TAO

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0058%/8h= −6.4% APRnext payment −$0.07 per $10,000 · paid last 24h +0.111%

Price spread now: Hyperliquid against Lighter−0.079%7-day average +0.020% · you buy dearer than you sell

Net, funding: paid 7d − costs−$8as in the Funding arb table

Net, price: spread back to 7d avg − costs−$39as in the Price arb table

costs, in and out, $10k−$290.288% of the position

Long on Lighter Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.205%+$20 on $10k

Price spread, last 7 days+0.077%+$8 · spread now −0.079%, 7d avg +0.020%

Together, before fees+0.282%+ Points / potential airdropLighter: Season 3 · Hyperliquid: Season 2 · farm board+$28 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Hyperliquid is 0.099% cheaper against Lighter than usual: you would sell low and buy high (−$10 if the spread goes back to its 7-day average of +0.020%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.205%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter TAO	315.33	0.0320	pay 0.0040% / 1h	19m 56s	$1.5M	$6.5M	5x
Short	Hyperliquid TAO	315.08	0.0262	get 0.0033% / 1h	19m 56s	$92.7M	$106.4M	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid 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 HyperliquidbpOrdersPrice spread, now −0.079%Rate

Funding earned: −$12.23
Price spread: −0.079% → +0.020%: −$9.9
Slippage, 4 orders: −$19.79
Fee Lighter: 0 bp × 2 orders: $0
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$50.92
Costs to cover: 0.288%
Break-even: never at this rate

Slippage from Lighter: live order book, 3 min ago; Hyperliquid: live order book, 4 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, 3 min ago	1.71 bp	11.1 bp −$11	22.7 bp −$227	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 4 min ago	0.32 bp	6.7 bp −$7	doesn't fit	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
dYdX TAO-USD	0.0000%	1h	315.24	−0.029%	$126K	$85K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	314.92	−0.130%	$20K	—	150x	as long as short
Kraken Futures PF_TAOUSD	+0.0056%	1h	314.98	−0.111%	$5.5M	$20.7M	50x	as long as short
Popdex TAOUSDT	+0.0096%	1h	315.26	−0.022%	$43K	$669K	20x	as long as short
Katana Perps TAO-USD	+0.0098%	8h	315.20	−0.041%	$645	$799K	5x	as long as short
Binance TAOUSDT	+0.0100%	4h	315.14	−0.061%	$91.0M	$494.6M	75x	as long as short
Bybit TAOUSDT	+0.0100%	4h	315.08	−0.079%	$68.0M	$148.6M	50x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	315.00	−0.104%	$26.0M	$120.5M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	314.80	−0.168%	$12.9M	$50.0M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	315.08	−0.079%	$110.6M	$144.0M	300x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin TAOUSDTM	+0.0100%	4h	314.95	−0.120%	$17.6M	$31.7M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	314.81	−0.165%	$35.2M	$56.5M	50x	as long as short
BingX TAO-USDT	+0.0100%	4h	315.03	−0.095%	—	$32.9M	—	as long as short
edgeX TAOUSDC	+0.0100%	4h	315.64	+0.099%	$42K	$312K	10x	as long as short
GRVT TAO_USDT_Perp	+0.0100%	4h	315.78	+0.143%	$522K	$955K	10x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	315.16	−0.054%	$46K	$254K	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	314.92	−0.130%	$77K	$859K	5x	as long as short
Bullet TAO-USD	+0.0100%	1h	315.14	−0.060%	$12K	$18K	20x	as long as short
SunX TAO-USDT	+0.0100%	4h	315.38	+0.016%	$1K	$1.9M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	314.91	−0.133%	$110K	$535K	20x	as long as short
Phemex TAOUSDT	+0.0100%	4h	314.96	−0.117%	$3.2M	$8.1M	50x	as long as short
Aevo TAO-PERP	+0.0104%	1h	315.20	−0.042%	$173K	$998	3x	as long as short
Orderly PERP_TAO_USDC	+0.0132%	4h	315.07	−0.082%	$57K	$265K	10x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0147% / S +0.0126%	1h	314.89	−0.139%	$420K	—	100x	as long as short
Paradex TAO-USD-PERP	+0.0161%	8h	315.49	+0.050%	$14K	$1K	10x	as long as short
Aster TAOUSDT	+0.0192%	4h	315.07	−0.082%	$1.2M	$10.3M	50x	as long as short
Nado TAO-PERP	+0.0199%	1h	315.18	−0.046%	$801K	$2.2M	10x	as long as short
Extended TAO-USD	+0.0200%	1h	315.04	−0.092%	$922K	$2.4M	25x	as long as short
Hyperliquid TAOshort	+0.0262%	1h	315.08	−0.079%	$92.7M	$106.4M	5x
Deribit TAO_USDC-PERPETUAL	+0.0279%	1h	315.15	−0.056%	$26K	$1.7M	25x	as long as short
01 Exchange TAOUSD	+0.0312%	1h	315.38	+0.016%	$3K	$4K	5x	as long as short
Lighter TAOlong	+0.0320%	1h	315.33	long leg	$1.5M	$6.5M	5x
BloFin TAO-USDT	+0.0340%	4h	315.18	−0.047%	$4.6M	$10.9M	100x	as long as short
Arcus TAO-USD	+0.0345%	1h	315.67	+0.108%	$99K	$438K	5x	as long as short
Backpack TAO_USDC_PERP	+0.0348%	1h	315.00	−0.104%	$316K	$913K	10x	as long as short
Pacifica TAO	+0.0365%	1h	315.58	+0.079%	$360K	$412K	10x	as long as short
Variational Omni TAO	+0.0497%	4h	315.29	−0.013%	$5.7M	$9.9M	—	as long as short
Phoenix TAO	+0.0581%	1h	315.50	+0.054%	$314K	$697K	5x	as long as short
Reya TAORUSDPERP	+0.0697%	1h	314.99	−0.109%	$362	—	20x	as long as short
Bulk TAO-USD	+0.0933%	1h	314.34	−0.314%	$167K	$2K	10x	as long as short
RISEx TAO/USDC	+0.0991%	1h	315.39	+0.019%	$435K	$651K	5x	as long as short
Coinbase International TAO-PERP-INTX	+0.1008%	1h	315.69	+0.114%	$1.5M	$6.7M	50x	as long as short
Injective TAO/USDC PERP	+0.4222%	1h	318.85	+1.117%	$23K	$2K	12x	as long as short