Funding arb · Price arb /

TIA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0097%/8h= −10.6% APRpaid last 24h −0.061%

Price spread now: Deribit against Orderly+0.092%7-day average — · you sell dearer than you buy

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

Long on Orderly Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

The price spread pays, funding is against you. Deribit is 0.092% dearer against Orderly than usual: you sell high and buy low (spread +0.092% now, against zero (this spread has no 7-day history yet)): +$9 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 3.2 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_TIA_USDC	0.4338	0.0097	pay 0.0049% / 4h	1h 08m	$5K	$362K	10x
Short	Deribit TIA_USDC-PERPETUAL	0.4342	0	get 0.0000% / 1h	8m 49s	$30K	$27K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Orderly. 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 OrderlybpFee DeribitbpOrdersPrice spread, now +0.092%Rate

Funding earned: −$20.4
Price spread: +0.092% → 0.000%: $9.22
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$24.17
Costs to cover: 0.130%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; Deribit: 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 Orderly no order-book sample	—	—	—	—	—
Sell Deribit no order-book sample	—	—	—	—	—

Orderly and Deribit: 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_TIAUSD	−0.0228%	1h	0.4343	+0.116%	$355K	$241K	50x	as long as short
OKX TIA-USDT-SWAP	−0.0137%	4h	0.4337	−0.023%	$2.8M	$5.9M	50x	as long as short
KuCoin TIAUSDTM	−0.0044%	4h	0.4338	0.000%	$4.2M	$8.6M	50x	as long as short
Gate TIA_USDT	−0.0036%	4h	0.4338	0.000%	$996K	$1.8M	75x	as long as short
ApeX Omni TIAUSDT	−0.0031%	1h	0.4334	−0.092%	$49K	$236K	50x	as long as short
Deribit TIA_USDC-PERPETUALshort	0.0000%	1h	0.4342	+0.092%	$30K	$27K	25x
gTrade (Gains Network) TIA/USD	L +0.0002% / S 0.0000%	1h	0.4342	+0.096%	$1K	—	150x	as long as short
Lighter TIA	+0.0096%	1h	0.4345	+0.154%	$128K	$351K	10x	as long as short
Orderly PERP_TIA_USDClong	+0.0097%	4h	0.4338	long leg	$5K	$362K	10x
Variational Omni TIA	+0.0100%	4h	0.4333	−0.106%	$101K	$84K	—	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid TIA	+0.0100%	1h	0.4347	+0.205%	$4.2M	$1.5M	5x	as long as short
Aster TIAUSDT	+0.0100%	4h	0.4343	+0.108%	$35K	$267K	10x	as long as short
Binance TIAUSDT	+0.0100%	4h	0.4342	+0.086%	$14.4M	$41.8M	75x	as long as short
Bybit TIAUSDT	+0.0100%	4h	0.4338	0.000%	$9.5M	$13.2M	50x	as long as short
MEXC TIA_USDT	+0.0100%	4h	0.4342	+0.092%	$14.1M	$6.8M	300x	as long as short
Bitget TIAUSDT	+0.0100%	4h	0.4339	+0.023%	$4.5M	$3.5M	75x	as long as short
BingX TIA-USDT	+0.0100%	4h	0.4339	+0.023%	—	$99.0M	—	as long as short
Backpack TIA_USDC_PERP	+0.0100%	1h	0.4342	+0.085%	$100K	$152K	10x	as long as short
HTX TIA-USDT	+0.0100%	4h	0.4341	+0.069%	$65K	$42K	50x	as long as short
Extended TIA-USD	+0.0104%	1h	0.4337	−0.021%	$57K	$167K	25x	as long as short
Aevo TIA-PERP	+0.0104%	1h	0.4340	+0.058%	$7K	—	3x	as long as short
Injective TIA/USDC PERP	+0.0106%	1h	0.4333	−0.115%	$26K	$10K	12x	as long as short
Reya TIARUSDPERP	+0.0179%	1h	0.4338	−0.006%	$6K	—	15x	as long as short
Coinbase International TIA-PERP-INTX	+0.0216%	1h	0.4342	+0.092%	$48K	$73K	50x	as long as short
BloFin TIA-USDT	+0.0340%	4h	0.4339	+0.023%	$1.1M	$557K	75x	as long as short
GMX TIA/USD [ETH-USDC]	L +0.0458% / S −0.3505%	1h	0.4342	+0.089%	$35K	—	100x	as long as short
dYdX TIA-USD	+0.0713%	1h	0.4336	−0.037%	$52K	$59	10x	as long as short