TIA

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0094%/8h= +10.3% APRnext payment +$0.12 per $10,000 · paid last 24h −0.032%

Price spread now: Kraken Futures against Backpack+0.025%7-day average +0.060% · you sell dearer than you buy

Net, funding: paid 7d − costs−$48as in the Funding arb table

Net, price: spread back to 7d avg − costs−$85as in the Price arb table

costs, in and out, $10k−$820.818% of the position

Long on Backpack Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.339%+$34 on $10k

Price spread, last 4 days (all we have)+0.182%+$18 · spread now +0.025%, 7d avg +0.060%

Together, before fees+0.521%+$52 on $10k · with fees, hour by hour

Funding pays, the price is against you. Kraken Futures is 0.035% cheaper against Backpack than usual: you would sell low and buy high (spread +0.025% now, against its 7-day average of +0.060%). If the spread goes back, that is −$4 on $10k: about 30 hours of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack TIA_USDC_PERP	0.4312	0.0100	pay 0.0013% / 1h	30m 03s	$100K	$174K	10x
Short	Kraken Futures PF_TIAUSD	0.4313	0.0194	get 0.0024% / 1h	30m 03s	$342K	$205K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now +0.025%Rate

Funding earned: $19.78
Price spread: +0.025% → +0.060%: −$3.51
Slippage, 4 orders: −$61.76
Fee Backpack: 5 bp × 2 orders: −$10
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$65.5
Costs to cover: 0.818%
Break-even: 30.2 days

Slippage from Backpack: live order book, 18 min ago; Kraken Futures: 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 Backpack live order book, 18 min ago	1.37 bp	13.8 bp −$14	doesn't fit	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 18 min ago	19.47 bp	27.4 bp −$27	77.8 bp −$778	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
ApeX Omni TIAUSDT	−0.0021%	1h	0.4310	−0.056%	$49K	$227K	50x	as long as short
Deribit TIA_USDC-PERPETUAL	0.0000%	1h	0.4312	−0.009%	$30K	$25K	25x	as long as short
gTrade (Gains Network) TIA/USD	L +0.0002% / S 0.0000%	1h	0.4313	+0.014%	$1K	—	150x	as long as short
Lighter TIA	+0.0096%	1h	0.4316	+0.081%	$149K	$428K	10x	as long as short
Orderly PERP_TIA_USDC	+0.0099%	4h	0.4311	−0.032%	$6K	$271K	10x	as long as short
Hyperliquid TIA	+0.0100%	1h	0.4317	+0.102%	$4.6M	$1.4M	5x	as long as short
Aster TIAUSDT	+0.0100%	4h	0.4315	+0.052%	$33K	$243K	10x	as long as short
Binance TIAUSDT	+0.0100%	4h	0.4311	−0.027%	$13.5M	$44.2M	75x	as long as short
Bybit TIAUSDT	+0.0100%	4h	0.4310	−0.056%	$9.6M	$13.8M	50x	as long as short
OKX TIA-USDT-SWAP	+0.0100%	4h	0.4308	−0.102%	$2.7M	$6.3M	50x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate TIA_USDT	+0.0100%	4h	0.4315	+0.060%	$968K	$1.8M	75x	as long as short
MEXC TIA_USDT	+0.0100%	4h	0.4310	−0.056%	$10.3M	$6.5M	300x	as long as short
KuCoin TIAUSDTM	+0.0100%	4h	0.4308	−0.102%	$4.1M	$9.4M	50x	as long as short
Bitget TIAUSDT	+0.0100%	4h	0.4312	−0.009%	$4.4M	$3.7M	75x	as long as short
BingX TIA-USDC	+0.0100%	4h	0.4310	−0.056%	—	$6.5M	—	as long as short
Backpack TIA_USDC_PERPlong	+0.0100%	1h	0.4312	long leg	$100K	$174K	10x
Variational Omni TIA	+0.0100%	4h	0.4306	−0.141%	$100K	$51K	—	as long as short
HTX TIA-USDT	+0.0100%	4h	0.4327	+0.339%	$58K	$73K	50x	as long as short
Extended TIA-USD	+0.0104%	1h	0.4307	−0.117%	$55K	$212K	25x	as long as short
Aevo TIA-PERP	+0.0104%	1h	0.4309	−0.067%	$7K	—	3x	as long as short
Reya TIARUSDPERP	+0.0181%	1h	0.4312	−0.012%	$6K	—	15x	as long as short
Kraken Futures PF_TIAUSDshort	+0.0194%	1h	0.4313	+0.025%	$342K	$205K	50x
GMX TIA/USD [ETH-USDC]	L +0.0204% / S +0.0050%	1h	0.4312	0.000%	$6K	—	100x	as long as short
Injective TIA/USDC PERP	+0.0237%	1h	0.4317	+0.107%	$25K	$11K	12x	as long as short
BloFin TIA-USDT	+0.0340%	4h	0.4305	−0.172%	$1.6M	$694K	75x	as long as short
Coinbase International TIA-PERP-INTX	+0.0400%	1h	0.4378	+1.521%	$47K	$84K	50x	as long as short
dYdX TIA-USD	+0.0502%	1h	0.4309	−0.072%	$51K	$139	10x	as long as short