Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0236%/8h= −25.8% APRpaid last 24h −0.120%

Price spread now: HTX against Lighter−0.139%7-day average −0.177% · you buy dearer than you sell

Net, funding: paid 7d − costs−$247as in the Funding arb table

Net, price: spread back to 7d avg − costs−$218as in the Price arb table

costs, in and out, $10k−$2222.216% of the position

Long on Lighter Short on HTX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.250%−$25 on $10k

Price spread, last 4 days (all we have)−0.034%−$3 · spread now −0.139%, 7d avg −0.177%

Together, before fees−0.284%+ Points / potential airdropLighter: Season 3 · farm board−$28 on $10k · with fees, hour by hour

The price spread pays, funding is against you. HTX is 0.038% dearer against Lighter than usual: you sell high and buy low (spread −0.139% now, against its 7-day average of −0.177%): +$4 on $10k if it goes back. Holding the pair costs −$7 a day in funding at the current rate, which eats that in about 13 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter TAO	315.29	0.0336	pay 0.0042% / 1h	17m 47s	$1.5M	$6.5M	5x
Short	HTX TAO-USDT	314.85	0.0100	get 0.0050% / 4h	17m 47s	$110K	$535K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX against Lighter. 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 LighterbpFee HTXbpOrdersPrice spread, now −0.139%Rate

Funding earned: −$49.56
Price spread: −0.139% → −0.177%: $3.76
Slippage, 4 orders: −$209.6
Fee Lighter: 0 bp × 2 orders: $0
Fee HTX: 6 bp × 2 orders: −$12
Net: −$267.4
Costs to cover: 2.216%
Break-even: never at this rate

Slippage from Lighter: live order book, 5 min ago; HTX: live order book, 41 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 Lighter live order book, 5 min ago	1.71 bp	11.1 bp −$11	22.7 bp −$227	doesn't fit	doesn't fit
Sell HTX live order book, 41 min ago	13.02 bp	93.1 bp −$93	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
dYdX TAO-USD	0.0000%	1h	315.14	−0.046%	$126K	$85K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	314.84	−0.142%	$20K	—	150x	as long as short
Kraken Futures PF_TAOUSD	+0.0056%	1h	315.01	−0.087%	$5.5M	$20.7M	50x	as long as short
Popdex TAOUSDT	+0.0096%	1h	315.14	−0.047%	$43K	$668K	20x	as long as short
Katana Perps TAO-USD	+0.0098%	8h	314.97	−0.101%	$645	$799K	5x	as long as short
Binance TAOUSDT	+0.0100%	4h	315.26	−0.008%	$91.1M	$494.6M	75x	as long as short
Bybit TAOUSDT	+0.0100%	4h	315.45	+0.051%	$68.0M	$148.7M	50x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	315.30	+0.003%	$26.0M	$120.7M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	315.10	−0.060%	$13.0M	$50.1M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	315.18	−0.035%	$110.6M	$144.1M	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	315.01	−0.088%	$17.7M	$31.7M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	315.09	−0.063%	$35.2M	$56.4M	50x	as long as short
BingX TAO-USDT	+0.0100%	4h	315.17	−0.038%	—	$32.8M	—	as long as short
edgeX TAOUSDC	+0.0100%	4h	315.64	+0.112%	$42K	$312K	10x	as long as short
GRVT TAO_USDT_Perp	+0.0100%	4h	315.78	+0.155%	$522K	$955K	10x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	314.97	−0.101%	$46K	$254K	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	314.89	−0.127%	$77K	$859K	5x	as long as short
Bullet TAO-USD	+0.0100%	1h	315.05	−0.076%	$12K	$18K	20x	as long as short
SunX TAO-USDT	+0.0100%	4h	314.93	−0.114%	$2K	$1.9M	20x	as long as short
HTX TAO-USDTshort	+0.0100%	4h	314.85	−0.139%	$110K	$535K	20x
Phemex TAOUSDT	+0.0100%	4h	314.91	−0.120%	$3.2M	$8.1M	50x	as long as short
Aevo TAO-PERP	+0.0104%	1h	315.14	−0.047%	$173K	$998	3x	as long as short
Orderly PERP_TAO_USDC	+0.0132%	4h	315.02	−0.085%	$57K	$265K	10x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0146% / S +0.0126%	1h	314.86	−0.136%	$419K	—	100x	as long as short
Paradex TAO-USD-PERP	+0.0159%	8h	315.13	−0.051%	$14K	$1K	10x	as long as short
Aster TAOUSDT	+0.0187%	4h	315.31	+0.007%	$1.2M	$10.4M	50x	as long as short
Extended TAO-USD	+0.0200%	1h	315.42	+0.041%	$922K	$2.4M	25x	as long as short
Nado TAO-PERP	+0.0204%	1h	315.29	+0.001%	$801K	$2.2M	10x	as long as short
Hyperliquid TAO	+0.0264%	1h	315.32	+0.010%	$92.7M	$106.4M	5x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0291%	1h	315.09	−0.062%	$26K	$1.7M	25x	as long as short
01 Exchange TAOUSD	+0.0320%	1h	315.41	+0.038%	$3K	$4K	5x	as long as short
Lighter TAOlong	+0.0336%	1h	315.29	long leg	$1.5M	$6.5M	5x
BloFin TAO-USDT	+0.0340%	4h	315.15	−0.044%	$4.6M	$10.9M	100x	as long as short
Arcus TAO-USD	+0.0345%	1h	315.52	+0.073%	$99K	$438K	5x	as long as short
Backpack TAO_USDC_PERP	+0.0347%	1h	315.35	+0.019%	$316K	$913K	10x	as long as short
Pacifica TAO	+0.0365%	1h	315.26	−0.009%	$360K	$412K	10x	as long as short
Variational Omni TAO	+0.0497%	4h	315.29	−0.001%	$5.7M	$9.9M	—	as long as short
Phoenix TAO	+0.0581%	1h	315.50	+0.067%	$314K	$697K	5x	as long as short
Reya TAORUSDPERP	+0.0697%	1h	314.92	−0.118%	$362	—	20x	as long as short
Bulk TAO-USD	+0.0933%	1h	314.34	−0.301%	$167K	$2K	10x	as long as short
RISEx TAO/USDC	+0.0991%	1h	315.20	−0.027%	$435K	$651K	5x	as long as short
Coinbase International TAO-PERP-INTX	+0.1008%	1h	315.85	+0.178%	$1.5M	$6.7M	50x	as long as short
Injective TAO/USDC PERP	+0.4222%	1h	318.85	+1.129%	$23K	$2K	12x	as long as short