TAO

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0855%/8h= +93.6% APRnext payment +$1.07 per $10,000 · paid last 24h +0.067%

Price spread now: Lighter against Deribit+0.170%7-day average +0.054% · you sell dearer than you buy

Net, funding: paid 7d − costs+$5as in the Funding arb table

Net, price: spread back to 7d avg − costs−$17as in the Price arb table

costs, in and out, $10k−$290.287% of the position

Long on Deribit Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.336%+$34 on $10k

Price spread, last 3 days (all we have)−0.122%−$12 · spread now +0.170%, 7d avg +0.054%

Together, before fees+0.213%+ Points / potential airdropLighter: Season 3 · farm board+$21 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$26 a day on $10k at the current rate, and Lighter is 0.116% dearer against Deribit than usual: you sell high and buy low: +$12 more if the spread goes back to its 7-day average of +0.054%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.336% in total (about 17.5% a year). A funding rate is set anew for every payment; at this rate the next one is about +$1.07 per $10,000. 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	Deribit TAO_USDC-PERPETUAL	307.79	0.0065	pay 0.0008% / 1h	22m 04s	$15K	$1.3M	25x
Short	Lighter TAO	308.31	0.0920	get 0.0115% / 1h	22m 04s	$1.7M	$4.8M	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Deribit. 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 DeribitbpFee LighterbpOrdersPrice spread, now +0.170%Rate

Funding earned: $179.55
Price spread: +0.170% → +0.054%: $11.57
Slippage, 4 orders: −$21.73
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Lighter: 0 bp × 2 orders: $0
Net: $162.39
Costs to cover: 0.287%
Break-even: 0.7 days

Slippage from Deribit: live order book, 2 min ago; Lighter: live order book, 6 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 Deribit live order book, 2 min ago	6.33 bp	9.8 bp −$10	19.5 bp −$195	doesn't fit	doesn't fit
Sell Lighter live order book, 6 min ago	1.62 bp	4.0 bp −$4	17.6 bp −$176	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	306.98	−0.260%	$129K	$84K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0007%	1h	307.58	−0.067%	$26K	—	150x	as long as short
Deribit TAO_USDC-PERPETUALlong	+0.0065%	1h	307.79	long leg	$15K	$1.3M	25x
Popdex TAOUSDT	+0.0096%	1h	307.31	−0.154%	$41K	$530K	20x	as long as short
Pacifica TAO	+0.0100%	1h	307.16	−0.204%	$363K	$401K	10x	as long as short
Binance TAOUSDT	+0.0100%	4h	308.12	+0.109%	$86.1M	$404.1M	75x	as long as short
Bybit TAOUSDT	+0.0100%	4h	308.19	+0.132%	$59.5M	$118.4M	50x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	308.10	+0.102%	$25.4M	$93.4M	50x	as long as short
Arcus TAO-USD	+0.0100%	1h	307.57	−0.070%	$137K	$598K	5x	as long as short
Bulk TAO-USD	+0.0100%	1h	307.07	−0.232%	$201K	$57K	10x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate TAO_USDT	+0.0100%	4h	307.90	+0.037%	$12.2M	$48.2M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	308.17	+0.125%	$114.4M	$124.0M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	308.04	+0.083%	$18.6M	$26.4M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	308.14	+0.115%	$34.5M	$44.5M	50x	as long as short
BingX TAO-USDT	+0.0100%	4h	308.01	+0.073%	—	$30.4M	—	as long as short
Variational Omni TAO	+0.0100%	4h	305.90	−0.613%	$3.6M	$6.5M	—	as long as short
edgeX TAOUSDC	+0.0100%	4h	305.13	−0.864%	$39K	$276K	10x	as long as short
GRVT TAO_USDT_Perp	+0.0100%	4h	305.16	−0.854%	$535K	$967K	10x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	304.90	−0.937%	$46K	$267K	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	307.62	−0.054%	$78K	$675K	5x	as long as short
Bullet TAO-USD	+0.0100%	1h	307.59	−0.063%	$11K	$18K	20x	as long as short
Orderly PERP_TAO_USDC	+0.0100%	4h	307.72	−0.021%	$59K	$276K	10x	as long as short
SunX TAO-USDT	+0.0100%	4h	307.60	−0.060%	$2K	$1.8M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	307.77	−0.005%	$121K	$353K	20x	as long as short
Phemex TAOUSDT	+0.0100%	4h	307.46	−0.106%	$3.3M	$7.9M	50x	as long as short
Aevo TAO-PERP	+0.0104%	1h	307.87	+0.026%	$169K	$998	3x	as long as short
Katana Perps TAO-USD	+0.0112%	8h	307.46	−0.106%	$879	$438K	5x	as long as short
Paradex TAO-USD-PERP	+0.0163%	8h	307.04	−0.243%	$14K	$1K	10x	as long as short
Aster TAOUSDT	+0.0166%	4h	307.88	+0.031%	$1.1M	$7.5M	50x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0174% / S +0.0069%	1h	307.54	−0.079%	$439K	—	100x	as long as short
Phoenix TAO	+0.0234%	1h	307.30	−0.158%	$325K	$462K	5x	as long as short
Nado TAO-PERP	+0.0296%	1h	307.37	−0.136%	$843K	$1.9M	10x	as long as short
BloFin TAO-USDT	+0.0340%	4h	307.69	−0.031%	$4.3M	$9.4M	100x	as long as short
01 Exchange TAOUSD	+0.0520%	1h	307.64	−0.047%	$3K	$4K	5x	as long as short
Reya TAORUSDPERP	+0.0694%	1h	307.54	−0.078%	$354	—	20x	as long as short
Extended TAO-USD	+0.0704%	1h	307.79	0.000%	$906K	$2.0M	25x	as long as short
Lighter TAOshort	+0.0920%	1h	308.31	+0.170%	$1.7M	$4.8M	5x
Coinbase International TAO-PERP-INTX	+0.0960%	1h	308.55	+0.248%	$1.5M	$5.4M	50x	as long as short
Kraken Futures PF_TAOUSD	+0.1024%	1h	307.99	+0.067%	$6.3M	$19.2M	50x	as long as short
RISEx TAO/USDC	+0.1053%	1h	307.57	−0.068%	$414K	$537K	5x	as long as short
Backpack TAO_USDC_PERP	+0.1094%	1h	308.20	+0.135%	$445K	$715K	10x	as long as short
Hyperliquid TAO	+0.1746%	1h	308.87	+0.352%	$94.5M	$75.7M	5x	as long as short
Injective TAO/USDC PERP	+0.4876%	1h	305.96	−0.593%	$22K	$171	12x	as long as short