Funding arb · Price arb /

TIA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC+0.0021%/8h= +2.3% APRpaid last 24h −0.007%

Price spread now: Bitget against Injective−1.151%71s7-day average — · 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—prices read too far apart to compare

costs, in and out, $10k−$980.975% of the position

Long on Injective Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 4 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

Funding pays, the price is against you. Bitget is 1.151% cheaper against Injective than usual: you would sell low and buy high (spread −1.151% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$115 on $10k: about 6 months of funding at the current rate (+$1 a day). The two prices were read 71 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	Injective TIA/USDC PERP	0.4518	0.0079	pay 0.0010% / 1h	58m 08s	$81K	$157K	12x
Short	Bitget TIAUSDT	0.4466	0.0100	get 0.0050% / 4h	2h 58m	$4.4M	$4.1M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against Injective. 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 InjectivebpFee BitgetbpOrdersPrice spread, now −1.151%Rate

Funding earned: $4.32
Price spread: −1.151% → 0.000%: −$115.1
Slippage, 4 orders: −$85.49
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$208.29
Costs to cover: 0.975%
Break-even: 344.8 days

Slippage from Injective: live order book, 21 min ago; Bitget: live order book, 5 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, 21 min ago	13.35 bp	42.1 bp −$42	doesn't fit	doesn't fit	doesn't fit
Sell Bitget live order book, 5 min ago	2.22 bp	12.2 bp −$12	38.4 bp −$384	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
GMX TIA/USD [ETH-USDC]	L −0.3914% / S +0.0179%	1h	0.4501	−0.385%	$6K	—	100x	as long as short
Kraken Futures PF_TIAUSD	−0.0167%	1h	0.4472	−1.024%	$352K	$198K	50x	as long as short
dYdX TIA-USD	0.0000%	1h	0.4478	−0.890%	$53K	$139	10x	as long as short
Deribit TIA_USDC-PERPETUAL	0.0000%	1h	0.4476	−0.930%	$31K	$20K	25x	as long as short
gTrade (Gains Network) TIA/USD	L +0.0002% / S 0.0000%	1h	0.4497	−0.471%	$1K	—	150x	as long as short
Backpack TIA_USDC_PERP	+0.0022%	1h	0.4471	−1.031%	$103K	$171K	10x	as long as short
Injective TIA/USDC PERPlong	+0.0079%	1h	0.4518	long leg	$81K	$157K	12x
OKX TIA-USDT-SWAP	+0.0090%	4h	0.4473	−0.996%	$2.8M	$7.0M	50x	as long as short
Lighter TIA	+0.0096%	1h	0.4481	−0.812%	$194K	$436K	10x	as long as short
Orderly PERP_TIA_USDC	+0.0099%	4h	0.4476	−0.930%	$7K	$205K	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	0.4477	−0.896%	$4.9M	$1.5M	5x	as long as short
Aster TIAUSDT	+0.0100%	4h	0.4471	−1.038%	$33K	$249K	10x	as long as short
Binance TIAUSDT	+0.0100%	4h	0.4468	−1.107%	$14.5M	$49.3M	75x	as long as short
Bybit TIAUSDT	+0.0100%	4h	0.4466	−1.151%	$10.1M	$14.5M	50x	as long as short
Gate TIA_USDT	+0.0100%	4h	0.4472	−1.018%	$1.0M	$1.7M	75x	as long as short
MEXC TIA_USDT	+0.0100%	4h	0.4472	−1.018%	$10.9M	$14.3M	300x	as long as short
KuCoin TIAUSDTM	+0.0100%	4h	0.4471	−1.040%	$4.3M	$10.3M	50x	as long as short
Bitget TIAUSDTshort	+0.0100%	4h	0.4466	−1.151%	$4.4M	$4.1M	75x
BingX TIA-USDC	+0.0100%	4h	0.4468	−1.107%	—	$6.5M	—	as long as short
Variational Omni TIA	+0.0100%	4h	0.4493	−0.561%	$138K	$78K	—	as long as short
ApeX Omni TIAUSDT	+0.0100%	1h	0.4497	−0.465%	$52K	$224K	50x	as long as short
HTX TIA-USDT	+0.0100%	4h	0.4478	−0.885%	$60K	$75K	50x	as long as short
Extended TIA-USD	+0.0104%	1h	0.4465	−1.167%	$57K	$211K	25x	as long as short
Aevo TIA-PERP	+0.0104%	1h	0.4474	−0.974%	$7K	—	3x	as long as short
Reya TIARUSDPERP	+0.0182%	1h	0.4483	−0.770%	$6K	—	15x	as long as short
BloFin TIA-USDT	+0.0340%	4h	0.4492	−0.575%	$1.7M	$768K	75x	as long as short
Coinbase International TIA-PERP-INTX	+0.0408%	1h	0.4521	+0.066%	$54K	$99K	50x	as long as short