Funding arb · Price arb /

TIA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.033%

Price spread now: Backpack against Hyperliquid−0.014%7-day average −0.086% · you buy dearer than you sell

Net, funding: paid 7d − costs−$54as in the Funding arb table

Net, price: spread back to 7d avg − costs−$47as in the Price arb table

costs, in and out, $10k−$540.542% of the position

Long on Hyperliquid Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.006%+$1 on $10k

Price spread, last 4 days (all we have)−0.234%−$23 · spread now −0.014%, 7d avg −0.086%

Together, before fees−0.228%+ Points / potential airdropHyperliquid: Season 2 · farm board−$23 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Backpack is 0.072% dearer against Hyperliquid than usual: you sell high and buy low, +$7 on $10k if it goes back to its 7-day average of −0.086%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid TIA	0.4372	0.0100	pay 0.0013% / 1h	37m 22s	$4.3M	$1.5M	5x
Short	Backpack TIA_USDC_PERP	0.4371	0.0100	get 0.0013% / 1h	37m 22s	$101K	$151K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Hyperliquid. 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 HyperliquidbpFee BackpackbpOrdersPrice spread, now −0.014%Rate

Funding earned: $0
Price spread: −0.014% → −0.086%: $7.21
Slippage, 4 orders: −$35.23
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$47.03
Costs to cover: 0.542%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 4 min ago; Backpack: live order book, 41 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 Hyperliquid live order book, 4 min ago	0.92 bp	16.3 bp −$16	doesn't fit	doesn't fit	doesn't fit
Sell Backpack live order book, 41 min ago	1.62 bp	12.8 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	−0.0163%	1h	0.4368	−0.079%	$359K	$245K	50x	as long as short
OKX TIA-USDT-SWAP	−0.0160%	4h	0.4363	−0.197%	$2.8M	$6.0M	50x	as long as short
KuCoin TIAUSDTM	−0.0022%	4h	0.4367	−0.105%	$4.2M	$8.7M	50x	as long as short
Deribit TIA_USDC-PERPETUAL	0.0000%	1h	0.4371	−0.014%	$30K	$27K	25x	as long as short
gTrade (Gains Network) TIA/USD	L +0.0002% / S 0.0000%	1h	0.4369	−0.054%	$1K	—	150x	as long as short
ApeX Omni TIAUSDT	+0.0003%	1h	0.4366	−0.128%	$49K	$235K	50x	as long as short
Gate TIA_USDT	+0.0072%	4h	0.4369	−0.059%	$985K	$1.8M	75x	as long as short
Lighter TIA	+0.0096%	1h	0.4374	+0.050%	$139K	$362K	10x	as long as short
Orderly PERP_TIA_USDC	+0.0098%	4h	0.4368	−0.082%	$5K	$363K	10x	as long as short
Hyperliquid TIAlong	+0.0100%	1h	0.4372	long leg	$4.3M	$1.5M	5x

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster TIAUSDT	+0.0100%	4h	0.4370	−0.028%	$35K	$267K	10x	as long as short
Binance TIAUSDT	+0.0100%	4h	0.4366	−0.128%	$14.5M	$42.3M	75x	as long as short
Bybit TIAUSDT	+0.0100%	4h	0.4364	−0.174%	$9.6M	$13.2M	50x	as long as short
MEXC TIA_USDT	+0.0100%	4h	0.4366	−0.128%	$13.5M	$6.8M	300x	as long as short
Bitget TIAUSDT	+0.0100%	4h	0.4366	−0.128%	$4.5M	$3.5M	75x	as long as short
BingX TIA-USDT	+0.0100%	4h	0.4367	−0.105%	—	$99.1M	—	as long as short
Backpack TIA_USDC_PERPshort	+0.0100%	1h	0.4371	−0.014%	$101K	$151K	10x
Variational Omni TIA	+0.0100%	4h	0.4364	−0.175%	$102K	$84K	—	as long as short
HTX TIA-USDT	+0.0100%	4h	0.4369	−0.059%	$66K	$43K	50x	as long as short
Extended TIA-USD	+0.0104%	1h	0.4364	−0.174%	$55K	$169K	25x	as long as short
Aevo TIA-PERP	+0.0104%	1h	0.4369	−0.057%	$7K	—	3x	as long as short
Reya TIARUSDPERP	+0.0179%	1h	0.4364	−0.167%	$6K	—	15x	as long as short
Coinbase International TIA-PERP-INTX	+0.0208%	1h	0.4389	+0.398%	$51K	$77K	50x	as long as short
Injective TIA/USDC PERP	+0.0210%	1h	0.4368	−0.082%	$26K	$10K	12x	as long as short
BloFin TIA-USDT	+0.0340%	4h	0.4368	−0.082%	$1.1M	$568K	75x	as long as short
GMX TIA/USD [ETH-USDC]	L +0.0459% / S −0.3505%	1h	0.4371	−0.005%	$36K	—	100x	as long as short
dYdX TIA-USD	+0.0664%	1h	0.4369	−0.053%	$52K	$59	10x	as long as short