Funding arb · Price arb /

TAO

all TAO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0291%/8h= −31.9% APRpaid last 24h −0.120%

Price spread now: Orderly against Lighter−0.040%7-day average −0.064% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Lighter Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days−0.316%−$32 on $10k

Price spread, last 4 days (all we have)−0.033%−$3 · spread now −0.040%, 7d avg −0.064%

Together, before fees−0.349%+ Points / potential airdropLighter: Season 3 · farm board−$35 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Orderly is 0.024% dearer against Lighter than usual: you sell high and buy low (spread −0.040% now, against its 7-day average of −0.064%): +$2 on $10k if it goes back. Holding the pair costs −$9 a day in funding at the current rate, which eats that in about 7 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter TAO	316.16	0.0416	pay 0.0052% / 1h	43m 46s	$1.5M	$6.5M	5x
Short	Orderly PERP_TAO_USDC	316.03	0.0125	get 0.0062% / 4h	43m 46s	$57K	$275K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.040%Rate

Funding earned: −$61.19
Price spread: −0.040% → −0.064%: $2.4
Slippage, 4 orders: no order book: not counted
Fee Lighter: 0 bp × 2 orders: $0
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$64.78
Costs to cover: 0.060%
Break-even: never at this rate

Slippage unknown: Lighter: live order book, 9 min ago; Orderly: no order-book sample. Net counts fees only.

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	2.10 bp	10.6 bp −$11	24.7 bp −$247	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.325%	$167K	$1K	10x	as long as short
dYdX TAO-USD	0.0000%	1h	315.83	−0.103%	$126K	$85K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	315.94	−0.067%	$20K	—	150x	as long as short
Kraken Futures PF_TAOUSD	+0.0056%	1h	315.92	−0.074%	$5.6M	$20.6M	50x	as long as short
Popdex TAOUSDT	+0.0096%	1h	316.25	+0.029%	$42K	$686K	20x	as long as short
Binance TAOUSDT	+0.0100%	4h	315.99	−0.053%	$91.1M	$489.8M	75x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	315.90	−0.081%	$25.9M	$119.7M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	315.60	−0.176%	$12.9M	$49.5M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	315.85	−0.097%	$105.7M	$142.4M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	315.53	−0.198%	$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	315.69	−0.148%	$35.3M	$55.8M	50x	as long as short
edgeX TAOUSDC	+0.0100%	4h	315.77	−0.122%	$35K	$304K	10x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	315.84	−0.100%	$46K	$252K	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	316.02	−0.043%	$89K	$790K	5x	as long as short
Bullet TAO-USD	+0.0100%	1h	316.27	+0.036%	$12K	$18K	20x	as long as short
SunX TAO-USDT	+0.0100%	4h	316.17	+0.004%	$1K	$1.9M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	315.85	−0.097%	$109K	$527K	20x	as long as short
Phemex TAOUSDT	+0.0100%	4h	315.75	−0.129%	$3.2M	$8.1M	50x	as long as short
Katana Perps TAO-USD	+0.0101%	8h	315.84	−0.100%	$647	$785K	5x	as long as short
Aevo TAO-PERP	+0.0104%	1h	315.98	−0.055%	$174K	$998	3x	as long as short
GRVT TAO_USDT_Perp	+0.0106%	4h	314.83	−0.419%	$524K	$944K	10x	as long as short
Orderly PERP_TAO_USDCshort	+0.0125%	4h	316.03	−0.040%	$57K	$275K	10x
Bybit TAOUSDT	+0.0145%	4h	316.08	−0.024%	$68.8M	$146.5M	50x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0152% / S +0.0116%	1h	315.99	−0.054%	$429K	—	100x	as long as short
BingX TAO-USDT	+0.0184%	4h	315.91	−0.078%	—	$30.1M	—	as long as short
Paradex TAO-USD-PERP	+0.0192%	8h	315.91	−0.078%	$14K	$1K	10x	as long as short
Nado TAO-PERP	+0.0194%	1h	316.09	−0.020%	$808K	$2.2M	10x	as long as short
Aster TAOUSDT	+0.0221%	4h	315.94	−0.069%	$1.2M	$10.1M	50x	as long as short
01 Exchange TAOUSD	+0.0224%	1h	316.44	+0.090%	$3K	$4K	5x	as long as short
Hyperliquid TAO	+0.0273%	1h	316.09	−0.021%	$94.1M	$105.2M	5x	as long as short
Backpack TAO_USDC_PERP	+0.0310%	1h	315.96	−0.062%	$316K	$910K	10x	as long as short
Extended TAO-USD	+0.0320%	1h	315.74	−0.131%	$922K	$2.4M	25x	as long as short
BloFin TAO-USDT	+0.0340%	4h	316.23	+0.023%	$4.5M	$10.9M	100x	as long as short
Arcus TAO-USD	+0.0345%	1h	316.53	+0.118%	$100K	$488K	5x	as long as short
Pacifica TAO	+0.0365%	1h	316.04	−0.037%	$362K	$409K	10x	as long as short
Lighter TAOlong	+0.0416%	1h	316.16	long leg	$1.5M	$6.5M	5x
Deribit TAO_USDC-PERPETUAL	+0.0513%	1h	316.00	−0.049%	$11K	$1.6M	25x	as long as short
Phoenix TAO	+0.0581%	1h	316.10	−0.018%	$315K	$697K	5x	as long as short
Variational Omni TAO	+0.0641%	4h	315.94	−0.070%	$5.8M	$9.8M	—	as long as short
Reya TAORUSDPERP	+0.0696%	1h	316.15	−0.003%	$364	—	20x	as long as short
RISEx TAO/USDC	+0.0991%	1h	316.30	+0.045%	$437K	$658K	5x	as long as short
Coinbase International TAO-PERP-INTX	+0.1008%	1h	316.38	+0.071%	$1.5M	$6.6M	50x	as long as short
Injective TAO/USDC PERP	+0.4222%	1h	319.61	+1.092%	$23K	$2K	12x	as long as short