Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0137%/8h= +15.0% APRpaid last 24h +0.051%

Price spread now: Backpack against Variational Omni+0.429%7-day average −0.014% · 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 3 days (all we have)+0.080%+$8 on $10k

Price spread, last 4 days (all we have)−1.267%−$127 · spread now +0.429%, 7d avg −0.014%

Together, before fees−1.187%+ Points / potential airdropVariational Omni: Active · farm board−$119 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$4 a day on $10k at the current rate, and Backpack is 0.442% dearer against Variational Omni than usual: you sell high and buy low: +$44 more if the spread goes back to its 7-day average of −0.014%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni TAO	320.22	0.0878	pay 0.0439% / 4h	1h 36m	$5.9M	$9.7M	—
Short	Backpack TAO_USDC_PERP	321.59	0.1015	get 0.0127% / 1h	36m 22s	$442K	$860K	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 +0.429%Rate

Funding earned: $28.81
Price spread: +0.429% → −0.014%: $44.23
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Backpack: 5 bp × 2 orders: −$10
Net: $63.04
Costs to cover: 0.100%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 3 min ago; Backpack: live order book, 28 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	11.8 bp −$118	doesn't fit	doesn't fit
Sell Backpack live order book, 28 min ago	2.19 bp	8.9 bp −$9	335.6 bp −$3,356	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	−0.3652%	1h	316.49	−1.164%	$168K	$1K	10x	as long as short
dYdX TAO-USD	0.0000%	1h	320.84	+0.194%	$128K	$84K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	320.05	−0.051%	$21K	—	150x	as long as short
Popdex TAOUSDT	+0.0096%	1h	320.77	+0.173%	$45K	$657K	20x	as long as short
Binance TAOUSDT	+0.0100%	4h	320.49	+0.085%	$93.4M	$474.0M	75x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	320.30	+0.026%	$26.3M	$117.4M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	320.50	+0.088%	$13.1M	$49.5M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	320.64	+0.132%	$109.7M	$140.0M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	320.49	+0.085%	$18.1M	$30.9M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	320.49	+0.085%	$35.8M	$54.1M	50x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
edgeX TAOUSDC	+0.0100%	4h	319.73	−0.152%	$36K	$300K	10x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	321.02	+0.251%	$88K	$789K	5x	as long as short
SunX TAO-USDT	+0.0100%	4h	320.64	+0.132%	$1K	$1.9M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	320.50	+0.088%	$130K	$479K	20x	as long as short
Phemex TAOUSDT	+0.0100%	4h	321.10	+0.276%	$3.5M	$7.8M	50x	as long as short
Aevo TAO-PERP	+0.0104%	1h	321.02	+0.252%	$176K	$998	3x	as long as short
Orderly PERP_TAO_USDC	+0.0107%	4h	320.46	+0.076%	$58K	$281K	10x	as long as short
Katana Perps TAO-USD	+0.0117%	8h	320.84	+0.194%	$682	$765K	5x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0162% / S +0.0106%	1h	320.08	−0.044%	$435K	—	100x	as long as short
GRVT TAO_USDT_Perp	+0.0238%	4h	319.35	−0.272%	$531K	$957K	10x	as long as short
Kraken Futures PF_TAOUSD	+0.0245%	1h	320.86	+0.200%	$5.7M	$20.5M	50x	as long as short
Bullet TAO-USD	+0.0303%	1h	320.58	+0.115%	$12K	$18K	20x	as long as short
Paradex TAO-USD-PERP	+0.0320%	8h	321.19	+0.304%	$15K	$1K	10x	as long as short
BloFin TAO-USDT	+0.0340%	4h	321.38	+0.363%	$4.5M	$10.7M	100x	as long as short
Aster TAOUSDT	+0.0342%	4h	320.88	+0.208%	$1.2M	$9.3M	50x	as long as short
Pacifica TAO	+0.0448%	1h	321.17	+0.298%	$379K	$396K	10x	as long as short
Phoenix TAO	+0.0504%	1h	320.50	+0.088%	$335K	$707K	5x	as long as short
Arcus TAO-USD	+0.0509%	1h	321.45	+0.385%	$101K	$490K	5x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0513%	1h	320.89	+0.209%	$17K	$1.6M	25x	as long as short
Nado TAO-PERP	+0.0539%	1h	320.54	+0.100%	$777K	$2.1M	10x	as long as short
Bybit TAOUSDT	+0.0591%	4h	320.48	+0.082%	$68.5M	$140.7M	50x	as long as short
BingX TAO-USDT	+0.0608%	4h	320.37	+0.048%	—	$30.3M	—	as long as short
ApeX Omni TAOUSDT	+0.0686%	1h	319.20	−0.318%	$47K	$254K	50x	as long as short
Reya TAORUSDPERP	+0.0696%	1h	320.58	+0.114%	$369	—	20x	as long as short
01 Exchange TAOUSD	+0.0768%	1h	321.39	+0.366%	$3K	$4K	5x	as long as short
Variational Omni TAOlong	+0.0878%	4h	320.22	long leg	$5.9M	$9.7M	—
Lighter TAO	+0.0888%	1h	321.38	+0.363%	$1.6M	$6.3M	5x	as long as short
Extended TAO-USD	+0.0912%	1h	321.12	+0.282%	$939K	$2.3M	25x	as long as short
Backpack TAO_USDC_PERPshort	+0.1015%	1h	321.59	+0.429%	$442K	$860K	10x
Coinbase International TAO-PERP-INTX	+0.1024%	1h	321.24	+0.319%	$1.5M	$6.6M	50x	as long as short
RISEx TAO/USDC	+0.1159%	1h	321.21	+0.310%	$457K	$627K	5x	as long as short
Hyperliquid TAO	+0.1355%	1h	320.95	+0.229%	$100.9M	$98.6M	5x	as long as short
Injective TAO/USDC PERP	+0.4172%	1h	323.37	+0.984%	$24K	$2K	12x	as long as short