Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0220%/8h= −24.1% APRpaid last 24h −0.120%

Price spread now: Orderly against Lighter−0.201%7-day average −0.064% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Lighter Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days−0.316%−$32 on $10k

Price spread, last 4 days (all we have)+0.127%+$13 · spread now −0.201%, 7d avg −0.064%

Together, before fees−0.189%+ Points / potential airdropLighter: Season 3 · farm board−$19 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$7 a day on $10k at the current rate, and Orderly is 0.136% cheaper against Lighter than usual: you would sell low and buy high (−$14 if the spread goes back to its 7-day average of −0.064%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter TAO	315.66	0.0352	pay 0.0044% / 1h	12m 17s	$1.5M	$6.5M	5x
Short	Orderly PERP_TAO_USDC	315.03	0.0132	get 0.0066% / 4h	12m 17s	$52K	$271K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.201%Rate

Funding earned: −$46.27
Price spread: −0.201% → −0.064%: −$13.64
Slippage, 4 orders: no order book: not counted
Fee Lighter: 0 bp × 2 orders: $0
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$65.91
Costs to cover: 0.060%
Break-even: never at this rate

Slippage unknown: Lighter: live order book, 6 min ago; Orderly: no order-book sample. Net counts fees only.

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	1.09 bp	6.6 bp −$7	16.8 bp −$168	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	314.80	−0.275%	$126K	$85K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	314.82	−0.268%	$20K	—	150x	as long as short
Kraken Futures PF_TAOUSD	+0.0056%	1h	315.28	−0.121%	$5.5M	$20.6M	50x	as long as short
Popdex TAOUSDT	+0.0096%	1h	314.75	−0.289%	$43K	$668K	20x	as long as short
Katana Perps TAO-USD	+0.0098%	8h	314.76	−0.286%	$644	$799K	5x	as long as short
Binance TAOUSDT	+0.0100%	4h	315.34	−0.102%	$91.1M	$495.0M	75x	as long as short
Bybit TAOUSDT	+0.0100%	4h	315.47	−0.061%	$68.0M	$149.0M	50x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	315.30	−0.115%	$26.0M	$120.7M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	314.90	−0.242%	$12.9M	$50.1M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	315.37	−0.093%	$111.0M	$144.2M	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	315.13	−0.169%	$17.7M	$31.7M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	315.00	−0.210%	$35.2M	$56.4M	50x	as long as short
BingX TAO-USDT	+0.0100%	4h	315.15	−0.163%	—	$32.8M	—	as long as short
edgeX TAOUSDC	+0.0100%	4h	315.09	−0.182%	$42K	$313K	10x	as long as short
GRVT TAO_USDT_Perp	+0.0100%	4h	314.71	−0.303%	$521K	$956K	10x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	315.38	−0.090%	$46K	$255K	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	314.76	−0.286%	$77K	$859K	5x	as long as short
Bullet TAO-USD	+0.0100%	1h	315.05	−0.194%	$12K	$18K	20x	as long as short
SunX TAO-USDT	+0.0100%	4h	314.99	−0.213%	$2K	$1.9M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	314.40	−0.400%	$109K	$535K	20x	as long as short
Phemex TAOUSDT	+0.0100%	4h	315.10	−0.178%	$3.2M	$8.1M	50x	as long as short
Bulk TAO-USD	+0.0100%	1h	314.68	−0.311%	$167K	$2K	10x	as long as short
Aevo TAO-PERP	+0.0104%	1h	315.04	−0.197%	$173K	$998	3x	as long as short
Orderly PERP_TAO_USDCshort	+0.0132%	4h	315.03	−0.201%	$52K	$271K	10x
GMX TAO/USD [WBTC.b-USDC]	L +0.0145% / S +0.0122%	1h	314.83	−0.264%	$428K	—	100x	as long as short
Paradex TAO-USD-PERP	+0.0155%	8h	314.96	−0.223%	$14K	$1K	10x	as long as short
Aster TAOUSDT	+0.0172%	4h	314.87	−0.253%	$1.2M	$10.4M	50x	as long as short
Extended TAO-USD	+0.0200%	1h	315.05	−0.196%	$923K	$2.4M	25x	as long as short
Nado TAO-PERP	+0.0214%	1h	314.83	−0.262%	$800K	$2.2M	10x	as long as short
Hyperliquid TAO	+0.0271%	1h	315.13	−0.169%	$92.7M	$106.6M	5x	as long as short
01 Exchange TAOUSD	+0.0328%	1h	315.09	−0.182%	$3K	$4K	5x	as long as short
BloFin TAO-USDT	+0.0340%	4h	315.08	−0.185%	$4.6M	$10.9M	100x	as long as short
Arcus TAO-USD	+0.0345%	1h	315.20	−0.147%	$99K	$438K	5x	as long as short
Backpack TAO_USDC_PERP	+0.0348%	1h	315.32	−0.109%	$316K	$913K	10x	as long as short
Lighter TAOlong	+0.0352%	1h	315.66	long leg	$1.5M	$6.5M	5x
Pacifica TAO	+0.0365%	1h	314.99	−0.213%	$359K	$412K	10x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0443%	1h	315.20	−0.147%	$23K	$1.7M	25x	as long as short
Variational Omni TAO	+0.0461%	4h	315.17	−0.156%	$5.7M	$9.9M	—	as long as short
Phoenix TAO	+0.0581%	1h	315.10	−0.178%	$314K	$697K	5x	as long as short
Reya TAORUSDPERP	+0.0697%	1h	314.97	−0.220%	$362	—	20x	as long as short
RISEx TAO/USDC	+0.0991%	1h	314.97	−0.219%	$437K	$653K	5x	as long as short
Coinbase International TAO-PERP-INTX	+0.1008%	1h	316.12	+0.145%	$1.5M	$6.7M	50x	as long as short
Injective TAO/USDC PERP	+0.4222%	1h	318.19	+0.801%	$23K	$2K	12x	as long as short