Funding you earn now, next payment 06:00 UTC−0.0265%/8h= −29.0% APRnext payment −$0.33 per $10,000 · paid last 24h −0.043%
Price spread now: Phoenix against Lighter−0.220%104s7-day average +0.062% · you buy dearer than you sell
Net, funding: paid 7d − costs−$57as in the Funding arb table
Net, price: spread back to 7d avg − costs—prices read too far apart to compare
costs, in and out, $10k−$540.543% of the position
Funding, last 7 days−0.023%−$2 on $10k
+Price spread, last 4 days (all we have)+0.359%+$36 · spread now −0.220%, 7d avg +0.062%
=Together, before fees+0.337%+ Points / potential airdropLighter: Season 3 · farm board+$34 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 Phoenix is 0.282% cheaper against Lighter than usual: you would sell low and buy high (−$28 if the spread goes back to its 7-day average of +0.062%). Swap the legs. The two prices were read 104 seconds apart, so part of this spread may be the market moving, not a spread.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.023% in total (about -1.2% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.33 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Lighter TAO | 320.41 | 0.0832 | pay 0.0104% / 1h | 33m 44s | $1.5M | $6.7M | 5x |
| Short | Phoenix TAO | 319.70 | 0.0567 | get 0.0071% / 1h | 33m 44s | $318K | $709K | 5x |
Lighter TAO
Phoenix TAOFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phoenix against Lighter. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$55.64
- Price spread: −0.220% → +0.062%
- −$28.25
- Slippage, 4 orders
- −$47.31
- Fee Lighter: 0 bp × 2 orders
- $0
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Net
- −$138.2
- Costs to cover
- 0.543%
- Break-even
- never at this rate
Slippage from Lighter: live order book, 4 min ago; Phoenix: live order book, 9 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, 4 min ago | 4.80 bp | 6.9 bp −$7 | 21.7 bp −$217 | doesn't fit | doesn't fit |
| Sell Phoenix live order book, 9 min ago | 3.12 bp | 18.9 bp −$19 | 28.1 bp −$281 | 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 | |
|---|---|---|---|---|---|---|---|---|
| Bulk TAO-USD | −0.2019% | 1h | 319.65 | −0.236% | $170K | $333 | 10x | as long as short |
| dYdX TAO-USD | 0.0000% | 1h | 320.04 | −0.115% | $128K | $85K | 5x | as long as short |
| gTrade (Gains Network) TAO/USD | L +0.0004% / S −0.0004% | 1h | 318.67 | −0.541% | $20K | — | 150x | as long as short |
| Popdex TAOUSDT | +0.0096% | 1h | 319.09 | −0.411% | $42K | $705K | 20x | as long as short |
| OKX TAO-USDT-SWAP | +0.0100% | 8h | 320.20 | −0.064% | $26.8M | $129.9M | 50x | as long as short |
| Gate TAO_USDT | +0.0100% | 4h | 319.90 | −0.158% | $14.2M | $51.8M | 50x | as long as short |
| KuCoin TAOUSDTM | +0.0100% | 4h | 320.30 | −0.033% | $17.9M | $32.1M | 75x | as long as short |
| Bitget TAOUSDT | +0.0100% | 4h | 319.87 | −0.167% | $35.9M | $58.4M | 50x | as long as short |
| ApeX Omni TAOUSDT | +0.0100% | 1h | 319.10 | −0.408% | $45K | $259K | 50x | as long as short |
| Polymarket Perps TAO-USD | +0.0100% | 1h | 318.80 | −0.501% | $80K | $1.1M | 5x | as long as short |
Bulk TAO-USD
dYdX TAO-USD
gTrade (Gains Network) TAO/USD
Popdex TAOUSDT
OKX TAO-USDT-SWAP
Gate TAO_USDT
KuCoin TAOUSDTM
Bitget TAOUSDT
ApeX Omni TAOUSDT
Polymarket Perps TAO-USDShow all 43 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| SunX TAO-USDT | +0.0100% | 4h | 318.67 | −0.542% | $2K | $2.0M | 20x | as long as short |
| HTX TAO-USDT | +0.0100% | 4h | 318.59 | −0.567% | $118K | $589K | 20x | as long as short |
