TAO

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0019%/8h= +2.1% APRnext payment +$0.02 per $10,000 · paid last 24h +0.043%

Price spread now: Lighter against Phoenix−0.683%7-day average −0.061% · you buy dearer than you sell

Net, funding: paid 7d − costs−$40as in the Funding arb table

Net, price: spread back to 7d avg − costs−$104as in the Price arb table

costs, in and out, $10k−$420.422% of the position

Long on Phoenix Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.021%+$2 on $10k

Price spread, last 4 days (all we have)−0.657%−$66 · spread now −0.683%, 7d avg −0.061%

Together, before fees−0.636%+ Points / potential airdropLighter: Season 3 · farm board−$64 on $10k · with fees, hour by hour

Funding pays, the price is against you. Lighter is 0.622% cheaper against Phoenix than usual: you would sell low and buy high (spread −0.683% now, against its 7-day average of −0.061%). If the spread goes back, that is −$62 on $10k: about 4 months of funding at the current rate (+$1 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix TAO	318.30	0.0629	pay 0.0079% / 1h	54m 52s	$320K	$714K	5x
Short	Lighter TAO	316.13	0.0648	get 0.0081% / 1h	54m 52s	$1.6M	$6.6M	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Phoenix. 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 PhoenixbpFee LighterbpOrdersPrice spread, now −0.683%Rate

Funding earned: $3.96
Price spread: −0.683% → −0.061%: −$62.21
Slippage, 4 orders: −$35.24
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Lighter: 0 bp × 2 orders: $0
Net: −$100.49
Costs to cover: 0.422%
Break-even: 184.5 days

Slippage from Phoenix: live order book, 43 min ago; Lighter: live order book, 3 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 Phoenix live order book, 43 min ago	3.15 bp	12.0 bp −$12	22.2 bp −$222	doesn't fit	doesn't fit
Sell Lighter live order book, 3 min ago	1.81 bp	4.6 bp −$5	19.5 bp −$195	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	315.51	−0.876%	$22K	—	150x	as long as short
Popdex TAOUSDT	+0.0096%	1h	315.81	−0.782%	$49K	$718K	20x	as long as short
Katana Perps TAO-USD	+0.0100%	8h	315.55	−0.864%	$2K	$1.2M	5x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	315.80	−0.785%	$26.3M	$130.7M	50x	as long as short
Bulk TAO-USD	+0.0100%	1h	317.09	−0.380%	$168K	$0	10x	as long as short
Gate TAO_USDT	+0.0100%	4h	315.70	−0.817%	$14.7M	$48.9M	50x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	316.07	−0.701%	$17.8M	$32.5M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	315.89	−0.757%	$35.6M	$57.8M	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	315.55	−0.864%	$87K	$1.2M	5x	as long as short
SunX TAO-USDT	+0.0100%	4h	315.64	−0.836%	$1K	$2.0M	20x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX TAO-USDT	+0.0100%	4h	315.26	−0.955%	$115K	$590K	20x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0101% / S +0.0141%	1h	315.40	−0.911%	$402K	—	100x	as long as short
dYdX TAO-USD	+0.0110%	1h	315.66	−0.830%	$127K	$86K	5x	as long as short
Aevo TAO-PERP	+0.0120%	1h	315.98	−0.730%	$174K	$998	3x	as long as short
ApeX Omni TAOUSDT	+0.0157%	1h	317.94	−0.113%	$46K	$259K	50x	as long as short
Binance TAOUSDT	+0.0167%	4h	316.10	−0.691%	$92.5M	$532.1M	75x	as long as short
MEXC TAO_USDT	+0.0170%	4h	316.21	−0.657%	$103.7M	$151.2M	300x	as long as short
edgeX TAOUSDC	+0.0175%	4h	318.15	−0.048%	$42K	$319K	10x	as long as short
BingX TAO-USDT	+0.0181%	4h	316.04	−0.710%	—	$37.4M	—	as long as short
Orderly PERP_TAO_USDC	+0.0191%	4h	315.70	−0.817%	$54K	$299K	10x	as long as short
GRVT TAO_USDT_Perp	+0.0224%	4h	318.19	−0.036%	$545K	$887K	10x	as long as short
Paradex TAO-USD-PERP	+0.0246%	8h	315.85	−0.769%	$14K	$1K	10x	as long as short
Bullet TAO-USD	+0.0276%	1h	315.91	−0.751%	$12K	$17K	20x	as long as short
Aster TAOUSDT	+0.0329%	4h	316.03	−0.713%	$1.3M	$11.1M	50x	as long as short
Pacifica TAO	+0.0349%	1h	315.91	−0.752%	$370K	$454K	10x	as long as short
Extended TAO-USD	+0.0352%	1h	316.19	−0.662%	$899K	$2.4M	25x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0356%	1h	315.77	−0.795%	$15K	$1.9M	25x	as long as short
Arcus TAO-USD	+0.0404%	1h	316.09	−0.694%	$99K	$377K	5x	as long as short
BloFin TAO-USDT	+0.0407%	4h	316.02	−0.716%	$3.8M	$10.9M	100x	as long as short
Hyperliquid TAO	+0.0461%	1h	316.11	−0.688%	$93.5M	$110.4M	5x	as long as short
Nado TAO-PERP	+0.0544%	1h	315.78	−0.792%	$773K	$2.0M	10x	as long as short
Variational Omni TAO	+0.0589%	4h	316.63	−0.524%	$5.6M	$10.1M	—	as long as short
Phoenix TAOlong	+0.0629%	1h	318.30	long leg	$320K	$714K	5x
Lighter TAOshort	+0.0648%	1h	316.13	−0.683%	$1.6M	$6.6M	5x
01 Exchange TAOUSD	+0.0648%	1h	316.08	−0.697%	$3K	$4K	5x	as long as short
Bybit TAOUSDT	+0.0691%	4h	316.03	−0.713%	$69.5M	$156.7M	50x	as long as short
Reya TAORUSDPERP	+0.0698%	1h	315.83	−0.777%	$363	—	20x	as long as short
Backpack TAO_USDC_PERP	+0.0773%	1h	315.87	−0.763%	$316K	$1.0M	10x	as long as short
Kraken Futures PF_TAOUSD	+0.0788%	1h	315.95	−0.737%	$5.9M	$21.6M	50x	as long as short
RISEx TAO/USDC	+0.0840%	1h	315.73	−0.807%	$443K	$666K	5x	as long as short
Coinbase International TAO-PERP-INTX	+0.0944%	1h	316.54	−0.553%	$1.2M	$7.3M	50x	as long as short
Phemex TAOUSDT	+0.1954%	4h	315.67	−0.826%	$3.2M	$8.1M	50x	as long as short
Injective TAO/USDC PERP	+0.3512%	1h	321.91	+1.134%	$23K	$2K	12x	as long as short