TAO

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0483%/8h= +52.9% APRnext payment +$0.60 per $10,000 · paid last 24h +0.112%

Price spread now: Lighter against Deribit+0.148%7-day average +0.050% · you sell dearer than you buy

Net, funding: paid 7d − costs+$3as in the Funding arb table

Net, price: spread back to 7d avg − costs−$24as in the Price arb table

costs, in and out, $10k−$340.339% of the position

Long on Deribit Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.367%+$37 on $10k

Price spread, last 4 days (all we have)−0.119%−$12 · spread now +0.148%, 7d avg +0.050%

Together, before fees+0.248%+ Points / potential airdropLighter: Season 3 · farm board+$25 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$14 a day on $10k at the current rate, and Lighter is 0.098% dearer against Deribit than usual: you sell high and buy low: +$10 more if the spread goes back to its 7-day average of +0.050%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit TAO_USDC-PERPETUAL	322.73	0.0429	pay 0.0054% / 1h	27m 16s	$21K	$1.6M	25x
Short	Lighter TAO	323.21	0.0912	get 0.0114% / 1h	27m 16s	$1.6M	$6.3M	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Deribit. 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 DeribitbpFee LighterbpOrdersPrice spread, now +0.148%Rate

Funding earned: $101.43
Price spread: +0.148% → +0.050%: $9.81
Slippage, 4 orders: −$26.89
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Lighter: 0 bp × 2 orders: $0
Net: $77.35
Costs to cover: 0.339%
Break-even: 1.7 days

Slippage from Deribit: live order book, 2 min ago; Lighter: live order book, 6 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 Deribit live order book, 2 min ago	2.16 bp	15.4 bp −$15	doesn't fit	doesn't fit	doesn't fit
Sell Lighter live order book, 6 min ago	3.30 bp	7.2 bp −$7	20.5 bp −$205	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	−0.5583%	1h	316.49	−1.935%	$168K	$1K	10x	as long as short
dYdX TAO-USD	0.0000%	1h	323.14	+0.126%	$129K	$85K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	322.43	−0.094%	$21K	—	150x	as long as short
Popdex TAOUSDT	+0.0096%	1h	322.93	+0.061%	$34K	$676K	20x	as long as short
Binance TAOUSDT	+0.0100%	4h	322.96	+0.070%	$94.4M	$479.9M	75x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	323.40	+0.206%	$26.6M	$119.9M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	322.50	−0.072%	$13.2M	$49.8M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	322.94	+0.064%	$100.3M	$141.5M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	322.86	+0.039%	$18.1M	$31.2M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	322.55	−0.057%	$36.1M	$54.6M	50x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
edgeX TAOUSDC	+0.0100%	4h	323.11	+0.115%	$36K	$301K	10x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	322.77	+0.011%	$87K	$792K	5x	as long as short
SunX TAO-USDT	+0.0100%	4h	322.61	−0.038%	$2K	$1.9M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	322.86	+0.039%	$131K	$482K	20x	as long as short
Phemex TAOUSDT	+0.0100%	4h	323.00	+0.083%	$3.5M	$8.0M	50x	as long as short
Aevo TAO-PERP	+0.0104%	1h	322.96	+0.071%	$177K	$998	3x	as long as short
Orderly PERP_TAO_USDC	+0.0115%	4h	322.75	+0.005%	$58K	$282K	10x	as long as short
Katana Perps TAO-USD	+0.0116%	8h	323.16	+0.132%	$687	$776K	5x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0160% / S +0.0126%	1h	322.37	−0.114%	$447K	—	100x	as long as short
Kraken Futures PF_TAOUSD	+0.0243%	1h	322.76	+0.007%	$5.7M	$20.6M	50x	as long as short
GRVT TAO_USDT_Perp	+0.0254%	4h	323.03	+0.092%	$536K	$964K	10x	as long as short
Bullet TAO-USD	+0.0276%	1h	322.80	+0.021%	$12K	$18K	20x	as long as short
Paradex TAO-USD-PERP	+0.0305%	8h	323.30	+0.174%	$15K	$1K	10x	as long as short
BloFin TAO-USDT	+0.0340%	4h	323.71	+0.303%	$4.6M	$11.4M	100x	as long as short
Aster TAOUSDT	+0.0371%	4h	323.03	+0.092%	$1.1M	$9.6M	50x	as long as short
Deribit TAO_USDC-PERPETUALlong	+0.0429%	1h	322.73	long leg	$21K	$1.6M	25x
Pacifica TAO	+0.0448%	1h	323.55	+0.254%	$383K	$402K	10x	as long as short
Phoenix TAO	+0.0504%	1h	324.30	+0.485%	$339K	$707K	5x	as long as short
Arcus TAO-USD	+0.0509%	1h	323.33	+0.185%	$101K	$487K	5x	as long as short
BingX TAO-USDT	+0.0558%	4h	322.64	−0.029%	—	$30.3M	—	as long as short
Bybit TAOUSDT	+0.0563%	4h	323.13	+0.123%	$70.8M	$143.7M	50x	as long as short
Nado TAO-PERP	+0.0572%	1h	322.89	+0.048%	$791K	$2.2M	10x	as long as short
Reya TAORUSDPERP	+0.0696%	1h	322.79	+0.018%	$371	—	20x	as long as short
ApeX Omni TAOUSDT	+0.0723%	1h	323.82	+0.337%	$48K	$253K	50x	as long as short
01 Exchange TAOUSD	+0.0776%	1h	323.51	+0.241%	$3K	$4K	5x	as long as short
Extended TAO-USD	+0.0840%	1h	322.76	+0.008%	$949K	$2.3M	25x	as long as short
Variational Omni TAO	+0.0868%	4h	323.85	+0.345%	$6.0M	$9.8M	—	as long as short
Lighter TAOshort	+0.0912%	1h	323.21	+0.148%	$1.6M	$6.3M	5x
Coinbase International TAO-PERP-INTX	+0.1024%	1h	324.38	+0.510%	$1.5M	$6.8M	50x	as long as short
Backpack TAO_USDC_PERP	+0.1062%	1h	323.84	+0.343%	$445K	$860K	10x	as long as short
RISEx TAO/USDC	+0.1159%	1h	323.15	+0.131%	$468K	$647K	5x	as long as short
Hyperliquid TAO	+0.1260%	1h	323.18	+0.138%	$101.7M	$99.1M	5x	as long as short
Injective TAO/USDC PERP	+0.4172%	1h	323.37	+0.197%	$24K	$2K	12x	as long as short