Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0316%/8h= +34.6% APRpaid last 24h +0.120%

Price spread now: Lighter against edgeX+0.146%49s7-day average +0.071% · 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—prices read too far apart to compare

costs, in and out, $10k−$350.350% of the position

Long on edgeX Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.255%+$25 on $10k

Price spread, last 4 days (all we have)−0.564%−$56 · spread now +0.146%, 7d avg +0.071%

Together, before fees−0.309%+ Points / potential airdropedgeX: Active · Lighter: Season 3 · farm board−$31 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$9 a day on $10k at the current rate, and Lighter is 0.075% dearer against edgeX than usual: you sell high and buy low: +$7 more if the spread goes back to its 7-day average of +0.071%. The two prices were read 49 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	edgeX TAOUSDC	315.77	0.0100	pay 0.0050% / 4h	44m 24s	$35K	$304K	10x
Short	Lighter TAO	316.23	0.0416	get 0.0052% / 1h	44m 24s	$1.5M	$6.5M	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against edgeX. 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 edgeXbpFee LighterbpOrdersPrice spread, now +0.146%Rate

Funding earned: $66.36
Price spread: +0.146% → +0.071%: $7.47
Slippage, 4 orders: −$25.98
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Lighter: 0 bp × 2 orders: $0
Net: $38.86
Costs to cover: 0.350%
Break-even: 2.9 days

Slippage from edgeX: live order book, 14 min ago; Lighter: live order book, 9 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 edgeX live order book, 14 min ago	6.36 bp	10.9 bp −$11	22.7 bp −$227	doesn't fit	doesn't fit
Sell Lighter live order book, 9 min ago	2.10 bp	2.7 bp −$3	18.9 bp −$189	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
Bulk TAO-USD	−0.0482%	1h	315.13	−0.203%	$167K	$1K	10x	as long as short
dYdX TAO-USD	0.0000%	1h	315.83	+0.019%	$126K	$85K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	315.94	+0.055%	$20K	—	150x	as long as short
Kraken Futures PF_TAOUSD	+0.0056%	1h	315.97	+0.062%	$5.6M	$20.6M	50x	as long as short
Popdex TAOUSDT	+0.0096%	1h	316.25	+0.152%	$42K	$686K	20x	as long as short
Binance TAOUSDT	+0.0100%	4h	316.26	+0.155%	$91.2M	$489.8M	75x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	316.00	+0.073%	$26.0M	$119.7M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	315.80	+0.010%	$12.9M	$49.5M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	316.22	+0.143%	$105.7M	$142.3M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	316.09	+0.101%	$17.6M	$31.6M	75x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget TAOUSDT	+0.0100%	4h	315.79	+0.006%	$35.3M	$55.8M	50x	as long as short
edgeX TAOUSDClong	+0.0100%	4h	315.77	long leg	$35K	$304K	10x
ApeX Omni TAOUSDT	+0.0100%	1h	315.84	+0.022%	$46K	$252K	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	316.02	+0.079%	$89K	$790K	5x	as long as short
Bullet TAO-USD	+0.0100%	1h	316.27	+0.158%	$12K	$18K	20x	as long as short
SunX TAO-USDT	+0.0100%	4h	316.11	+0.108%	$1K	$1.9M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	315.84	+0.022%	$109K	$527K	20x	as long as short
Phemex TAOUSDT	+0.0100%	4h	315.90	+0.041%	$3.2M	$8.1M	50x	as long as short
Katana Perps TAO-USD	+0.0101%	8h	315.84	+0.022%	$647	$785K	5x	as long as short
Aevo TAO-PERP	+0.0104%	1h	315.98	+0.068%	$174K	$998	3x	as long as short
GRVT TAO_USDT_Perp	+0.0106%	4h	314.83	−0.297%	$524K	$944K	10x	as long as short
Orderly PERP_TAO_USDC	+0.0125%	4h	316.03	+0.082%	$57K	$275K	10x	as long as short
Bybit TAOUSDT	+0.0145%	4h	316.23	+0.146%	$68.8M	$146.5M	50x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0152% / S +0.0116%	1h	315.99	+0.069%	$429K	—	100x	as long as short
BingX TAO-USDT	+0.0184%	4h	316.10	+0.105%	—	$30.1M	—	as long as short
Paradex TAO-USD-PERP	+0.0192%	8h	315.91	+0.045%	$14K	$1K	10x	as long as short
Nado TAO-PERP	+0.0194%	1h	316.09	+0.102%	$808K	$2.2M	10x	as long as short
Aster TAOUSDT	+0.0221%	4h	316.19	+0.133%	$1.2M	$10.1M	50x	as long as short
01 Exchange TAOUSD	+0.0224%	1h	316.44	+0.212%	$3K	$4K	5x	as long as short
Hyperliquid TAO	+0.0269%	1h	316.36	+0.187%	$94.2M	$105.1M	5x	as long as short
Backpack TAO_USDC_PERP	+0.0309%	1h	316.07	+0.095%	$317K	$910K	10x	as long as short
Extended TAO-USD	+0.0328%	1h	316.26	+0.156%	$922K	$2.4M	25x	as long as short
BloFin TAO-USDT	+0.0340%	4h	316.23	+0.146%	$4.5M	$10.9M	100x	as long as short
Arcus TAO-USD	+0.0345%	1h	316.53	+0.241%	$100K	$488K	5x	as long as short
Pacifica TAO	+0.0365%	1h	316.04	+0.086%	$362K	$409K	10x	as long as short
Lighter TAOshort	+0.0416%	1h	316.23	+0.146%	$1.5M	$6.5M	5x
Deribit TAO_USDC-PERPETUAL	+0.0490%	1h	316.14	+0.118%	$11K	$1.6M	25x	as long as short
Phoenix TAO	+0.0581%	1h	316.10	+0.105%	$315K	$697K	5x	as long as short
Variational Omni TAO	+0.0641%	4h	315.94	+0.053%	$5.8M	$9.8M	—	as long as short
Reya TAORUSDPERP	+0.0696%	1h	316.15	+0.120%	$364	—	20x	as long as short
RISEx TAO/USDC	+0.0991%	1h	316.30	+0.168%	$437K	$658K	5x	as long as short
Coinbase International TAO-PERP-INTX	+0.1008%	1h	316.38	+0.193%	$1.5M	$6.6M	50x	as long as short
Injective TAO/USDC PERP	+0.4222%	1h	319.61	+1.216%	$23K	$2K	12x	as long as short