TAO

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0118%/8h= +12.9% APRnext payment +$0.15 per $10,000 · paid last 24h −0.048%

Price spread now: Backpack against Lighter+0.045%7-day average −0.026% · you sell dearer than you buy

Net, funding: paid 7d − costs−$42as in the Funding arb table

Net, price: spread back to 7d avg − costs−$25as in the Price arb table

costs, in and out, $10k−$320.322% of the position

Long on Lighter Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.099%−$10 on $10k

Price spread, last 4 days (all we have)−0.077%−$8 · spread now +0.045%, 7d avg −0.026%

Together, before fees−0.176%+ Points / potential airdropLighter: Season 3 · farm board−$18 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$4 a day on $10k at the current rate, and Backpack is 0.072% dearer against Lighter than usual: you sell high and buy low: +$7 more if the spread goes back to its 7-day average of −0.026%. Mind the row above: over the last 7 days funding on this pair cost −0.099%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter TAO	317.00	0.0544	pay 0.0068% / 1h	20m 03s	$1.6M	$6.9M	5x
Short	Backpack TAO_USDC_PERP	317.14	0.0662	get 0.0083% / 1h	20m 03s	$296K	$905K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack 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 BackpackbpOrdersPrice spread, now +0.045%Rate

Funding earned: $24.83
Price spread: +0.045% → −0.026%: $7.16
Slippage, 4 orders: −$22.22
Fee Lighter: 0 bp × 2 orders: $0
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$0.23
Costs to cover: 0.322%
Break-even: 7.1 days

Slippage from Lighter: live order book, 13 min ago; Backpack: live order book, 19 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, 13 min ago	1.61 bp	9.8 bp −$10	30.0 bp −$300	doesn't fit	doesn't fit
Sell Backpack live order book, 19 min ago	2.37 bp	7.8 bp −$8	124.2 bp −$1,242	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 −0.0005%	1h	316.59	−0.128%	$22K	—	150x	as long as short
dYdX TAO-USD	+0.0066%	1h	315.36	−0.516%	$126K	$85K	5x	as long as short
Popdex TAOUSDT	+0.0096%	1h	316.40	−0.188%	$45K	$714K	20x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	317.00	+0.001%	$26.4M	$130.6M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	316.60	−0.125%	$14.6M	$51.8M	50x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	316.62	−0.119%	$17.8M	$32.4M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	316.85	−0.046%	$35.6M	$57.9M	50x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	316.06	−0.296%	$45K	$260K	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	316.24	−0.239%	$88K	$1.2M	5x	as long as short
SunX TAO-USDT	+0.0100%	4h	316.19	−0.255%	$2K	$2.0M	20x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX TAO-USDT	+0.0100%	4h	315.77	−0.387%	$116K	$603K	20x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0105% / S +0.0138%	1h	316.56	−0.137%	$403K	—	100x	as long as short
Katana Perps TAO-USD	+0.0106%	8h	316.13	−0.274%	$830	$1.1M	5x	as long as short
Aevo TAO-PERP	+0.0120%	1h	316.65	−0.110%	$174K	$998	3x	as long as short
Orderly PERP_TAO_USDC	+0.0163%	4h	316.72	−0.087%	$52K	$294K	10x	as long as short
edgeX TAOUSDC	+0.0165%	4h	315.99	−0.319%	$42K	$319K	10x	as long as short
MEXC TAO_USDT	+0.0170%	4h	316.97	−0.009%	$102.9M	$152.3M	300x	as long as short
Binance TAOUSDT	+0.0171%	4h	317.04	+0.013%	$91.8M	$531.0M	75x	as long as short
Paradex TAO-USD-PERP	+0.0242%	8h	316.19	−0.255%	$14K	$1K	10x	as long as short
BingX TAO-USDT	+0.0250%	4h	316.93	−0.021%	—	$37.3M	—	as long as short
Bybit TAOUSDT	+0.0254%	4h	317.22	+0.070%	$69.5M	$156.8M	50x	as long as short
Bullet TAO-USD	+0.0276%	1h	316.81	−0.059%	$12K	$17K	20x	as long as short
GRVT TAO_USDT_Perp	+0.0302%	4h	315.30	−0.535%	$536K	$921K	10x	as long as short
Pacifica TAO	+0.0313%	1h	315.72	−0.403%	$370K	$462K	10x	as long as short
Aster TAOUSDT	+0.0334%	4h	316.84	−0.049%	$1.3M	$11.0M	50x	as long as short
Extended TAO-USD	+0.0360%	1h	317.03	+0.012%	$899K	$2.4M	25x	as long as short
BloFin TAO-USDT	+0.0411%	4h	315.72	−0.403%	$4.7M	$10.9M	100x	as long as short
Phemex TAOUSDT	+0.0442%	4h	316.66	−0.106%	$3.2M	$8.2M	50x	as long as short
Nado TAO-PERP	+0.0459%	1h	316.15	−0.266%	$780K	$2.0M	10x	as long as short
Arcus TAO-USD	+0.0473%	1h	316.63	−0.116%	$100K	$384K	5x	as long as short
Lighter TAOlong	+0.0544%	1h	317.00	long leg	$1.6M	$6.9M	5x
Variational Omni TAO	+0.0557%	4h	315.52	−0.466%	$5.5M	$10.2M	—	as long as short
Phoenix TAO	+0.0629%	1h	316.40	−0.188%	$318K	$703K	5x	as long as short
Backpack TAO_USDC_PERPshort	+0.0662%	1h	317.14	+0.045%	$296K	$905K	10x
01 Exchange TAOUSD	+0.0672%	1h	316.78	−0.068%	$3K	$4K	5x	as long as short
Reya TAORUSDPERP	+0.0698%	1h	316.37	−0.198%	$364	—	20x	as long as short
Hyperliquid TAO	+0.0711%	1h	317.17	+0.055%	$93.6M	$110.4M	5x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0729%	1h	316.85	−0.046%	$15K	$1.9M	25x	as long as short
RISEx TAO/USDC	+0.0831%	1h	316.36	−0.203%	$447K	$658K	5x	as long as short
Kraken Futures PF_TAOUSD	+0.0836%	1h	316.88	−0.036%	$5.9M	$21.7M	50x	as long as short
Bulk TAO-USD	+0.0951%	1h	316.68	−0.100%	$168K	$0	10x	as long as short
Coinbase International TAO-PERP-INTX	+0.0984%	1h	317.06	+0.020%	$1.4M	$7.0M	50x	as long as short
Injective TAO/USDC PERP	+0.4513%	1h	318.80	+0.569%	$23K	$2K	12x	as long as short