Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.1516%/8h= −166.0% APRpaid last 24h −0.081%

Price spread now: HTX against Lighter−0.315%7-day average −0.181% · you buy dearer than you sell

Net, funding: paid 7d − costs−$213as in the Funding arb table

Net, price: spread back to 7d avg − costs−$206as in the Price arb table

costs, in and out, $10k−$1921.924% of the position

Long on Lighter Short on HTX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.209%−$21 on $10k

Price spread, last 3 days (all we have)+0.130%+$13 · spread now −0.315%, 7d avg −0.181%

Together, before fees−0.080%+ Points / potential airdropLighter: Season 3 · farm board−$8 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$45 a day on $10k at the current rate, and HTX is 0.135% cheaper against Lighter than usual: you would sell low and buy high (−$13 if the spread goes back to its 7-day average of −0.181%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.209% in total (about -10.9% 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	Lighter TAO	308.86	0.1616	pay 0.0202% / 1h	56m 08s	$1.6M	$6.0M	5x
Short	HTX TAO-USDT	307.89	0.0100	get 0.0050% / 4h	2h 56m	$117K	$447K	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 −0.315%Rate

Funding earned: −$318.36
Price spread: −0.315% → −0.181%: −$13.45
Slippage, 4 orders: −$180.37
Fee Lighter: 0 bp × 2 orders: $0
Fee HTX: 6 bp × 2 orders: −$12
Net: −$524.18
Costs to cover: 1.924%
Break-even: never at this rate

Slippage from Lighter: live order book, 7 min ago; HTX: live order book, 12 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, 7 min ago	3.65 bp	9.7 bp −$10	23.0 bp −$230	doesn't fit	doesn't fit
Sell HTX live order book, 12 min ago	21.48 bp	73.2 bp −$73	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	308.50	−0.118%	$123K	$89K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0002%	1h	308.15	−0.229%	$12K	—	150x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0028%	1h	308.59	−0.089%	$16K	$1.5M	25x	as long as short
Popdex TAOUSDT	+0.0096%	1h	308.39	−0.153%	$44K	$612K	20x	as long as short
Binance TAOUSDT	+0.0100%	4h	308.67	−0.062%	$88.5M	$457.5M	75x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	308.90	+0.012%	$25.1M	$107.7M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	308.10	−0.247%	$12.5M	$49.1M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	308.34	−0.169%	$98.5M	$135.6M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	308.59	−0.088%	$18.0M	$30.0M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	308.25	−0.198%	$34.2M	$52.3M	50x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
edgeX TAOUSDC	+0.0100%	4h	312.75	+1.260%	$35K	$297K	10x	as long as short
GRVT TAO_USDT_Perp	+0.0100%	4h	312.72	+1.249%	$521K	$962K	10x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	313.12	+1.378%	$48K	$267K	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	308.66	−0.066%	$91K	$672K	5x	as long as short
Orderly PERP_TAO_USDC	+0.0100%	4h	308.43	−0.140%	$56K	$330K	10x	as long as short
SunX TAO-USDT	+0.0100%	4h	308.67	−0.062%	$2K	$1.9M	20x	as long as short
HTX TAO-USDTshort	+0.0100%	4h	307.89	−0.315%	$117K	$447K	20x
Aevo TAO-PERP	+0.0104%	1h	308.22	−0.209%	$169K	$998	3x	as long as short
Bullet TAO-USD	+0.0114%	1h	308.38	−0.156%	$11K	$17K	20x	as long as short
Katana Perps TAO-USD	+0.0117%	8h	308.75	−0.037%	$632	$662K	5x	as long as short
Aster TAOUSDT	+0.0151%	4h	308.54	−0.105%	$1.2M	$9.0M	50x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0171% / S +0.0096%	1h	308.11	−0.243%	$419K	—	100x	as long as short
Kraken Futures PF_TAOUSD	+0.0171%	1h	308.37	−0.160%	$5.5M	$20.4M	50x	as long as short
Paradex TAO-USD-PERP	+0.0230%	8h	308.70	−0.052%	$14K	$1K	10x	as long as short
Pacifica TAO	+0.0285%	1h	308.45	−0.134%	$365K	$373K	10x	as long as short
Arcus TAO-USD	+0.0337%	1h	309.08	+0.070%	$82K	$550K	5x	as long as short
BloFin TAO-USDT	+0.0340%	4h	309.68	+0.265%	$4.4M	$10.5M	100x	as long as short
Injective TAO/USDC PERP	+0.0470%	1h	316.84	+2.583%	$23K	$2K	12x	as long as short
Phoenix TAO	+0.0525%	1h	313.80	+1.598%	$328K	$620K	5x	as long as short
Bulk TAO-USD	+0.0529%	1h	316.43	+2.450%	$168K	$40K	10x	as long as short
01 Exchange TAOUSD	+0.0560%	1h	309.07	+0.067%	$3K	$4K	5x	as long as short
Backpack TAO_USDC_PERP	+0.0607%	1h	308.49	−0.121%	$312K	$818K	10x	as long as short
Variational Omni TAO	+0.0654%	4h	308.57	−0.096%	$5.3M	$8.8M	—	as long as short
Reya TAORUSDPERP	+0.0696%	1h	308.54	−0.104%	$355	—	20x	as long as short
BingX TAO-USDT	+0.0704%	4h	308.34	−0.169%	—	$30.8M	—	as long as short
Bybit TAOUSDT	+0.0750%	4h	308.90	+0.012%	$62.9M	$135.2M	50x	as long as short
Nado TAO-PERP	+0.0895%	1h	308.54	−0.106%	$760K	$2.1M	10x	as long as short
Hyperliquid TAO	+0.1022%	1h	308.91	+0.015%	$98.1M	$92.6M	5x	as long as short
Coinbase International TAO-PERP-INTX	+0.1024%	1h	309.22	+0.116%	$1.5M	$6.3M	50x	as long as short
Extended TAO-USD	+0.1032%	1h	308.64	−0.071%	$893K	$2.4M	25x	as long as short
RISEx TAO/USDC	+0.1132%	1h	308.89	+0.008%	$410K	$602K	5x	as long as short
Phemex TAOUSDT	+0.1292%	4h	308.30	−0.182%	$3.3M	$7.9M	50x	as long as short
Lighter TAOlong	+0.1616%	1h	308.86	long leg	$1.6M	$6.0M	5x