Funding arb · Price arb /

TIA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.050%

Price spread now: Bybit against Deribit−0.156%7-day average — · you buy dearer than you sell

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

Long on Deribit Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Funding pays, the price is against you. Bybit is 0.156% cheaper against Deribit than usual: you would sell low and buy high (spread −0.156% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$16 on $10k: about 5.2 days of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit TIA_USDC-PERPETUAL	0.4482	0	get 0.0000% / 1h	39m 07s	$31K	$25K	25x
Short	Bybit TIAUSDT	0.4475	0.0100	get 0.0050% / 4h	3h 39m	$10.2M	$14.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Deribit. 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 DeribitbpFee BybitbpOrdersPrice spread, now −0.156%Rate

Funding earned: $21
Price spread: −0.156% → 0.000%: −$15.62
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$12.62
Costs to cover: 0.180%
Break-even: 11.2 days

Slippage unknown: Deribit: no order-book sample; Bybit: live order book, 4 min ago. 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 Deribit no order-book sample	—	—	—	—	—
Sell Bybit live order book, 4 min ago	1.12 bp	11.9 bp −$12	32.2 bp −$322	175.7 bp −$17.6K	doesn't fit

Deribit: 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
GMX TIA/USD [ETH-USDC]	L −0.2378% / S +0.0127%	1h	0.4482	−0.008%	$6K	—	100x	as long as short
Kraken Futures PF_TIAUSD	−0.0112%	1h	0.4479	−0.072%	$354K	$224K	50x	as long as short
Deribit TIA_USDC-PERPETUALlong	0.0000%	1h	0.4482	long leg	$31K	$25K	25x
gTrade (Gains Network) TIA/USD	L +0.0002% / S 0.0000%	1h	0.4482	−0.001%	$1K	—	150x	as long as short
OKX TIA-USDT-SWAP	+0.0027%	4h	0.4475	−0.156%	$2.8M	$7.0M	50x	as long as short
ApeX Omni TIAUSDT	+0.0034%	1h	0.4475	−0.156%	$51K	$224K	50x	as long as short
Injective TIA/USDC PERP	+0.0048%	1h	0.4487	+0.112%	$24K	$12K	12x	as long as short
dYdX TIA-USD	+0.0082%	1h	0.4482	0.000%	$53K	$139	10x	as long as short
Lighter TIA	+0.0096%	1h	0.4487	+0.120%	$194K	$469K	10x	as long as short
Orderly PERP_TIA_USDC	+0.0099%	4h	0.4480	−0.045%	$7K	$222K	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	0.4484	+0.036%	$4.9M	$1.5M	5x	as long as short
Aster TIAUSDT	+0.0100%	4h	0.4476	−0.124%	$33K	$249K	10x	as long as short
Binance TIAUSDT	+0.0100%	4h	0.4475	−0.153%	$14.4M	$49.2M	75x	as long as short
Bybit TIAUSDTshort	+0.0100%	4h	0.4475	−0.156%	$10.2M	$14.5M	50x
Gate TIA_USDT	+0.0100%	4h	0.4480	−0.045%	$1.0M	$1.9M	75x	as long as short
MEXC TIA_USDT	+0.0100%	4h	0.4480	−0.045%	$11.8M	$14.4M	300x	as long as short
KuCoin TIAUSDTM	+0.0100%	4h	0.4477	−0.112%	$4.3M	$10.1M	50x	as long as short
Bitget TIAUSDT	+0.0100%	4h	0.4475	−0.156%	$4.4M	$4.1M	75x	as long as short
BingX TIA-USDT	+0.0100%	4h	0.4477	−0.112%	—	$13.7M	—	as long as short
Backpack TIA_USDC_PERP	+0.0100%	1h	0.4479	−0.060%	$103K	$175K	10x	as long as short
Variational Omni TIA	+0.0100%	4h	0.4475	−0.161%	$137K	$79K	—	as long as short
HTX TIA-USDT	+0.0100%	4h	0.4485	+0.067%	$60K	$76K	50x	as long as short
Extended TIA-USD	+0.0104%	1h	0.4476	−0.132%	$57K	$211K	25x	as long as short
Aevo TIA-PERP	+0.0104%	1h	0.4480	−0.043%	$7K	—	3x	as long as short
Reya TIARUSDPERP	+0.0182%	1h	0.4478	−0.092%	$6K	—	15x	as long as short
BloFin TIA-USDT	+0.0340%	4h	0.4481	−0.022%	$1.7M	$784K	75x	as long as short
Coinbase International TIA-PERP-INTX	+0.0416%	1h	0.4500	+0.402%	$53K	$107K	50x	as long as short