Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0764%/8h= +83.7% APRpaid last 24h +0.137%

Price spread now: Lighter against Phemex+0.165%7-day average +0.067% · 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−$55as in the Price arb table

costs, in and out, $10k−$650.645% of the position

Long on Phemex Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.680%+$68 on $10k

Price spread, last 4 days (all we have)−0.177%−$18 · spread now +0.165%, 7d avg +0.067%

Together, before fees+0.503%+ Points / potential airdropLighter: Season 3 · farm board+$50 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$23 a day on $10k at the current rate, and Lighter is 0.098% dearer against Phemex than usual: you sell high and buy low: +$10 more if the spread goes back to its 7-day average of +0.067%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex TAOUSDT	320.86	0.0100	pay 0.0050% / 4h	1h 52m	$3.3M	$8.1M	50x
Short	Lighter TAO	321.39	0.0864	get 0.0108% / 1h	52m 17s	$1.5M	$6.6M	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Phemex. 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 PhemexbpFee LighterbpOrdersPrice spread, now +0.165%Rate

Funding earned: $160.44
Price spread: +0.165% → +0.067%: $9.79
Slippage, 4 orders: −$52.53
Fee Phemex: 6 bp × 2 orders: −$12
Fee Lighter: 0 bp × 2 orders: $0
Net: $105.69
Costs to cover: 0.645%
Break-even: 2.4 days

Slippage from Phemex: 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 Phemex live order book, 2 min ago	13.88 bp	29.5 bp −$29	53.7 bp −$537	doesn't fit	doesn't fit
Sell Lighter live order book, 6 min ago	5.08 bp	6.5 bp −$7	26.5 bp −$265	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	−0.2101%	1h	320.87	+0.003%	$170K	$333	10x	as long as short
dYdX TAO-USD	0.0000%	1h	320.75	−0.036%	$128K	$85K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	320.96	+0.031%	$21K	—	150x	as long as short
Popdex TAOUSDT	+0.0096%	1h	321.41	+0.171%	$40K	$694K	20x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	320.90	+0.012%	$26.7M	$129.3M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	320.90	+0.012%	$14.2M	$51.3M	50x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	321.23	+0.115%	$17.6M	$31.9M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	320.90	+0.012%	$36.1M	$58.0M	50x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	324.34	+1.085%	$47K	$258K	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	321.25	+0.122%	$78K	$1.1M	5x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX TAO-USDT	+0.0100%	4h	320.81	−0.016%	$1K	$2.0M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	320.97	+0.034%	$118K	$584K	20x	as long as short
Phemex TAOUSDTlong	+0.0100%	4h	320.86	long leg	$3.3M	$8.1M	50x
Katana Perps TAO-USD	+0.0109%	8h	321.24	+0.118%	$729	$985K	5x	as long as short
Orderly PERP_TAO_USDC	+0.0119%	4h	321.07	+0.065%	$53K	$292K	10x	as long as short
Aevo TAO-PERP	+0.0120%	1h	321.14	+0.088%	$176K	$998	3x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0123% / S +0.0155%	1h	320.92	+0.019%	$434K	—	100x	as long as short
MEXC TAO_USDT	+0.0146%	4h	321.32	+0.143%	$105.2M	$149.2M	300x	as long as short
Binance TAOUSDT	+0.0148%	4h	320.78	−0.025%	$93.6M	$524.8M	75x	as long as short
edgeX TAOUSDC	+0.0158%	4h	322.15	+0.403%	$43K	$316K	10x	as long as short
Paradex TAO-USD-PERP	+0.0266%	8h	320.98	+0.039%	$15K	$1K	10x	as long as short
Aster TAOUSDT	+0.0301%	4h	320.87	+0.003%	$1.3M	$10.9M	50x	as long as short
Bullet TAO-USD	+0.0370%	1h	321.40	+0.168%	$12K	$17K	20x	as long as short
Bybit TAOUSDT	+0.0380%	4h	320.70	−0.050%	$70.0M	$155.6M	50x	as long as short
BingX TAO-USDT	+0.0382%	4h	321.24	+0.118%	—	$34.3M	—	as long as short
BloFin TAO-USDT	+0.0388%	4h	320.87	+0.003%	$4.7M	$11.1M	100x	as long as short
GRVT TAO_USDT_Perp	+0.0434%	4h	321.38	+0.161%	$548K	$937K	10x	as long as short
Extended TAO-USD	+0.0488%	1h	320.98	+0.036%	$914K	$2.4M	25x	as long as short
Variational Omni TAO	+0.0506%	4h	323.50	+0.822%	$5.7M	$10.1M	—	as long as short
Pacifica TAO	+0.0525%	1h	321.08	+0.067%	$365K	$422K	10x	as long as short
Phoenix TAO	+0.0567%	1h	324.40	+1.103%	$323K	$709K	5x	as long as short
Backpack TAO_USDC_PERP	+0.0584%	1h	320.58	−0.087%	$319K	$899K	10x	as long as short
Hyperliquid TAO	+0.0613%	1h	321.61	+0.234%	$95.1M	$109.8M	5x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0623%	1h	321.10	+0.074%	$14K	$1.9M	25x	as long as short
Nado TAO-PERP	+0.0633%	1h	321.28	+0.130%	$803K	$2.2M	10x	as long as short
01 Exchange TAOUSD	+0.0640%	1h	321.48	+0.193%	$3K	$4K	5x	as long as short
Arcus TAO-USD	+0.0641%	1h	321.45	+0.184%	$103K	$394K	5x	as long as short
Reya TAORUSDPERP	+0.0698%	1h	321.46	+0.187%	$370	—	20x	as long as short
Lighter TAOshort	+0.0864%	1h	321.39	+0.165%	$1.5M	$6.6M	5x
Coinbase International TAO-PERP-INTX	+0.0944%	1h	321.95	+0.340%	$1.5M	$6.9M	50x	as long as short
RISEx TAO/USDC	+0.1077%	1h	321.29	+0.133%	$463K	$665K	5x	as long as short
Kraken Futures PF_TAOUSD	+0.1149%	1h	321.22	+0.114%	$6.1M	$21.7M	50x	as long as short
Injective TAO/USDC PERP	+0.4723%	1h	328.25	+2.303%	$24K	$2K	12x	as long as short