Funding arb · Price arb /

TAO

all TAO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0114%/8h= +12.5% APRpaid last 24h +0.134%

Price spread now: Lighter against Bybit+0.070%7-day average +0.036% · you sell dearer than you buy

Net, funding: paid 7d − costs−$10as in the Funding arb table

Net, price: spread back to 7d avg − costs−$28as in the Price arb table

costs, in and out, $10k−$310.310% of the position

Long on Bybit Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.208%+$21 on $10k

Price spread, last 7 days−0.077%−$8 · spread now +0.070%, 7d avg +0.036%

Together, before fees+0.131%+ Points / potential airdropLighter: Season 3 · farm board+$13 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Lighter is 0.034% dearer against Bybit than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of +0.036%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit TAOUSDT	315.23	0.0566	pay 0.0283% / 4h	3h 50m	$69.4M	$156.3M	50x
Short	Lighter TAO	315.45	0.0680	get 0.0085% / 1h	50m 16s	$1.6M	$6.6M	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Bybit. 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 BybitbpFee LighterbpOrdersPrice spread, now +0.070%Rate

Funding earned: $23.99
Price spread: +0.070% → +0.036%: $3.43
Slippage, 4 orders: −$20.03
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Lighter: 0 bp × 2 orders: $0
Net: −$3.61
Costs to cover: 0.310%
Break-even: 8.1 days

Slippage from Bybit: live order book, 4 min ago; Lighter: live order book, 8 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 Bybit live order book, 4 min ago	0.16 bp	8.5 bp −$8	18.7 bp −$187	54.7 bp −$5,470	doesn't fit
Sell Lighter live order book, 8 min ago	1.81 bp	4.6 bp −$5	19.5 bp −$195	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
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0005%	1h	316.03	+0.254%	$22K	—	150x	as long as short
dYdX TAO-USD	+0.0095%	1h	315.36	+0.041%	$127K	$86K	5x	as long as short
Popdex TAOUSDT	+0.0096%	1h	315.31	+0.025%	$49K	$717K	20x	as long as short
Katana Perps TAO-USD	+0.0100%	8h	315.22	−0.003%	$2K	$1.2M	5x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	315.20	−0.010%	$26.3M	$130.5M	50x	as long as short
Bulk TAO-USD	+0.0100%	1h	317.09	+0.590%	$168K	$0	10x	as long as short
Gate TAO_USDT	+0.0100%	4h	315.10	−0.041%	$14.8M	$49.1M	50x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	315.18	−0.016%	$17.7M	$32.5M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	315.00	−0.073%	$35.5M	$57.7M	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	315.00	−0.073%	$86K	$1.2M	5x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX TAO-USDT	+0.0100%	4h	315.12	−0.035%	$2K	$1.9M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	315.16	−0.022%	$115K	$589K	20x	as long as short
Aevo TAO-PERP	+0.0120%	1h	315.56	+0.103%	$173K	$998	3x	as long as short
GRVT TAO_USDT_Perp	+0.0140%	4h	316.42	+0.376%	$542K	$887K	10x	as long as short
MEXC TAO_USDT	+0.0164%	4h	315.17	−0.019%	$103.5M	$151.4M	300x	as long as short
Binance TAOUSDT	+0.0164%	4h	315.18	−0.016%	$92.2M	$531.7M	75x	as long as short
edgeX TAOUSDC	+0.0167%	4h	316.51	+0.406%	$42K	$320K	10x	as long as short
Orderly PERP_TAO_USDC	+0.0200%	4h	315.39	+0.051%	$54K	$299K	10x	as long as short
Paradex TAO-USD-PERP	+0.0251%	8h	315.53	+0.095%	$14K	$876	10x	as long as short
Bullet TAO-USD	+0.0268%	1h	315.40	+0.054%	$12K	$17K	20x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0302%	1h	315.24	+0.003%	$15K	$1.9M	25x	as long as short
ApeX Omni TAOUSDT	+0.0308%	1h	316.74	+0.479%	$46K	$259K	50x	as long as short
Aster TAOUSDT	+0.0322%	4h	315.24	+0.003%	$1.2M	$11.1M	50x	as long as short
Pacifica TAO	+0.0349%	1h	315.64	+0.130%	$370K	$454K	10x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0365% / S −0.0107%	1h	315.02	−0.068%	$370K	—	100x	as long as short
Extended TAO-USD	+0.0384%	1h	315.25	+0.007%	$894K	$2.4M	25x	as long as short
BloFin TAO-USDT	+0.0404%	4h	315.64	+0.130%	$4.8M	$10.8M	100x	as long as short
Arcus TAO-USD	+0.0404%	1h	315.74	+0.162%	$99K	$377K	5x	as long as short
Bybit TAOUSDTlong	+0.0566%	4h	315.23	long leg	$69.4M	$156.3M	50x
Hyperliquid TAO	+0.0566%	1h	315.43	+0.063%	$93.1M	$109.9M	5x	as long as short
Phoenix TAO	+0.0578%	1h	316.50	+0.403%	$318K	$714K	5x	as long as short
Nado TAO-PERP	+0.0582%	1h	315.35	+0.036%	$774K	$2.0M	10x	as long as short
Variational Omni TAO	+0.0612%	4h	316.00	+0.245%	$5.6M	$10.1M	—	as long as short
01 Exchange TAOUSD	+0.0640%	1h	315.52	+0.092%	$3K	$4K	5x	as long as short
Lighter TAOshort	+0.0680%	1h	315.45	+0.070%	$1.6M	$6.6M	5x
Reya TAORUSDPERP	+0.0698%	1h	315.29	+0.020%	$363	—	20x	as long as short
Kraken Futures PF_TAOUSD	+0.0789%	1h	315.30	+0.023%	$5.9M	$21.3M	50x	as long as short
Backpack TAO_USDC_PERP	+0.0806%	1h	315.48	+0.079%	$315K	$1.0M	10x	as long as short
RISEx TAO/USDC	+0.0840%	1h	315.33	+0.033%	$447K	$667K	5x	as long as short
Coinbase International TAO-PERP-INTX	+0.0944%	1h	315.68	+0.143%	$1.2M	$7.2M	50x	as long as short
BingX TAO-USDT	+0.1210%	4h	315.34	+0.035%	—	$37.4M	—	as long as short
Phemex TAOUSDT	+0.1665%	4h	315.15	−0.025%	$3.2M	$8.2M	50x	as long as short
Injective TAO/USDC PERP	+0.3512%	1h	321.91	+2.119%	$23K	$2K	12x	as long as short