TAO

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0124%/8h= +13.6% APRnext payment +$0.16 per $10,000 · paid last 24h −0.054%

Price spread now: Backpack against Lighter−0.052%7-day average −0.027% · 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−$30as in the Price arb table

costs, in and out, $10k−$270.271% of the position

Long on Lighter Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.127%−$13 on $10k

Price spread, last 4 days (all we have)+0.450%+$45 · spread now −0.052%, 7d avg −0.027%

Together, before fees+0.323%+ Points / potential airdropLighter: Season 3 · farm board+$32 on $10k · with fees, hour by hour

Funding pays, the price is against you. Backpack is 0.024% cheaper against Lighter than usual: you would sell low and buy high (spread −0.052% now, against its 7-day average of −0.027%). If the spread goes back, that is −$2 on $10k: about 16 hours of funding at the current rate (+$4 a day). Mind the row above: over the last 7 days funding on this pair cost −0.127%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter TAO	315.98	0.0720	pay 0.0090% / 1h	7m 10s	$1.6M	$6.4M	5x
Short	Backpack TAO_USDC_PERP	315.82	0.0844	get 0.0106% / 1h	7m 10s	$314K	$927K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack 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 BackpackbpOrdersPrice spread, now −0.052%Rate

Funding earned: $26.09
Price spread: −0.052% → −0.027%: −$2.41
Slippage, 4 orders: −$17.09
Fee Lighter: 0 bp × 2 orders: $0
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$3.41
Costs to cover: 0.271%
Break-even: 7.9 days

Slippage from Lighter: live order book, 6 min ago; Backpack: live order book, 57 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, 6 min ago	3.01 bp	3.8 bp −$4	22.4 bp −$224	doesn't fit	doesn't fit
Sell Backpack live order book, 57 min ago	2.19 bp	8.9 bp −$9	335.6 bp −$3,356	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	−0.1916%	1h	325.17	+2.907%	$172K	$1K	10x	as long as short
dYdX TAO-USD	0.0000%	1h	316.57	+0.186%	$126K	$85K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	315.80	−0.058%	$20K	—	150x	as long as short
Popdex TAOUSDT	+0.0096%	1h	316.40	+0.132%	$40K	$686K	20x	as long as short
Binance TAOUSDT	+0.0100%	4h	315.69	−0.094%	$91.7M	$490.5M	75x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	315.70	−0.090%	$26.0M	$119.7M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	315.40	−0.185%	$12.9M	$50.4M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	315.82	−0.052%	$104.5M	$144.1M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	315.45	−0.169%	$17.6M	$31.7M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	315.78	−0.064%	$35.2M	$56.0M	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	317.23	+0.393%	$36K	$302K	10x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	316.05	+0.021%	$88K	$797K	5x	as long as short
SunX TAO-USDT	+0.0100%	4h	315.83	−0.048%	$1K	$1.9M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	316.56	+0.183%	$109K	$529K	20x	as long as short
Aevo TAO-PERP	+0.0104%	1h	315.84	−0.047%	$173K	$998	3x	as long as short
Katana Perps TAO-USD	+0.0113%	8h	316.20	+0.069%	$673	$780K	5x	as long as short
Orderly PERP_TAO_USDC	+0.0127%	4h	315.50	−0.153%	$57K	$275K	10x	as long as short
Bullet TAO-USD	+0.0151%	1h	316.43	+0.141%	$12K	$18K	20x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0156% / S +0.0112%	1h	315.96	−0.009%	$428K	—	100x	as long as short
GRVT TAO_USDT_Perp	+0.0178%	4h	317.27	+0.408%	$528K	$965K	10x	as long as short
Phemex TAOUSDT	+0.0191%	4h	315.50	−0.153%	$3.2M	$8.1M	50x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0205%	1h	315.35	−0.200%	$15K	$1.6M	25x	as long as short
Paradex TAO-USD-PERP	+0.0243%	8h	316.82	+0.265%	$14K	$1K	10x	as long as short
Kraken Futures PF_TAOUSD	+0.0249%	1h	315.26	−0.229%	$5.6M	$20.8M	50x	as long as short
Aster TAOUSDT	+0.0278%	4h	316.15	+0.052%	$1.2M	$10.1M	50x	as long as short
BloFin TAO-USDT	+0.0340%	4h	315.76	−0.071%	$4.5M	$10.9M	100x	as long as short
ApeX Omni TAOUSDT	+0.0349%	1h	316.96	+0.309%	$47K	$252K	50x	as long as short
BingX TAO-USDT	+0.0386%	4h	315.76	−0.071%	—	$30.4M	—	as long as short
Bybit TAOUSDT	+0.0392%	4h	315.86	−0.039%	$69.2M	$146.2M	50x	as long as short
Pacifica TAO	+0.0448%	1h	316.58	+0.188%	$372K	$413K	10x	as long as short
Phoenix TAO	+0.0504%	1h	317.70	+0.543%	$332K	$707K	5x	as long as short
Arcus TAO-USD	+0.0509%	1h	316.90	+0.290%	$100K	$488K	5x	as long as short
Nado TAO-PERP	+0.0581%	1h	316.11	+0.039%	$821K	$2.2M	10x	as long as short
Extended TAO-USD	+0.0616%	1h	315.24	−0.236%	$927K	$2.4M	25x	as long as short
01 Exchange TAOUSD	+0.0664%	1h	316.69	+0.224%	$3K	$4K	5x	as long as short
Reya TAORUSDPERP	+0.0696%	1h	316.07	+0.029%	$363	—	20x	as long as short
Lighter TAOlong	+0.0720%	1h	315.98	long leg	$1.6M	$6.4M	5x
Variational Omni TAO	+0.0799%	4h	316.62	+0.203%	$5.9M	$9.8M	—	as long as short
Backpack TAO_USDC_PERPshort	+0.0844%	1h	315.82	−0.052%	$314K	$927K	10x
Hyperliquid TAO	+0.0976%	1h	315.95	−0.010%	$95.4M	$104.1M	5x	as long as short
Coinbase International TAO-PERP-INTX	+0.1024%	1h	317.44	+0.461%	$1.5M	$6.8M	50x	as long as short
RISEx TAO/USDC	+0.1159%	1h	316.67	+0.219%	$437K	$661K	5x	as long as short
Injective TAO/USDC PERP	+0.4172%	1h	321.62	+1.784%	$23K	$2K	12x	as long as short