Funding arb · Price arb /

TIA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0092%/8h= −10.1% APRpaid last 24h +0.052%

Price spread now: Orderly against Kraken Futures−0.185%55s7-day average −0.050% · you buy dearer than you sell

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

Long on Kraken Futures Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days−0.303%−$30 on $10k

Price spread, last 4 days (all we have)+0.077%+$8 · spread now −0.185%, 7d avg −0.050%

Together, before fees−0.227%−$23 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Orderly is 0.135% cheaper against Kraken Futures than usual: you would sell low and buy high (−$13 if the spread goes back to its 7-day average of −0.050%). Swap the legs. The two prices were read 55 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_TIAUSD	0.4368	0.0192	pay 0.0024% / 1h	47m 22s	$346K	$206K	50x
Short	Orderly PERP_TIA_USDC	0.4360	0.0100	get 0.0050% / 4h	2h 47m	$6K	$266K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against Kraken Futures. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Kraken FuturesbpFee OrderlybpOrdersPrice spread, now −0.185%Rate

Funding earned: −$19.37
Price spread: −0.185% → −0.050%: −$13.47
Slippage, 4 orders: no order book: not counted
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$48.83
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Kraken Futures: live order book, just now; Orderly: no order-book sample. 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 Kraken Futures live order book, just now	19.47 bp	26.6 bp −$27	67.3 bp −$673	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: 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 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
Deribit TIA_USDC-PERPETUAL	0.0000%	1h	0.4369	+0.021%	$30K	$25K	25x	as long as short
gTrade (Gains Network) TIA/USD	L +0.0002% / S 0.0000%	1h	0.4363	−0.119%	$1K	—	150x	as long as short
ApeX Omni TIAUSDT	+0.0093%	1h	0.4371	+0.067%	$50K	$228K	50x	as long as short
Lighter TIA	+0.0096%	1h	0.4372	+0.085%	$155K	$422K	10x	as long as short
Orderly PERP_TIA_USDCshort	+0.0100%	4h	0.4360	−0.185%	$6K	$266K	10x
Hyperliquid TIA	+0.0100%	1h	0.4366	−0.041%	$4.7M	$1.4M	5x	as long as short
Aster TIAUSDT	+0.0100%	4h	0.4362	−0.136%	$33K	$244K	10x	as long as short
Binance TIAUSDT	+0.0100%	4h	0.4361	−0.160%	$13.7M	$44.0M	75x	as long as short
Bybit TIAUSDT	+0.0100%	4h	0.4360	−0.185%	$9.8M	$13.8M	50x	as long as short
OKX TIA-USDT-SWAP	+0.0100%	4h	0.4357	−0.254%	$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	0.4364	−0.093%	$984K	$1.8M	75x	as long as short
MEXC TIA_USDT	+0.0100%	4h	0.4361	−0.162%	$10.7M	$6.4M	300x	as long as short
KuCoin TIAUSDTM	+0.0100%	4h	0.4361	−0.162%	$4.2M	$9.4M	50x	as long as short
Bitget TIAUSDT	+0.0100%	4h	0.4363	−0.116%	$4.4M	$3.7M	75x	as long as short
BingX TIA-USDT	+0.0100%	4h	0.4361	−0.162%	—	$103.0M	—	as long as short
Backpack TIA_USDC_PERP	+0.0100%	1h	0.4369	+0.017%	$102K	$173K	10x	as long as short
Variational Omni TIA	+0.0100%	4h	0.4372	+0.084%	$102K	$51K	—	as long as short
HTX TIA-USDT	+0.0100%	4h	0.4370	+0.044%	$58K	$73K	50x	as long as short
Extended TIA-USD	+0.0104%	1h	0.4360	−0.184%	$55K	$212K	25x	as long as short
Aevo TIA-PERP	+0.0104%	1h	0.4360	−0.191%	$7K	—	3x	as long as short
Reya TIARUSDPERP	+0.0181%	1h	0.4360	−0.194%	$6K	—	15x	as long as short
Kraken Futures PF_TIAUSDlong	+0.0192%	1h	0.4368	long leg	$346K	$206K	50x
Injective TIA/USDC PERP	+0.0237%	1h	0.4368	−0.002%	$25K	$11K	12x	as long as short
BloFin TIA-USDT	+0.0340%	4h	0.4369	+0.021%	$1.7M	$704K	75x	as long as short
GMX TIA/USD [ETH-USDC]	L +0.0360% / S −0.0613%	1h	0.4362	−0.140%	$23K	—	100x	as long as short
Coinbase International TIA-PERP-INTX	+0.0400%	1h	0.4378	+0.227%	$47K	$84K	50x	as long as short
dYdX TIA-USD	+0.0465%	1h	0.4366	−0.042%	$52K	$139	10x	as long as short