Funding arb · Price arb /

TIA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.028%

Price spread now: Backpack against MEXC+0.255%7-day average −0.022% · you sell dearer than you buy

Net, funding: paid 7d − costs−$34as in the Funding arb table

Net, price: spread back to 7d avg − costs−$5as in the Price arb table

costs, in and out, $10k−$330.329% of the position

Long on MEXC Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.009%−$1 on $10k

Price spread, last 4 days (all we have)−0.309%−$31 · spread now +0.255%, 7d avg −0.022%

Together, before fees−0.317%−$32 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 0.278% dearer against MEXC than usual: you sell high and buy low, +$28 on $10k if it goes back to its 7-day average of −0.022%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC TIA_USDT	0.4386	0.0100	pay 0.0050% / 4h	2h 29m	$12.4M	$6.7M	300x
Short	Backpack TIA_USDC_PERP	0.4397	0.0100	get 0.0013% / 1h	29m 25s	$102K	$163K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against MEXC. 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 MEXCbpFee BackpackbpOrdersPrice spread, now +0.255%Rate

Funding earned: $0
Price spread: +0.255% → −0.022%: $27.75
Slippage, 4 orders: −$22.95
Fee MEXC: 0 bp × 2 orders: $0
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$5.19
Costs to cover: 0.329%
Break-even: never at this rate

Slippage from MEXC: live order book, 4 min ago; Backpack: live order book, 39 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 MEXC live order book, 4 min ago	1.14 bp	3.9 bp −$4	18.7 bp −$187	78.4 bp −$7,842	140.2 bp −$70.1K
Sell Backpack live order book, 39 min ago	1.36 bp	11.4 bp −$11	doesn't fit	doesn't fit	doesn't fit

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	−0.0188%	1h	0.4386	0.000%	$49K	$232K	50x	as long as short
OKX TIA-USDT-SWAP	−0.0082%	4h	0.4379	−0.160%	$2.8M	$6.0M	50x	as long as short
Kraken Futures PF_TIAUSD	−0.0003%	1h	0.4396	+0.235%	$359K	$214K	50x	as long as short
KuCoin TIAUSDTM	−0.0002%	4h	0.4387	+0.023%	$4.2M	$8.9M	50x	as long as short
Deribit TIA_USDC-PERPETUAL	0.0000%	1h	0.4398	+0.274%	$31K	$27K	25x	as long as short
gTrade (Gains Network) TIA/USD	L +0.0002% / S 0.0000%	1h	0.4385	−0.025%	$1K	—	150x	as long as short
Bybit TIAUSDT	+0.0060%	4h	0.4380	−0.137%	$9.5M	$13.0M	50x	as long as short
Lighter TIA	+0.0096%	1h	0.4399	+0.294%	$156K	$406K	10x	as long as short
Orderly PERP_TIA_USDC	+0.0099%	4h	0.4382	−0.091%	$5K	$323K	10x	as long as short
Hyperliquid TIA	+0.0100%	1h	0.4395	+0.203%	$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	0.4392	+0.145%	$34K	$244K	10x	as long as short
Binance TIAUSDT	+0.0100%	4h	0.4385	−0.023%	$14.3M	$42.5M	75x	as long as short
Gate TIA_USDT	+0.0100%	4h	0.4388	+0.046%	$986K	$1.8M	75x	as long as short
MEXC TIA_USDTlong	+0.0100%	4h	0.4386	long leg	$12.4M	$6.7M	300x
Bitget TIAUSDT	+0.0100%	4h	0.4385	−0.023%	$4.5M	$3.5M	75x	as long as short
BingX TIA-USDC	+0.0100%	4h	0.4385	−0.023%	—	$6.5M	—	as long as short
Backpack TIA_USDC_PERPshort	+0.0100%	1h	0.4397	+0.255%	$102K	$163K	10x
Variational Omni TIA	+0.0100%	4h	0.4385	−0.027%	$103K	$84K	—	as long as short
HTX TIA-USDT	+0.0100%	4h	0.4397	+0.251%	$59K	$75K	50x	as long as short
Extended TIA-USD	+0.0104%	1h	0.4385	−0.033%	$42K	$198K	25x	as long as short
Aevo TIA-PERP	+0.0104%	1h	0.4396	+0.239%	$7K	—	3x	as long as short
Reya TIARUSDPERP	+0.0180%	1h	0.4382	−0.088%	$6K	—	15x	as long as short
dYdX TIA-USD	+0.0216%	1h	0.4395	+0.205%	$52K	$199	10x	as long as short
Injective TIA/USDC PERP	+0.0266%	1h	0.4378	−0.182%	$26K	$10K	12x	as long as short
Coinbase International TIA-PERP-INTX	+0.0304%	1h	0.4397	+0.251%	$51K	$76K	50x	as long as short
GMX TIA/USD [ETH-USDC]	L +0.0463% / S −0.3505%	1h	0.4386	−0.008%	$36K	—	100x	as long as short