Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.1332%/8h= −145.9% APRpaid last 24h −0.097%

Price spread now: Orderly against Lighter−0.075%7-day average −0.065% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Lighter Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days−0.292%−$29 on $10k

Price spread, last 3 days (all we have)+0.062%+$6 · spread now −0.075%, 7d avg −0.065%

Together, before fees−0.230%+ Points / potential airdropLighter: Season 3 · farm board−$23 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.065%, so right now this pair is about funding alone: −$40 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.292% in total (about -15.2% 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	318.60	0.1432	pay 0.0179% / 1h	15m 05s	$1.7M	$6.1M	5x
Short	Orderly PERP_TAO_USDC	318.36	0.0100	get 0.0050% / 4h	2h 15m	$58K	$282K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.075%Rate

Funding earned: −$279.72
Price spread: −0.075% → −0.065%: −$0.93
Slippage, 4 orders: no order book: not counted
Fee Lighter: 0 bp × 2 orders: $0
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$286.65
Costs to cover: 0.060%
Break-even: never at this rate

Slippage unknown: Lighter: live order book, 3 min ago; Orderly: no order-book sample. Net counts fees only.

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, 3 min ago	2.66 bp	5.1 bp −$5	19.2 bp −$192	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

TAO on 42 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
dYdX TAO-USD	0.0000%	1h	318.20	−0.125%	$127K	$84K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	317.96	−0.200%	$10K	—	150x	as long as short
Popdex TAOUSDT	+0.0096%	1h	318.33	−0.084%	$41K	$636K	20x	as long as short
Binance TAOUSDT	+0.0100%	4h	318.28	−0.100%	$91.7M	$468.9M	75x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	318.40	−0.062%	$26.3M	$114.6M	50x	as long as short
Bulk TAO-USD	+0.0100%	1h	315.28	−1.041%	$167K	$40K	10x	as long as short
Gate TAO_USDT	+0.0100%	4h	317.60	−0.313%	$13.0M	$50.6M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	318.20	−0.125%	$112.9M	$139.7M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	318.31	−0.090%	$18.2M	$30.2M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	317.91	−0.216%	$35.5M	$54.0M	50x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
edgeX TAOUSDC	+0.0100%	4h	314.93	−1.152%	$35K	$300K	10x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	314.80	−1.192%	$47K	$253K	50x	as long as short
Orderly PERP_TAO_USDCshort	+0.0100%	4h	318.36	−0.075%	$58K	$282K	10x
SunX TAO-USDT	+0.0100%	4h	318.12	−0.150%	$1K	$1.9M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	317.89	−0.222%	$130K	$474K	20x	as long as short
Phemex TAOUSDT	+0.0100%	4h	317.85	−0.235%	$3.4M	$7.9M	50x	as long as short
Aevo TAO-PERP	+0.0104%	1h	318.69	+0.029%	$175K	$998	3x	as long as short
Katana Perps TAO-USD	+0.0117%	8h	318.83	+0.073%	$1K	$715K	5x	as long as short
Polymarket Perps TAO-USD	+0.0127%	1h	318.52	−0.024%	$80K	$683K	5x	as long as short
Kraken Futures PF_TAOUSD	+0.0166%	1h	318.13	−0.147%	$5.6M	$20.5M	50x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0168% / S +0.0099%	1h	317.95	−0.203%	$435K	—	100x	as long as short
GRVT TAO_USDT_Perp	+0.0176%	4h	315.62	−0.935%	$520K	$954K	10x	as long as short
Bullet TAO-USD	+0.0259%	1h	318.36	−0.074%	$12K	$17K	20x	as long as short
Aster TAOUSDT	+0.0279%	4h	318.15	−0.141%	$1.2M	$9.4M	50x	as long as short
Pacifica TAO	+0.0285%	1h	318.84	+0.075%	$375K	$384K	10x	as long as short
Arcus TAO-USD	+0.0337%	1h	318.92	+0.101%	$100K	$529K	5x	as long as short
Paradex TAO-USD-PERP	+0.0376%	8h	318.73	+0.041%	$14K	$1K	10x	as long as short
Injective TAO/USDC PERP	+0.0470%	1h	318.67	+0.023%	$23K	$2K	12x	as long as short
Nado TAO-PERP	+0.0503%	1h	318.05	−0.173%	$794K	$2.1M	10x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0521%	1h	318.36	−0.075%	$22K	$1.5M	25x	as long as short
Phoenix TAO	+0.0588%	1h	316.00	−0.815%	$330K	$681K	5x	as long as short
01 Exchange TAOUSD	+0.0680%	1h	319.07	+0.148%	$3K	$4K	5x	as long as short
Reya TAORUSDPERP	+0.0696%	1h	318.03	−0.178%	$366	—	20x	as long as short
BingX TAO-USDT	+0.0800%	4h	317.92	−0.213%	—	$30.9M	—	as long as short
Bybit TAOUSDT	+0.0850%	4h	318.50	−0.031%	$67.6M	$138.6M	50x	as long as short
Variational Omni TAO	+0.0864%	4h	317.32	−0.402%	$5.5M	$8.9M	—	as long as short
Extended TAO-USD	+0.0944%	1h	318.22	−0.119%	$913K	$2.3M	25x	as long as short
Backpack TAO_USDC_PERP	+0.0950%	1h	318.14	−0.144%	$321K	$810K	10x	as long as short
Coinbase International TAO-PERP-INTX	+0.1024%	1h	318.88	+0.089%	$1.5M	$6.6M	50x	as long as short
RISEx TAO/USDC	+0.1132%	1h	318.64	+0.014%	$455K	$631K	5x	as long as short
Hyperliquid TAO	+0.1362%	1h	318.38	−0.068%	$101.2M	$95.3M	5x	as long as short
Lighter TAOlong	+0.1432%	1h	318.60	long leg	$1.7M	$6.1M	5x