Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0234%/8h= −25.6% APRpaid last 24h −0.053%

Price spread now: Variational Omni against Backpack+0.074%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 Backpack Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.099%−$10 on $10k

Price spread, last 4 days (all we have)+0.064%+$6 · spread now +0.074%, 7d avg +0.004%

Together, before fees−0.035%+ Points / potential airdropVariational Omni: Active · farm board−$4 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Variational Omni is 0.070% dearer against Backpack than usual: you sell high and buy low (spread +0.074% now, against its 7-day average of +0.004%): +$7 on $10k if it goes back. Holding the pair costs −$7 a day in funding at the current rate, which eats that in about 24 hours. At the pace of the last 4 days (−0.099% in total) that is about 2.6 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack TAO_USDC_PERP	316.40	0.0823	pay 0.0103% / 1h	51m 45s	$316K	$1.0M	10x
Short	Variational Omni TAO	316.63	0.0589	get 0.0294% / 4h	3h 51m	$5.6M	$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 +0.074%Rate

Funding earned: −$49.16
Price spread: +0.074% → +0.004%: $6.97
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$52.19
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: Backpack: live order book, 2 min ago; Variational Omni: RFQ quote, 2 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, 2 min ago	2.37 bp	7.4 bp −$7	doesn't fit	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 2 min ago	2.88 bp	doesn't fit	19.8 bp −$198	49.2 bp −$4,920	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
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0005%	1h	315.63	−0.242%	$22K	—	150x	as long as short
Popdex TAOUSDT	+0.0096%	1h	316.82	+0.133%	$49K	$718K	20x	as long as short
Katana Perps TAO-USD	+0.0100%	8h	316.47	+0.022%	$647	$1.2M	5x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	316.40	0.000%	$26.3M	$130.8M	50x	as long as short
Bulk TAO-USD	+0.0100%	1h	317.09	+0.218%	$168K	$0	10x	as long as short
Gate TAO_USDT	+0.0100%	4h	316.10	−0.095%	$14.8M	$49.0M	50x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	316.31	−0.028%	$17.8M	$32.5M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	316.28	−0.038%	$35.6M	$57.7M	50x	as long as short
GRVT TAO_USDT_Perp	+0.0100%	4h	316.18	−0.069%	$541K	$887K	10x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	316.37	−0.009%	$87K	$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	315.89	−0.161%	$1K	$1.9M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	316.14	−0.082%	$116K	$589K	20x	as long as short
ApeX Omni TAOUSDT	+0.0101%	1h	315.82	−0.183%	$45K	$259K	50x	as long as short
dYdX TAO-USD	+0.0107%	1h	316.02	−0.121%	$127K	$86K	5x	as long as short
Aevo TAO-PERP	+0.0120%	1h	316.30	−0.033%	$174K	$998	3x	as long as short
MEXC TAO_USDT	+0.0164%	4h	316.33	−0.022%	$103.9M	$151.3M	300x	as long as short
Binance TAOUSDT	+0.0164%	4h	316.40	0.000%	$92.5M	$531.5M	75x	as long as short
edgeX TAOUSDC	+0.0172%	4h	315.95	−0.143%	$42K	$320K	10x	as long as short
BingX TAO-USDT	+0.0176%	4h	316.50	+0.032%	—	$37.4M	—	as long as short
Orderly PERP_TAO_USDC	+0.0197%	4h	316.26	−0.044%	$54K	$299K	10x	as long as short
Paradex TAO-USD-PERP	+0.0252%	8h	316.33	−0.023%	$14K	$876	10x	as long as short
Bullet TAO-USD	+0.0293%	1h	316.58	+0.057%	$12K	$17K	20x	as long as short
Aster TAOUSDT	+0.0324%	4h	316.21	−0.060%	$1.3M	$11.1M	50x	as long as short
Pacifica TAO	+0.0349%	1h	316.44	+0.012%	$371K	$454K	10x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0366% / S −0.0107%	1h	316.15	−0.078%	$372K	—	100x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0373%	1h	316.13	−0.087%	$15K	$1.9M	25x	as long as short
Extended TAO-USD	+0.0384%	1h	316.50	+0.031%	$899K	$2.4M	25x	as long as short
Arcus TAO-USD	+0.0404%	1h	316.79	+0.123%	$100K	$377K	5x	as long as short
BloFin TAO-USDT	+0.0405%	4h	316.62	+0.070%	$4.8M	$10.9M	100x	as long as short
Nado TAO-PERP	+0.0564%	1h	316.82	+0.132%	$777K	$2.0M	10x	as long as short
Phoenix TAO	+0.0578%	1h	318.30	+0.601%	$320K	$714K	5x	as long as short
Hyperliquid TAO	+0.0582%	1h	316.58	+0.056%	$93.6M	$109.5M	5x	as long as short
Variational Omni TAOshort	+0.0589%	4h	316.63	+0.074%	$5.6M	$10.1M	—
01 Exchange TAOUSD	+0.0648%	1h	317.15	+0.237%	$3K	$4K	5x	as long as short
Lighter TAO	+0.0656%	1h	316.58	+0.058%	$1.6M	$6.6M	5x	as long as short
Reya TAORUSDPERP	+0.0698%	1h	316.52	+0.039%	$364	—	20x	as long as short
Bybit TAOUSDT	+0.0760%	4h	316.43	+0.009%	$69.6M	$156.3M	50x	as long as short
Kraken Futures PF_TAOUSD	+0.0787%	1h	316.21	−0.059%	$5.9M	$21.3M	50x	as long as short
Backpack TAO_USDC_PERPlong	+0.0823%	1h	316.40	long leg	$316K	$1.0M	10x
RISEx TAO/USDC	+0.0840%	1h	316.60	+0.063%	$449K	$668K	5x	as long as short
Coinbase International TAO-PERP-INTX	+0.0944%	1h	317.34	+0.297%	$1.2M	$7.3M	50x	as long as short
Phemex TAOUSDT	+0.1184%	4h	316.33	−0.022%	$3.2M	$8.2M	50x	as long as short
Injective TAO/USDC PERP	+0.3512%	1h	321.91	+1.741%	$23K	$2K	12x	as long as short