Funding arb · Price arb /

TIA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.005%

Price spread now: Backpack against OKX−0.016%56s7-day average +0.035% · you buy dearer than you sell

Net, funding: paid 7d − costs−$56as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$600.604% of the position

Long on OKX Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.039%+$4 on $10k

Price spread, last 4 days (all we have)−0.140%−$14 · spread now −0.016%, 7d avg +0.035%

Together, before fees−0.101%−$10 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 0.051% cheaper against OKX than usual: you would sell low and buy high, −$5 on $10k if it goes back to its 7-day average of +0.035%. The two prices were read 56 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX TIA-USDT-SWAP	0.4421	0.0100	pay 0.0050% / 4h	3m 12s	$2.8M	$6.3M	50x
Short	Backpack TIA_USDC_PERP	0.4420	0.0100	get 0.0013% / 1h	3m 12s	$102K	$166K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against OKX. 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 OKXbpFee BackpackbpOrdersPrice spread, now −0.016%Rate

Funding earned: $0
Price spread: −0.016% → +0.035%: −$5.09
Slippage, 4 orders: −$40.37
Fee OKX: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$65.46
Costs to cover: 0.604%
Break-even: never at this rate

Slippage from OKX: live order book, 5 min ago; Backpack: live order book, 55 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 OKX live order book, 5 min ago	1.13 bp	17.5 bp −$18	56.8 bp −$568	doesn't fit	doesn't fit
Sell Backpack live order book, 55 min ago	1.94 bp	11.8 bp −$12	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
ApeX Omni TIAUSDT	−0.0070%	1h	0.4414	−0.158%	$50K	$230K	50x	as long as short
Deribit TIA_USDC-PERPETUAL	0.0000%	1h	0.4426	+0.113%	$31K	$25K	25x	as long as short
gTrade (Gains Network) TIA/USD	L +0.0002% / S 0.0000%	1h	0.4426	+0.109%	$1K	—	150x	as long as short
Variational Omni TIA	+0.0091%	4h	0.4411	−0.232%	$103K	$66K	—	as long as short
Lighter TIA	+0.0096%	1h	0.4431	+0.231%	$156K	$420K	10x	as long as short
KuCoin TIAUSDTM	+0.0096%	4h	0.4422	+0.023%	$4.3M	$9.2M	50x	as long as short
Orderly PERP_TIA_USDC	+0.0100%	4h	0.4425	+0.090%	$5K	$251K	10x	as long as short
Hyperliquid TIA	+0.0100%	1h	0.4431	+0.228%	$4.8M	$1.5M	5x	as long as short
Aster TIAUSDT	+0.0100%	4h	0.4423	+0.036%	$33K	$245K	10x	as long as short
Binance TIAUSDT	+0.0100%	4h	0.4425	+0.090%	$14.5M	$43.2M	75x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit TIAUSDT	+0.0100%	4h	0.4421	0.000%	$9.8M	$13.6M	50x	as long as short
OKX TIA-USDT-SWAPlong	+0.0100%	4h	0.4421	long leg	$2.8M	$6.3M	50x
Gate TIA_USDT	+0.0100%	4h	0.4426	+0.113%	$1.0M	$1.8M	75x	as long as short
MEXC TIA_USDT	+0.0100%	4h	0.4426	+0.113%	$11.9M	$6.6M	300x	as long as short
Bitget TIAUSDT	+0.0100%	4h	0.4424	+0.068%	$4.5M	$3.5M	75x	as long as short
BingX TIA-USDT	+0.0100%	4h	0.4423	+0.045%	—	$101.7M	—	as long as short
Backpack TIA_USDC_PERPshort	+0.0100%	1h	0.4420	−0.016%	$102K	$166K	10x
HTX TIA-USDT	+0.0100%	4h	0.4420	−0.023%	$59K	$74K	50x	as long as short
Extended TIA-USD	+0.0104%	1h	0.4420	−0.033%	$56K	$211K	25x	as long as short
Aevo TIA-PERP	+0.0104%	1h	0.4425	+0.092%	$7K	—	3x	as long as short
Kraken Futures PF_TIAUSD	+0.0164%	1h	0.4423	+0.044%	$361K	$194K	50x	as long as short
Reya TIARUSDPERP	+0.0180%	1h	0.4422	+0.020%	$6K	—	15x	as long as short
Injective TIA/USDC PERP	+0.0237%	1h	0.4422	+0.023%	$26K	$10K	12x	as long as short
BloFin TIA-USDT	+0.0340%	4h	0.4419	−0.045%	$1.6M	$737K	75x	as long as short
Coinbase International TIA-PERP-INTX	+0.0384%	1h	0.4449	+0.633%	$52K	$77K	50x	as long as short
dYdX TIA-USD	+0.0426%	1h	0.4418	−0.068%	$52K	$139	10x	as long as short
GMX TIA/USD [ETH-USDC]	L +0.0495% / S −0.1196%	1h	0.4425	+0.100%	$41K	—	100x	as long as short