Funding arb · Price arb /

TIA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 20:00 UTC+0.0351%/8hpaid last 24h +0.031%

Price spread now: BingX against Backpack−0.039%7-day average −0.013% · you buy dearer than you sell

Net, funding: paid 7d − costs−$38as in the Funding arb table

Net, price: spread back to 7d avg − costs−$48as in the Price arb table

costs, in and out, $10k−$450.455% of the position

Long on Backpack Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.074%+$7 on $10k

Price spread, last 3 days (all we have)+0.034%+$3 · spread now −0.039%, 7d avg −0.013%

Together, before fees+0.108%+$11 on $10k · with fees, hour by hour

Funding pays, the price is against you. BingX is 0.027% cheaper against Backpack than usual: you would sell low and buy high (spread −0.039% now, against its 7-day average of −0.013%). If the spread goes back, that is −$3 on $10k: about 6 hours of funding at the current rate (+$11 a day). At the pace of the last 7 days (+0.074% in total) that is about 2.5 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.074% in total (about 3.9% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack TIA_USDC_PERP	0.4308	−0.0251	get 0.0031% / 1h	5m 59s	$99K	$156K	10x
Short	BingX TIA-USDT	0.4306	0.0100	get 0.0050% / 4h	5m 59s	—	$98.9M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Backpack. 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 BackpackbpFee BingXbpOrdersPrice spread, now −0.039%Rate

Funding earned: $73.62
Price spread: −0.039% → −0.013%: −$2.68
Slippage, 4 orders: −$25.45
Fee Backpack: 5 bp × 2 orders: −$10
Fee BingX: 5 bp × 2 orders: −$10
Net: $25.48
Costs to cover: 0.455%
Break-even: 4.6 days

Slippage from Backpack: live order book, 26 min ago; BingX: live order book, 7 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 Backpack live order book, 26 min ago	1.28 bp	14.2 bp −$14	doesn't fit	doesn't fit	doesn't fit
Sell BingX live order book, 7 min ago	1.16 bp	9.2 bp −$9	18.7 bp −$187	75.5 bp −$7,552	393.9 bp −$196.9K

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	−0.0407%	1h	0.4310	+0.057%	$360K	$233K	50x	as long as short
Backpack TIA_USDC_PERPlong	−0.0251%	1h	0.4308	long leg	$99K	$156K	10x
Gate TIA_USDT	−0.0154%	4h	0.4305	−0.063%	$980K	$1.8M	75x	as long as short
KuCoin TIAUSDTM	−0.0008%	4h	0.4304	−0.086%	$4.1M	$8.8M	50x	as long as short
Deribit TIA_USDC-PERPETUAL	0.0000%	1h	0.4309	+0.030%	$36K	$22K	25x	as long as short
gTrade (Gains Network) TIA/USD	L +0.0002% / S 0.0000%	1h	0.4310	+0.046%	$1K	—	150x	as long as short
ApeX Omni TIAUSDT	+0.0014%	1h	0.4308	+0.007%	$48K	$234K	50x	as long as short
OKX TIA-USDT-SWAP	+0.0070%	4h	0.4304	−0.086%	$2.7M	$5.7M	50x	as long as short
Lighter TIA	+0.0096%	1h	0.4312	+0.095%	$122K	$369K	10x	as long as short
Orderly PERP_TIA_USDC	+0.0100%	4h	0.4304	−0.086%	$5K	$357K	10x	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	0.4312	+0.097%	$4.2M	$1.5M	5x	as long as short
Aster TIAUSDT	+0.0100%	4h	0.4309	+0.038%	$30K	$266K	10x	as long as short
Binance TIAUSDT	+0.0100%	4h	0.4306	−0.030%	$14.1M	$40.5M	75x	as long as short
Bybit TIAUSDT	+0.0100%	4h	0.4306	−0.039%	$9.4M	$12.5M	50x	as long as short
MEXC TIA_USDT	+0.0100%	4h	0.4306	−0.039%	$9.2M	$5.7M	300x	as long as short
Bitget TIAUSDT	+0.0100%	4h	0.4306	−0.039%	$4.4M	$3.6M	75x	as long as short
BingX TIA-USDTshort	+0.0100%	4h	0.4306	−0.039%	—	$98.9M	—
Variational Omni TIA	+0.0100%	4h	0.4306	−0.028%	$95K	$74K	—	as long as short
HTX TIA-USDT	+0.0100%	4h	0.4307	−0.016%	$73K	$14K	50x	as long as short
Extended TIA-USD	+0.0104%	1h	0.4305	−0.070%	$88K	$150K	25x	as long as short
Aevo TIA-PERP	+0.0104%	1h	0.4305	−0.051%	$7K	—	3x	as long as short
Injective TIA/USDC PERP	+0.0133%	1h	0.4315	+0.169%	$26K	$10K	12x	as long as short
Reya TIARUSDPERP	+0.0178%	1h	0.4304	−0.086%	$6K	—	15x	as long as short
Coinbase International TIA-PERP-INTX	+0.0272%	1h	0.4314	+0.146%	$48K	$70K	50x	as long as short
BloFin TIA-USDT	+0.0340%	4h	0.4308	+0.007%	$918K	$469K	75x	as long as short
GMX TIA/USD [ETH-USDC]	L +0.0395% / S −0.2692%	1h	0.4309	+0.020%	$27K	—	100x	as long as short
dYdX TIA-USD	+0.0666%	1h	0.4311	+0.071%	$51K	$59	10x	as long as short