Funding arb · Price arb /

TIA

all TIA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0272%/8h= −29.8% APRpaid last 24h +0.001%

Price spread now: OKX against Backpack−0.032%7-day average −0.036% · you buy dearer than you sell

Net, funding: paid 7d − costs−$57as in the Funding arb table

Net, price: spread back to 7d avg − costs−$52as in the Price arb table

costs, in and out, $10k−$530.528% of the position

Long on Backpack Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.040%−$4 on $10k

Price spread, last 4 days (all we have)+0.062%+$6 · spread now −0.032%, 7d avg −0.036%

Together, before fees+0.023%+$2 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.036%, so right now this pair is about funding alone: −$8 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.040% in total (about -2.1% 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	0.4378	0.0100	pay 0.0013% / 1h	33m 42s	$101K	$153K	10x
Short	OKX TIA-USDT-SWAP	0.4377	−0.0172	pay 0.0086% / 4h	3h 33m	$2.8M	$5.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.032%Rate

Funding earned: −$57.11
Price spread: −0.032% → −0.036%: $0.39
Slippage, 4 orders: −$32.83
Fee Backpack: 5 bp × 2 orders: −$10
Fee OKX: 5 bp × 2 orders: −$10
Net: −$109.55
Costs to cover: 0.528%
Break-even: never at this rate

Slippage from Backpack: live order book, 39 min ago; OKX: live order book, 4 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, 39 min ago	1.15 bp	11.9 bp −$12	doesn't fit	doesn't fit	doesn't fit
Sell OKX live order book, 4 min ago	1.14 bp	15.2 bp −$15	49.1 bp −$491	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
OKX TIA-USDT-SWAPshort	−0.0172%	4h	0.4377	−0.032%	$2.8M	$5.9M	50x
Kraken Futures PF_TIAUSD	−0.0153%	1h	0.4377	−0.039%	$360K	$233K	50x	as long as short
KuCoin TIAUSDTM	−0.0042%	4h	0.4377	−0.032%	$4.2M	$8.8M	50x	as long as short
Deribit TIA_USDC-PERPETUAL	0.0000%	1h	0.4379	+0.014%	$30K	$27K	25x	as long as short
gTrade (Gains Network) TIA/USD	L +0.0002% / S 0.0000%	1h	0.4379	+0.007%	$1K	—	150x	as long as short
ApeX Omni TIAUSDT	+0.0041%	1h	0.4373	−0.123%	$49K	$235K	50x	as long as short
Lighter TIA	+0.0096%	1h	0.4384	+0.116%	$140K	$359K	10x	as long as short
Orderly PERP_TIA_USDC	+0.0098%	4h	0.4377	−0.032%	$5K	$363K	10x	as long as short
Hyperliquid TIA	+0.0100%	1h	0.4383	+0.114%	$4.5M	$1.5M	5x	as long as short
Aster TIAUSDT	+0.0100%	4h	0.4378	−0.003%	$34K	$249K	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	0.4379	+0.018%	$14.6M	$41.2M	75x	as long as short
Bybit TIAUSDT	+0.0100%	4h	0.4376	−0.055%	$9.6M	$12.8M	50x	as long as short
Gate TIA_USDT	+0.0100%	4h	0.4378	−0.009%	$982K	$1.8M	75x	as long as short
MEXC TIA_USDT	+0.0100%	4h	0.4380	+0.037%	$13.2M	$6.7M	300x	as long as short
Bitget TIAUSDT	+0.0100%	4h	0.4377	−0.032%	$4.5M	$3.2M	75x	as long as short
BingX TIA-USDT	+0.0100%	4h	0.4376	−0.055%	—	$98.9M	—	as long as short
Backpack TIA_USDC_PERPlong	+0.0100%	1h	0.4378	long leg	$101K	$153K	10x
Variational Omni TIA	+0.0100%	4h	0.4370	−0.196%	$102K	$84K	—	as long as short
HTX TIA-USDT	+0.0100%	4h	0.4377	−0.032%	$58K	$68K	50x	as long as short
Extended TIA-USD	+0.0104%	1h	0.4376	−0.064%	$55K	$169K	25x	as long as short
Aevo TIA-PERP	+0.0104%	1h	0.4378	−0.018%	$7K	—	3x	as long as short
Injective TIA/USDC PERP	+0.0117%	1h	0.4376	−0.055%	$27K	$10K	12x	as long as short
Reya TIARUSDPERP	+0.0179%	1h	0.4375	−0.080%	$6K	—	15x	as long as short
Coinbase International TIA-PERP-INTX	+0.0256%	1h	0.4389	+0.242%	$51K	$75K	50x	as long as short
BloFin TIA-USDT	+0.0340%	4h	0.4373	−0.123%	$1.2M	$577K	75x	as long as short
GMX TIA/USD [ETH-USDC]	L +0.0460% / S −0.3505%	1h	0.4378	−0.004%	$36K	—	100x	as long as short
dYdX TIA-USD	+0.0894%	1h	0.4377	−0.028%	$52K	$59	10x	as long as short