TIA

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0327%/8h= +35.8% APRnext payment +$0.41 per $10,000 · paid last 24h +0.045%

Price spread now: Backpack against Kraken Futures−0.037%7-day average −0.059% · you buy dearer than you sell

Net, funding: paid 7d − costs−$118as in the Funding arb table

Net, price: spread back to 7d avg − costs−$82as in the Price arb table

costs, in and out, $10k−$850.845% of the position

Long on Kraken Futures Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.333%−$33 on $10k

Price spread, last 3 days (all we have)−0.231%−$23 · spread now −0.037%, 7d avg −0.059%

Together, before fees−0.564%−$56 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$10 a day on $10k at the current rate, and Backpack is 0.022% dearer against Kraken Futures than usual: you sell high and buy low: +$2 more if the spread goes back to its 7-day average of −0.059%. Mind the row above: over the last 7 days funding on this pair cost −0.333%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_TIAUSD	0.4355	−0.0227	get 0.0028% / 1h	4m 24s	$356K	$242K	50x
Short	Backpack TIA_USDC_PERP	0.4353	0.0100	get 0.0013% / 1h	4m 24s	$101K	$151K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Kraken Futures. 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 Kraken FuturesbpFee BackpackbpOrdersPrice spread, now −0.037%Rate

Funding earned: $68.69
Price spread: −0.037% → −0.059%: $2.23
Slippage, 4 orders: −$64.51
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$13.59
Costs to cover: 0.845%
Break-even: 8.4 days

Slippage from Kraken Futures: live order book, 13 min ago; Backpack: live order book, 14 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 Kraken Futures live order book, 13 min ago	14.99 bp	24.6 bp −$25	54.1 bp −$541	doesn't fit	doesn't fit
Sell Backpack live order book, 14 min ago	1.62 bp	12.8 bp −$13	doesn't fit	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
Kraken Futures PF_TIAUSDlong	−0.0227%	1h	0.4355	long leg	$356K	$242K	50x
OKX TIA-USDT-SWAP	−0.0150%	4h	0.4348	−0.154%	$2.8M	$5.9M	50x	as long as short
KuCoin TIAUSDTM	−0.0042%	4h	0.4350	−0.108%	$4.2M	$8.6M	50x	as long as short
ApeX Omni TIAUSDT	−0.0016%	1h	0.4334	−0.475%	$49K	$236K	50x	as long as short
Gate TIA_USDT	−0.0014%	4h	0.4352	−0.062%	$998K	$1.8M	75x	as long as short
Deribit TIA_USDC-PERPETUAL	0.0000%	1h	0.4353	−0.039%	$30K	$27K	25x	as long as short
gTrade (Gains Network) TIA/USD	L +0.0002% / S 0.0000%	1h	0.4354	−0.011%	$1K	—	150x	as long as short
Lighter TIA	+0.0096%	1h	0.4356	+0.034%	$128K	$351K	10x	as long as short
Orderly PERP_TIA_USDC	+0.0097%	4h	0.4352	−0.062%	$5K	$362K	10x	as long as short
Variational Omni TIA	+0.0100%	4h	0.4341	−0.317%	$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	0.4358	+0.085%	$4.3M	$1.5M	5x	as long as short
Aster TIAUSDT	+0.0100%	4h	0.4353	−0.043%	$35K	$267K	10x	as long as short
Binance TIAUSDT	+0.0100%	4h	0.4354	−0.016%	$14.5M	$42.0M	75x	as long as short
Bybit TIAUSDT	+0.0100%	4h	0.4351	−0.085%	$9.5M	$13.2M	50x	as long as short
MEXC TIA_USDT	+0.0100%	4h	0.4354	−0.016%	$14.1M	$6.8M	300x	as long as short
Bitget TIAUSDT	+0.0100%	4h	0.4351	−0.085%	$4.5M	$3.5M	75x	as long as short
BingX TIA-USDT	+0.0100%	4h	0.4351	−0.085%	—	$99.0M	—	as long as short
Backpack TIA_USDC_PERPshort	+0.0100%	1h	0.4353	−0.037%	$101K	$151K	10x
HTX TIA-USDT	+0.0100%	4h	0.4325	−0.682%	$65K	$42K	50x	as long as short
Extended TIA-USD	+0.0104%	1h	0.4349	−0.121%	$57K	$168K	25x	as long as short
Aevo TIA-PERP	+0.0104%	1h	0.4352	−0.070%	$7K	—	3x	as long as short
Injective TIA/USDC PERP	+0.0106%	1h	0.4357	+0.053%	$26K	$10K	12x	as long as short
Reya TIARUSDPERP	+0.0179%	1h	0.4351	−0.091%	$6K	—	15x	as long as short
Coinbase International TIA-PERP-INTX	+0.0216%	1h	0.4354	−0.016%	$48K	$73K	50x	as long as short
BloFin TIA-USDT	+0.0340%	4h	0.4355	+0.007%	$1.1M	$562K	75x	as long as short
GMX TIA/USD [ETH-USDC]	L +0.0458% / S −0.3505%	1h	0.4355	−0.001%	$36K	—	100x	as long as short
dYdX TIA-USD	+0.0735%	1h	0.4353	−0.030%	$52K	$59	10x	as long as short