TIA

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC+0.0375%/8h= +41.1% APRnext payment +$0.47 per $10,000 · paid last 24h −0.025%

Price spread now: Backpack against Injective−1.347%7-day average −0.123% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$196as in the Price arb table

costs, in and out, $10k−$740.741% of the position

Long on Injective Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.151%−$15 on $10k

Price spread, last 4 days (all we have)+1.146%+$115 · spread now −1.347%, 7d avg −0.123%

Together, before fees+0.995%+$100 on $10k · with fees, hour by hour

Funding pays, the price is against you. Backpack is 1.224% cheaper against Injective than usual: you would sell low and buy high (spread −1.347% now, against its 7-day average of −0.123%). If the spread goes back, that is −$122 on $10k: about 11 days of funding at the current rate (+$11 a day). Mind the row above: over the last 4 days funding on this pair cost −0.151%, so the current rate has only just turned in your favour.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.151% in total (about -12.6% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.47 per $10,000. In the chart: green and red are payments made; yellow are the hours one leg has not settled yet: what the other leg paid, plus the unsettled leg at its current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective TIA/USDC PERP	0.4374	−0.0275	get 0.0034% / 1h	28m 36s	$83K	$165K	12x
Short	Backpack TIA_USDC_PERP	0.4315	0.0100	get 0.0013% / 1h	28m 36s	$100K	$181K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Injective. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 InjectivebpFee BackpackbpOrdersPrice spread, now −1.347%Rate

Funding earned: $78.83
Price spread: −1.347% → −0.123%: −$122.39
Slippage, 4 orders: −$64.08
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$117.66
Costs to cover: 0.741%
Break-even: 17.4 days

Slippage from Injective: live order book, 18 min ago; Backpack: live order book, 18 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 Injective live order book, 18 min ago	17.21 bp	30.7 bp −$31	doesn't fit	doesn't fit	doesn't fit
Sell Backpack live order book, 18 min ago	1.03 bp	11.1 bp −$11	doesn't fit	doesn't fit	doesn't fit

TIA on 27 exchanges

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
GMX TIA/USD [ETH-USDC]	L −0.6754% / S +0.0274%	1h	0.4317	−1.295%	$5K	—	100x	as long as short
Injective TIA/USDC PERPlong	−0.0275%	1h	0.4374	long leg	$83K	$165K	12x
Deribit TIA_USDC-PERPETUAL	−0.0213%	1h	0.4316	−1.326%	$32K	$20K	25x	as long as short
Bybit TIAUSDT	−0.0092%	4h	0.4317	−1.303%	$9.6M	$14.9M	50x	as long as short
gTrade (Gains Network) TIA/USD	L +0.0002% / S 0.0000%	1h	0.4312	−1.425%	$1K	—	150x	as long as short
dYdX TIA-USD	+0.0064%	1h	0.4314	−1.373%	$51K	$139	10x	as long as short
Kraken Futures PF_TIAUSD	+0.0084%	1h	0.4314	−1.368%	$349K	$253K	50x	as long as short
Variational Omni TIA	+0.0090%	4h	0.4310	−1.452%	$100K	$100K	—	as long as short
Lighter TIA	+0.0096%	1h	0.4320	−1.241%	$151K	$472K	10x	as long as short
Orderly PERP_TIA_USDC	+0.0097%	4h	0.4314	−1.372%	$6K	$177K	10x	as long as short

Show all 27 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
ApeX Omni TIAUSDT	+0.0099%	1h	0.4311	−1.440%	$50K	$221K	50x	as long as short
Hyperliquid TIA	+0.0100%	1h	0.4321	−1.203%	$4.5M	$1.7M	5x	as long as short
Aster TIAUSDT	+0.0100%	4h	0.4316	−1.323%	$31K	$238K	10x	as long as short
Binance TIAUSDT	+0.0100%	4h	0.4318	−1.285%	$13.9M	$49.2M	75x	as long as short
OKX TIA-USDT-SWAP	+0.0100%	4h	0.4318	−1.280%	$2.7M	$6.7M	50x	as long as short
Gate TIA_USDT	+0.0100%	4h	0.4319	−1.257%	$979K	$1.7M	75x	as long as short
MEXC TIA_USDT	+0.0100%	4h	0.4318	−1.280%	$10.1M	$14.7M	300x	as long as short
KuCoin TIAUSDTM	+0.0100%	4h	0.4315	−1.349%	$4.1M	$10.5M	50x	as long as short
Bitget TIAUSDT	+0.0100%	4h	0.4314	−1.372%	$4.3M	$4.4M	75x	as long as short
BingX TIA-USDC	+0.0100%	4h	0.4319	−1.257%	—	$6.5M	—	as long as short
Backpack TIA_USDC_PERPshort	+0.0100%	1h	0.4315	−1.347%	$100K	$181K	10x
HTX TIA-USDT	+0.0100%	4h	0.4320	−1.235%	$58K	$79K	50x	as long as short
Extended TIA-USD	+0.0104%	1h	0.4317	−1.313%	$55K	$209K	25x	as long as short
Aevo TIA-PERP	+0.0104%	1h	0.4313	−1.395%	$7K	—	3x	as long as short
Reya TIARUSDPERP	+0.0183%	1h	0.4310	−1.474%	$6K	—	15x	as long as short
BloFin TIA-USDT	+0.0340%	4h	0.4311	−1.440%	$1.5M	$792K	75x	as long as short
Coinbase International TIA-PERP-INTX	+0.0400%	1h	0.4407	+0.754%	$53K	$109K	50x	as long as short