Funding arb · Price arb /

TIA

all TIA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.018%

Price spread now: Backpack against Bybit−0.002%7-day average +0.033% · you buy dearer than you sell

Net, funding: paid 7d − costs−$58as in the Funding arb table

Net, price: spread back to 7d avg − costs−$60as in the Price arb table

costs, in and out, $10k−$560.564% of the position

Long on Bybit Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.019%−$2 on $10k

Price spread, last 4 days (all we have)−0.340%−$34 · spread now −0.002%, 7d avg +0.033%

Together, before fees−0.360%−$36 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Backpack is 0.035% cheaper against Bybit than usual: you would sell low and buy high, −$3 on $10k if it goes back to its 7-day average of +0.033%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit TIAUSDT	0.4484	0.0100	pay 0.0050% / 4h	3h 47m	$10.2M	$14.5M	50x
Short	Backpack TIA_USDC_PERP	0.4484	0.0100	get 0.0013% / 1h	47m 00s	$103K	$175K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Bybit. 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 BybitbpFee BackpackbpOrdersPrice spread, now −0.002%Rate

Funding earned: $0
Price spread: −0.002% → +0.033%: −$3.49
Slippage, 4 orders: −$35.42
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$59.91
Costs to cover: 0.564%
Break-even: never at this rate

Slippage from Bybit: live order book, 1 min ago; Backpack: live order book, 51 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 Bybit live order book, 1 min ago	1.11 bp	15.5 bp −$16	35.8 bp −$358	doesn't fit	doesn't fit
Sell Backpack live order book, 51 min ago	1.25 bp	15.6 bp −$16	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
GMX TIA/USD [ETH-USDC]	L −0.2051% / S +0.0116%	1h	0.4483	−0.018%	$6K	—	100x	as long as short
Kraken Futures PF_TIAUSD	−0.0112%	1h	0.4484	0.000%	$354K	$224K	50x	as long as short
Deribit TIA_USDC-PERPETUAL	0.0000%	1h	0.4485	+0.022%	$31K	$25K	25x	as long as short
gTrade (Gains Network) TIA/USD	L +0.0002% / S 0.0000%	1h	0.4487	+0.066%	$1K	—	150x	as long as short
OKX TIA-USDT-SWAP	+0.0039%	4h	0.4484	0.000%	$2.8M	$7.0M	50x	as long as short
Injective TIA/USDC PERP	+0.0048%	1h	0.4484	0.000%	$24K	$12K	12x	as long as short
dYdX TIA-USD	+0.0077%	1h	0.4488	+0.089%	$53K	$139	10x	as long as short
Lighter TIA	+0.0096%	1h	0.4491	+0.158%	$194K	$468K	10x	as long as short
Orderly PERP_TIA_USDC	+0.0099%	4h	0.4485	+0.022%	$7K	$225K	10x	as long as short
Hyperliquid TIA	+0.0100%	1h	0.4489	+0.120%	$4.9M	$1.5M	5x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster TIAUSDT	+0.0100%	4h	0.4486	+0.046%	$33K	$249K	10x	as long as short
Binance TIAUSDT	+0.0100%	4h	0.4487	+0.067%	$14.3M	$49.1M	75x	as long as short
Bybit TIAUSDTlong	+0.0100%	4h	0.4484	long leg	$10.2M	$14.5M	50x
Gate TIA_USDT	+0.0100%	4h	0.4487	+0.067%	$1.0M	$1.9M	75x	as long as short
MEXC TIA_USDT	+0.0100%	4h	0.4486	+0.045%	$11.9M	$14.3M	300x	as long as short
KuCoin TIAUSDTM	+0.0100%	4h	0.4486	+0.045%	$4.3M	$10.1M	50x	as long as short
Bitget TIAUSDT	+0.0100%	4h	0.4483	−0.022%	$4.4M	$4.1M	75x	as long as short
BingX TIA-USDC	+0.0100%	4h	0.4483	−0.022%	—	$6.5M	—	as long as short
Backpack TIA_USDC_PERPshort	+0.0100%	1h	0.4484	−0.002%	$103K	$175K	10x
Variational Omni TIA	+0.0100%	4h	0.4491	+0.151%	$137K	$79K	—	as long as short
ApeX Omni TIAUSDT	+0.0100%	1h	0.4487	+0.067%	$51K	$224K	50x	as long as short
HTX TIA-USDT	+0.0100%	4h	0.4488	+0.089%	$60K	$76K	50x	as long as short
Extended TIA-USD	+0.0104%	1h	0.4483	−0.026%	$57K	$211K	25x	as long as short
Aevo TIA-PERP	+0.0104%	1h	0.4484	+0.004%	$7K	—	3x	as long as short
Reya TIARUSDPERP	+0.0182%	1h	0.4482	−0.053%	$6K	—	15x	as long as short
BloFin TIA-USDT	+0.0340%	4h	0.4480	−0.089%	$1.7M	$783K	75x	as long as short
Coinbase International TIA-PERP-INTX	+0.0416%	1h	0.4500	+0.357%	$53K	$107K	50x	as long as short