TAO

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.1352%/8h= −148.0% APRnext payment −$1.69 per $10,000 · paid last 24h −0.040%

Price spread now: dYdX against Lighter−0.240%7-day average −0.114% · you buy dearer than you sell

Net, funding: paid 7d − costs−$105as in the Funding arb table

Net, price: spread back to 7d avg − costs−$113as in the Price arb table

costs, in and out, $10k−$1001.003% of the position

Long on Lighter Short on dYdX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.049%−$5 on $10k

Price spread, last 4 days (all we have)+0.132%+$13 · spread now −0.240%, 7d avg −0.114%

Together, before fees+0.083%+ Points / potential airdropLighter: Season 3 · farm board+$8 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$41 a day on $10k at the current rate, and dYdX is 0.126% cheaper against Lighter than usual: you would sell low and buy high (−$13 if the spread goes back to its 7-day average of −0.114%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.049% in total (about -2.6% a year). A funding rate is set anew for every payment; at this rate the next one is about −$1.69 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter TAO	314.16	0.1352	pay 0.0169% / 1h	38m 33s	$1.6M	$5.8M	5x
Short	dYdX TAO-USD	313.41	0	get 0.0000% / 1h	38m 33s	$125K	$88K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX 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 dYdXbpOrdersPrice spread, now −0.240%Rate

Funding earned: −$283.92
Price spread: −0.240% → −0.114%: −$12.63
Slippage, 4 orders: −$90.29
Fee Lighter: 0 bp × 2 orders: $0
Fee dYdX: 5 bp × 2 orders: −$10
Net: −$396.83
Costs to cover: 1.003%
Break-even: never at this rate

Slippage from Lighter: live order book, 5 min ago; dYdX: live order book, 40 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, 5 min ago	5.49 bp	9.4 bp −$9	23.1 bp −$231	doesn't fit	doesn't fit
Sell dYdX live order book, 40 min ago	36.40 bp	41.5 bp −$42	64.9 bp −$649	185.3 bp −$18.5K	1078.0 bp −$539.0K

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	−0.4478%	1h	313.97	−0.062%	$168K	$48K	10x	as long as short
dYdX TAO-USDshort	0.0000%	1h	313.41	−0.240%	$125K	$88K	5x
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	312.85	−0.420%	$21K	—	150x	as long as short
Injective TAO/USDC PERP	+0.0033%	1h	314.39	+0.072%	$23K	$260	12x	as long as short
Popdex TAOUSDT	+0.0096%	1h	314.50	+0.107%	$43K	$552K	20x	as long as short
Pacifica TAO	+0.0100%	1h	313.79	−0.120%	$372K	$369K	10x	as long as short
Binance TAOUSDT	+0.0100%	4h	314.39	+0.072%	$88.9M	$425.4M	75x	as long as short
Bybit TAOUSDT	+0.0100%	4h	314.49	+0.104%	$61.7M	$124.0M	50x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	314.30	+0.043%	$25.1M	$101.1M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	314.00	−0.052%	$12.7M	$49.3M	50x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC TAO_USDT	+0.0100%	4h	314.10	−0.020%	$120.9M	$127.8M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	313.62	−0.173%	$19.0M	$27.7M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	313.87	−0.094%	$35.0M	$46.5M	50x	as long as short
BingX TAO-USDT	+0.0100%	4h	314.32	+0.050%	—	$30.2M	—	as long as short
edgeX TAOUSDC	+0.0100%	4h	312.40	−0.561%	$40K	$279K	10x	as long as short
GRVT TAO_USDT_Perp	+0.0100%	4h	312.53	−0.520%	$526K	$948K	10x	as long as short
Orderly PERP_TAO_USDC	+0.0100%	4h	312.93	−0.393%	$60K	$276K	10x	as long as short
SunX TAO-USDT	+0.0100%	4h	312.85	−0.418%	$2K	$1.8M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	313.08	−0.345%	$128K	$395K	20x	as long as short
Phemex TAOUSDT	+0.0100%	4h	312.83	−0.425%	$3.3M	$7.9M	50x	as long as short
Bullet TAO-USD	+0.0100%	1h	313.14	−0.326%	$11K	$17K	20x	as long as short
Aevo TAO-PERP	+0.0104%	1h	313.14	−0.326%	$172K	$998	3x	as long as short
Katana Perps TAO-USD	+0.0110%	8h	314.41	+0.078%	$2K	$541K	5x	as long as short
ApeX Omni TAOUSDT	+0.0118%	1h	312.28	−0.600%	$47K	$270K	50x	as long as short
Polymarket Perps TAO-USD	+0.0123%	1h	314.50	+0.107%	$77K	$520K	5x	as long as short
Arcus TAO-USD	+0.0186%	1h	314.51	+0.110%	$83K	$606K	5x	as long as short
Paradex TAO-USD-PERP	+0.0189%	8h	314.23	+0.022%	$14K	$1K	10x	as long as short
Variational Omni TAO	+0.0194%	4h	312.41	−0.560%	$3.9M	$7.0M	—	as long as short
Aster TAOUSDT	+0.0202%	4h	313.79	−0.121%	$1.1M	$7.9M	50x	as long as short
BloFin TAO-USDT	+0.0347%	4h	313.20	−0.307%	$4.4M	$10.2M	100x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0405%	1h	312.99	−0.372%	$19K	$1.4M	25x	as long as short
Kraken Futures PF_TAOUSD	+0.0449%	1h	312.92	−0.395%	$5.8M	$19.9M	50x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0476% / S −0.0175%	1h	312.80	−0.433%	$449K	—	100x	as long as short
Nado TAO-PERP	+0.0483%	1h	314.45	+0.092%	$833K	$2.0M	10x	as long as short
Backpack TAO_USDC_PERP	+0.0536%	1h	313.28	−0.281%	$301K	$799K	10x	as long as short
Phoenix TAO	+0.0537%	1h	312.80	−0.434%	$327K	$521K	5x	as long as short
Reya TAORUSDPERP	+0.0695%	1h	314.10	−0.019%	$361	—	20x	as long as short
01 Exchange TAOUSD	+0.0712%	1h	314.72	+0.177%	$3K	$4K	5x	as long as short
Extended TAO-USD	+0.0872%	1h	314.31	+0.048%	$863K	$2.1M	25x	as long as short
Coinbase International TAO-PERP-INTX	+0.0960%	1h	314.64	+0.152%	$1.5M	$5.8M	50x	as long as short
RISEx TAO/USDC	+0.1238%	1h	314.57	+0.129%	$433K	$548K	5x	as long as short
Lighter TAOlong	+0.1352%	1h	314.16	long leg	$1.6M	$5.8M	5x
Hyperliquid TAO	+0.1878%	1h	314.56	+0.126%	$98.0M	$83.2M	5x	as long as short