Funding arb · Price arb /

TIA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.054%

Price spread now: Orderly against Deribit−0.045%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 Orderly

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. Orderly is 0.045% cheaper against Deribit than usual: you would sell low and buy high (spread −0.045% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$5 on $10k: about 36 hours 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	0.4419	0	get 0.0000% / 1h	57m 52s	$31K	$25K	25x
Short	Orderly PERP_TIA_USDC	0.4417	0.0100	get 0.0050% / 4h	3h 57m	$5K	$243K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.045%Rate

Funding earned: $20.95
Price spread: −0.045% → 0.000%: −$4.53
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Orderly: 3 bp × 2 orders: −$6
Net: $3.42
Costs to cover: 0.130%
Break-even: 5.9 days

Slippage unknown: Deribit: no order-book sample; 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 Deribit no order-book sample	—	—	—	—	—
Sell Orderly no order-book sample	—	—	—	—	—

Deribit and 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
ApeX Omni TIAUSDT	−0.0065%	1h	0.4424	+0.113%	$50K	$230K	50x	as long as short
Deribit TIA_USDC-PERPETUALlong	0.0000%	1h	0.4419	long leg	$31K	$25K	25x
gTrade (Gains Network) TIA/USD	L +0.0002% / S 0.0000%	1h	0.4416	−0.059%	$1K	—	150x	as long as short
Lighter TIA	+0.0096%	1h	0.4425	+0.127%	$156K	$416K	10x	as long as short
Orderly PERP_TIA_USDCshort	+0.0100%	4h	0.4417	−0.045%	$5K	$243K	10x
Variational Omni TIA	+0.0100%	4h	0.4427	+0.175%	$103K	$66K	—	as long as short
Hyperliquid TIA	+0.0100%	1h	0.4428	+0.201%	$4.7M	$1.5M	5x	as long as short
Aster TIAUSDT	+0.0100%	4h	0.4422	+0.064%	$33K	$244K	10x	as long as short
Binance TIAUSDT	+0.0100%	4h	0.4422	+0.072%	$14.5M	$43.2M	75x	as long as short
Bybit TIAUSDT	+0.0100%	4h	0.4421	+0.045%	$9.8M	$13.3M	50x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX TIA-USDT-SWAP	+0.0100%	4h	0.4420	+0.023%	$2.8M	$6.3M	50x	as long as short
Gate TIA_USDT	+0.0100%	4h	0.4422	+0.068%	$1.0M	$1.8M	75x	as long as short
MEXC TIA_USDT	+0.0100%	4h	0.4421	+0.045%	$11.9M	$6.4M	300x	as long as short
KuCoin TIAUSDTM	+0.0100%	4h	0.4418	−0.023%	$4.2M	$9.2M	50x	as long as short
Bitget TIAUSDT	+0.0100%	4h	0.4422	+0.068%	$4.5M	$3.5M	75x	as long as short
BingX TIA-USDT	+0.0100%	4h	0.4420	+0.023%	—	$101.7M	—	as long as short
Backpack TIA_USDC_PERP	+0.0100%	1h	0.4422	+0.075%	$104K	$166K	10x	as long as short
HTX TIA-USDT	+0.0100%	4h	0.4417	−0.045%	$59K	$73K	50x	as long as short
Extended TIA-USD	+0.0104%	1h	0.4417	−0.044%	$56K	$211K	25x	as long as short
Aevo TIA-PERP	+0.0104%	1h	0.4418	−0.024%	$7K	—	3x	as long as short
Reya TIARUSDPERP	+0.0180%	1h	0.4408	−0.241%	$6K	—	15x	as long as short
dYdX TIA-USD	+0.0190%	1h	0.4415	−0.086%	$52K	$139	10x	as long as short
Injective TIA/USDC PERP	+0.0271%	1h	0.4424	+0.113%	$26K	$10K	12x	as long as short
Kraken Futures PF_TIAUSD	+0.0327%	1h	0.4420	+0.015%	$361K	$193K	50x	as long as short
BloFin TIA-USDT	+0.0340%	4h	0.4424	+0.113%	$1.6M	$737K	75x	as long as short
Coinbase International TIA-PERP-INTX	+0.0400%	1h	0.4449	+0.679%	$52K	$77K	50x	as long as short
GMX TIA/USD [ETH-USDC]	L +0.0495% / S −0.1196%	1h	0.4416	−0.069%	$40K	—	100x	as long as short