Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0177%/8h= −19.4% APRpaid last 24h −0.048%

Price spread now: Variational Omni against Backpack+0.006%7-day average +0.012% · you sell dearer than you buy

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

Long on Backpack Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.074%−$7 on $10k

Price spread, last 4 days (all we have)−0.212%−$21 · spread now +0.006%, 7d avg +0.012%

Together, before fees−0.286%+ Points / potential airdropVariational Omni: Active · farm board−$29 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.012%, so right now this pair is about funding alone: −$5 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack TAO_USDC_PERP	312.63	0.0500	pay 0.0063% / 1h	13m 25s	$311K	$885K	10x
Short	Variational Omni TAO	312.65	0.0323	get 0.0162% / 4h	3h 13m	$5.5M	$10.1M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Backpack. 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 BackpackbpFee Variational OmnibpOrdersPrice spread, now +0.006%Rate

Funding earned: −$37.23
Price spread: +0.006% → +0.012%: −$0.55
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$47.78
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: Backpack: live order book, 40 min ago; Variational Omni: RFQ quote, 1 min ago. 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 Backpack live order book, 40 min ago	2.55 bp	7.6 bp −$8	doesn't fit	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 1 min ago	2.87 bp	doesn't fit	18.6 bp −$186	45.1 bp −$4,512	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
Kraken Futures PF_TAOUSD	−0.0347%	1h	312.44	−0.060%	$5.5M	$20.7M	50x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	312.31	−0.101%	$20K	—	150x	as long as short
dYdX TAO-USD	+0.0010%	1h	312.24	−0.125%	$125K	$85K	5x	as long as short
Popdex TAOUSDT	+0.0096%	1h	312.41	−0.070%	$46K	$657K	20x	as long as short
Katana Perps TAO-USD	+0.0099%	8h	312.34	−0.093%	$639	$851K	5x	as long as short
Pacifica TAO	+0.0100%	1h	312.53	−0.033%	$356K	$416K	10x	as long as short
Binance TAOUSDT	+0.0100%	4h	312.51	−0.039%	$89.4M	$501.6M	75x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	312.40	−0.074%	$26.1M	$120.9M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	312.20	−0.138%	$13.3M	$50.4M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	312.45	−0.058%	$103.0M	$145.6M	300x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin TAOUSDTM	+0.0100%	4h	312.43	−0.064%	$17.7M	$31.3M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	312.22	−0.131%	$35.0M	$56.5M	50x	as long as short
edgeX TAOUSDC	+0.0100%	4h	312.81	+0.056%	$42K	$315K	10x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	313.61	+0.313%	$46K	$254K	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	312.41	−0.070%	$82K	$905K	5x	as long as short
Bullet TAO-USD	+0.0100%	1h	312.61	−0.006%	$12K	$17K	20x	as long as short
SunX TAO-USDT	+0.0100%	4h	312.41	−0.070%	$2K	$1.9M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	312.12	−0.163%	$110K	$542K	20x	as long as short
Phemex TAOUSDT	+0.0100%	4h	312.53	−0.032%	$3.1M	$8.0M	50x	as long as short
BingX TAO-USDT	+0.0104%	4h	312.58	−0.016%	—	$33.7M	—	as long as short
Aevo TAO-PERP	+0.0104%	1h	312.65	+0.006%	$172K	$998	3x	as long as short
GRVT TAO_USDT_Perp	+0.0112%	4h	312.64	+0.004%	$531K	$956K	10x	as long as short
Aster TAOUSDT	+0.0114%	4h	312.52	−0.036%	$1.3M	$10.5M	50x	as long as short
Orderly PERP_TAO_USDC	+0.0114%	4h	312.49	−0.045%	$52K	$290K	10x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0136% / S +0.0132%	1h	312.12	−0.164%	$421K	—	100x	as long as short
Paradex TAO-USD-PERP	+0.0163%	8h	312.44	−0.061%	$14K	$1K	10x	as long as short
Bybit TAOUSDT	+0.0179%	4h	312.62	−0.003%	$67.4M	$150.6M	50x	as long as short
Arcus TAO-USD	+0.0231%	1h	312.82	+0.061%	$101K	$394K	5x	as long as short
Extended TAO-USD	+0.0320%	1h	312.52	−0.034%	$914K	$2.4M	25x	as long as short
Variational Omni TAOshort	+0.0323%	4h	312.65	+0.006%	$5.5M	$10.1M	—
Nado TAO-PERP	+0.0330%	1h	312.49	−0.044%	$789K	$2.2M	10x	as long as short
BloFin TAO-USDT	+0.0340%	4h	312.54	−0.029%	$4.5M	$10.8M	100x	as long as short
Phoenix TAO	+0.0457%	1h	312.70	+0.022%	$311K	$711K	5x	as long as short
Hyperliquid TAO	+0.0479%	1h	312.75	+0.038%	$91.9M	$107.9M	5x	as long as short
01 Exchange TAOUSD	+0.0488%	1h	312.53	−0.032%	$3K	$4K	5x	as long as short
Backpack TAO_USDC_PERPlong	+0.0500%	1h	312.63	long leg	$311K	$885K	10x
Deribit TAO_USDC-PERPETUAL	+0.0530%	1h	312.58	−0.017%	$13K	$1.8M	25x	as long as short
Lighter TAO	+0.0640%	1h	312.75	+0.039%	$1.5M	$6.5M	5x	as long as short
Reya TAORUSDPERP	+0.0697%	1h	312.58	−0.017%	$359	—	20x	as long as short
RISEx TAO/USDC	+0.0816%	1h	312.56	−0.021%	$443K	$647K	5x	as long as short
Bulk TAO-USD	+0.0817%	1h	310.92	−0.546%	$165K	$333	10x	as long as short
Coinbase International TAO-PERP-INTX	+0.0952%	1h	312.90	+0.086%	$1.5M	$6.7M	50x	as long as short
Injective TAO/USDC PERP	+0.4092%	1h	316.67	+1.292%	$23K	$2K	12x	as long as short