Funding arb · Price arb /

TIA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0398%/8h= −43.5% APRpaid last 24h −0.042%

Price spread now: Bybit against GMX−0.033%7-day average — · you buy dearer than you sell

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

Long on GMX Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 3 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

Both sides work against this trade now: funding costs −$12 a day on $10k at the current rate, and Bybit is 0.033% cheaper against GMX than usual: you would sell low and buy high (−$3 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX TIA/USD [ETH-USDC]	0.4402	L +0.0464% / S −0.3505%	pay 0.0058% / 1h	26m 45s	$36K	—	100x
Short	Bybit TIAUSDT	0.4401	0.0066	get 0.0033% / 4h	2h 26m	$9.6M	$13.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against GMX. 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 GMXbpFee BybitbpOrdersPrice spread, now −0.033%Rate

Funding earned: −$83.5
Price spread: −0.033% → 0.000%: −$3.27
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$109.77
Costs to cover: 0.230%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Bybit: live order book, 2 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 GMX no order-book sample	—	—	—	—	—
Sell Bybit live order book, 2 min ago	2.28 bp	13.2 bp −$13	30.5 bp −$305	187.9 bp −$18.8K	doesn't fit

GMX: 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 26 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	−0.0165%	1h	0.4388	−0.328%	$49K	$232K	50x	as long as short
OKX TIA-USDT-SWAP	−0.0071%	4h	0.4401	−0.033%	$2.8M	$6.1M	50x	as long as short
Kraken Futures PF_TIAUSD	−0.0003%	1h	0.4398	−0.093%	$359K	$214K	50x	as long as short
Deribit TIA_USDC-PERPETUAL	0.0000%	1h	0.4403	+0.013%	$31K	$27K	25x	as long as short
KuCoin TIAUSDTM	+0.0002%	4h	0.4401	−0.033%	$4.2M	$8.9M	50x	as long as short
gTrade (Gains Network) TIA/USD	L +0.0002% / S 0.0000%	1h	0.4403	+0.009%	$1K	—	150x	as long as short
Bybit TIAUSDTshort	+0.0066%	4h	0.4401	−0.033%	$9.6M	$13.0M	50x
Lighter TIA	+0.0096%	1h	0.4407	+0.104%	$156K	$407K	10x	as long as short
Orderly PERP_TIA_USDC	+0.0099%	4h	0.4402	−0.010%	$5K	$322K	10x	as long as short
Hyperliquid TIA	+0.0100%	1h	0.4406	+0.090%	$4.7M	$1.7M	5x	as long as short

Show all 26 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster TIAUSDT	+0.0100%	4h	0.4398	−0.103%	$33K	$244K	10x	as long as short
Binance TIAUSDT	+0.0100%	4h	0.4404	+0.027%	$14.4M	$42.6M	75x	as long as short
Gate TIA_USDT	+0.0100%	4h	0.4400	−0.055%	$989K	$1.8M	75x	as long as short
MEXC TIA_USDT	+0.0100%	4h	0.4404	+0.035%	$12.4M	$6.7M	300x	as long as short
Bitget TIAUSDT	+0.0100%	4h	0.4400	−0.055%	$4.5M	$3.5M	75x	as long as short
BingX TIA-USDT	+0.0100%	4h	0.4397	−0.124%	—	$99.0M	—	as long as short
Backpack TIA_USDC_PERP	+0.0100%	1h	0.4402	−0.012%	$102K	$161K	10x	as long as short
Variational Omni TIA	+0.0100%	4h	0.4385	−0.400%	$103K	$84K	—	as long as short
HTX TIA-USDT	+0.0100%	4h	0.4396	−0.146%	$59K	$75K	50x	as long as short
Extended TIA-USD	+0.0104%	1h	0.4394	−0.184%	$42K	$198K	25x	as long as short
Aevo TIA-PERP	+0.0104%	1h	0.4401	−0.032%	$7K	—	3x	as long as short
Reya TIARUSDPERP	+0.0180%	1h	0.4402	−0.013%	$6K	—	15x	as long as short
dYdX TIA-USD	+0.0209%	1h	0.4399	−0.075%	$52K	$199	10x	as long as short
Injective TIA/USDC PERP	+0.0266%	1h	0.4402	−0.010%	$27K	$10K	12x	as long as short
Coinbase International TIA-PERP-INTX	+0.0304%	1h	0.4403	+0.013%	$52K	$76K	50x	as long as short
GMX TIA/USD [ETH-USDC]long	L +0.0464% / S −0.3505%	1h	0.4402	long leg	$36K	—	100x