Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.4072%/8h= −445.9% APRpaid last 24h −0.582%

Price spread now: HTX against Injective−1.922%7-day average — · you buy dearer than you sell

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

Long on Injective Short on HTX

What this pair did over the last

the charts below follow

Funding, last 7 days−3.422%−$342 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$122 a day on $10k at the current rate, and HTX is 1.922% cheaper against Injective than usual: you would sell low and buy high (−$192 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective TAO/USDC PERP	321.62	0.4172	pay 0.0521% / 1h	13m 05s	$23K	$2K	12x
Short	HTX TAO-USDT	315.44	0.0100	get 0.0050% / 4h	1h 13m	$128K	$482K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX against Injective. 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 InjectivebpFee HTXbpOrdersPrice spread, now −1.922%Rate

Funding earned: −$855.09
Price spread: −1.922% → 0.000%: −$192.15
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee HTX: 6 bp × 2 orders: −$12
Net: −$1,059.26
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: Injective: no order-book sample; HTX: live order book, 50 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 Injective no order-book sample	—	—	—	—	—
Sell HTX live order book, 50 min ago	18.11 bp	80.2 bp −$80	doesn't fit	doesn't fit	doesn't fit

Injective: 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
Bulk TAO-USD	−0.1916%	1h	325.17	+1.104%	$172K	$1K	10x	as long as short
dYdX TAO-USD	0.0000%	1h	316.73	−1.520%	$126K	$85K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	315.91	−1.775%	$20K	—	150x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0086%	1h	315.79	−1.812%	$16K	$1.6M	25x	as long as short
Popdex TAOUSDT	+0.0096%	1h	317.09	−1.408%	$40K	$683K	20x	as long as short
Binance TAOUSDT	+0.0100%	4h	315.38	−1.940%	$91.7M	$488.8M	75x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	315.60	−1.872%	$26.0M	$119.3M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	315.20	−1.996%	$12.9M	$50.2M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	315.41	−1.931%	$101.1M	$143.5M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	315.65	−1.856%	$17.6M	$31.6M	75x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget TAOUSDT	+0.0100%	4h	315.20	−1.996%	$35.2M	$55.6M	50x	as long as short
edgeX TAOUSDC	+0.0100%	4h	323.66	+0.634%	$36K	$303K	10x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	316.71	−1.527%	$87K	$794K	5x	as long as short
SunX TAO-USDT	+0.0100%	4h	315.42	−1.928%	$2K	$1.9M	20x	as long as short
HTX TAO-USDTshort	+0.0100%	4h	315.44	−1.922%	$128K	$482K	20x
Aevo TAO-PERP	+0.0104%	1h	315.83	−1.801%	$173K	$998	3x	as long as short
Katana Perps TAO-USD	+0.0114%	8h	316.94	−1.455%	$2K	$776K	5x	as long as short
Orderly PERP_TAO_USDC	+0.0125%	4h	315.70	−1.841%	$57K	$282K	10x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0157% / S +0.0112%	1h	315.95	−1.763%	$430K	—	100x	as long as short
Bullet TAO-USD	+0.0210%	1h	316.19	−1.689%	$12K	$18K	20x	as long as short
GRVT TAO_USDT_Perp	+0.0224%	4h	321.44	−0.056%	$533K	$965K	10x	as long as short
Phemex TAOUSDT	+0.0233%	4h	315.50	−1.903%	$3.4M	$7.9M	50x	as long as short
Kraken Futures PF_TAOUSD	+0.0249%	1h	315.58	−1.878%	$5.6M	$20.8M	50x	as long as short
Paradex TAO-USD-PERP	+0.0264%	8h	317.19	−1.379%	$14K	$1K	10x	as long as short
Aster TAOUSDT	+0.0287%	4h	315.46	−1.915%	$1.2M	$10.0M	50x	as long as short
BloFin TAO-USDT	+0.0340%	4h	316.00	−1.747%	$3.8M	$11.3M	100x	as long as short
Pacifica TAO	+0.0448%	1h	316.94	−1.454%	$375K	$405K	10x	as long as short
Bybit TAOUSDT	+0.0459%	4h	315.52	−1.897%	$69.2M	$145.9M	50x	as long as short
BingX TAO-USDT	+0.0466%	4h	315.40	−1.934%	—	$30.4M	—	as long as short
Phoenix TAO	+0.0504%	1h	324.80	+0.989%	$340K	$707K	5x	as long as short
Arcus TAO-USD	+0.0509%	1h	317.35	−1.328%	$100K	$488K	5x	as long as short
ApeX Omni TAOUSDT	+0.0524%	1h	324.14	+0.784%	$48K	$253K	50x	as long as short
Nado TAO-PERP	+0.0625%	1h	316.36	−1.635%	$789K	$2.2M	10x	as long as short
Reya TAORUSDPERP	+0.0696%	1h	316.02	−1.741%	$363	—	20x	as long as short
Extended TAO-USD	+0.0720%	1h	315.31	−1.961%	$928K	$2.4M	25x	as long as short
01 Exchange TAOUSD	+0.0728%	1h	317.15	−1.390%	$3K	$4K	5x	as long as short
Lighter TAO	+0.0760%	1h	315.98	−1.755%	$1.6M	$6.4M	5x	as long as short
Variational Omni TAO	+0.0831%	4h	317.31	−1.339%	$5.9M	$9.8M	—	as long as short
Backpack TAO_USDC_PERP	+0.0928%	1h	315.29	−1.968%	$314K	$923K	10x	as long as short
Coinbase International TAO-PERP-INTX	+0.1024%	1h	317.56	−1.262%	$1.5M	$6.8M	50x	as long as short
Hyperliquid TAO	+0.1089%	1h	315.38	−1.940%	$95.7M	$104.5M	5x	as long as short
RISEx TAO/USDC	+0.1159%	1h	317.13	−1.395%	$448K	$656K	5x	as long as short
Injective TAO/USDC PERPlong	+0.4172%	1h	321.62	long leg	$23K	$2K	12x