Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0187%/8h= −20.5% APRpaid last 24h −0.067%

Price spread now: BloFin against Lighter−0.082%7-day average −0.054% · you buy dearer than you sell

Net, funding: paid 7d − costs−$19as in the Funding arb table

Net, price: spread back to 7d avg − costs−$43as in the Price arb table

costs, in and out, $10k−$400.396% of the position

Long on Lighter Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.203%+$20 on $10k

Price spread, last 4 days (all we have)+0.015%+$2 · spread now −0.082%, 7d avg −0.054%

Together, before fees+0.218%+ Points / potential airdropLighter: Season 3 · farm board+$22 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and BloFin is 0.029% cheaper against Lighter than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of −0.054%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.203%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter TAO	316.59	0.0592	pay 0.0074% / 1h	44m 58s	$1.6M	$6.6M	5x
Short	BloFin TAO-USDT	316.33	0.0405	get 0.0202% / 4h	3h 44m	$4.8M	$10.8M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now −0.082%Rate

Funding earned: −$39.3
Price spread: −0.082% → −0.054%: −$2.89
Slippage, 4 orders: −$27.65
Fee Lighter: 0 bp × 2 orders: $0
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$81.84
Costs to cover: 0.396%
Break-even: never at this rate

Slippage from Lighter: live order book, 3 min ago; BloFin: live order book, 4 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, 3 min ago	2.54 bp	7.6 bp −$8	18.8 bp −$188	doesn't fit	doesn't fit
Sell BloFin live order book, 4 min ago	3.79 bp	10.8 bp −$11	15.5 bp −$155	39.1 bp −$3,908	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	315.91	−0.215%	$22K	—	150x	as long as short
dYdX TAO-USD	+0.0061%	1h	316.46	−0.043%	$127K	$86K	5x	as long as short
Popdex TAOUSDT	+0.0096%	1h	316.69	+0.031%	$50K	$715K	20x	as long as short
Katana Perps TAO-USD	+0.0100%	8h	316.39	−0.063%	$647	$1.2M	5x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	316.40	−0.060%	$26.3M	$131.0M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	316.00	−0.187%	$14.8M	$49.2M	50x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	316.13	−0.146%	$17.7M	$32.4M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	316.09	−0.158%	$35.6M	$57.8M	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	316.40	−0.060%	$87K	$1.2M	5x	as long as short
SunX TAO-USDT	+0.0100%	4h	316.40	−0.060%	$1K	$1.9M	20x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX TAO-USDT	+0.0100%	4h	315.77	−0.259%	$116K	$589K	20x	as long as short
Phemex TAOUSDT	+0.0100%	4h	316.33	−0.082%	$3.2M	$8.2M	50x	as long as short
Aevo TAO-PERP	+0.0120%	1h	316.46	−0.041%	$174K	$998	3x	as long as short
MEXC TAO_USDT	+0.0164%	4h	316.32	−0.086%	$104.3M	$151.6M	300x	as long as short
edgeX TAOUSDC	+0.0164%	4h	316.63	+0.014%	$42K	$321K	10x	as long as short
Binance TAOUSDT	+0.0165%	4h	316.40	−0.060%	$92.4M	$531.9M	75x	as long as short
Orderly PERP_TAO_USDC	+0.0206%	4h	316.26	−0.105%	$54K	$299K	10x	as long as short
Bullet TAO-USD	+0.0210%	1h	316.26	−0.104%	$12K	$17K	20x	as long as short
GRVT TAO_USDT_Perp	+0.0228%	4h	316.92	+0.103%	$542K	$887K	10x	as long as short
Bulk TAO-USD	+0.0233%	1h	316.19	−0.127%	$168K	$0	10x	as long as short
Paradex TAO-USD-PERP	+0.0247%	8h	316.50	−0.029%	$14K	$876	10x	as long as short
ApeX Omni TAOUSDT	+0.0291%	1h	317.19	+0.189%	$46K	$257K	50x	as long as short
Bybit TAOUSDT	+0.0319%	4h	316.48	−0.035%	$69.7M	$156.2M	50x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0325%	1h	316.26	−0.103%	$15K	$1.9M	25x	as long as short
Aster TAOUSDT	+0.0327%	4h	316.32	−0.086%	$1.2M	$11.1M	50x	as long as short
Pacifica TAO	+0.0349%	1h	316.52	−0.024%	$371K	$442K	10x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0362% / S −0.0107%	1h	315.88	−0.226%	$372K	—	100x	as long as short
Extended TAO-USD	+0.0376%	1h	316.25	−0.108%	$899K	$2.4M	25x	as long as short
Arcus TAO-USD	+0.0404%	1h	316.79	+0.063%	$100K	$376K	5x	as long as short
BloFin TAO-USDTshort	+0.0405%	4h	316.33	−0.082%	$4.8M	$10.8M	100x
Hyperliquid TAO	+0.0497%	1h	316.44	−0.048%	$93.2M	$110.2M	5x	as long as short
BingX TAO-USDT	+0.0568%	4h	316.30	−0.092%	—	$37.4M	—	as long as short
Nado TAO-PERP	+0.0568%	1h	316.40	−0.059%	$768K	$2.0M	10x	as long as short
Phoenix TAO	+0.0578%	1h	315.60	−0.313%	$317K	$714K	5x	as long as short
Lighter TAOlong	+0.0592%	1h	316.59	long leg	$1.6M	$6.6M	5x
01 Exchange TAOUSD	+0.0616%	1h	317.02	+0.136%	$3K	$4K	5x	as long as short
Variational Omni TAO	+0.0622%	4h	316.65	+0.020%	$5.6M	$10.1M	—	as long as short
Reya TAORUSDPERP	+0.0698%	1h	316.19	−0.126%	$364	—	20x	as long as short
Backpack TAO_USDC_PERP	+0.0757%	1h	316.39	−0.063%	$316K	$1.0M	10x	as long as short
Kraken Futures PF_TAOUSD	+0.0787%	1h	316.43	−0.051%	$6.0M	$21.3M	50x	as long as short
RISEx TAO/USDC	+0.0840%	1h	316.52	−0.022%	$446K	$673K	5x	as long as short
Coinbase International TAO-PERP-INTX	+0.0944%	1h	316.61	+0.006%	$1.2M	$7.3M	50x	as long as short
Injective TAO/USDC PERP	+0.3512%	1h	319.36	+0.875%	$23K	$2K	12x	as long as short