Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0046%/8h= −5.1% APRpaid last 24h −0.082%

Price spread now: HTX against GMX−0.058%7-day average −0.092% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on GMX Short on HTX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.383%−$38 on $10k

Price spread, last 4 days (all we have)−0.183%−$18 · spread now −0.058%, 7d avg −0.092%

Together, before fees−0.566%−$57 on $10k · with fees, hour by hour

The price spread pays, funding is against you. HTX is 0.034% dearer against GMX than usual: you sell high and buy low (spread −0.058% now, against its 7-day average of −0.092%): +$3 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 2.5 days. At the pace of the last 3 days (−0.383% in total) that is about 7 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX TAO/USD [WBTC.b-USDC]	315.09	L +0.0146% / S +0.0126%	pay 0.0018% / 1h	18m 41s	$420K	—	100x
Short	HTX TAO-USDT	314.91	0.0100	get 0.0050% / 4h	18m 41s	$110K	$535K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX against GMX. 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 GMXbpFee HTXbpOrdersPrice spread, now −0.058%Rate

Funding earned: −$9.74
Price spread: −0.058% → −0.092%: $3.44
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee HTX: 6 bp × 2 orders: −$12
Net: −$30.31
Costs to cover: 0.240%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; HTX: live order book, 40 min ago. Net counts fees only.

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 GMX no order-book sample	—	—	—	—	—
Sell HTX live order book, 40 min ago	13.02 bp	93.1 bp −$93	doesn't fit	doesn't fit	doesn't fit

GMX: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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
dYdX TAO-USD	0.0000%	1h	314.84	−0.080%	$126K	$85K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	315.03	−0.019%	$20K	—	150x	as long as short
Kraken Futures PF_TAOUSD	+0.0056%	1h	315.28	+0.058%	$5.5M	$20.7M	50x	as long as short
Popdex TAOUSDT	+0.0096%	1h	315.14	+0.015%	$43K	$668K	20x	as long as short
Katana Perps TAO-USD	+0.0098%	8h	314.97	−0.039%	$645	$799K	5x	as long as short
Binance TAOUSDT	+0.0100%	4h	315.11	+0.006%	$90.9M	$494.6M	75x	as long as short
Bybit TAOUSDT	+0.0100%	4h	315.19	+0.031%	$68.0M	$148.7M	50x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	315.10	+0.003%	$26.0M	$120.5M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	315.00	−0.029%	$12.9M	$50.1M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	315.12	+0.009%	$110.6M	$144.0M	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	314.96	−0.042%	$17.7M	$31.8M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	314.95	−0.045%	$35.2M	$56.4M	50x	as long as short
BingX TAO-USDT	+0.0100%	4h	315.13	+0.012%	—	$32.8M	—	as long as short
edgeX TAOUSDC	+0.0100%	4h	315.64	+0.174%	$42K	$312K	10x	as long as short
GRVT TAO_USDT_Perp	+0.0100%	4h	315.78	+0.218%	$522K	$955K	10x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	314.97	−0.039%	$46K	$254K	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	315.07	−0.007%	$77K	$859K	5x	as long as short
Bullet TAO-USD	+0.0100%	1h	315.30	+0.066%	$12K	$18K	20x	as long as short
SunX TAO-USDT	+0.0100%	4h	315.18	+0.028%	$2K	$1.9M	20x	as long as short
HTX TAO-USDTshort	+0.0100%	4h	314.91	−0.058%	$110K	$535K	20x
Phemex TAOUSDT	+0.0100%	4h	315.23	+0.044%	$3.2M	$8.1M	50x	as long as short
Aevo TAO-PERP	+0.0104%	1h	315.36	+0.085%	$173K	$998	3x	as long as short
Orderly PERP_TAO_USDC	+0.0131%	4h	315.18	+0.028%	$57K	$265K	10x	as long as short
GMX TAO/USD [WBTC.b-USDC]long	L +0.0146% / S +0.0126%	1h	315.09	long leg	$420K	—	100x
Paradex TAO-USD-PERP	+0.0159%	8h	315.33	+0.075%	$14K	$1K	10x	as long as short
Aster TAOUSDT	+0.0189%	4h	315.11	+0.006%	$1.2M	$10.3M	50x	as long as short
Extended TAO-USD	+0.0200%	1h	315.19	+0.032%	$922K	$2.4M	25x	as long as short
Nado TAO-PERP	+0.0200%	1h	315.27	+0.057%	$801K	$2.2M	10x	as long as short
Hyperliquid TAO	+0.0263%	1h	315.22	+0.041%	$92.7M	$106.4M	5x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0312%	1h	315.28	+0.061%	$26K	$1.7M	25x	as long as short
01 Exchange TAOUSD	+0.0320%	1h	315.41	+0.101%	$3K	$4K	5x	as long as short
Lighter TAO	+0.0328%	1h	315.37	+0.087%	$1.5M	$6.5M	5x	as long as short
BloFin TAO-USDT	+0.0340%	4h	315.15	+0.019%	$4.6M	$10.9M	100x	as long as short
Arcus TAO-USD	+0.0345%	1h	315.49	+0.126%	$99K	$438K	5x	as long as short
Backpack TAO_USDC_PERP	+0.0347%	1h	315.25	+0.050%	$316K	$913K	10x	as long as short
Pacifica TAO	+0.0365%	1h	315.14	+0.016%	$360K	$412K	10x	as long as short
Variational Omni TAO	+0.0497%	4h	315.29	+0.062%	$5.7M	$9.9M	—	as long as short
Phoenix TAO	+0.0581%	1h	315.50	+0.130%	$314K	$697K	5x	as long as short
Reya TAORUSDPERP	+0.0697%	1h	315.13	+0.011%	$362	—	20x	as long as short
Bulk TAO-USD	+0.0933%	1h	314.34	−0.239%	$167K	$2K	10x	as long as short
RISEx TAO/USDC	+0.0991%	1h	315.20	+0.036%	$435K	$651K	5x	as long as short
Coinbase International TAO-PERP-INTX	+0.1008%	1h	316.17	+0.342%	$1.5M	$6.7M	50x	as long as short
Injective TAO/USDC PERP	+0.4222%	1h	318.85	+1.193%	$23K	$2K	12x	as long as short