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: Bitget against Backpack+0.005%59s7-day average −0.069% · you sell dearer than you buy

Net, funding: paid 7d − costs−$49as 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−$540.540% of the position

Long on Backpack Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days+0.049%+$5 on $10k

Price spread, last 4 days (all we have)−0.072%−$7 · spread now +0.005%, 7d avg −0.069%

Together, before fees−0.023%−$2 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: Bitget is 0.074% dearer against Backpack than usual: you sell high and buy low, +$7 on $10k if it goes back to its 7-day average of −0.069%. The two prices were read 59 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	Backpack TIA_USDC_PERP	0.4406	0.0100	pay 0.0013% / 1h	24m 10s	$102K	$161K	10x
Short	Bitget TIAUSDT	0.4406	0.0100	get 0.0050% / 4h	2h 24m	$4.5M	$3.5M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now +0.005%Rate

Funding earned: $0
Price spread: +0.005% → −0.069%: $7.39
Slippage, 4 orders: −$32.03
Fee Backpack: 5 bp × 2 orders: −$10
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$46.64
Costs to cover: 0.540%
Break-even: never at this rate

Slippage from Backpack: live order book, 44 min ago; Bitget: live order book, 4 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, 44 min ago	1.36 bp	14.5 bp −$14	doesn't fit	doesn't fit	doesn't fit
Sell Bitget live order book, 4 min ago	1.14 bp	15.1 bp −$15	40.7 bp −$407	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	−0.0165%	1h	0.4388	−0.404%	$49K	$232K	50x	as long as short
OKX TIA-USDT-SWAP	−0.0064%	4h	0.4405	−0.018%	$2.8M	$6.1M	50x	as long as short
Kraken Futures PF_TIAUSD	−0.0003%	1h	0.4407	+0.024%	$360K	$214K	50x	as long as short
Deribit TIA_USDC-PERPETUAL	0.0000%	1h	0.4404	−0.041%	$31K	$27K	25x	as long as short
KuCoin TIAUSDTM	+0.0002%	4h	0.4401	−0.109%	$4.2M	$8.9M	50x	as long as short
gTrade (Gains Network) TIA/USD	L +0.0002% / S 0.0000%	1h	0.4405	−0.021%	$1K	—	150x	as long as short
Bybit TIAUSDT	+0.0084%	4h	0.4404	−0.041%	$9.6M	$13.0M	50x	as long as short
Lighter TIA	+0.0096%	1h	0.4413	+0.168%	$156K	$407K	10x	as long as short
Orderly PERP_TIA_USDC	+0.0099%	4h	0.4403	−0.064%	$5K	$318K	10x	as long as short
Hyperliquid TIA	+0.0100%	1h	0.4410	+0.100%	$4.7M	$1.6M	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	0.4404	−0.039%	$33K	$245K	10x	as long as short
Binance TIAUSDT	+0.0100%	4h	0.4406	+0.013%	$14.4M	$42.6M	75x	as long as short
Gate TIA_USDT	+0.0100%	4h	0.4407	+0.027%	$991K	$1.8M	75x	as long as short
MEXC TIA_USDT	+0.0100%	4h	0.4407	+0.027%	$12.4M	$6.8M	300x	as long as short
Bitget TIAUSDTshort	+0.0100%	4h	0.4406	+0.005%	$4.5M	$3.5M	75x
BingX TIA-USDC	+0.0100%	4h	0.4402	−0.086%	—	$6.5M	—	as long as short
Backpack TIA_USDC_PERPlong	+0.0100%	1h	0.4406	long leg	$102K	$161K	10x
Variational Omni TIA	+0.0100%	4h	0.4403	−0.057%	$103K	$84K	—	as long as short
HTX TIA-USDT	+0.0100%	4h	0.4406	+0.005%	$59K	$75K	50x	as long as short
Extended TIA-USD	+0.0104%	1h	0.4402	−0.090%	$42K	$198K	25x	as long as short
Aevo TIA-PERP	+0.0104%	1h	0.4405	−0.018%	$7K	—	3x	as long as short
Reya TIARUSDPERP	+0.0180%	1h	0.4401	−0.112%	$6K	—	15x	as long as short
dYdX TIA-USD	+0.0200%	1h	0.4408	+0.050%	$52K	$199	10x	as long as short
Injective TIA/USDC PERP	+0.0266%	1h	0.4402	−0.086%	$27K	$10K	12x	as long as short
Coinbase International TIA-PERP-INTX	+0.0304%	1h	0.4417	+0.254%	$52K	$76K	50x	as long as short
GMX TIA/USD [ETH-USDC]	L +0.0464% / S −0.3505%	1h	0.4404	−0.043%	$36K	—	100x	as long as short