Perp	+0.0460%	4h	323.74	+0.249%	$552K	$937K	10x	as long as short
Extended TAO-USD	+0.0488%	1h	322.53	−0.122%	$922K	$2.4M	25x	as long as short
Variational Omni TAO	+0.0506%	4h	323.50	+0.176%	$5.7M	$10.1M	—	as long as short
Phoenix TAO	+0.0513%	1h	324.40	+0.455%	$323K	$709K	5x	as long as short
Pacifica TAO	+0.0525%	1h	322.95	+0.005%	$367K	$422K	10x	as long as short
Nado TAO-PERP	+0.0550%	1h	323.55	+0.193%	$819K	$2.2M	10x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0604%	1h	323.69	+0.237%	$18K	$1.9M	25x	as long as short
Arcus TAO-USD	+0.0641%	1h	322.74	−0.059%	$104K	$384K	5x	as long as short
Backpack TAO_USDC_PERP	+0.0669%	1h	323.25	+0.099%	$322K	$898K	10x	as long as short
Reya TAORUSDPERP	+0.0698%	1h	323.46	+0.165%	$372	—	20x	as long as short
01 Exchange TAOUSD	+0.0704%	1h	322.59	−0.105%	$3K	$4K	5x	as long as short
Hyperliquid TAOshort	+0.0724%	1h	323.21	+0.087%	$95.6M	$110.0M	5x
Coinbase International TAO-PERP-INTX	+0.0944%	1h	323.39	+0.142%	$1.5M	$6.9M	50x	as long as short
Lighter TAO	+0.1008%	1h	322.96	+0.009%	$1.5M	$6.6M	5x	as long as short
RISEx TAO/USDC	+0.1077%	1h	322.38	−0.169%	$464K	$652K	5x	as long as short
Kraken Futures PF_TAOUSD	+0.1142%	1h	323.10	+0.053%	$6.1M	$21.7M	50x	as long as short
Injective TAO/USDC PERP	+0.4723%	1h	323.62	+0.214%	$24K	$2K	12x	as long as short