Funding arb · Price arb /

TIA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.034%

Price spread now: Backpack against Bitget+0.023%49s7-day average +0.072% · you sell dearer than you buy

Net, funding: paid 7d − costs−$64as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$590.593% of the position

Long on Bitget Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.049%−$5 on $10k

Price spread, last 4 days (all we have)+0.044%+$4 · spread now +0.023%, 7d avg +0.072%

Together, before fees−0.005%$0 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: Backpack is 0.049% cheaper against Bitget than usual: you would sell low and buy high, −$5 on $10k if it goes back to its 7-day average of +0.072%. The two prices were read 49 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget TIAUSDT	0.4338	0.0100	pay 0.0050% / 4h	1h 15m	$4.5M	$3.5M	75x
Short	Backpack TIA_USDC_PERP	0.4339	0.0100	get 0.0013% / 1h	15m 14s	$100K	$150K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Bitget. 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 BitgetbpFee BackpackbpOrdersPrice spread, now +0.023%Rate

Funding earned: $0
Price spread: +0.023% → +0.072%: −$4.88
Slippage, 4 orders: −$37.3
Fee Bitget: 6 bp × 2 orders: −$12
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$64.18
Costs to cover: 0.593%
Break-even: never at this rate

Slippage from Bitget: live order book, 3 min ago; Backpack: live order book, 3 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 Bitget live order book, 3 min ago	1.15 bp	16.8 bp −$17	36.1 bp −$361	doesn't fit	doesn't fit
Sell Backpack live order book, 3 min ago	1.62 bp	12.8 bp −$13	doesn't fit	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
Kraken Futures PF_TIAUSD	−0.0228%	1h	0.4341	+0.071%	$355K	$242K	50x	as long as short
OKX TIA-USDT-SWAP	−0.0123%	4h	0.4338	0.000%	$2.7M	$5.9M	50x	as long as short
KuCoin TIAUSDTM	−0.0040%	4h	0.4337	−0.023%	$4.2M	$8.6M	50x	as long as short
Gate TIA_USDT	−0.0026%	4h	0.4338	0.000%	$997K	$1.8M	75x	as long as short
ApeX Omni TIAUSDT	−0.0021%	1h	0.4334	−0.092%	$49K	$236K	50x	as long as short
Deribit TIA_USDC-PERPETUAL	0.0000%	1h	0.4340	+0.046%	$30K	$27K	25x	as long as short
gTrade (Gains Network) TIA/USD	L +0.0002% / S 0.0000%	1h	0.4341	+0.072%	$1K	—	150x	as long as short
Lighter TIA	+0.0096%	1h	0.4345	+0.161%	$128K	$351K	10x	as long as short
Orderly PERP_TIA_USDC	+0.0097%	4h	0.4338	0.000%	$5K	$362K	10x	as long as short
Hyperliquid TIA	+0.0100%	1h	0.4345	+0.164%	$4.2M	$1.5M	5x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster TIAUSDT	+0.0100%	4h	0.4336	−0.052%	$35K	$267K	10x	as long as short
Binance TIAUSDT	+0.0100%	4h	0.4341	+0.076%	$14.5M	$42.0M	75x	as long as short
Bybit TIAUSDT	+0.0100%	4h	0.4338	0.000%	$9.5M	$13.2M	50x	as long as short
MEXC TIA_USDT	+0.0100%	4h	0.4339	+0.023%	$14.1M	$6.8M	300x	as long as short
Bitget TIAUSDTlong	+0.0100%	4h	0.4338	long leg	$4.5M	$3.5M	75x
BingX TIA-USDC	+0.0100%	4h	0.4339	+0.023%	—	$6.5M	—	as long as short
Backpack TIA_USDC_PERPshort	+0.0100%	1h	0.4339	+0.023%	$100K	$150K	10x
Variational Omni TIA	+0.0100%	4h	0.4332	−0.139%	$101K	$84K	—	as long as short
HTX TIA-USDT	+0.0100%	4h	0.4341	+0.069%	$65K	$42K	50x	as long as short
Extended TIA-USD	+0.0104%	1h	0.4336	−0.044%	$57K	$168K	25x	as long as short
Aevo TIA-PERP	+0.0104%	1h	0.4339	+0.023%	$7K	—	3x	as long as short
Injective TIA/USDC PERP	+0.0106%	1h	0.4333	−0.115%	$26K	$10K	12x	as long as short
Reya TIARUSDPERP	+0.0179%	1h	0.4337	−0.029%	$6K	—	15x	as long as short
Coinbase International TIA-PERP-INTX	+0.0216%	1h	0.4344	+0.138%	$47K	$73K	50x	as long as short
BloFin TIA-USDT	+0.0340%	4h	0.4341	+0.069%	$1.1M	$558K	75x	as long as short
GMX TIA/USD [ETH-USDC]	L +0.0458% / S −0.3505%	1h	0.4341	+0.077%	$35K	—	100x	as long as short
dYdX TIA-USD	+0.0686%	1h	0.4338	+0.010%	$52K	$59	10x	as long as short