Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0157%/8h= +17.2% APRpaid last 24h +0.062%

Price spread now: Backpack against Variational Omni+0.279%7-day average −0.004% · you sell dearer than you buy

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

Long on Variational Omni Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.091%+$9 on $10k

Price spread, last 4 days (all we have)−0.142%−$14 · spread now +0.279%, 7d avg −0.004%

Together, before fees−0.051%+ Points / potential airdropVariational Omni: Active · farm board−$5 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$5 a day on $10k at the current rate, and Backpack is 0.284% dearer against Variational Omni than usual: you sell high and buy low: +$28 more if the spread goes back to its 7-day average of −0.004%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni TAO	318.75	0.0538	pay 0.0269% / 4h	1h 30m	$5.6M	$10.2M	—
Short	Backpack TAO_USDC_PERP	319.64	0.0695	get 0.0087% / 1h	30m 58s	$298K	$905K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Variational Omni. 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 Variational OmnibpFee BackpackbpOrdersPrice spread, now +0.279%Rate

Funding earned: $33.07
Price spread: +0.279% → −0.004%: $28.39
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Backpack: 5 bp × 2 orders: −$10
Net: $51.46
Costs to cover: 0.100%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 3 min ago; Backpack: live order book, 13 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 Variational Omni RFQ quote, 3 min ago	2.87 bp	doesn't fit	12.5 bp −$125	66.9 bp −$6,689	doesn't fit
Sell Backpack live order book, 13 min ago	1.87 bp	7.2 bp −$7	16.0 bp −$160	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	−0.1995%	1h	319.47	+0.226%	$170K	$333	10x	as long as short
dYdX TAO-USD	0.0000%	1h	319.09	+0.108%	$127K	$85K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0005%	1h	319.23	+0.150%	$22K	—	150x	as long as short
Popdex TAOUSDT	+0.0096%	1h	319.86	+0.348%	$42K	$706K	20x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	319.60	+0.267%	$26.7M	$129.8M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	319.40	+0.204%	$14.2M	$51.9M	50x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	319.76	+0.317%	$17.9M	$32.1M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	319.27	+0.163%	$35.9M	$58.4M	50x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	320.35	+0.502%	$45K	$259K	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	319.74	+0.311%	$100K	$1.2M	5x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX TAO-USDT	+0.0100%	4h	319.40	+0.204%	$2K	$2.0M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	319.25	+0.157%	$119K	$590K	20x	as long as short
Katana Perps TAO-USD	+0.0109%	8h	319.76	+0.317%	$1K	$1.0M	5x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0118% / S +0.0149%	1h	319.56	+0.254%	$427K	—	100x	as long as short
Aevo TAO-PERP	+0.0120%	1h	319.75	+0.314%	$176K	$998	3x	as long as short
Orderly PERP_TAO_USDC	+0.0121%	4h	319.73	+0.308%	$53K	$292K	10x	as long as short
edgeX TAOUSDC	+0.0161%	4h	320.34	+0.499%	$42K	$318K	10x	as long as short
MEXC TAO_USDT	+0.0164%	4h	319.73	+0.308%	$105.6M	$150.0M	300x	as long as short
Binance TAOUSDT	+0.0169%	4h	319.68	+0.292%	$92.6M	$529.3M	75x	as long as short
Paradex TAO-USD-PERP	+0.0263%	8h	319.60	+0.266%	$14K	$1K	10x	as long as short
Phemex TAOUSDT	+0.0296%	4h	319.74	+0.311%	$3.3M	$8.1M	50x	as long as short
Aster TAOUSDT	+0.0328%	4h	319.69	+0.295%	$1.3M	$10.9M	50x	as long as short
Bybit TAOUSDT	+0.0347%	4h	319.76	+0.317%	$70.0M	$156.1M	50x	as long as short
BingX TAO-USDT	+0.0350%	4h	319.67	+0.289%	—	$34.5M	—	as long as short
Bullet TAO-USD	+0.0390%	1h	319.97	+0.383%	$12K	$17K	20x	as long as short
GRVT TAO_USDT_Perp	+0.0396%	4h	320.22	+0.460%	$545K	$940K	10x	as long as short
BloFin TAO-USDT	+0.0409%	4h	319.67	+0.289%	$4.7M	$11.1M	100x	as long as short
Extended TAO-USD	+0.0464%	1h	319.42	+0.209%	$916K	$2.4M	25x	as long as short
Pacifica TAO	+0.0525%	1h	319.60	+0.268%	$364K	$423K	10x	as long as short
Variational Omni TAOlong	+0.0538%	4h	318.75	long leg	$5.6M	$10.2M	—
Phoenix TAO	+0.0567%	1h	319.20	+0.141%	$318K	$709K	5x	as long as short
Nado TAO-PERP	+0.0575%	1h	319.97	+0.382%	$799K	$2.1M	10x	as long as short
Hyperliquid TAO	+0.0622%	1h	319.68	+0.292%	$94.4M	$110.3M	5x	as long as short
01 Exchange TAOUSD	+0.0624%	1h	320.11	+0.427%	$3K	$4K	5x	as long as short
Arcus TAO-USD	+0.0641%	1h	320.09	+0.421%	$103K	$394K	5x	as long as short
Backpack TAO_USDC_PERPshort	+0.0695%	1h	319.64	+0.279%	$298K	$905K	10x
Reya TAORUSDPERP	+0.0698%	1h	319.77	+0.321%	$368	—	20x	as long as short
Lighter TAO	+0.0784%	1h	319.66	+0.285%	$1.5M	$6.7M	5x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0787%	1h	319.73	+0.307%	$16K	$1.9M	25x	as long as short
Coinbase International TAO-PERP-INTX	+0.0944%	1h	319.89	+0.358%	$1.5M	$6.8M	50x	as long as short
RISEx TAO/USDC	+0.1077%	1h	319.75	+0.316%	$458K	$666K	5x	as long as short
Kraken Futures PF_TAOUSD	+0.1154%	1h	319.77	+0.322%	$6.0M	$21.8M	50x	as long as short
Injective TAO/USDC PERP	+0.4723%	1h	323.44	+1.472%	$24K	$2K	12x	as long as short