Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0554%/8h= −60.6% APRpaid last 24h −0.129%

Price spread now: Phemex against Lighter−0.112%7-day average −0.067% · you buy dearer than you sell

Net, funding: paid 7d − costs−$117as in the Funding arb table

Net, price: spread back to 7d avg − costs−$55as in the Price arb table

costs, in and out, $10k−$500.504% of the position

Long on Lighter Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.669%−$67 on $10k

Price spread, last 4 days (all we have)+0.124%+$12 · spread now −0.112%, 7d avg −0.067%

Together, before fees−0.545%+ Points / potential airdropLighter: Season 3 · farm board−$54 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$17 a day on $10k at the current rate, and Phemex is 0.045% cheaper against Lighter than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of −0.067%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter TAO	314.13	0.0904	pay 0.0113% / 1h	46m 31s	$1.5M	$6.5M	5x
Short	Phemex TAOUSDT	313.78	0.0350	get 0.0175% / 4h	2h 46m	$3.2M	$7.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now −0.112%Rate

Funding earned: −$116.31
Price spread: −0.112% → −0.067%: −$4.54
Slippage, 4 orders: −$38.42
Fee Lighter: 0 bp × 2 orders: $0
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$171.26
Costs to cover: 0.504%
Break-even: never at this rate

Slippage from Lighter: live order book, 7 min ago; Phemex: live order book, 2 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	2.05 bp	5.5 bp −$6	15.6 bp −$156	doesn't fit	doesn't fit
Sell Phemex live order book, 2 min ago	7.97 bp	18.6 bp −$19	41.9 bp −$419	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
dYdX TAO-USD	0.0000%	1h	313.35	−0.250%	$125K	$85K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0003%	1h	313.34	−0.253%	$22K	—	150x	as long as short
Katana Perps TAO-USD	+0.0100%	8h	313.72	−0.131%	$1K	$888K	5x	as long as short
Binance TAOUSDT	+0.0100%	4h	313.80	−0.106%	$89.7M	$505.1M	75x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	313.70	−0.138%	$26.2M	$122.1M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	313.50	−0.201%	$13.7M	$50.4M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	313.82	−0.099%	$104.9M	$144.7M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	313.54	−0.188%	$17.5M	$31.4M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	313.50	−0.201%	$35.3M	$56.9M	50x	as long as short
edgeX TAOUSDC	+0.0100%	4h	313.37	−0.244%	$41K	$315K	10x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Polymarket Perps TAO-USD	+0.0100%	1h	313.52	−0.195%	$81K	$909K	5x	as long as short
SunX TAO-USDT	+0.0100%	4h	313.50	−0.201%	$1K	$1.9M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	312.65	−0.472%	$111K	$545K	20x	as long as short
Aevo TAO-PERP	+0.0104%	1h	313.85	−0.088%	$172K	$998	3x	as long as short
Orderly PERP_TAO_USDC	+0.0121%	4h	313.66	−0.150%	$52K	$290K	10x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0132% / S +0.0137%	1h	313.28	−0.270%	$419K	—	100x	as long as short
Bulk TAO-USD	+0.0138%	1h	312.42	−0.544%	$166K	$333	10x	as long as short
Aster TAOUSDT	+0.0162%	4h	313.75	−0.122%	$1.3M	$10.5M	50x	as long as short
Pacifica TAO	+0.0233%	1h	313.92	−0.068%	$357K	$419K	10x	as long as short
Paradex TAO-USD-PERP	+0.0235%	8h	313.88	−0.080%	$14K	$1K	10x	as long as short
Nado TAO-PERP	+0.0252%	1h	313.76	−0.119%	$780K	$2.2M	10x	as long as short
ApeX Omni TAOUSDT	+0.0255%	1h	312.72	−0.449%	$46K	$255K	50x	as long as short
GRVT TAO_USDT_Perp	+0.0260%	4h	313.21	−0.292%	$532K	$942K	10x	as long as short
Popdex TAOUSDT	+0.0288%	1h	313.87	−0.083%	$49K	$662K	20x	as long as short
Kraken Futures PF_TAOUSD	+0.0303%	1h	314.07	−0.021%	$5.7M	$21.0M	50x	as long as short
Bullet TAO-USD	+0.0331%	1h	313.74	−0.125%	$12K	$17K	20x	as long as short
BloFin TAO-USDT	+0.0340%	4h	313.60	−0.169%	$4.5M	$10.8M	100x	as long as short
Phemex TAOUSDTshort	+0.0350%	4h	313.78	−0.112%	$3.2M	$7.9M	50x
Variational Omni TAO	+0.0371%	4h	313.10	−0.328%	$5.5M	$10.1M	—	as long as short
BingX TAO-USDT	+0.0384%	4h	313.79	−0.109%	—	$33.7M	—	as long as short
Bybit TAOUSDT	+0.0394%	4h	313.85	−0.090%	$68.1M	$151.3M	50x	as long as short
Extended TAO-USD	+0.0400%	1h	313.65	−0.154%	$905K	$2.4M	25x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0428%	1h	313.66	−0.150%	$11K	$1.8M	25x	as long as short
Arcus TAO-USD	+0.0483%	1h	314.07	−0.020%	$101K	$370K	5x	as long as short
Phoenix TAO	+0.0513%	1h	313.30	−0.265%	$312K	$713K	5x	as long as short
Reya TAORUSDPERP	+0.0697%	1h	313.67	−0.147%	$361	—	20x	as long as short
Hyperliquid TAO	+0.0741%	1h	313.96	−0.055%	$91.8M	$108.5M	5x	as long as short
01 Exchange TAOUSD	+0.0800%	1h	314.30	+0.053%	$3K	$4K	5x	as long as short
Backpack TAO_USDC_PERP	+0.0800%	1h	313.68	−0.144%	$309K	$886K	10x	as long as short
Lighter TAOlong	+0.0904%	1h	314.13	long leg	$1.5M	$6.5M	5x
Coinbase International TAO-PERP-INTX	+0.0928%	1h	314.47	+0.108%	$1.5M	$6.8M	50x	as long as short
RISEx TAO/USDC	+0.0948%	1h	313.89	−0.077%	$452K	$651K	5x	as long as short
Injective TAO/USDC PERP	+0.3711%	1h	316.07	+0.617%	$23K	$2K	12x	as long as short