TAO

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0216%/8h= −23.7% APRnext payment −$0.27 per $10,000 · paid last 24h −0.112%

Price spread now: Lighter against Coinbase International−0.426%7-day average −0.110% · you buy dearer than you sell

Net, funding: paid 7d − costs−$78as in the Funding arb table

Net, price: spread back to 7d avg − costs−$73as in the Price arb table

costs, in and out, $10k−$410.409% of the position

Long on Coinbase International Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.373%−$37 on $10k

Price spread, last 4 days (all we have)+0.302%+$30 · spread now −0.426%, 7d avg −0.110%

Together, before fees−0.071%+ Points / potential airdropLighter: Season 3 · farm board−$7 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and Lighter is 0.316% cheaper against Coinbase International than usual: you would sell low and buy high (−$32 if the spread goes back to its 7-day average of −0.110%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International TAO-PERP-INTX	321.15	0.0944	pay 0.0118% / 1h	27m 24s	$1.5M	$6.9M	50x
Short	Lighter TAO	319.78	0.0728	get 0.0091% / 1h	27m 24s	$1.5M	$6.7M	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Coinbase International. 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 Coinbase InternationalbpFee LighterbpOrdersPrice spread, now −0.426%Rate

Funding earned: −$45.36
Price spread: −0.426% → −0.110%: −$31.64
Slippage, 4 orders: −$30.91
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Lighter: 0 bp × 2 orders: $0
Net: −$117.91
Costs to cover: 0.409%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 2 min ago; Lighter: live order book, 11 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 Coinbase International live order book, 2 min ago	5.94 bp	13.3 bp −$13	18.6 bp −$186	doesn't fit	doesn't fit
Sell Lighter live order book, 11 min ago	4.80 bp	9.5 bp −$10	25.9 bp −$259	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	−0.1995%	1h	319.47	−0.523%	$170K	$333	10x	as long as short
dYdX TAO-USD	0.0000%	1h	319.13	−0.628%	$127K	$85K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0005%	1h	319.02	−0.664%	$22K	—	150x	as long as short
Popdex TAOUSDT	+0.0096%	1h	320.62	−0.165%	$43K	$705K	20x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	321.10	−0.016%	$26.7M	$130.4M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	320.70	−0.140%	$14.3M	$52.0M	50x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	321.09	−0.019%	$18.0M	$32.1M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	321.01	−0.044%	$36.1M	$58.4M	50x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	319.84	−0.408%	$45K	$259K	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	320.89	−0.081%	$89K	$1.2M	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	321.03	−0.037%	$2K	$2.0M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	318.75	−0.747%	$118K	$590K	20x	as long as short
Katana Perps TAO-USD	+0.0109%	8h	320.26	−0.277%	$1K	$1.0M	5x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0118% / S +0.0149%	1h	318.95	−0.685%	$426K	—	100x	as long as short
Aevo TAO-PERP	+0.0120%	1h	321.15	−0.001%	$176K	$998	3x	as long as short
Orderly PERP_TAO_USDC	+0.0125%	4h	321.22	+0.022%	$53K	$292K	10x	as long as short
MEXC TAO_USDT	+0.0170%	4h	321.24	+0.028%	$106.2M	$150.2M	300x	as long as short
edgeX TAOUSDC	+0.0170%	4h	319.71	−0.449%	$42K	$316K	10x	as long as short
Binance TAOUSDT	+0.0171%	4h	321.32	+0.053%	$93.0M	$529.1M	75x	as long as short
Paradex TAO-USD-PERP	+0.0270%	8h	319.64	−0.469%	$15K	$1K	10x	as long as short
Phemex TAOUSDT	+0.0295%	4h	319.54	−0.501%	$3.3M	$8.1M	50x	as long as short
BingX TAO-USDT	+0.0324%	4h	321.08	−0.022%	—	$34.5M	—	as long as short
Aster TAOUSDT	+0.0335%	4h	320.99	−0.049%	$1.3M	$10.9M	50x	as long as short
Bybit TAOUSDT	+0.0342%	4h	321.41	+0.081%	$70.4M	$156.2M	50x	as long as short
Bullet TAO-USD	+0.0395%	1h	321.24	+0.028%	$12K	$17K	20x	as long as short
GRVT TAO_USDT_Perp	+0.0396%	4h	319.57	−0.491%	$544K	$940K	10x	as long as short
BloFin TAO-USDT	+0.0410%	4h	319.36	−0.557%	$4.7M	$11.1M	100x	as long as short
Extended TAO-USD	+0.0464%	1h	321.17	+0.005%	$913K	$2.4M	25x	as long as short
Pacifica TAO	+0.0525%	1h	319.78	−0.427%	$364K	$423K	10x	as long as short
Variational Omni TAO	+0.0541%	4h	320.05	−0.343%	$5.7M	$10.2M	—	as long as short
Nado TAO-PERP	+0.0548%	1h	320.88	−0.083%	$801K	$2.0M	10x	as long as short
Phoenix TAO	+0.0567%	1h	319.40	−0.545%	$318K	$709K	5x	as long as short
01 Exchange TAOUSD	+0.0640%	1h	320.60	−0.171%	$3K	$4K	5x	as long as short
Arcus TAO-USD	+0.0641%	1h	320.14	−0.314%	$103K	$389K	5x	as long as short
Hyperliquid TAO	+0.0648%	1h	321.21	+0.019%	$94.9M	$110.4M	5x	as long as short
Reya TAORUSDPERP	+0.0698%	1h	319.25	−0.593%	$367	—	20x	as long as short
Backpack TAO_USDC_PERP	+0.0706%	1h	319.43	−0.536%	$298K	$905K	10x	as long as short
Lighter TAOshort	+0.0728%	1h	319.78	−0.426%	$1.5M	$6.7M	5x
Coinbase International TAO-PERP-INTXlong	+0.0944%	1h	321.15	long leg	$1.5M	$6.9M	50x
Deribit TAO_USDC-PERPETUAL	+0.0952%	1h	321.24	+0.029%	$15K	$1.9M	25x	as long as short
RISEx TAO/USDC	+0.1077%	1h	321.14	−0.002%	$460K	$666K	5x	as long as short
Kraken Futures PF_TAOUSD	+0.1149%	1h	321.36	+0.065%	$6.0M	$21.8M	50x	as long as short
Injective TAO/USDC PERP	+0.4723%	1h	323.44	+0.713%	$24K	$2K	12x	as long as short