TAO

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0580%/8h= −63.5% APRnext payment −$0.72 per $10,000 · paid last 24h −0.141%

Price spread now: Polymarket Perps against Lighter−0.143%7-day average −0.071% · you buy dearer than you sell

Net, funding: paid 7d − costs−$60as in the Funding arb table

Net, price: spread back to 7d avg − costs−$33as in the Price arb table

costs, in and out, $10k−$260.256% of the position

Long on Lighter Short on Polymarket Perps

What this pair did over the last

the charts below follow

Funding, last 7 days−0.339%−$34 on $10k

Price spread, last 4 days (all we have)+0.637%+$64 · spread now −0.143%, 7d avg −0.071%

Together, before fees+0.298%+ Points / potential airdropLighter: Season 3 · farm board+$30 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$17 a day on $10k at the current rate, and Polymarket Perps is 0.072% cheaper against Lighter than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of −0.071%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.339% in total (about -17.7% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.72 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	315.45	0.0680	pay 0.0085% / 1h	49m 57s	$1.6M	$6.6M	5x
Short	Polymarket Perps TAO-USD	315.00	0.0100	get 0.0013% / 1h	49m 57s	$86K	$1.2M	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Polymarket Perps 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 Polymarket PerpsbpOrdersPrice spread, now −0.143%Rate

Funding earned: −$121.8
Price spread: −0.143% → −0.071%: −$7.2
Slippage, 4 orders: −$17.64
Fee Lighter: 0 bp × 2 orders: $0
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: −$154.64
Costs to cover: 0.256%
Break-even: never at this rate

Slippage from Lighter: live order book, 3 min ago; Polymarket Perps: live order book, 13 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, 3 min ago	1.82 bp	6.1 bp −$6	21.6 bp −$216	doesn't fit	doesn't fit
Sell Polymarket Perps live order book, 13 min ago	2.52 bp	7.2 bp −$7	9.2 bp −$92	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
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0005%	1h	316.03	+0.183%	$22K	—	150x	as long as short
dYdX TAO-USD	+0.0095%	1h	315.36	−0.029%	$127K	$86K	5x	as long as short
Popdex TAOUSDT	+0.0096%	1h	315.31	−0.045%	$49K	$717K	20x	as long as short
Katana Perps TAO-USD	+0.0100%	8h	315.22	−0.074%	$2K	$1.2M	5x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	315.70	+0.079%	$26.3M	$130.7M	50x	as long as short
Bulk TAO-USD	+0.0100%	1h	317.09	+0.519%	$168K	$0	10x	as long as short
Gate TAO_USDT	+0.0100%	4h	315.10	−0.112%	$14.8M	$49.1M	50x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	315.18	−0.086%	$17.7M	$32.5M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	315.55	+0.031%	$35.5M	$57.7M	50x	as long as short
Polymarket Perps TAO-USDshort	+0.0100%	1h	315.00	−0.143%	$86K	$1.2M	5x

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX TAO-USDT	+0.0100%	4h	315.12	−0.105%	$2K	$1.9M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	315.16	−0.093%	$115K	$589K	20x	as long as short
Aevo TAO-PERP	+0.0120%	1h	315.56	+0.033%	$173K	$998	3x	as long as short
GRVT TAO_USDT_Perp	+0.0140%	4h	316.42	+0.306%	$542K	$887K	10x	as long as short
MEXC TAO_USDT	+0.0164%	4h	315.17	−0.089%	$103.5M	$151.4M	300x	as long as short
Binance TAOUSDT	+0.0164%	4h	315.37	−0.025%	$92.3M	$531.8M	75x	as long as short
edgeX TAOUSDC	+0.0167%	4h	316.51	+0.335%	$42K	$320K	10x	as long as short
Orderly PERP_TAO_USDC	+0.0200%	4h	315.39	−0.020%	$54K	$299K	10x	as long as short
Paradex TAO-USD-PERP	+0.0251%	8h	315.53	+0.024%	$14K	$876	10x	as long as short
Bullet TAO-USD	+0.0268%	1h	315.40	−0.016%	$12K	$17K	20x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0302%	1h	315.24	−0.067%	$15K	$1.9M	25x	as long as short
ApeX Omni TAOUSDT	+0.0308%	1h	316.74	+0.408%	$46K	$259K	50x	as long as short
Aster TAOUSDT	+0.0322%	4h	315.39	−0.020%	$1.2M	$11.1M	50x	as long as short
Pacifica TAO	+0.0349%	1h	315.64	+0.060%	$370K	$454K	10x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0365% / S −0.0107%	1h	315.02	−0.138%	$370K	—	100x	as long as short
Extended TAO-USD	+0.0384%	1h	315.81	+0.113%	$894K	$2.4M	25x	as long as short
BloFin TAO-USDT	+0.0404%	4h	315.64	+0.060%	$4.8M	$10.8M	100x	as long as short
Arcus TAO-USD	+0.0404%	1h	315.74	+0.091%	$99K	$377K	5x	as long as short
Hyperliquid TAO	+0.0559%	1h	315.42	−0.010%	$93.1M	$109.9M	5x	as long as short
Bybit TAOUSDT	+0.0566%	4h	315.53	+0.025%	$69.5M	$156.3M	50x	as long as short
Phoenix TAO	+0.0578%	1h	316.50	+0.332%	$318K	$714K	5x	as long as short
Nado TAO-PERP	+0.0582%	1h	315.35	−0.034%	$774K	$2.0M	10x	as long as short
Variational Omni TAO	+0.0612%	4h	316.00	+0.175%	$5.6M	$10.1M	—	as long as short
01 Exchange TAOUSD	+0.0640%	1h	315.52	+0.022%	$3K	$4K	5x	as long as short
Lighter TAOlong	+0.0680%	1h	315.45	long leg	$1.6M	$6.6M	5x
Reya TAORUSDPERP	+0.0698%	1h	315.29	−0.051%	$363	—	20x	as long as short
Backpack TAO_USDC_PERP	+0.0763%	1h	315.32	−0.042%	$315K	$1.0M	10x	as long as short
Kraken Futures PF_TAOUSD	+0.0789%	1h	315.30	−0.048%	$5.9M	$21.3M	50x	as long as short
RISEx TAO/USDC	+0.0840%	1h	315.33	−0.038%	$447K	$667K	5x	as long as short
Coinbase International TAO-PERP-INTX	+0.0944%	1h	315.68	+0.072%	$1.2M	$7.2M	50x	as long as short
BingX TAO-USDT	+0.1210%	4h	315.17	−0.089%	—	$37.4M	—	as long as short
Phemex TAOUSDT	+0.1665%	4h	315.15	−0.096%	$3.2M	$8.2M	50x	as long as short
Injective TAO/USDC PERP	+0.3512%	1h	321.91	+2.047%	$23K	$2K	12x	as long as short