Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0278%/8h= +30.4% APRpaid last 24h +0.122%

Price spread now: Lighter against Orderly+0.226%7-day average +0.064% · you sell dearer than you buy

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

Long on Orderly Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.299%+$30 on $10k

Price spread, last 4 days (all we have)−0.152%−$15 · spread now +0.226%, 7d avg +0.064%

Together, before fees+0.146%+ Points / potential airdropLighter: Season 3 · farm board+$15 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$8 a day on $10k at the current rate, and Lighter is 0.162% dearer against Orderly than usual: you sell high and buy low: +$16 more if the spread goes back to its 7-day average of +0.064%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_TAO_USDC	313.66	0.0122	pay 0.0061% / 4h	3h 53m	$52K	$271K	10x
Short	Lighter TAO	314.37	0.0400	get 0.0050% / 1h	53m 33s	$1.5M	$6.4M	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Orderly. 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 OrderlybpFee LighterbpOrdersPrice spread, now +0.226%Rate

Funding earned: $58.28
Price spread: +0.226% → +0.064%: $16.15
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Lighter: 0 bp × 2 orders: $0
Net: $68.43
Costs to cover: 0.060%
Break-even: from the start

Slippage unknown: Orderly: no order-book sample; Lighter: live order book, 5 min ago. 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 Orderly no order-book sample	—	—	—	—	—
Sell Lighter live order book, 5 min ago	1.73 bp	2.7 bp −$3	16.2 bp −$162	doesn't fit	doesn't fit

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
Kraken Futures PF_TAOUSD	−0.0346%	1h	313.56	−0.031%	$5.5M	$20.6M	50x	as long as short
dYdX TAO-USD	0.0000%	1h	314.02	+0.115%	$125K	$85K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	313.84	+0.057%	$20K	—	150x	as long as short
Gate TAO_USDT	+0.0008%	4h	313.60	−0.019%	$13.0M	$49.2M	50x	as long as short
Popdex TAOUSDT	+0.0096%	1h	314.05	+0.124%	$43K	$653K	20x	as long as short
Katana Perps TAO-USD	+0.0098%	8h	313.83	+0.054%	$1K	$807K	5x	as long as short
Pacifica TAO	+0.0100%	1h	314.26	+0.190%	$359K	$412K	10x	as long as short
Binance TAOUSDT	+0.0100%	4h	314.07	+0.131%	$90.5M	$496.0M	75x	as long as short
Bybit TAOUSDT	+0.0100%	4h	314.19	+0.169%	$67.6M	$149.2M	50x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	314.20	+0.172%	$26.0M	$120.7M	50x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bulk TAO-USD	+0.0100%	1h	315.10	+0.459%	$167K	$2K	10x	as long as short
MEXC TAO_USDT	+0.0100%	4h	314.29	+0.201%	$101.0M	$143.6M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	313.86	+0.064%	$17.7M	$31.7M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	313.75	+0.029%	$35.1M	$56.5M	50x	as long as short
BingX TAO-USDT	+0.0100%	4h	314.02	+0.115%	—	$33.0M	—	as long as short
edgeX TAOUSDC	+0.0100%	4h	314.34	+0.216%	$42K	$312K	10x	as long as short
GRVT TAO_USDT_Perp	+0.0100%	4h	313.64	−0.008%	$532K	$955K	10x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	314.29	+0.201%	$46K	$255K	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	313.70	+0.013%	$77K	$863K	5x	as long as short
Bullet TAO-USD	+0.0100%	1h	314.02	+0.115%	$12K	$18K	20x	as long as short
SunX TAO-USDT	+0.0100%	4h	313.56	−0.032%	$1K	$1.9M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	313.51	−0.048%	$109K	$535K	20x	as long as short
Aevo TAO-PERP	+0.0104%	1h	314.09	+0.137%	$172K	$998	3x	as long as short
Orderly PERP_TAO_USDClong	+0.0122%	4h	313.66	long leg	$52K	$271K	10x
Hyperliquid TAO	+0.0134%	1h	314.11	+0.143%	$92.2M	$106.6M	5x	as long as short
Aster TAOUSDT	+0.0137%	4h	313.85	+0.061%	$1.2M	$10.4M	50x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0143% / S +0.0124%	1h	313.82	+0.052%	$426K	—	100x	as long as short
Paradex TAO-USD-PERP	+0.0144%	8h	314.15	+0.156%	$14K	$1K	10x	as long as short
Extended TAO-USD	+0.0184%	1h	313.90	+0.078%	$918K	$2.4M	25x	as long as short
Nado TAO-PERP	+0.0197%	1h	314.09	+0.138%	$798K	$2.2M	10x	as long as short
Arcus TAO-USD	+0.0231%	1h	314.17	+0.163%	$102K	$441K	5x	as long as short
BloFin TAO-USDT	+0.0340%	4h	314.51	+0.271%	$4.6M	$10.8M	100x	as long as short
Backpack TAO_USDC_PERP	+0.0361%	1h	313.58	−0.026%	$311K	$914K	10x	as long as short
Variational Omni TAO	+0.0362%	4h	313.70	+0.013%	$5.6M	$9.9M	—	as long as short
01 Exchange TAOUSD	+0.0376%	1h	314.18	+0.166%	$3K	$4K	5x	as long as short
Lighter TAOshort	+0.0400%	1h	314.37	+0.226%	$1.5M	$6.4M	5x
Deribit TAO_USDC-PERPETUAL	+0.0404%	1h	313.69	+0.009%	$21K	$1.7M	25x	as long as short
Phoenix TAO	+0.0581%	1h	313.60	−0.019%	$312K	$711K	5x	as long as short
Reya TAORUSDPERP	+0.0697%	1h	313.75	+0.029%	$361	—	20x	as long as short
RISEx TAO/USDC	+0.0816%	1h	313.98	+0.103%	$434K	$653K	5x	as long as short
Coinbase International TAO-PERP-INTX	+0.0952%	1h	314.92	+0.402%	$1.5M	$6.7M	50x	as long as short
Phemex TAOUSDT	+0.1188%	4h	313.73	+0.022%	$3.2M	$8.1M	50x	as long as short
Injective TAO/USDC PERP	+0.4092%	1h	317.67	+1.278%	$23K	$2K	12x	as long as short