| Katana Perps TAO-USD | +0.0109% | 8h | 318.99 | −0.442% | $724 | $1.0M | 5x | as long as short |
| GMX TAO/USD [WBTC.b-USDC] | L +0.0119% / S +0.0148% | 1h | 318.97 | −0.449% | $426K | — | 100x | as long as short |
| Aevo TAO-PERP | +0.0120% | 1h | 319.10 | −0.408% | $175K | $998 | 3x | as long as short |
| Orderly PERP_TAO_USDC | +0.0120% | 4h | 318.93 | −0.461% | $53K | $292K | 10x | as long as short |
| edgeX TAOUSDC | +0.0159% | 4h | 319.21 | −0.372% | $42K | $317K | 10x | as long as short |
| MEXC TAO_USDT | +0.0160% | 4h | 320.24 | −0.052% | $105.4M | $149.9M | 300x | as long as short |
| Binance TAOUSDT | +0.0161% | 4h | 320.28 | −0.039% | $92.6M | $528.6M | 75x | as long as short |
| Paradex TAO-USD-PERP | +0.0262% | 8h | 320.17 | −0.074% | $15K | $1K | 10x | as long as short |
| Aster TAOUSDT | +0.0320% | 4h | 320.12 | −0.091% | $1.3M | $10.9M | 50x | as long as short |
| Phemex TAOUSDT | +0.0322% | 4h | 319.12 | −0.401% | $3.2M | $8.1M | 50x | as long as short |
| Bybit TAOUSDT | +0.0348% | 4h | 320.21 | −0.061% | $70.0M | $156.0M | 50x | as long as short |
| BingX TAO-USDT | +0.0370% | 4h | 320.14 | −0.083% | — | $34.5M | — | as long as short |
| Bullet TAO-USD | +0.0379% | 1h | 318.99 | −0.442% | $12K | $17K | 20x | as long as short |
| GRVT TAO_USDT_Perp | +0.0388% | 4h | 318.88 | −0.476% | $543K | $940K | 10x | as long as short |
| BloFin TAO-USDT | +0.0399% | 4h | 318.66 | −0.545% | $4.7M | $11.0M | 100x | as long as short |
| Extended TAO-USD | +0.0464% | 1h | 320.17 | −0.073% | $912K | $2.4M | 25x | as long as short |
| Pacifica TAO | +0.0525% | 1h | 320.26 | −0.046% | $365K | $423K | 10x | as long as short |
| Variational Omni TAO | +0.0538% | 4h | 318.75 | −0.517% | $5.6M | $10.2M | — | as long as short |
| Phoenix TAOshort | +0.0567% | 1h | 319.70 | −0.220% | $318K | $709K | 5x | |
| Nado TAO-PERP | +0.0606% | 1h | 318.84 | −0.488% | $795K | $2.1M | 10x | as long as short |
| Hyperliquid TAO | +0.0614% | 1h | 320.44 | +0.011% | $94.7M | $110.2M | 5x | as long as short |
| Deribit TAO_USDC-PERPETUAL | +0.0616% | 1h | 318.99 | −0.441% | $10K | $1.9M | 25x | as long as short |
| 01 Exchange TAOUSD | +0.0624% | 1h | 319.37 | −0.323% | $3K | $4K | 5x | as long as short |
| Arcus TAO-USD | +0.0641% | 1h | 320.48 | +0.023% | $103K | $394K | 5x | as long as short |
| Backpack TAO_USDC_PERP | +0.0673% | 1h | 320.11 | −0.092% | $298K | $905K | 10x | as long as short |
| Reya TAORUSDPERP | +0.0698% | 1h | 318.94 | −0.457% | $367 | — | 20x | as long as short |
| Lighter TAOlong | +0.0832% | 1h | 320.41 | long leg | $1.5M | $6.7M | 5x | |
| Coinbase International TAO-PERP-INTX | +0.0944% | 1h | 320.89 | +0.151% | $1.5M | $6.9M | 50x | as long as short |
| RISEx TAO/USDC | +0.1077% | 1h | 320.12 | −0.089% | $458K | $665K | 5x | as long as short |
| Kraken Futures PF_TAOUSD | +0.1156% | 1h | 319.23 | −0.368% | $6.0M | $21.7M | 50x | as long as short |
| Injective TAO/USDC PERP | +0.4723% | 1h | 323.63 | +1.006% | $24K | $2K | 12x | as long as short |
SunX TAO-USDT
HTX TAO-USDT
Katana Perps TAO-USD
GMX TAO/USD [WBTC.b-USDC]
Aevo TAO-PERP
Orderly PERP_TAO_USDC
edgeX TAOUSDC
MEXC TAO_USDT
Binance TAOUSDT
Paradex TAO-USD-PERP
Aster TAOUSDT
Phemex TAOUSDT
Bybit TAOUSDT
BingX TAO-USDT
Bullet TAO-USD
GRVT TAO_USDT_Perp
BloFin TAO-USDT
Extended TAO-USD
Pacifica TAO
Variational Omni TAO
Nado TAO-PERP
Hyperliquid TAO
Deribit TAO_USDC-PERPETUAL
01 Exchange TAOUSD
Arcus TAO-USD
Backpack TAO_USDC_PERP
Reya TAORUSDPERP
Coinbase International TAO-PERP-INTX
RISEx TAO/USDC
Kraken Futures PF_TAOUSD
Injective TAO/USDC PERP