Funding arb · Price arb /

TIA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0240%/8h= −26.3% APRpaid last 24h −0.101%

Price spread now: Backpack against BloFin+0.173%7-day average −0.031% · you sell dearer than you buy

Net, funding: paid 7d − costs−$76as in the Funding arb table

Net, price: spread back to 7d avg − costs−$27as in the Price arb table

costs, in and out, $10k−$480.480% of the position

Long on BloFin Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.285%−$28 on $10k

Price spread, last 3 days (all we have)−0.237%−$24 · spread now +0.173%, 7d avg −0.031%

Together, before fees−0.522%−$52 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Backpack is 0.205% dearer against BloFin than usual: you sell high and buy low (spread +0.173% now, against its 7-day average of −0.031%): +$20 on $10k if it goes back. Holding the pair costs −$7 a day in funding at the current rate, which eats that in about 2.8 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin TIA-USDT	0.4383	0.0340	pay 0.0170% / 4h	3h 17m	$1.3M	$587K	75x
Short	Backpack TIA_USDC_PERP	0.4391	0.0100	get 0.0013% / 1h	17m 08s	$101K	$154K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against BloFin. 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 BloFinbpFee BackpackbpOrdersPrice spread, now +0.173%Rate

Funding earned: −$50.4
Price spread: +0.173% → −0.031%: $20.49
Slippage, 4 orders: −$25.98
Fee BloFin: 6 bp × 2 orders: −$12
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$77.89
Costs to cover: 0.480%
Break-even: never at this rate

Slippage from BloFin: live order book, 5 min ago; Backpack: live order book, 56 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 BloFin live order book, 5 min ago	2.28 bp	10.1 bp −$10	19.7 bp −$197	68.0 bp −$6,804	doesn't fit
Sell Backpack live order book, 56 min ago	1.15 bp	12.6 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	−0.0152%	1h	0.4387	+0.100%	$361K	$225K	50x	as long as short
OKX TIA-USDT-SWAP	−0.0141%	4h	0.4390	+0.160%	$2.8M	$5.9M	50x	as long as short
KuCoin TIAUSDTM	−0.0032%	4h	0.4388	+0.114%	$4.2M	$8.8M	50x	as long as short
Deribit TIA_USDC-PERPETUAL	0.0000%	1h	0.4388	+0.114%	$31K	$27K	25x	as long as short
gTrade (Gains Network) TIA/USD	L +0.0002% / S 0.0000%	1h	0.4388	+0.116%	$1K	—	150x	as long as short
Lighter TIA	+0.0096%	1h	0.4394	+0.249%	$140K	$359K	10x	as long as short
Orderly PERP_TIA_USDC	+0.0099%	4h	0.4387	+0.091%	$5K	$363K	10x	as long as short
Hyperliquid TIA	+0.0100%	1h	0.4397	+0.326%	$4.5M	$1.5M	5x	as long as short
Aster TIAUSDT	+0.0100%	4h	0.4386	+0.067%	$34K	$249K	10x	as long as short
Binance TIAUSDT	+0.0100%	4h	0.4392	+0.205%	$14.6M	$40.9M	75x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit TIAUSDT	+0.0100%	4h	0.4388	+0.114%	$9.6M	$12.8M	50x	as long as short
Gate TIA_USDT	+0.0100%	4h	0.4388	+0.114%	$986K	$1.8M	75x	as long as short
MEXC TIA_USDT	+0.0100%	4h	0.4390	+0.160%	$13.2M	$6.7M	300x	as long as short
Bitget TIAUSDT	+0.0100%	4h	0.4389	+0.137%	$4.5M	$3.1M	75x	as long as short
BingX TIA-USDT	+0.0100%	4h	0.4389	+0.137%	—	$98.9M	—	as long as short
Backpack TIA_USDC_PERPshort	+0.0100%	1h	0.4391	+0.173%	$101K	$154K	10x
Variational Omni TIA	+0.0100%	4h	0.4385	+0.041%	$103K	$84K	—	as long as short
ApeX Omni TIAUSDT	+0.0100%	1h	0.4384	+0.023%	$49K	$233K	50x	as long as short
HTX TIA-USDT	+0.0100%	4h	0.4390	+0.160%	$58K	$68K	50x	as long as short
Extended TIA-USD	+0.0104%	1h	0.4385	+0.036%	$55K	$173K	25x	as long as short
Aevo TIA-PERP	+0.0104%	1h	0.4386	+0.080%	$7K	—	3x	as long as short
Injective TIA/USDC PERP	+0.0117%	1h	0.4392	+0.205%	$27K	$10K	12x	as long as short
Reya TIARUSDPERP	+0.0179%	1h	0.4385	+0.049%	$6K	—	15x	as long as short
Coinbase International TIA-PERP-INTX	+0.0256%	1h	0.4405	+0.502%	$51K	$76K	50x	as long as short
BloFin TIA-USDTlong	+0.0340%	4h	0.4383	long leg	$1.3M	$587K	75x
GMX TIA/USD [ETH-USDC]	L +0.0461% / S −0.3505%	1h	0.4387	+0.092%	$36K	—	100x	as long as short
dYdX TIA-USD	+0.0947%	1h	0.4387	+0.098%	$52K	$199	10x	as long as short