TAO

Alert

After costs, if the gap returns to its 7d average, $10k+$56

spread now+0.956%7d average−0.073%fees + slippage, in and out−$46spread needed0.465%

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix TAO	287.70	0.0364	pay 0.0045% / 1h	9m 58s	$306K	$149K	5x
Short	Hyperliquid TAO	290.45	0.0506	get 0.0063% / 1h	9m 58s	$79.3M	$52.2M	5x

Price spread history

latest

Range statsloading…

How often the spread is this wide

share of time at each level, last 7D

Backtest

opened in the past, held until now, after costs

Backtest 7 days Backtest 30 days Backtest 90 daysopens the backtester with this pair and $10,000 a leg

Profit calculator

Position, each leg$Hold forhoursFee PhoenixbpFee HyperliquidbpOrdersClose when spread is

Spread captured: $95.59
Funding while held: $4.28
Slippage, 4 orders: −$30.49
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $53.37
Spread needed to break even: 0.465%

Slippage from Phoenix: live order book, 38 min ago; Hyperliquid: live order book, 5 min ago.

Cost of waiting

funding view

Funding /8h: +0.0143%
Per $10,000 a day: +$4.28
Average in range /8h: —

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 Phoenix live order book, 38 min ago	3.49 bp	10.2 bp −$10	22.0 bp −$220	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 5 min ago	0.69 bp	8.4 bp −$8	doesn't fit	doesn't fit	doesn't fit

TAO price on every exchange

against the cheapest. Click to use as the short leg.

Bulk284.20cheapest ApeX Omni287.22+1.063%edgeX287.51+1.164%

Phoenix287.70+1.232%

HTX289.05+1.707%Paradex289.44+1.845%Pacifica289.53+1.876%Variational Omni289.57+1.890%Popdex289.58+1.893%BloFin289.59+1.897%Katana Perps289.60+1.900%GMX289.62+1.909%Arcus289.64+1.914%Phemex289.66+1.921%RISEx289.66+1.921%dYdX289.67+1.924%Nado289.68+1.929%Gate289.70+1.935%Bitget289.72+1.942%Bullet289.75+1.953%Reya289.76+1.956%gTrade (Gains Network)289.76+1.956%OKX289.80+1.970%MEXC289.81+1.974%Deribit289.81+1.975%Orderly289.82+1.977%KuCoin289.83+1.981%01 Exchange289.84+1.985%BingX289.84+1.985%SunX289.85+1.988%Polymarket Perps289.86+1.992%Coinbase International289.91+2.009%Extended289.92+2.011%Binance289.92+2.013%Kraken Futures289.98+2.033%Backpack289.98+2.034%Aster290.03+2.051%Lighter290.07+2.067%Aevo290.08+2.069%Bybit290.10+2.076%

Hyperliquid290.45+2.199%

Injective290.66+2.273%

TAO on 42 venues

cheapest first. Swap a leg.

Exchange	vs long leg	Funding /8h	Every	OI	Vol 24h	Max lev
Bulk TAO-USD	−1.217%	−0.1985%	1h	$149K	$0	10x	as long as short
ApeX Omni TAOUSDT	−0.167%	+0.0100%	1h	$43K	$266K	50x	as long as short
edgeX TAOUSDC	−0.066%	+0.0100%	4h	$32K	$286K	10x	as long as short
Phoenix TAOlong	0.000%	+0.0364%	1h	$306K	$149K	5x
HTX TAO-USDT	+0.469%	+0.0100%	4h	$118K	$311K	20x	as long as short
Paradex TAO-USD-PERP	+0.606%	+0.0104%	8h	$13K	$376	10x	as long as short
Pacifica TAO	+0.636%	+0.0100%	1h	$337K	$369K	10x	as long as short
Variational Omni TAO	+0.651%	+0.0100%	4h	$3.4M	$4.6M	—	as long as short
Popdex TAOUSDT	+0.653%	+0.0096%	1h	$47K	$455K	20x	as long as short
BloFin TAO-USDT	+0.657%	+0.0340%	4h	$4.1M	$7.2M	100x	as long as short

