Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0260%/8h= −28.5% APRpaid last 24h −0.120%

Price spread now: Gate against Lighter−0.154%7-day average −0.066% · you buy dearer than you sell

Net, funding: paid 7d − costs−$72as in the Funding arb table

Net, price: spread back to 7d avg − costs−$58as in the Price arb table

costs, in and out, $10k−$490.493% of the position

Long on Lighter Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.224%−$22 on $10k

Price spread, last 7 days+0.130%+$13 · spread now −0.154%, 7d avg −0.066%

Together, before fees−0.093%+ Points / potential airdropLighter: Season 3 · farm board−$9 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$8 a day on $10k at the current rate, and Gate is 0.089% cheaper against Lighter than usual: you would sell low and buy high (−$9 if the spread goes back to its 7-day average of −0.066%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter TAO	314.69	0.0360	pay 0.0045% / 1h	49m 10s	$1.5M	$6.4M	5x
Short	Gate TAO_USDT	314.20	0.0100	get 0.0050% / 4h	49m 10s	$12.9M	$49.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.154%Rate

Funding earned: −$54.6
Price spread: −0.154% → −0.066%: −$8.88
Slippage, 4 orders: −$34.32
Fee Lighter: 0 bp × 2 orders: $0
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$112.8
Costs to cover: 0.493%
Break-even: never at this rate

Slippage from Lighter: live order book, 9 min ago; Gate: live order book, 5 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, 9 min ago	1.36 bp	3.6 bp −$4	24.2 bp −$242	doesn't fit	doesn't fit
Sell Gate live order book, 5 min ago	4.75 bp	19.7 bp −$20	36.5 bp −$365	69.3 bp −$6,930	115.4 bp −$57.7K

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	−0.0499%	1h	315.15	+0.147%	$167K	$1K	10x	as long as short
dYdX TAO-USD	0.0000%	1h	314.07	−0.195%	$125K	$85K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	313.92	−0.245%	$20K	—	150x	as long as short
Kraken Futures PF_TAOUSD	+0.0057%	1h	314.33	−0.114%	$5.5M	$20.6M	50x	as long as short
Popdex TAOUSDT	+0.0096%	1h	314.48	−0.065%	$41K	$685K	20x	as long as short
Binance TAOUSDT	+0.0100%	4h	314.50	−0.060%	$90.7M	$488.9M	75x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	314.50	−0.059%	$25.8M	$118.9M	50x	as long as short
Gate TAO_USDTshort	+0.0100%	4h	314.20	−0.154%	$12.9M	$49.4M	50x
MEXC TAO_USDT	+0.0100%	4h	314.46	−0.072%	$104.5M	$142.1M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	314.30	−0.123%	$17.5M	$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	314.31	−0.119%	$35.1M	$55.8M	50x	as long as short
edgeX TAOUSDC	+0.0100%	4h	316.19	+0.477%	$35K	$303K	10x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	314.46	−0.072%	$46K	$252K	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	314.00	−0.218%	$89K	$789K	5x	as long as short
Bullet TAO-USD	+0.0100%	1h	314.29	−0.126%	$12K	$18K	20x	as long as short
SunX TAO-USDT	+0.0100%	4h	314.27	−0.132%	$1K	$1.9M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	313.91	−0.247%	$109K	$527K	20x	as long as short
Phemex TAOUSDT	+0.0100%	4h	314.21	−0.151%	$3.2M	$8.2M	50x	as long as short
Aevo TAO-PERP	+0.0104%	1h	314.26	−0.135%	$173K	$998	3x	as long as short
Katana Perps TAO-USD	+0.0108%	8h	314.02	−0.212%	$668	$783K	5x	as long as short
GRVT TAO_USDT_Perp	+0.0122%	4h	316.28	+0.505%	$527K	$952K	10x	as long as short
Orderly PERP_TAO_USDC	+0.0124%	4h	314.19	−0.158%	$57K	$275K	10x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0153% / S +0.0116%	1h	314.00	−0.217%	$426K	—	100x	as long as short
Bybit TAOUSDT	+0.0183%	4h	314.67	−0.005%	$68.6M	$146.1M	50x	as long as short
01 Exchange TAOUSD	+0.0184%	1h	314.19	−0.158%	$3K	$4K	5x	as long as short
Paradex TAO-USD-PERP	+0.0199%	8h	314.37	−0.099%	$14K	$1K	10x	as long as short
Aster TAOUSDT	+0.0218%	4h	314.14	−0.174%	$1.2M	$10.1M	50x	as long as short
Hyperliquid TAO	+0.0236%	1h	314.61	−0.026%	$93.9M	$104.8M	5x	as long as short
BingX TAO-USDT	+0.0244%	4h	314.36	−0.104%	—	$30.2M	—	as long as short
Nado TAO-PERP	+0.0253%	1h	314.21	−0.150%	$818K	$2.2M	10x	as long as short
Backpack TAO_USDC_PERP	+0.0280%	1h	314.54	−0.046%	$315K	$913K	10x	as long as short
BloFin TAO-USDT	+0.0340%	4h	314.22	−0.148%	$4.5M	$10.8M	100x	as long as short
Arcus TAO-USD	+0.0345%	1h	314.37	−0.100%	$99K	$488K	5x	as long as short
Extended TAO-USD	+0.0352%	1h	314.14	−0.174%	$922K	$2.4M	25x	as long as short
Lighter TAOlong	+0.0360%	1h	314.69	long leg	$1.5M	$6.4M	5x
Pacifica TAO	+0.0365%	1h	314.30	−0.123%	$360K	$409K	10x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0456%	1h	314.35	−0.105%	$13K	$1.6M	25x	as long as short
Phoenix TAO	+0.0581%	1h	314.50	−0.059%	$313K	$697K	5x	as long as short
Variational Omni TAO	+0.0651%	4h	314.33	−0.113%	$5.8M	$9.8M	—	as long as short
Reya TAORUSDPERP	+0.0696%	1h	314.14	−0.173%	$361	—	20x	as long as short
RISEx TAO/USDC	+0.0991%	1h	314.28	−0.128%	$432K	$657K	5x	as long as short
Coinbase International TAO-PERP-INTX	+0.1008%	1h	315.00	+0.100%	$1.5M	$6.6M	50x	as long as short
Injective TAO/USDC PERP	+0.4222%	1h	319.61	+1.565%	$23K	$2K	12x	as long as short