Funding arb · Price arb /

TIA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.003%

Price spread now: OKX against Backpack−0.005%7-day average −0.034% · you buy dearer than you sell

Net, funding: paid 7d − costs−$60as in the Funding arb table

Net, price: spread back to 7d avg − costs−$54as in the Price arb table

costs, in and out, $10k−$560.564% of the position

Long on Backpack Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.039%−$4 on $10k

Price spread, last 4 days (all we have)+0.104%+$10 · spread now −0.005%, 7d avg −0.034%

Together, before fees+0.064%+$6 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: OKX is 0.029% dearer against Backpack than usual: you sell high and buy low, +$3 on $10k if it goes back to its 7-day average of −0.034%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack TIA_USDC_PERP	0.4366	0.0100	pay 0.0013% / 1h	11m 55s	$101K	$168K	10x
Short	OKX TIA-USDT-SWAP	0.4366	0.0100	get 0.0050% / 4h	3h 11m	$2.8M	$6.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.005%Rate

Funding earned: $0
Price spread: −0.005% → −0.034%: $2.91
Slippage, 4 orders: −$36.44
Fee Backpack: 5 bp × 2 orders: −$10
Fee OKX: 5 bp × 2 orders: −$10
Net: −$53.53
Costs to cover: 0.564%
Break-even: never at this rate

Slippage from Backpack: live order book, 41 min ago; OKX: live order book, 1 min ago.

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, 41 min ago	2.02 bp	12.9 bp −$13	doesn't fit	doesn't fit	doesn't fit
Sell OKX live order book, 1 min ago	1.14 bp	17.5 bp −$17	46.0 bp −$460	doesn't fit	doesn't fit

TIA on 27 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
ApeX Omni TIAUSDT	−0.0068%	1h	0.4388	+0.499%	$50K	$230K	50x	as long as short
Deribit TIA_USDC-PERPETUAL	0.0000%	1h	0.4367	+0.018%	$30K	$25K	25x	as long as short
gTrade (Gains Network) TIA/USD	L +0.0002% / S 0.0000%	1h	0.4368	+0.037%	$1K	—	150x	as long as short
Lighter TIA	+0.0096%	1h	0.4372	+0.137%	$155K	$421K	10x	as long as short
Orderly PERP_TIA_USDC	+0.0100%	4h	0.4368	+0.041%	$6K	$251K	10x	as long as short
Hyperliquid TIA	+0.0100%	1h	0.4372	+0.126%	$4.7M	$1.4M	5x	as long as short
Aster TIAUSDT	+0.0100%	4h	0.4370	+0.079%	$33K	$242K	10x	as long as short
Binance TIAUSDT	+0.0100%	4h	0.4369	+0.064%	$13.8M	$43.7M	75x	as long as short
Bybit TIAUSDT	+0.0100%	4h	0.4366	−0.005%	$9.8M	$13.6M	50x	as long as short
OKX TIA-USDT-SWAPshort	+0.0100%	4h	0.4366	−0.005%	$2.8M	$6.3M	50x

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate TIA_USDT	+0.0100%	4h	0.4369	+0.064%	$992K	$1.8M	75x	as long as short
MEXC TIA_USDT	+0.0100%	4h	0.4367	+0.018%	$11.2M	$6.5M	300x	as long as short
KuCoin TIAUSDTM	+0.0100%	4h	0.4367	+0.018%	$4.2M	$9.3M	50x	as long as short
Bitget TIAUSDT	+0.0100%	4h	0.4365	−0.027%	$4.4M	$3.5M	75x	as long as short
BingX TIA-USDT	+0.0100%	4h	0.4368	+0.041%	—	$103.0M	—	as long as short
Backpack TIA_USDC_PERPlong	+0.0100%	1h	0.4366	long leg	$101K	$168K	10x
Variational Omni TIA	+0.0100%	4h	0.4379	+0.299%	$102K	$51K	—	as long as short
HTX TIA-USDT	+0.0100%	4h	0.4376	+0.224%	$58K	$73K	50x	as long as short
Extended TIA-USD	+0.0104%	1h	0.4364	−0.045%	$55K	$211K	25x	as long as short
Aevo TIA-PERP	+0.0104%	1h	0.4365	−0.016%	$7K	—	3x	as long as short
Reya TIARUSDPERP	+0.0181%	1h	0.4364	−0.048%	$6K	—	15x	as long as short
Injective TIA/USDC PERP	+0.0271%	1h	0.4382	+0.362%	$25K	$11K	12x	as long as short
Kraken Futures PF_TIAUSD	+0.0331%	1h	0.4367	+0.029%	$347K	$205K	50x	as long as short
BloFin TIA-USDT	+0.0340%	4h	0.4375	+0.202%	$1.7M	$717K	75x	as long as short
GMX TIA/USD [ETH-USDC]	L +0.0360% / S −0.0613%	1h	0.4367	+0.023%	$24K	—	100x	as long as short
Coinbase International TIA-PERP-INTX	+0.0400%	1h	0.4376	+0.224%	$47K	$83K	50x	as long as short
dYdX TIA-USD	+0.0427%	1h	0.4375	+0.206%	$52K	$139	10x	as long as short