Funding arb · Price arb /

TAO

all TAO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC−0.0356%/8h= −39.0% APRpaid last 24h −0.143%

Price spread now: KuCoin against Lighter−0.166%7-day average −0.042% · 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−$67as in the Price arb table

costs, in and out, $10k−$550.547% of the position

Long on Lighter Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.234%−$23 on $10k

Price spread, last 7 days+0.188%+$19 · spread now −0.166%, 7d avg −0.042%

Together, before fees−0.046%+ Points / potential airdropLighter: Season 3 · farm board−$5 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$11 a day on $10k at the current rate, and KuCoin is 0.125% cheaper against Lighter than usual: you would sell low and buy high (−$12 if the spread goes back to its 7-day average of −0.042%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.234% in total (about -12.2% a year). A funding rate is set anew for every payment. 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	323.05	0.0456	pay 0.0057% / 1h	56m 29s	$1.6M	$6.6M	5x
Short	KuCoin TAOUSDTM	322.51	0.0100	get 0.0050% / 4h	2h 56m	$17.6M	$32.2M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now −0.166%Rate

Funding earned: −$74.76
Price spread: −0.166% → −0.042%: −$12.45
Slippage, 4 orders: −$42.67
Fee Lighter: 0 bp × 2 orders: $0
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$141.88
Costs to cover: 0.547%
Break-even: never at this rate

Slippage from Lighter: live order book, 7 min ago; KuCoin: live order book, 3 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, 7 min ago	2.28 bp	6.4 bp −$6	21.4 bp −$214	doesn't fit	doesn't fit
Sell KuCoin live order book, 3 min ago	2.32 bp	18.3 bp −$18	30.5 bp −$305	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	−0.0985%	1h	321.65	−0.432%	$171K	$0	10x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0003%	1h	324.21	+0.360%	$20K	—	150x	as long as short
Bybit TAOUSDT	+0.0100%	4h	322.36	−0.213%	$70.9M	$155.1M	50x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	322.20	−0.262%	$26.9M	$131.0M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	322.10	−0.293%	$15.4M	$47.9M	50x	as long as short
KuCoin TAOUSDTMshort	+0.0100%	4h	322.51	−0.166%	$17.6M	$32.2M	75x
Bitget TAOUSDT	+0.0100%	4h	322.32	−0.225%	$36.4M	$56.7M	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	322.85	−0.061%	$89K	$1.1M	5x	as long as short
SunX TAO-USDT	+0.0100%	4h	322.84	−0.064%	$2K	$1.9M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	323.04	−0.002%	$118K	$554K	20x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex TAOUSDT	+0.0100%	4h	322.86	−0.058%	$3.2M	$8.1M	50x	as long as short
Katana Perps TAO-USD	+0.0115%	8h	322.67	−0.117%	$1K	$1.2M	5x	as long as short
Aevo TAO-PERP	+0.0120%	1h	323.17	+0.040%	$177K	$998	3x	as long as short
MEXC TAO_USDT	+0.0154%	4h	322.72	−0.101%	$107.0M	$149.1M	300x	as long as short
Binance TAOUSDT	+0.0156%	4h	322.38	−0.206%	$94.9M	$519.7M	75x	as long as short
BingX TAO-USDT	+0.0158%	4h	322.36	−0.213%	—	$39.0M	—	as long as short
edgeX TAOUSDC	+0.0158%	4h	323.48	+0.133%	$43K	$321K	10x	as long as short
Paradex TAO-USD-PERP	+0.0225%	8h	323.01	−0.013%	$15K	$876	10x	as long as short
Orderly PERP_TAO_USDC	+0.0247%	4h	322.31	−0.228%	$54K	$274K	10x	as long as short
Popdex TAOUSDT	+0.0256%	1h	322.85	−0.061%	$50K	$703K	20x	as long as short
Extended TAO-USD	+0.0288%	1h	322.84	−0.063%	$973K	$2.2M	25x	as long as short
Pacifica TAO	+0.0301%	1h	322.98	−0.020%	$376K	$439K	10x	as long as short
GRVT TAO_USDT_Perp	+0.0304%	4h	323.87	+0.253%	$550K	$826K	10x	as long as short
Aster TAOUSDT	+0.0320%	4h	322.56	−0.151%	$1.3M	$11.2M	50x	as long as short
Arcus TAO-USD	+0.0364%	1h	323.20	+0.047%	$102K	$329K	5x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0365% / S −0.0107%	1h	322.05	−0.307%	$379K	—	100x	as long as short
ApeX Omni TAOUSDT	+0.0392%	1h	323.88	+0.258%	$46K	$256K	50x	as long as short
BloFin TAO-USDT	+0.0396%	4h	323.31	+0.081%	$4.9M	$11.0M	100x	as long as short
Lighter TAOlong	+0.0456%	1h	323.05	long leg	$1.6M	$6.6M	5x
Variational Omni TAO	+0.0522%	4h	323.77	+0.222%	$5.7M	$9.8M	—	as long as short
Bullet TAO-USD	+0.0537%	1h	322.47	−0.179%	$12K	$17K	20x	as long as short
Nado TAO-PERP	+0.0545%	1h	322.60	−0.139%	$739K	$2.0M	10x	as long as short
Phoenix TAO	+0.0578%	1h	323.80	+0.233%	$326K	$712K	5x	as long as short
Kraken Futures PF_TAOUSD	+0.0672%	1h	323.45	+0.125%	$6.3M	$20.9M	50x	as long as short
Reya TAORUSDPERP	+0.0699%	1h	322.85	−0.060%	$371	—	20x	as long as short
RISEx TAO/USDC	+0.0701%	1h	322.74	−0.095%	$446K	$714K	5x	as long as short
01 Exchange TAOUSD	+0.0776%	1h	323.28	+0.072%	$3K	$4K	5x	as long as short
Backpack TAO_USDC_PERP	+0.0796%	1h	323.22	+0.054%	$301K	$1.1M	10x	as long as short
Coinbase International TAO-PERP-INTX	+0.0832%	1h	322.51	−0.166%	$1.1M	$7.5M	50x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0865%	1h	323.31	+0.080%	$20K	$1.9M	25x	as long as short
Hyperliquid TAO	+0.1220%	1h	322.91	−0.042%	$97.5M	$110.2M	5x	as long as short
dYdX TAO-USD	+0.1233%	1h	322.32	−0.225%	$272K	$232K	5x	as long as short
Injective TAO/USDC PERP	+0.3320%	1h	327.96	+1.521%	$24K	$2K	12x	as long as short