Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0260%/8h= −28.5% APRpaid last 24h −0.123%

Price spread now: edgeX against Lighter+0.552%7-day average −0.071% · you sell dearer than you buy

Net, funding: paid 7d − costs−$54as in the Funding arb table

Net, price: spread back to 7d avg − costs+$32as in the Price arb table

costs, in and out, $10k−$300.302% of the position

Long on Lighter Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.243%−$24 on $10k

Price spread, last 4 days (all we have)−0.134%−$13 · spread now +0.552%, 7d avg −0.071%

Together, before fees−0.377%+ Points / potential airdropLighter: Season 3 · edgeX: Active · farm board−$38 on $10k · with fees, hour by hour

The price spread pays, funding is against you. edgeX is 0.623% dearer against Lighter than usual: you sell high and buy low (spread +0.552% now, against its 7-day average of −0.071%): +$62 on $10k if it goes back. Holding the pair costs −$8 a day in funding at the current rate, which eats that in about 8.0 days. At the pace of the last 7 days (−0.243% in total) that is about 18 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter TAO	312.45	0.0360	pay 0.0045% / 1h	51m 14s	$1.5M	$6.4M	5x
Short	edgeX TAOUSDC	314.18	0.0100	get 0.0050% / 4h	3h 51m	$42K	$312K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX 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 edgeXbpOrdersPrice spread, now +0.552%Rate

Funding earned: −$54.6
Price spread: +0.552% → −0.071%: $62.33
Slippage, 4 orders: −$21.17
Fee Lighter: 0 bp × 2 orders: $0
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$22.44
Costs to cover: 0.302%
Break-even: from the start

Slippage from Lighter: live order book, 7 min ago; edgeX: live order book, 2 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	1.73 bp	8.9 bp −$9	22.4 bp −$224	doesn't fit	doesn't fit
Sell edgeX live order book, 2 min ago	4.77 bp	9.3 bp −$9	24.0 bp −$240	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
Kraken Futures PF_TAOUSD	−0.0348%	1h	312.05	−0.130%	$5.5M	$20.6M	50x	as long as short
Gate TAO_USDT	−0.0174%	4h	312.60	+0.047%	$13.0M	$49.3M	50x	as long as short
dYdX TAO-USD	0.0000%	1h	312.75	+0.094%	$125K	$85K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	312.20	−0.081%	$20K	—	150x	as long as short
Popdex TAOUSDT	+0.0096%	1h	312.89	+0.140%	$43K	$653K	20x	as long as short
Katana Perps TAO-USD	+0.0098%	8h	312.72	+0.086%	$640	$808K	5x	as long as short
Pacifica TAO	+0.0100%	1h	313.11	+0.212%	$357K	$412K	10x	as long as short
Binance TAOUSDT	+0.0100%	4h	312.25	−0.066%	$90.0M	$496.6M	75x	as long as short
Bybit TAOUSDT	+0.0100%	4h	312.35	−0.033%	$67.3M	$149.5M	50x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	312.20	−0.081%	$25.9M	$120.0M	50x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bulk TAO-USD	+0.0100%	1h	315.10	+0.847%	$167K	$2K	10x	as long as short
MEXC TAO_USDT	+0.0100%	4h	312.23	−0.071%	$100.9M	$143.8M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	312.14	−0.100%	$17.7M	$31.2M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	312.01	−0.141%	$34.9M	$56.6M	50x	as long as short
BingX TAO-USDT	+0.0100%	4h	312.36	−0.029%	—	$33.0M	—	as long as short
edgeX TAOUSDCshort	+0.0100%	4h	314.18	+0.552%	$42K	$312K	10x
ApeX Omni TAOUSDT	+0.0100%	1h	314.25	+0.575%	$46K	$255K	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	312.66	+0.067%	$81K	$866K	5x	as long as short
Bullet TAO-USD	+0.0100%	1h	312.58	+0.042%	$11K	$18K	20x	as long as short
SunX TAO-USDT	+0.0100%	4h	312.24	−0.068%	$1K	$1.9M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	311.74	−0.228%	$109K	$536K	20x	as long as short
Aevo TAO-PERP	+0.0104%	1h	312.30	−0.049%	$172K	$998	3x	as long as short
GRVT TAO_USDT_Perp	+0.0112%	4h	314.50	+0.656%	$533K	$955K	10x	as long as short
Orderly PERP_TAO_USDC	+0.0121%	4h	312.18	−0.087%	$52K	$270K	10x	as long as short
Aster TAOUSDT	+0.0140%	4h	312.75	+0.094%	$1.2M	$10.4M	50x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0142% / S +0.0125%	1h	312.15	−0.097%	$424K	—	100x	as long as short
Paradex TAO-USD-PERP	+0.0143%	8h	313.15	+0.223%	$14K	$1K	10x	as long as short
Hyperliquid TAO	+0.0149%	1h	312.85	+0.127%	$91.8M	$106.7M	5x	as long as short
Extended TAO-USD	+0.0184%	1h	312.20	−0.080%	$918K	$2.4M	25x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0230%	1h	312.20	−0.079%	$21K	$1.7M	25x	as long as short
Arcus TAO-USD	+0.0231%	1h	313.15	+0.223%	$101K	$441K	5x	as long as short
Nado TAO-PERP	+0.0240%	1h	312.95	+0.160%	$794K	$2.2M	10x	as long as short
BloFin TAO-USDT	+0.0340%	4h	312.43	−0.007%	$4.5M	$10.8M	100x	as long as short
Lighter TAOlong	+0.0360%	1h	312.45	long leg	$1.5M	$6.4M	5x
Variational Omni TAO	+0.0362%	4h	313.70	+0.399%	$5.6M	$9.9M	—	as long as short
01 Exchange TAOUSD	+0.0400%	1h	313.00	+0.175%	$3K	$4K	5x	as long as short
Backpack TAO_USDC_PERP	+0.0414%	1h	313.82	+0.438%	$312K	$914K	10x	as long as short
Phoenix TAO	+0.0457%	1h	313.90	+0.463%	$312K	$711K	5x	as long as short
Reya TAORUSDPERP	+0.0697%	1h	312.66	+0.067%	$360	—	20x	as long as short
RISEx TAO/USDC	+0.0816%	1h	312.87	+0.132%	$434K	$653K	5x	as long as short
Coinbase International TAO-PERP-INTX	+0.0952%	1h	312.56	+0.035%	$1.5M	$6.6M	50x	as long as short
Phemex TAOUSDT	+0.1673%	4h	312.34	−0.036%	$3.2M	$8.1M	50x	as long as short
Injective TAO/USDC PERP	+0.4092%	1h	317.38	+1.577%	$23K	$2K	12x	as long as short