Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 20:00 UTC+0.0320%/8hnext payment +$0.40 per $10,000 · paid last 24h +0.035%

Price spread now: Lighter against Popdex+0.082%7-day average +0.070% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$33as in the Price arb table

costs, in and out, $10k−$340.345% of the position

Long on Popdex Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.112%+$11 on $10k

Price spread, last 3 days (all we have)−0.043%−$4 · spread now +0.082%, 7d avg +0.070%

Together, before fees+0.070%+ Points / potential airdropLighter: Season 3 · farm board+$7 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.070%, so right now this pair is about funding alone: +$10 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Popdex TAOUSDT	294.82	0.0096	pay 0.0012% / 1h	4m 23s	$35K	$482K	20x
Short	Lighter TAO	295.06	0.0416	get 0.0052% / 1h	4m 23s	$1.3M	$2.4M	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Popdex. 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 PopdexbpFee LighterbpOrdersPrice spread, now +0.082%Rate

Funding earned: $67.2
Price spread: +0.082% → +0.070%: $1.23
Slippage, 4 orders: −$28.09
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Fee Lighter: 0 bp × 2 orders: $0
Net: $33.94
Costs to cover: 0.345%
Break-even: 3.5 days

Slippage from Popdex: live order book, 28 min ago; Lighter: 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 Popdex live order book, 28 min ago	2.06 bp	9.7 bp −$10	103.5 bp −$1,035	doesn't fit	doesn't fit
Sell Lighter live order book, 2 min ago	2.14 bp	9.2 bp −$9	25.5 bp −$255	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	−0.2681%	1h	291.45	−1.143%	$192K	$44K	10x	as long as short
Kraken Futures PF_TAOUSD	−0.0158%	1h	294.33	−0.167%	$5.3M	$14.1M	50x	as long as short
dYdX TAO-USD	0.0000%	1h	294.57	−0.085%	$75K	$35K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0010%	1h	295.59	+0.263%	$35K	—	150x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0086%	1h	294.27	−0.186%	$22K	$1.1M	25x	as long as short
Popdex TAOUSDTlong	+0.0096%	1h	294.82	long leg	$35K	$482K	20x
Aster TAOUSDT	+0.0100%	4h	294.98	+0.053%	$1.6M	$5.0M	50x	as long as short
Pacifica TAO	+0.0100%	1h	294.71	−0.037%	$342K	$375K	10x	as long as short
Binance TAOUSDT	+0.0100%	4h	295.67	+0.288%	$80.7M	$338.3M	75x	as long as short
Bybit TAOUSDT	+0.0100%	4h	295.98	+0.393%	$52.7M	$89.8M	50x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX TAO-USDT-SWAP	+0.0100%	8h	295.70	+0.298%	$23.3M	$72.7M	50x	as long as short
Arcus TAO-USD	+0.0100%	1h	294.85	+0.010%	$129K	$580K	5x	as long as short
Gate TAO_USDT	+0.0100%	4h	295.70	+0.298%	$11.7M	$45.5M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	295.54	+0.244%	$106.1M	$107.0M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	294.93	+0.037%	$19.8M	$21.2M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	295.13	+0.105%	$33.3M	$37.1M	50x	as long as short
BingX TAO-USDT	+0.0100%	4h	295.82	+0.339%	—	$27.7M	—	as long as short
Variational Omni TAO	+0.0100%	4h	292.37	−0.830%	$3.2M	$5.4M	—	as long as short
edgeX TAOUSDC	+0.0100%	4h	292.48	−0.792%	$38K	$272K	10x	as long as short
GRVT TAO_USDT_Perp	+0.0100%	4h	292.20	−0.889%	$523K	$884K	10x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	292.18	−0.895%	$44K	$266K	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	295.03	+0.071%	$85K	$506K	5x	as long as short
Bullet TAO-USD	+0.0100%	1h	295.72	+0.305%	$11K	$18K	20x	as long as short
Orderly PERP_TAO_USDC	+0.0100%	4h	295.75	+0.315%	$54K	$235K	10x	as long as short
SunX TAO-USDT	+0.0100%	4h	293.97	−0.288%	$1K	$1.6M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	294.16	−0.224%	$123K	$312K	20x	as long as short
Phemex TAOUSDT	+0.0100%	4h	294.49	−0.112%	$3.1M	$7.5M	50x	as long as short
Katana Perps TAO-USD	+0.0102%	8h	295.27	+0.153%	$1K	$348K	5x	as long as short
Aevo TAO-PERP	+0.0104%	1h	294.21	−0.205%	$162K	$998	3x	as long as short
Paradex TAO-USD-PERP	+0.0105%	8h	294.84	+0.006%	$14K	$376	10x	as long as short
Nado TAO-PERP	+0.0187%	1h	294.35	−0.160%	$1.0M	$1.3M	10x	as long as short
Phoenix TAO	+0.0336%	1h	292.60	−0.753%	$311K	$158K	5x	as long as short
Extended TAO-USD	+0.0336%	1h	294.58	−0.080%	$782K	$1.4M	25x	as long as short
BloFin TAO-USDT	+0.0340%	4h	294.48	−0.115%	$4.1M	$7.3M	100x	as long as short
01 Exchange TAOUSD	+0.0408%	1h	294.90	+0.027%	$3K	$4K	5x	as long as short
Lighter TAOshort	+0.0416%	1h	295.06	+0.082%	$1.3M	$2.4M	5x
RISEx TAO/USDC	+0.0478%	1h	294.80	−0.006%	$340K	$451K	5x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0483% / S −0.0195%	1h	295.56	+0.251%	$444K	—	100x	as long as short
Backpack TAO_USDC_PERP	+0.0675%	1h	294.92	+0.034%	$373K	$536K	10x	as long as short
Reya TAORUSDPERP	+0.0694%	1h	295.51	+0.234%	$340	—	20x	as long as short
Coinbase International TAO-PERP-INTX	+0.0872%	1h	295.14	+0.109%	$1.5M	$4.4M	50x	as long as short
Hyperliquid TAO	+0.1158%	1h	295.62	+0.271%	$83.4M	$56.0M	5x	as long as short
Injective TAO/USDC PERP	+0.2947%	1h	294.49	−0.112%	$21K	$39K	12x	as long as short