Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0812%/8h= +88.9% APRpaid last 24h +0.056%

Price spread now: Lighter against Phemex+0.174%7-day average +0.070% · you sell dearer than you buy

Net, funding: paid 7d − costs+$27as in the Funding arb table

Net, price: spread back to 7d avg − costs−$28as in the Price arb table

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

Long on Phemex Short on Lighter

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)−0.127%−$13 · spread now +0.174%, 7d avg +0.070%

Together, before fees+0.528%+ Points / potential airdropLighter: Season 3 · farm board+$53 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$24 a day on $10k at the current rate, and Lighter is 0.105% dearer against Phemex than usual: you sell high and buy low: +$10 more if the spread goes back to its 7-day average of +0.070%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex TAOUSDT	308.12	0.0100	pay 0.0050% / 4h	2h 10m	$3.3M	$7.9M	50x
Short	Lighter TAO	308.66	0.0912	get 0.0114% / 1h	10m 50s	$1.7M	$4.8M	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Phemex. 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 PhemexbpFee LighterbpOrdersPrice spread, now +0.174%Rate

Funding earned: $170.52
Price spread: +0.174% → +0.070%: $10.47
Slippage, 4 orders: −$26.3
Fee Phemex: 6 bp × 2 orders: −$12
Fee Lighter: 0 bp × 2 orders: $0
Net: $142.69
Costs to cover: 0.383%
Break-even: 1.1 days

Slippage from Phemex: live order book, 3 min ago; Lighter: live order book, 7 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 Phemex live order book, 3 min ago	1.62 bp	10.8 bp −$11	doesn't fit	doesn't fit	doesn't fit
Sell Lighter live order book, 7 min ago	3.31 bp	5.9 bp −$6	27.2 bp −$272	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	−0.0601%	1h	309.73	+0.523%	$203K	$57K	10x	as long as short
dYdX TAO-USD	0.0000%	1h	307.30	−0.268%	$129K	$84K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0007%	1h	308.07	−0.018%	$26K	—	150x	as long as short
Popdex TAOUSDT	+0.0096%	1h	307.91	−0.068%	$41K	$528K	20x	as long as short
Pacifica TAO	+0.0100%	1h	307.66	−0.151%	$364K	$367K	10x	as long as short
Binance TAOUSDT	+0.0100%	4h	308.45	+0.107%	$86.5M	$405.1M	75x	as long as short
Bybit TAOUSDT	+0.0100%	4h	308.45	+0.107%	$60.0M	$119.3M	50x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	308.40	+0.091%	$25.5M	$93.7M	50x	as long as short
Arcus TAO-USD	+0.0100%	1h	308.01	−0.036%	$137K	$603K	5x	as long as short
Gate TAO_USDT	+0.0100%	4h	308.30	+0.058%	$12.3M	$48.6M	50x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC TAO_USDT	+0.0100%	4h	308.57	+0.146%	$118.5M	$125.8M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	308.36	+0.078%	$18.7M	$26.5M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	308.35	+0.075%	$34.5M	$44.6M	50x	as long as short
BingX TAO-USDT	+0.0100%	4h	308.43	+0.101%	—	$30.4M	—	as long as short
Variational Omni TAO	+0.0100%	4h	309.10	+0.317%	$3.7M	$6.6M	—	as long as short
edgeX TAOUSDC	+0.0100%	4h	309.74	+0.526%	$40K	$278K	10x	as long as short
GRVT TAO_USDT_Perp	+0.0100%	4h	308.77	+0.212%	$549K	$965K	10x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	309.90	+0.578%	$47K	$268K	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	308.44	+0.104%	$78K	$675K	5x	as long as short
Bullet TAO-USD	+0.0100%	1h	308.50	+0.123%	$11K	$18K	20x	as long as short
Orderly PERP_TAO_USDC	+0.0100%	4h	308.13	+0.003%	$59K	$276K	10x	as long as short
SunX TAO-USDT	+0.0100%	4h	308.39	+0.088%	$2K	$1.8M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	307.60	−0.169%	$121K	$353K	20x	as long as short
Phemex TAOUSDTlong	+0.0100%	4h	308.12	long leg	$3.3M	$7.9M	50x
Aevo TAO-PERP	+0.0104%	1h	308.15	+0.009%	$169K	$998	3x	as long as short
Katana Perps TAO-USD	+0.0111%	8h	307.83	−0.094%	$880	$449K	5x	as long as short
Aster TAOUSDT	+0.0154%	4h	308.18	+0.020%	$1.1M	$7.6M	50x	as long as short
Paradex TAO-USD-PERP	+0.0157%	8h	307.65	−0.152%	$14K	$1K	10x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0210%	1h	308.19	+0.024%	$14K	$1.3M	25x	as long as short
Phoenix TAO	+0.0234%	1h	308.80	+0.221%	$327K	$462K	5x	as long as short
Nado TAO-PERP	+0.0309%	1h	308.00	−0.038%	$852K	$1.9M	10x	as long as short
BloFin TAO-USDT	+0.0340%	4h	308.31	+0.062%	$4.3M	$9.5M	100x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0485% / S −0.0184%	1h	308.14	+0.005%	$453K	—	100x	as long as short
01 Exchange TAOUSD	+0.0528%	1h	308.19	+0.023%	$3K	$4K	5x	as long as short
Reya TAORUSDPERP	+0.0694%	1h	308.18	+0.020%	$354	—	20x	as long as short
Extended TAO-USD	+0.0728%	1h	308.47	+0.113%	$907K	$2.0M	25x	as long as short
Lighter TAOshort	+0.0912%	1h	308.66	+0.174%	$1.7M	$4.8M	5x
Backpack TAO_USDC_PERP	+0.0940%	1h	308.44	+0.104%	$384K	$754K	10x	as long as short
Coinbase International TAO-PERP-INTX	+0.0960%	1h	310.60	+0.805%	$1.5M	$5.5M	50x	as long as short
Kraken Futures PF_TAOUSD	+0.1022%	1h	308.44	+0.102%	$6.4M	$19.1M	50x	as long as short
RISEx TAO/USDC	+0.1053%	1h	307.96	−0.053%	$412K	$542K	5x	as long as short
Hyperliquid TAO	+0.1811%	1h	308.98	+0.279%	$96.6M	$77.5M	5x	as long as short
Injective TAO/USDC PERP	+0.4876%	1h	308.73	+0.198%	$22K	$271	12x	as long as short