Funding arb · Price arb /

TIA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0453%/8h= +49.6% APRpaid last 24h +0.033%

Price spread now: Orderly against Backpack+0.042%7-day average +0.013% · you sell dearer than you buy

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

Long on Backpack Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days+0.029%+$3 on $10k

Price spread, last 3 days (all we have)+0.448%+$45 · spread now +0.042%, 7d avg +0.013%

Together, before fees+0.477%+$48 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$14 a day on $10k at the current rate, and Orderly is 0.029% dearer against Backpack than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of +0.013%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.029% in total (about 1.5% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack TIA_USDC_PERP	0.4306	−0.0354	get 0.0044% / 1h	55m 04s	$99K	$155K	10x
Short	Orderly PERP_TIA_USDC	0.4308	0.0099	get 0.0049% / 4h	2h 55m	$5K	$359K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now +0.042%Rate

Funding earned: $95.14
Price spread: +0.042% → +0.013%: $2.91
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: $82.05
Costs to cover: 0.160%
Break-even: 1.0 days

Slippage unknown: Backpack: live order book, 33 min ago; Orderly: no order-book sample. 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, 33 min ago	1.04 bp	11.3 bp −$11	doesn't fit	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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
Bybit TIAUSDT	−0.0505%	4h	0.4299	−0.167%	$9.4M	$12.9M	50x	as long as short
Kraken Futures PF_TIAUSD	−0.0391%	1h	0.4306	+0.003%	$354K	$239K	50x	as long as short
Backpack TIA_USDC_PERPlong	−0.0354%	1h	0.4306	long leg	$99K	$155K	10x
ApeX Omni TIAUSDT	−0.0272%	1h	0.4286	−0.469%	$48K	$235K	50x	as long as short
Gate TIA_USDT	−0.0142%	4h	0.4302	−0.098%	$996K	$1.8M	75x	as long as short
KuCoin TIAUSDTM	0.0000%	4h	0.4305	−0.028%	$4.2M	$8.7M	50x	as long as short
Deribit TIA_USDC-PERPETUAL	0.0000%	1h	0.4309	+0.065%	$36K	$21K	25x	as long as short
gTrade (Gains Network) TIA/USD	L +0.0002% / S 0.0000%	1h	0.4309	+0.054%	$1K	—	150x	as long as short
OKX TIA-USDT-SWAP	+0.0003%	4h	0.4295	−0.260%	$2.7M	$5.7M	50x	as long as short
Lighter TIA	+0.0096%	1h	0.4309	+0.072%	$127K	$353K	10x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_TIA_USDCshort	+0.0099%	4h	0.4308	+0.042%	$5K	$359K	10x
Variational Omni TIA	+0.0100%	4h	0.4287	−0.435%	$96K	$81K	—	as long as short
Hyperliquid TIA	+0.0100%	1h	0.4308	+0.046%	$4.2M	$1.5M	5x	as long as short
Aster TIAUSDT	+0.0100%	4h	0.4304	−0.051%	$34K	$279K	10x	as long as short
Binance TIAUSDT	+0.0100%	4h	0.4304	−0.053%	$14.0M	$40.8M	75x	as long as short
MEXC TIA_USDT	+0.0100%	4h	0.4307	+0.019%	$9.1M	$5.6M	300x	as long as short
Bitget TIAUSDT	+0.0100%	4h	0.4300	−0.144%	$4.4M	$3.5M	75x	as long as short
BingX TIA-USDC	+0.0100%	4h	0.4303	−0.074%	—	$6.5M	—	as long as short
HTX TIA-USDT	+0.0100%	4h	0.4303	−0.074%	$73K	$15K	50x	as long as short
Extended TIA-USD	+0.0104%	1h	0.4295	−0.259%	$71K	$156K	25x	as long as short
Aevo TIA-PERP	+0.0104%	1h	0.4306	+0.001%	$7K	—	3x	as long as short
Reya TIARUSDPERP	+0.0178%	1h	0.4302	−0.106%	$6K	—	15x	as long as short
Coinbase International TIA-PERP-INTX	+0.0200%	1h	0.4309	+0.065%	$48K	$70K	50x	as long as short
Injective TIA/USDC PERP	+0.0210%	1h	0.4297	−0.214%	$26K	$10K	12x	as long as short
BloFin TIA-USDT	+0.0340%	4h	0.4297	−0.214%	$982K	$506K	75x	as long as short
GMX TIA/USD [ETH-USDC]	L +0.0424% / S −0.3097%	1h	0.4309	+0.056%	$31K	—	100x	as long as short
dYdX TIA-USD	+0.0759%	1h	0.4295	−0.261%	$51K	$59	10x	as long as short