Funding arb · Price arb /

TIA

all TIA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0070%/8h= +7.7% APRpaid last 24h −0.028%

Price spread now: Backpack against Bybit+0.102%7-day average +0.037% · you sell dearer than you buy

Net, funding: paid 7d − costs−$58as in the Funding arb table

Net, price: spread back to 7d avg − costs−$51as in the Price arb table

costs, in and out, $10k−$580.576% of the position

Long on Bybit Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.003%$0 on $10k

Price spread, last 4 days (all we have)−0.209%−$21 · spread now +0.102%, 7d avg +0.037%

Together, before fees−0.212%−$21 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Backpack is 0.065% dearer against Bybit than usual: you sell high and buy low: +$6 more if the spread goes back to its 7-day average of +0.037%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit TIAUSDT	0.4312	0.0030	pay 0.0015% / 4h	1h 51m	$9.4M	$13.1M	50x
Short	Backpack TIA_USDC_PERP	0.4316	0.0100	get 0.0013% / 1h	51m 03s	$100K	$149K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Bybit. 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 BybitbpFee BackpackbpOrdersPrice spread, now +0.102%Rate

Funding earned: $14.75
Price spread: +0.102% → +0.037%: $6.5
Slippage, 4 orders: −$36.64
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$36.4
Costs to cover: 0.576%
Break-even: 24.3 days

Slippage from Bybit: live order book, 2 min ago; Backpack: live order book, 32 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 Bybit live order book, 2 min ago	1.16 bp	12.4 bp −$12	33.6 bp −$336	225.3 bp −$22.5K	doesn't fit
Sell Backpack live order book, 32 min ago	1.61 bp	16.5 bp −$16	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	−0.0229%	1h	0.4314	+0.037%	$355K	$240K	50x	as long as short
KuCoin TIAUSDTM	−0.0044%	4h	0.4315	+0.070%	$4.2M	$8.5M	50x	as long as short
Gate TIA_USDT	−0.0036%	4h	0.4313	+0.023%	$992K	$1.8M	75x	as long as short
OKX TIA-USDT-SWAP	−0.0016%	4h	0.4309	−0.070%	$2.7M	$5.8M	50x	as long as short
Deribit TIA_USDC-PERPETUAL	0.0000%	1h	0.4317	+0.116%	$30K	$27K	25x	as long as short
gTrade (Gains Network) TIA/USD	L +0.0002% / S 0.0000%	1h	0.4316	+0.093%	$1K	—	150x	as long as short
Bybit TIAUSDTlong	+0.0030%	4h	0.4312	long leg	$9.4M	$13.1M	50x
Variational Omni TIA	+0.0066%	4h	0.4320	+0.189%	$101K	$84K	—	as long as short
Lighter TIA	+0.0096%	1h	0.4319	+0.172%	$127K	$351K	10x	as long as short
Orderly PERP_TIA_USDC	+0.0098%	4h	0.4317	+0.116%	$5K	$361K	10x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid TIA	+0.0100%	1h	0.4321	+0.211%	$4.2M	$1.5M	5x	as long as short
Aster TIAUSDT	+0.0100%	4h	0.4312	−0.002%	$34K	$267K	10x	as long as short
Binance TIAUSDT	+0.0100%	4h	0.4316	+0.093%	$14.1M	$41.0M	75x	as long as short
MEXC TIA_USDT	+0.0100%	4h	0.4317	+0.116%	$14.8M	$6.0M	300x	as long as short
Bitget TIAUSDT	+0.0100%	4h	0.4314	+0.046%	$4.4M	$3.5M	75x	as long as short
BingX TIA-USDC	+0.0100%	4h	0.4315	+0.070%	—	$6.5M	—	as long as short
Backpack TIA_USDC_PERPshort	+0.0100%	1h	0.4316	+0.102%	$100K	$149K	10x
ApeX Omni TIAUSDT	+0.0100%	1h	0.4315	+0.070%	$49K	$237K	50x	as long as short
HTX TIA-USDT	+0.0100%	4h	0.4310	−0.046%	$64K	$41K	50x	as long as short
Extended TIA-USD	+0.0104%	1h	0.4313	+0.020%	$58K	$165K	25x	as long as short
Aevo TIA-PERP	+0.0104%	1h	0.4315	+0.058%	$7K	—	3x	as long as short
Injective TIA/USDC PERP	+0.0106%	1h	0.4313	+0.023%	$26K	$10K	12x	as long as short
Reya TIARUSDPERP	+0.0179%	1h	0.4312	+0.006%	$6K	—	15x	as long as short
Coinbase International TIA-PERP-INTX	+0.0216%	1h	0.4322	+0.232%	$48K	$72K	50x	as long as short
BloFin TIA-USDT	+0.0340%	4h	0.4312	0.000%	$1.0M	$540K	75x	as long as short
GMX TIA/USD [ETH-USDC]	L +0.0456% / S −0.3505%	1h	0.4316	+0.091%	$35K	—	100x	as long as short
dYdX TIA-USD	+0.0473%	1h	0.4314	+0.037%	$51K	$59	10x	as long as short