Show all 42 venues

Exchange	vs long leg	Funding /8h	Every	OI	Vol 24h	Max lev
Katana Perps TAO-USD	+0.660%	+0.0100%	8h	$635	$285K	5x	as long as short
GMX TAO/USD [WBTC.b-USDC]	+0.669%	L +0.0468% / S −0.0190%	1h	$428K	—	100x	as long as short
Arcus TAO-USD	+0.674%	+0.0100%	1h	$123K	$570K	5x	as long as short
Phemex TAOUSDT	+0.681%	+0.0100%	4h	$3.0M	$7.5M	50x	as long as short
RISEx TAO/USDC	+0.682%	+0.0517%	1h	$318K	$412K	5x	as long as short
dYdX TAO-USD	+0.684%	+0.0131%	1h	$74K	$55K	5x	as long as short
Nado TAO-PERP	+0.689%	+0.0185%	1h	$1.1M	$1.1M	10x	as long as short
Gate TAO_USDT	+0.695%	+0.0094%	4h	$11.4M	$46.3M	50x	as long as short
Bitget TAOUSDT	+0.702%	+0.0028%	4h	$32.6M	$36.1M	50x	as long as short
Bullet TAO-USD	+0.713%	+0.0100%	1h	$10K	$17K	20x	as long as short
Reya TAORUSDPERP	+0.716%	+0.0692%	1h	$333	—	20x	as long as short
gTrade (Gains Network) TAO/USD	+0.716%	L +0.0004% / S −0.0012%	1h	$18K	—	150x	as long as short
OKX TAO-USDT-SWAP	+0.730%	+0.0100%	8h	$23.3M	$67.9M	50x	as long as short
MEXC TAO_USDT	+0.733%	+0.0100%	4h	$108.1M	$102.7M	300x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.735%	+0.0151%	1h	$26K	$892K	25x	as long as short
Orderly PERP_TAO_USDC	+0.737%	+0.0100%	4h	$52K	$146K	10x	as long as short
KuCoin TAOUSDTM	+0.740%	+0.0100%	4h	$18.0M	$18.5M	75x	as long as short
01 Exchange TAOUSD	+0.744%	+0.0256%	1h	$3K	$6K	5x	as long as short
BingX TAO-USDT	+0.744%	+0.0100%	4h	—	$28.9M	—	as long as short
SunX TAO-USDT	+0.747%	+0.0100%	4h	$2K	$1.6M	20x	as long as short
Polymarket Perps TAO-USD	+0.751%	+0.0100%	1h	$76K	$1.1M	5x	as long as short
Coinbase International TAO-PERP-INTX	+0.768%	+0.0920%	1h	$1.4M	$4.2M	50x	as long as short
Extended TAO-USD	+0.770%	+0.0104%	1h	$776K	$1.3M	25x	as long as short
Binance TAOUSDT	+0.772%	+0.0100%	4h	$81.8M	$321.7M	75x	as long as short
Kraken Futures PF_TAOUSD	+0.792%	+0.0284%	1h	$5.6M	$13.5M	50x	as long as short
Backpack TAO_USDC_PERP	+0.792%	+0.0100%	1h	$305K	$397K	10x	as long as short
Aster TAOUSDT	+0.810%	+0.0100%	4h	$1.6M	$4.9M	50x	as long as short
Lighter TAO	+0.826%	+0.0096%	1h	$1.3M	$1.8M	5x	as long as short
Aevo TAO-PERP	+0.827%	+0.0104%	1h	$159K	$998	3x	as long as short
Bybit TAOUSDT	+0.834%	+0.0100%	4h	$53.8M	$84.5M	50x	as long as short
Hyperliquid TAOshort	+0.956%	+0.0506%	1h	$79.3M	$52.2M	5x
Injective TAO/USDC PERP	+1.029%	+0.3146%	1h	$21K	$125K	12x	as long as short