Funding arb · Price arb /

TIA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.025%

Price spread now: Backpack against KuCoin+0.034%7-day average +0.008% · you sell dearer than you buy

Net, funding: paid 7d − costs−$75as in the Funding arb table

Net, price: spread back to 7d avg − costs−$73as in the Price arb table

costs, in and out, $10k−$750.754% of the position

Long on KuCoin Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.004%$0 on $10k

Price spread, last 4 days (all we have)−0.016%−$2 · spread now +0.034%, 7d avg +0.008%

Together, before fees−0.012%−$1 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 0.026% dearer against KuCoin than usual: you sell high and buy low, +$3 on $10k if it goes back to its 7-day average of +0.008%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin TIAUSDTM	0.4454	0.0100	pay 0.0050% / 4h	3h 59m	$4.3M	$10.0M	50x
Short	Backpack TIA_USDC_PERP	0.4456	0.0100	get 0.0013% / 1h	59m 35s	$103K	$174K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against KuCoin. 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 KuCoinbpFee BackpackbpOrdersPrice spread, now +0.034%Rate

Funding earned: $0
Price spread: +0.034% → +0.008%: $2.58
Slippage, 4 orders: −$53.36
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$72.78
Costs to cover: 0.754%
Break-even: never at this rate

Slippage from KuCoin: live order book, 9 min ago; Backpack: live order book, 38 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 KuCoin live order book, 9 min ago	3.37 bp	20.5 bp −$21	80.6 bp −$806	doesn't fit	doesn't fit
Sell Backpack live order book, 38 min ago	1.25 bp	15.6 bp −$16	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
GMX TIA/USD [ETH-USDC]	L −0.1532% / S +0.0099%	1h	0.4455	+0.019%	$5K	—	100x	as long as short
Deribit TIA_USDC-PERPETUAL	−0.0199%	1h	0.4454	0.000%	$31K	$25K	25x	as long as short
ApeX Omni TIAUSDT	−0.0089%	1h	0.4442	−0.269%	$51K	$225K	50x	as long as short
Kraken Futures PF_TIAUSD	−0.0007%	1h	0.4456	+0.056%	$352K	$212K	50x	as long as short
gTrade (Gains Network) TIA/USD	L +0.0002% / S 0.0000%	1h	0.4456	+0.035%	$1K	—	150x	as long as short
Injective TIA/USDC PERP	+0.0014%	1h	0.4450	−0.090%	$24K	$12K	12x	as long as short
OKX TIA-USDT-SWAP	+0.0038%	4h	0.4451	−0.067%	$2.8M	$6.8M	50x	as long as short
Lighter TIA	+0.0096%	1h	0.4459	+0.112%	$194K	$464K	10x	as long as short
Orderly PERP_TIA_USDC	+0.0099%	4h	0.4452	−0.045%	$7K	$227K	10x	as long as short
Hyperliquid TIA	+0.0100%	1h	0.4459	+0.115%	$4.8M	$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	0.4453	−0.013%	$33K	$249K	10x	as long as short
Binance TIAUSDT	+0.0100%	4h	0.4456	+0.044%	$14.1M	$48.4M	75x	as long as short
Bybit TIAUSDT	+0.0100%	4h	0.4456	+0.045%	$10.2M	$14.1M	50x	as long as short
Gate TIA_USDT	+0.0100%	4h	0.4456	+0.045%	$1.0M	$1.9M	75x	as long as short
MEXC TIA_USDT	+0.0100%	4h	0.4454	0.000%	$12.4M	$14.1M	300x	as long as short
KuCoin TIAUSDTMlong	+0.0100%	4h	0.4454	long leg	$4.3M	$10.0M	50x
Bitget TIAUSDT	+0.0100%	4h	0.4450	−0.090%	$4.4M	$4.1M	75x	as long as short
BingX TIA-USDT	+0.0100%	4h	0.4455	+0.022%	—	$103.9M	—	as long as short
Backpack TIA_USDC_PERPshort	+0.0100%	1h	0.4456	+0.034%	$103K	$174K	10x
Variational Omni TIA	+0.0100%	4h	0.4456	+0.054%	$136K	$78K	—	as long as short
HTX TIA-USDT	+0.0100%	4h	0.4457	+0.067%	$59K	$76K	50x	as long as short
Extended TIA-USD	+0.0104%	1h	0.4451	−0.057%	$57K	$211K	25x	as long as short
Aevo TIA-PERP	+0.0104%	1h	0.4453	−0.022%	$7K	—	3x	as long as short
Reya TIARUSDPERP	+0.0182%	1h	0.4451	−0.068%	$6K	—	15x	as long as short
dYdX TIA-USD	+0.0220%	1h	0.4457	+0.070%	$53K	$139	10x	as long as short
BloFin TIA-USDT	+0.0340%	4h	0.4459	+0.112%	$1.7M	$719K	75x	as long as short
Coinbase International TIA-PERP-INTX	+0.0432%	1h	0.4459	+0.112%	$52K	$104K	50x	as long as short