Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0584%/8h= −63.9% APRpaid last 24h −0.129%

Price spread now: Phemex against Lighter−0.309%7-day average −0.067% · you buy dearer than you sell

Net, funding: paid 7d − costs−$131as in the Funding arb table

Net, price: spread back to 7d avg − costs−$88as in the Price arb table

costs, in and out, $10k−$640.642% of the position

Long on Lighter Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.669%−$67 on $10k

Price spread, last 4 days (all we have)+0.322%+$32 · spread now −0.309%, 7d avg −0.067%

Together, before fees−0.348%+ Points / potential airdropLighter: Season 3 · farm board−$35 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$18 a day on $10k at the current rate, and Phemex is 0.243% cheaper against Lighter than usual: you would sell low and buy high (−$24 if the spread goes back to its 7-day average of −0.067%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter TAO	314.93	0.0776	pay 0.0097% / 1h	24m 45s	$1.5M	$6.6M	5x
Short	Phemex TAOUSDT	313.96	0.0192	get 0.0096% / 4h	2h 24m	$3.2M	$8.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now −0.309%Rate

Funding earned: −$122.56
Price spread: −0.309% → −0.067%: −$24.26
Slippage, 4 orders: −$52.16
Fee Lighter: 0 bp × 2 orders: $0
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$210.98
Costs to cover: 0.642%
Break-even: never at this rate

Slippage from Lighter: live order book, 3 min ago; Phemex: 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	1.85 bp	14.7 bp −$15	30.9 bp −$309	doesn't fit	doesn't fit
Sell Phemex live order book, 4 min ago	6.86 bp	18.0 bp −$18	29.6 bp −$296	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 −0.0004%	1h	313.81	−0.357%	$20K	—	150x	as long as short
dYdX TAO-USD	+0.0044%	1h	314.36	−0.182%	$125K	$85K	5x	as long as short
Binance TAOUSDT	+0.0100%	4h	314.76	−0.056%	$90.4M	$508.0M	75x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	314.90	−0.011%	$26.3M	$122.7M	50x	as long as short
Bulk TAO-USD	+0.0100%	1h	313.47	−0.464%	$167K	$333	10x	as long as short
Gate TAO_USDT	+0.0100%	4h	313.70	−0.392%	$14.0M	$51.1M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	314.81	−0.039%	$108.7M	$146.0M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	314.64	−0.093%	$17.4M	$31.4M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	314.69	−0.077%	$35.5M	$57.0M	50x	as long as short
edgeX TAOUSDC	+0.0100%	4h	313.26	−0.532%	$41K	$314K	10x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Polymarket Perps TAO-USD	+0.0100%	1h	313.92	−0.322%	$90K	$920K	5x	as long as short
SunX TAO-USDT	+0.0100%	4h	313.96	−0.309%	$1K	$1.9M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	313.54	−0.443%	$113K	$554K	20x	as long as short
Katana Perps TAO-USD	+0.0103%	8h	314.07	−0.274%	$643	$928K	5x	as long as short
Aevo TAO-PERP	+0.0104%	1h	314.08	−0.273%	$172K	$998	3x	as long as short
Orderly PERP_TAO_USDC	+0.0122%	4h	314.15	−0.249%	$52K	$290K	10x	as long as short
Popdex TAOUSDT	+0.0128%	1h	314.15	−0.249%	$51K	$668K	20x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0128% / S +0.0140%	1h	313.81	−0.356%	$420K	—	100x	as long as short
Phemex TAOUSDTshort	+0.0192%	4h	313.96	−0.309%	$3.2M	$8.0M	50x
Aster TAOUSDT	+0.0211%	4h	314.27	−0.209%	$1.3M	$10.6M	50x	as long as short
Pacifica TAO	+0.0233%	1h	314.76	−0.056%	$358K	$419K	10x	as long as short
Nado TAO-PERP	+0.0268%	1h	314.20	−0.232%	$775K	$2.2M	10x	as long as short
Paradex TAO-USD-PERP	+0.0272%	8h	315.06	+0.041%	$14K	$1K	10x	as long as short
Kraken Futures PF_TAOUSD	+0.0303%	1h	314.19	−0.235%	$5.9M	$21.4M	50x	as long as short
Bullet TAO-USD	+0.0325%	1h	314.15	−0.248%	$12K	$17K	20x	as long as short
BloFin TAO-USDT	+0.0340%	4h	313.97	−0.306%	$4.6M	$10.9M	100x	as long as short
GRVT TAO_USDT_Perp	+0.0348%	4h	314.02	−0.291%	$533K	$923K	10x	as long as short
ApeX Omni TAOUSDT	+0.0359%	1h	313.36	−0.500%	$44K	$256K	50x	as long as short
Bybit TAOUSDT	+0.0423%	4h	314.88	−0.017%	$68.5M	$152.5M	50x	as long as short
BingX TAO-USDT	+0.0430%	4h	314.82	−0.036%	—	$33.7M	—	as long as short
Variational Omni TAO	+0.0439%	4h	313.02	−0.608%	$5.5M	$10.1M	—	as long as short
Extended TAO-USD	+0.0480%	1h	313.75	−0.377%	$896K	$2.4M	25x	as long as short
Arcus TAO-USD	+0.0483%	1h	315.13	+0.062%	$101K	$345K	5x	as long as short
Phoenix TAO	+0.0513%	1h	313.30	−0.519%	$312K	$713K	5x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0644%	1h	314.10	−0.266%	$15K	$1.8M	25x	as long as short
Reya TAORUSDPERP	+0.0697%	1h	314.07	−0.275%	$361	—	20x	as long as short
01 Exchange TAOUSD	+0.0760%	1h	314.46	−0.151%	$3K	$4K	5x	as long as short
Lighter TAOlong	+0.0776%	1h	314.93	long leg	$1.5M	$6.6M	5x
Hyperliquid TAO	+0.0803%	1h	314.72	−0.068%	$92.0M	$108.5M	5x	as long as short
Backpack TAO_USDC_PERP	+0.0812%	1h	314.16	−0.246%	$312K	$890K	10x	as long as short
Coinbase International TAO-PERP-INTX	+0.0928%	1h	315.03	+0.030%	$1.5M	$6.8M	50x	as long as short
RISEx TAO/USDC	+0.0948%	1h	314.18	−0.239%	$455K	$649K	5x	as long as short
Injective TAO/USDC PERP	+0.3711%	1h	319.48	+1.443%	$23K	$2K	12x	as long as short