Funding arb · Price arb /

TIA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.056%

Price spread now: Bybit against Deribit−0.091%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Deribit Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Funding pays, the price is against you. Bybit is 0.091% cheaper against Deribit than usual: you would sell low and buy high (spread −0.091% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$9 on $10k: about 3.0 days of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit TIA_USDC-PERPETUAL	0.4401	0	get 0.0000% / 1h	57m 21s	$31K	$27K	25x
Short	Bybit TIAUSDT	0.4397	0.0100	get 0.0050% / 4h	1h 57m	$9.5M	$13.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Deribit. 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 DeribitbpFee BybitbpOrdersPrice spread, now −0.091%Rate

Funding earned: $21
Price spread: −0.091% → 0.000%: −$9.09
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$6.09
Costs to cover: 0.180%
Break-even: 9.0 days

Slippage unknown: Deribit: no order-book sample; Bybit: live order book, 1 min ago. Net counts fees only.

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 Deribit no order-book sample	—	—	—	—	—
Sell Bybit live order book, 1 min ago	1.14 bp	13.6 bp −$14	33.2 bp −$332	211.8 bp −$21.2K	doesn't fit

Deribit: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

TIA on 26 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-SWAP	−0.0014%	4h	0.4398	−0.068%	$2.8M	$6.1M	50x	as long as short
Deribit TIA_USDC-PERPETUALlong	0.0000%	1h	0.4401	long leg	$31K	$27K	25x
gTrade (Gains Network) TIA/USD	L +0.0002% / S 0.0000%	1h	0.4403	+0.046%	$1K	—	150x	as long as short
Backpack TIA_USDC_PERP	+0.0013%	1h	0.4410	+0.211%	$102K	$149K	10x	as long as short
KuCoin TIAUSDTM	+0.0016%	4h	0.4398	−0.068%	$4.2M	$8.9M	50x	as long as short
dYdX TIA-USD	+0.0060%	1h	0.4405	+0.098%	$52K	$199	10x	as long as short
ApeX Omni TIAUSDT	+0.0073%	1h	0.4415	+0.318%	$50K	$233K	50x	as long as short
Kraken Futures PF_TIAUSD	+0.0075%	1h	0.4412	+0.257%	$361K	$209K	50x	as long as short
Lighter TIA	+0.0096%	1h	0.4410	+0.198%	$156K	$411K	10x	as long as short
Orderly PERP_TIA_USDC	+0.0100%	4h	0.4400	−0.023%	$5K	$317K	10x	as long as short

Show all 26 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid TIA	+0.0100%	1h	0.4407	+0.136%	$4.7M	$1.6M	5x	as long as short
Aster TIAUSDT	+0.0100%	4h	0.4406	+0.121%	$32K	$245K	10x	as long as short
Binance TIAUSDT	+0.0100%	4h	0.4401	0.000%	$14.5M	$42.7M	75x	as long as short
Bybit TIAUSDTshort	+0.0100%	4h	0.4397	−0.091%	$9.5M	$13.3M	50x
Gate TIA_USDT	+0.0100%	4h	0.4402	+0.023%	$991K	$1.8M	75x	as long as short
MEXC TIA_USDT	+0.0100%	4h	0.4399	−0.045%	$12.3M	$6.5M	300x	as long as short
Bitget TIAUSDT	+0.0100%	4h	0.4398	−0.068%	$4.5M	$3.5M	75x	as long as short
BingX TIA-USDC	+0.0100%	4h	0.4400	−0.023%	—	$6.5M	—	as long as short
Variational Omni TIA	+0.0100%	4h	0.4409	+0.176%	$103K	$84K	—	as long as short
HTX TIA-USDT	+0.0100%	4h	0.4416	+0.341%	$59K	$75K	50x	as long as short
Extended TIA-USD	+0.0104%	1h	0.4397	−0.091%	$42K	$198K	25x	as long as short
Aevo TIA-PERP	+0.0104%	1h	0.4401	+0.011%	$7K	—	3x	as long as short
Reya TIARUSDPERP	+0.0180%	1h	0.4396	−0.117%	$6K	—	15x	as long as short
Coinbase International TIA-PERP-INTX	+0.0376%	1h	0.4430	+0.659%	$52K	$76K	50x	as long as short
GMX TIA/USD [ETH-USDC]	L +0.0481% / S −0.1131%	1h	0.4403	+0.039%	$40K	—	100x	as long as short
Injective TIA/USDC PERP	+0.0496%	1h	0.4431	+0.682%	$27K	$10K	12x	as long as short