Funding arb · Price arb /

TIA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0223%/8h= −24.4% APRpaid last 24h +0.017%

Price spread now: Bybit against Backpack+0.037%7-day average −0.037% · you sell dearer than you buy

Net, funding: paid 7d − costs−$55as in the Funding arb table

Net, price: spread back to 7d avg − costs−$49as in the Price arb table

costs, in and out, $10k−$560.560% of the position

Long on Backpack Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.012%+$1 on $10k

Price spread, last 4 days (all we have)+0.120%+$12 · spread now +0.037%, 7d avg −0.037%

Together, before fees+0.132%+$13 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bybit is 0.074% dearer against Backpack than usual: you sell high and buy low (spread +0.037% now, against its 7-day average of −0.037%): +$7 on $10k if it goes back. Holding the pair costs −$7 a day in funding at the current rate, which eats that in about 27 hours.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.012% in total (about 0.6% 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	0.4383	0.0100	pay 0.0013% / 1h	46m 34s	$104K	$157K	10x
Short	Bybit TIAUSDT	0.4385	−0.0123	pay 0.0061% / 4h	46m 34s	$9.6M	$13.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now +0.037%Rate

Funding earned: −$46.77
Price spread: +0.037% → −0.037%: $7.38
Slippage, 4 orders: −$34.95
Fee Backpack: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$95.35
Costs to cover: 0.560%
Break-even: never at this rate

Slippage from Backpack: live order book, 11 min ago; Bybit: live order book, 2 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, 11 min ago	1.94 bp	18.1 bp −$18	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 2 min ago	1.14 bp	15.9 bp −$16	37.3 bp −$373	164.4 bp −$16.4K	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
Bybit TIAUSDTshort	−0.0123%	4h	0.4385	+0.037%	$9.6M	$13.5M	50x
Variational Omni TIA	−0.0085%	4h	0.4388	+0.099%	$103K	$85K	—	as long as short
Deribit TIA_USDC-PERPETUAL	0.0000%	1h	0.4383	−0.009%	$30K	$27K	25x	as long as short
KuCoin TIAUSDTM	+0.0002%	4h	0.4383	−0.009%	$4.2M	$9.1M	50x	as long as short
gTrade (Gains Network) TIA/USD	L +0.0002% / S 0.0000%	1h	0.4383	−0.009%	$1K	—	150x	as long as short
ApeX Omni TIAUSDT	+0.0043%	1h	0.4378	−0.123%	$49K	$231K	50x	as long as short
Lighter TIA	+0.0096%	1h	0.4390	+0.146%	$155K	$418K	10x	as long as short
Orderly PERP_TIA_USDC	+0.0100%	4h	0.4382	−0.032%	$5K	$280K	10x	as long as short
Hyperliquid TIA	+0.0100%	1h	0.4393	+0.221%	$4.7M	$1.5M	5x	as long as short
Aster TIAUSDT	+0.0100%	4h	0.4381	−0.055%	$32K	$245K	10x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance TIAUSDT	+0.0100%	4h	0.4389	+0.128%	$14.3M	$42.9M	75x	as long as short
OKX TIA-USDT-SWAP	+0.0100%	4h	0.4384	+0.014%	$2.8M	$6.2M	50x	as long as short
Gate TIA_USDT	+0.0100%	4h	0.4389	+0.128%	$994K	$1.8M	75x	as long as short
MEXC TIA_USDT	+0.0100%	4h	0.4390	+0.151%	$12.0M	$6.5M	300x	as long as short
Bitget TIAUSDT	+0.0100%	4h	0.4387	+0.082%	$4.4M	$3.5M	75x	as long as short
BingX TIA-USDT	+0.0100%	4h	0.4388	+0.105%	—	$99.1M	—	as long as short
Backpack TIA_USDC_PERPlong	+0.0100%	1h	0.4383	long leg	$104K	$157K	10x
HTX TIA-USDT	+0.0100%	4h	0.4386	+0.059%	$59K	$74K	50x	as long as short
Extended TIA-USD	+0.0104%	1h	0.4386	+0.056%	$55K	$211K	25x	as long as short
Aevo TIA-PERP	+0.0104%	1h	0.4382	−0.031%	$7K	—	3x	as long as short
dYdX TIA-USD	+0.0163%	1h	0.4383	−0.004%	$52K	$199	10x	as long as short
Kraken Futures PF_TIAUSD	+0.0166%	1h	0.4383	−0.012%	$358K	$195K	50x	as long as short
Reya TIARUSDPERP	+0.0180%	1h	0.4385	+0.038%	$6K	—	15x	as long as short
Injective TIA/USDC PERP	+0.0237%	1h	0.4392	+0.196%	$26K	$10K	12x	as long as short
BloFin TIA-USDT	+0.0340%	4h	0.4384	+0.014%	$1.6M	$728K	75x	as long as short
Coinbase International TIA-PERP-INTX	+0.0384%	1h	0.4389	+0.128%	$51K	$76K	50x	as long as short
GMX TIA/USD [ETH-USDC]	L +0.0493% / S −0.1196%	1h	0.4383	+0.002%	$40K	—	100x	as long as short