Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0384%/8h= −42.0% APRpaid last 24h −0.115%

Price spread now: Variational Omni against Lighter+0.407%7-day average −0.025% · you sell dearer than you buy

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

Long on Lighter Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.187%−$19 on $10k

Price spread, last 7 days−0.391%−$39 · spread now +0.407%, 7d avg −0.025%

Together, before fees−0.579%+ Points / potential airdropLighter: Season 3 · Variational Omni: Active · farm board−$58 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Variational Omni is 0.432% dearer against Lighter than usual: you sell high and buy low (spread +0.407% now, against its 7-day average of −0.025%): +$43 on $10k if it goes back. Holding the pair costs −$12 a day in funding at the current rate, which eats that in about 3.8 days. At the pace of the last 4 days (−0.187% in total) that is about 8.3 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter TAO	320.67	0.0920	pay 0.0115% / 1h	48m 52s	$1.5M	$6.6M	5x
Short	Variational Omni TAO	321.98	0.0536	get 0.0268% / 4h	1h 48m	$5.6M	$10.2M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni 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 Variational OmnibpOrdersPrice spread, now +0.407%Rate

Funding earned: −$80.63
Price spread: +0.407% → −0.025%: $43.2
Slippage, 4 orders: no order book: not counted
Fee Lighter: 0 bp × 2 orders: $0
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$37.43
Costs to cover: 0.000%
Break-even: from the start

Slippage unknown: Lighter: live order book, 4 min ago; Variational Omni: RFQ quote, just now. 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 Lighter live order book, 4 min ago	3.41 bp	3.8 bp −$4	18.5 bp −$185	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, just now	2.87 bp	doesn't fit	18.5 bp −$185	42.9 bp −$4,286	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	−0.2101%	1h	320.87	+0.061%	$170K	$333	10x	as long as short
dYdX TAO-USD	0.0000%	1h	320.82	+0.046%	$128K	$85K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	320.02	−0.202%	$21K	—	150x	as long as short
Popdex TAOUSDT	+0.0096%	1h	320.58	−0.029%	$40K	$694K	20x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	320.40	−0.085%	$26.6M	$129.1M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	320.20	−0.148%	$14.2M	$51.4M	50x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	320.11	−0.176%	$17.5M	$31.9M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	320.29	−0.119%	$36.1M	$58.0M	50x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	320.78	+0.033%	$45K	$258K	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	320.32	−0.110%	$76K	$1.1M	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	320.06	−0.191%	$2K	$2.0M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	319.91	−0.238%	$117K	$585K	20x	as long as short
Phemex TAOUSDT	+0.0100%	4h	320.33	−0.107%	$3.3M	$8.1M	50x	as long as short
Katana Perps TAO-USD	+0.0109%	8h	320.66	−0.004%	$728	$985K	5x	as long as short
Aevo TAO-PERP	+0.0120%	1h	320.49	−0.057%	$176K	$998	3x	as long as short
Orderly PERP_TAO_USDC	+0.0122%	4h	320.39	−0.088%	$53K	$293K	10x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0122% / S +0.0155%	1h	320.03	−0.200%	$433K	—	100x	as long as short
MEXC TAO_USDT	+0.0146%	4h	320.53	−0.045%	$105.3M	$149.4M	300x	as long as short
edgeX TAOUSDC	+0.0148%	4h	320.94	+0.084%	$42K	$316K	10x	as long as short
Binance TAOUSDT	+0.0153%	4h	320.41	−0.081%	$92.8M	$525.7M	75x	as long as short
Paradex TAO-USD-PERP	+0.0267%	8h	320.81	+0.044%	$15K	$1K	10x	as long as short
Aster TAOUSDT	+0.0307%	4h	320.57	−0.031%	$1.3M	$10.9M	50x	as long as short
BingX TAO-USDT	+0.0366%	4h	320.46	−0.066%	—	$34.4M	—	as long as short
Bullet TAO-USD	+0.0371%	1h	320.45	−0.070%	$12K	$17K	20x	as long as short
Bybit TAOUSDT	+0.0385%	4h	320.50	−0.054%	$70.0M	$155.6M	50x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0391%	1h	320.31	−0.115%	$14K	$1.9M	25x	as long as short
BloFin TAO-USDT	+0.0393%	4h	320.43	−0.076%	$4.7M	$11.1M	100x	as long as short
GRVT TAO_USDT_Perp	+0.0424%	4h	322.11	+0.447%	$548K	$948K	10x	as long as short
Extended TAO-USD	+0.0488%	1h	320.40	−0.086%	$914K	$2.4M	25x	as long as short
Pacifica TAO	+0.0525%	1h	320.86	+0.059%	$365K	$423K	10x	as long as short
Variational Omni TAOshort	+0.0536%	4h	321.98	+0.407%	$5.6M	$10.2M	—
Phoenix TAO	+0.0567%	1h	321.70	+0.320%	$320K	$709K	5x	as long as short
Backpack TAO_USDC_PERP	+0.0613%	1h	320.56	−0.035%	$318K	$899K	10x	as long as short
Nado TAO-PERP	+0.0617%	1h	321.21	+0.168%	$803K	$2.2M	10x	as long as short
Arcus TAO-USD	+0.0641%	1h	320.88	+0.065%	$103K	$394K	5x	as long as short
Hyperliquid TAO	+0.0663%	1h	320.68	+0.002%	$94.8M	$109.9M	5x	as long as short
01 Exchange TAOUSD	+0.0664%	1h	320.69	+0.005%	$3K	$4K	5x	as long as short
Reya TAORUSDPERP	+0.0698%	1h	320.45	−0.071%	$369	—	20x	as long as short
Lighter TAOlong	+0.0920%	1h	320.67	long leg	$1.5M	$6.6M	5x
Coinbase International TAO-PERP-INTX	+0.0944%	1h	322.95	+0.710%	$1.5M	$6.9M	50x	as long as short
RISEx TAO/USDC	+0.1077%	1h	320.68	+0.001%	$462K	$665K	5x	as long as short
Kraken Futures PF_TAOUSD	+0.1152%	1h	320.47	−0.063%	$6.1M	$21.7M	50x	as long as short
Injective TAO/USDC PERP	+0.4723%	1h	328.25	+2.363%	$24K	$2K	12x	as long as short