Funding arb · Price arb /

TAO

all TAO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0820%/8h= −89.8% APRpaid last 24h −0.056%

Price spread now: Phemex against Lighter−0.208%7-day average −0.070% · you buy dearer than you sell

Net, funding: paid 7d − costs−$104as in the Funding arb table

Net, price: spread back to 7d avg − costs−$52as in the Price arb table

costs, in and out, $10k−$380.383% of the position

Long on Lighter Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.655%−$65 on $10k

Price spread, last 3 days (all we have)+0.161%+$16 · spread now −0.208%, 7d avg −0.070%

Together, before fees−0.494%+ Points / potential airdropLighter: Season 3 · farm board−$49 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$25 a day on $10k at the current rate, and Phemex is 0.139% cheaper against Lighter than usual: you would sell low and buy high (−$14 if the spread goes back to its 7-day average of −0.070%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter TAO	308.66	0.0920	pay 0.0115% / 1h	12m 15s	$1.7M	$4.8M	5x
Short	Phemex TAOUSDT	308.02	0.0100	get 0.0050% / 4h	2h 12m	$3.3M	$7.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now −0.208%Rate

Funding earned: −$172.2
Price spread: −0.208% → −0.070%: −$13.87
Slippage, 4 orders: −$26.3
Fee Lighter: 0 bp × 2 orders: $0
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$224.37
Costs to cover: 0.383%
Break-even: never at this rate

Slippage from Lighter: live order book, 6 min ago; Phemex: 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, 6 min ago	3.31 bp	7.3 bp −$7	17.7 bp −$177	doesn't fit	doesn't fit
Sell Phemex live order book, 2 min ago	1.62 bp	14.3 bp −$14	doesn't fit	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
dYdX TAO-USD	0.0000%	1h	308.28	−0.124%	$129K	$84K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0007%	1h	308.07	−0.191%	$26K	—	150x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0026%	1h	308.21	−0.146%	$15K	$1.3M	25x	as long as short
Bulk TAO-USD	+0.0052%	1h	305.44	−1.044%	$200K	$57K	10x	as long as short
Popdex TAOUSDT	+0.0096%	1h	308.30	−0.118%	$41K	$527K	20x	as long as short
Pacifica TAO	+0.0100%	1h	308.63	−0.011%	$365K	$367K	10x	as long as short
Binance TAOUSDT	+0.0100%	4h	308.11	−0.179%	$86.4M	$404.9M	75x	as long as short
Bybit TAOUSDT	+0.0100%	4h	308.06	−0.195%	$59.9M	$119.2M	50x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	308.10	−0.182%	$25.5M	$93.5M	50x	as long as short
Arcus TAO-USD	+0.0100%	1h	308.68	+0.006%	$138K	$603K	5x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate TAO_USDT	+0.0100%	4h	307.90	−0.247%	$12.3M	$48.6M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	308.11	−0.179%	$118.7M	$125.6M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	308.18	−0.156%	$18.7M	$26.5M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	307.93	−0.237%	$34.5M	$44.6M	50x	as long as short
BingX TAO-USDT	+0.0100%	4h	308.05	−0.199%	—	$30.4M	—	as long as short
Variational Omni TAO	+0.0100%	4h	309.10	+0.140%	$3.7M	$6.6M	—	as long as short
edgeX TAOUSDC	+0.0100%	4h	309.74	+0.349%	$40K	$278K	10x	as long as short
GRVT TAO_USDT_Perp	+0.0100%	4h	309.81	+0.373%	$551K	$965K	10x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	309.90	+0.401%	$47K	$268K	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	308.40	−0.085%	$78K	$675K	5x	as long as short
Bullet TAO-USD	+0.0100%	1h	308.31	−0.115%	$11K	$18K	20x	as long as short
Orderly PERP_TAO_USDC	+0.0100%	4h	308.13	−0.173%	$59K	$276K	10x	as long as short
SunX TAO-USDT	+0.0100%	4h	308.42	−0.079%	$2K	$1.8M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	308.16	−0.163%	$121K	$353K	20x	as long as short
Phemex TAOUSDTshort	+0.0100%	4h	308.02	−0.208%	$3.3M	$7.9M	50x
Aevo TAO-PERP	+0.0104%	1h	308.33	−0.106%	$169K	$998	3x	as long as short
Katana Perps TAO-USD	+0.0111%	8h	308.58	−0.027%	$1K	$449K	5x	as long as short
Paradex TAO-USD-PERP	+0.0158%	8h	308.45	−0.069%	$14K	$1K	10x	as long as short
Aster TAOUSDT	+0.0160%	4h	308.20	−0.149%	$1.1M	$7.5M	50x	as long as short
Phoenix TAO	+0.0234%	1h	307.60	−0.344%	$326K	$462K	5x	as long as short
Nado TAO-PERP	+0.0306%	1h	308.43	−0.076%	$853K	$1.9M	10x	as long as short
BloFin TAO-USDT	+0.0340%	4h	308.46	−0.066%	$4.3M	$9.5M	100x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0485% / S −0.0184%	1h	308.03	−0.205%	$453K	—	100x	as long as short
01 Exchange TAOUSD	+0.0528%	1h	308.65	−0.004%	$3K	$4K	5x	as long as short
Reya TAORUSDPERP	+0.0694%	1h	308.33	−0.108%	$355	—	20x	as long as short
Extended TAO-USD	+0.0728%	1h	308.21	−0.147%	$907K	$2.0M	25x	as long as short
Lighter TAOlong	+0.0920%	1h	308.66	long leg	$1.7M	$4.8M	5x
Backpack TAO_USDC_PERP	+0.0954%	1h	308.20	−0.150%	$383K	$753K	10x	as long as short
Coinbase International TAO-PERP-INTX	+0.0960%	1h	310.60	+0.628%	$1.5M	$5.5M	50x	as long as short
Kraken Futures PF_TAOUSD	+0.1022%	1h	308.53	−0.043%	$6.4M	$19.0M	50x	as long as short
RISEx TAO/USDC	+0.1053%	1h	308.51	−0.048%	$412K	$542K	5x	as long as short
Hyperliquid TAO	+0.1801%	1h	309.01	+0.112%	$96.6M	$77.4M	5x	as long as short
Injective TAO/USDC PERP	+0.4876%	1h	308.73	+0.022%	$22K	$271	12x	as long as short