Funding arb · Price arb /

TIA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0325%/8h= +35.6% APRpaid last 24h +0.078%

Price spread now: Orderly against Kraken Futures−0.070%7-day average −0.048% · you buy dearer than you sell

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

Long on Kraken Futures Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days−0.301%−$30 on $10k

Price spread, last 3 days (all we have)−0.055%−$5 · spread now −0.070%, 7d avg −0.048%

Together, before fees−0.355%−$36 on $10k · with fees, hour by hour

Funding pays, the price is against you. Orderly is 0.022% cheaper against Kraken Futures than usual: you would sell low and buy high (spread −0.070% now, against its 7-day average of −0.048%). If the spread goes back, that is −$2 on $10k: about 5 hours of funding at the current rate (+$10 a day). Mind the row above: over the last 7 days funding on this pair cost −0.301%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_TIAUSD	0.4332	−0.0228	get 0.0029% / 1h	25m 14s	$354K	$242K	50x
Short	Orderly PERP_TIA_USDC	0.4329	0.0097	get 0.0049% / 4h	1h 25m	$5K	$362K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against Kraken Futures. 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 Kraken FuturesbpFee OrderlybpOrdersPrice spread, now −0.070%Rate

Funding earned: $68.33
Price spread: −0.070% → −0.048%: −$2.16
Slippage, 4 orders: no order book: not counted
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: $50.17
Costs to cover: 0.160%
Break-even: 1.9 days

Slippage unknown: Kraken Futures: live order book, 57 min ago; 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 Kraken Futures live order book, 57 min ago	14.97 bp	22.7 bp −$23	65.9 bp −$659	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

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
Kraken Futures PF_TIAUSDlong	−0.0228%	1h	0.4332	long leg	$354K	$242K	50x
OKX TIA-USDT-SWAP	−0.0098%	4h	0.4325	−0.162%	$2.7M	$5.9M	50x	as long as short
KuCoin TIAUSDTM	−0.0038%	4h	0.4325	−0.162%	$4.2M	$8.6M	50x	as long as short
Gate TIA_USDT	−0.0036%	4h	0.4327	−0.116%	$994K	$1.8M	75x	as long as short
Deribit TIA_USDC-PERPETUAL	0.0000%	1h	0.4333	+0.022%	$30K	$27K	25x	as long as short
gTrade (Gains Network) TIA/USD	L +0.0002% / S 0.0000%	1h	0.4331	−0.018%	$1K	—	150x	as long as short
ApeX Omni TIAUSDT	+0.0062%	1h	0.4330	−0.047%	$49K	$236K	50x	as long as short
Lighter TIA	+0.0096%	1h	0.4335	+0.066%	$128K	$351K	10x	as long as short
Orderly PERP_TIA_USDCshort	+0.0097%	4h	0.4329	−0.070%	$5K	$362K	10x
Hyperliquid TIA	+0.0100%	1h	0.4335	+0.071%	$4.2M	$1.5M	5x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster TIAUSDT	+0.0100%	4h	0.4328	−0.085%	$35K	$267K	10x	as long as short
Binance TIAUSDT	+0.0100%	4h	0.4331	−0.024%	$14.6M	$41.9M	75x	as long as short
Bybit TIAUSDT	+0.0100%	4h	0.4327	−0.116%	$9.5M	$13.2M	50x	as long as short
MEXC TIA_USDT	+0.0100%	4h	0.4329	−0.070%	$14.0M	$6.7M	300x	as long as short
Bitget TIAUSDT	+0.0100%	4h	0.4328	−0.093%	$4.5M	$3.5M	75x	as long as short
BingX TIA-USDC	+0.0100%	4h	0.4329	−0.070%	—	$6.5M	—	as long as short
Backpack TIA_USDC_PERP	+0.0100%	1h	0.4328	−0.105%	$100K	$149K	10x	as long as short
Variational Omni TIA	+0.0100%	4h	0.4327	−0.117%	$101K	$84K	—	as long as short
HTX TIA-USDT	+0.0100%	4h	0.4327	−0.116%	$65K	$42K	50x	as long as short
Extended TIA-USD	+0.0104%	1h	0.4329	−0.077%	$57K	$170K	25x	as long as short
Aevo TIA-PERP	+0.0104%	1h	0.4331	−0.024%	$7K	—	3x	as long as short
Injective TIA/USDC PERP	+0.0106%	1h	0.4333	+0.022%	$26K	$10K	12x	as long as short
Reya TIARUSDPERP	+0.0179%	1h	0.4327	−0.128%	$6K	—	15x	as long as short
Coinbase International TIA-PERP-INTX	+0.0216%	1h	0.4339	+0.161%	$47K	$74K	50x	as long as short
BloFin TIA-USDT	+0.0340%	4h	0.4324	−0.186%	$1.1M	$555K	75x	as long as short
GMX TIA/USD [ETH-USDC]	L +0.0457% / S −0.3505%	1h	0.4332	−0.012%	$35K	—	100x	as long as short
dYdX TIA-USD	+0.0711%	1h	0.4329	−0.061%	$51K	$59	10x	as long as short