Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.1332%/8h= +145.9% APRpaid last 24h +0.097%

Price spread now: Lighter against HTX+0.223%7-day average +0.180% · you sell dearer than you buy

Net, funding: paid 7d − costs−$167as in the Funding arb table

Net, price: spread back to 7d avg − costs−$185as in the Price arb table

costs, in and out, $10k−$1891.894% of the position

Long on HTX Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.226%+$23 on $10k

Price spread, last 3 days (all we have)−0.045%−$5 · spread now +0.223%, 7d avg +0.180%

Together, before fees+0.181%+ Points / potential airdropLighter: Season 3 · farm board+$18 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$40 a day on $10k at the current rate, and Lighter is 0.042% dearer against HTX than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of +0.180%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.226% in total (about 11.8% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	HTX TAO-USDT	317.89	0.0100	pay 0.0050% / 4h	2h 15m	$130K	$474K	20x
Short	Lighter TAO	318.60	0.1432	get 0.0179% / 1h	15m 12s	$1.7M	$6.1M	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against HTX. 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 HTXbpFee LighterbpOrdersPrice spread, now +0.223%Rate

Funding earned: $279.72
Price spread: +0.223% → +0.180%: $4.24
Slippage, 4 orders: −$177.39
Fee HTX: 6 bp × 2 orders: −$12
Fee Lighter: 0 bp × 2 orders: $0
Net: $94.57
Costs to cover: 1.894%
Break-even: 4.6 days

Slippage from HTX: live order book, 53 min ago; Lighter: live order book, 3 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 HTX live order book, 53 min ago	21.48 bp	103.5 bp −$103	doesn't fit	doesn't fit	doesn't fit
Sell Lighter live order book, 3 min ago	2.66 bp	7.6 bp −$8	22.3 bp −$223	doesn't fit	doesn't fit

TAO on 42 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	318.20	+0.098%	$127K	$84K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	317.96	+0.022%	$10K	—	150x	as long as short
Popdex TAOUSDT	+0.0096%	1h	318.33	+0.138%	$41K	$636K	20x	as long as short
Binance TAOUSDT	+0.0100%	4h	317.93	+0.013%	$91.6M	$468.9M	75x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	318.00	+0.035%	$26.3M	$114.4M	50x	as long as short
Bulk TAO-USD	+0.0100%	1h	315.28	−0.821%	$167K	$40K	10x	as long as short
Gate TAO_USDT	+0.0100%	4h	317.60	−0.091%	$13.0M	$50.6M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	317.85	−0.013%	$112.7M	$139.6M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	318.31	+0.132%	$18.2M	$30.2M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	317.77	−0.038%	$35.5M	$54.0M	50x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
edgeX TAOUSDC	+0.0100%	4h	314.93	−0.931%	$35K	$300K	10x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	314.80	−0.972%	$47K	$253K	50x	as long as short
Orderly PERP_TAO_USDC	+0.0100%	4h	318.36	+0.148%	$58K	$282K	10x	as long as short
SunX TAO-USDT	+0.0100%	4h	318.12	+0.072%	$1K	$1.9M	20x	as long as short
HTX TAO-USDTlong	+0.0100%	4h	317.89	long leg	$130K	$474K	20x
Phemex TAOUSDT	+0.0100%	4h	317.85	−0.013%	$3.4M	$7.9M	50x	as long as short
Aevo TAO-PERP	+0.0104%	1h	318.69	+0.252%	$175K	$998	3x	as long as short
Katana Perps TAO-USD	+0.0117%	8h	318.83	+0.296%	$1K	$715K	5x	as long as short
Polymarket Perps TAO-USD	+0.0127%	1h	318.52	+0.198%	$80K	$683K	5x	as long as short
Kraken Futures PF_TAOUSD	+0.0166%	1h	318.13	+0.076%	$5.6M	$20.5M	50x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0168% / S +0.0099%	1h	317.95	+0.020%	$435K	—	100x	as long as short
GRVT TAO_USDT_Perp	+0.0176%	4h	315.62	−0.714%	$520K	$954K	10x	as long as short
Bullet TAO-USD	+0.0259%	1h	318.36	+0.148%	$12K	$17K	20x	as long as short
Aster TAOUSDT	+0.0279%	4h	318.11	+0.069%	$1.2M	$9.4M	50x	as long as short
Pacifica TAO	+0.0285%	1h	318.84	+0.298%	$375K	$384K	10x	as long as short
Arcus TAO-USD	+0.0337%	1h	318.92	+0.324%	$100K	$529K	5x	as long as short
Paradex TAO-USD-PERP	+0.0376%	8h	318.73	+0.263%	$14K	$1K	10x	as long as short
Injective TAO/USDC PERP	+0.0470%	1h	318.67	+0.245%	$23K	$2K	12x	as long as short
Nado TAO-PERP	+0.0503%	1h	318.05	+0.050%	$794K	$2.1M	10x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0521%	1h	318.36	+0.148%	$22K	$1.5M	25x	as long as short
Phoenix TAO	+0.0588%	1h	316.00	−0.595%	$330K	$681K	5x	as long as short
01 Exchange TAOUSD	+0.0680%	1h	319.07	+0.371%	$3K	$4K	5x	as long as short
Reya TAORUSDPERP	+0.0696%	1h	318.03	+0.044%	$366	—	20x	as long as short
BingX TAO-USDT	+0.0800%	4h	317.92	+0.009%	—	$30.9M	—	as long as short
Bybit TAOUSDT	+0.0850%	4h	318.05	+0.050%	$67.5M	$138.6M	50x	as long as short
Variational Omni TAO	+0.0864%	4h	317.32	−0.180%	$5.5M	$8.9M	—	as long as short
Extended TAO-USD	+0.0944%	1h	318.18	+0.093%	$913K	$2.3M	25x	as long as short
Backpack TAO_USDC_PERP	+0.0950%	1h	318.14	+0.079%	$321K	$810K	10x	as long as short
Coinbase International TAO-PERP-INTX	+0.1024%	1h	318.88	+0.311%	$1.5M	$6.6M	50x	as long as short
RISEx TAO/USDC	+0.1132%	1h	318.64	+0.237%	$455K	$631K	5x	as long as short
Hyperliquid TAO	+0.1362%	1h	318.38	+0.154%	$101.2M	$95.3M	5x	as long as short
Lighter TAOshort	+0.1432%	1h	318.60	+0.223%	$1.7M	$6.1M	5x