Funding arb · Price arb /

TIA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.028%

Price spread now: Backpack against MEXC+0.195%7-day average −0.022% · you sell dearer than you buy

Net, funding: paid 7d − costs−$34as in the Funding arb table

Net, price: spread back to 7d avg − costs−$12as in the Price arb table

costs, in and out, $10k−$340.336% of the position

Long on MEXC Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.009%−$1 on $10k

Price spread, last 4 days (all we have)−0.249%−$25 · spread now +0.195%, 7d avg −0.022%

Together, before fees−0.257%−$26 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 0.217% dearer against MEXC than usual: you sell high and buy low, +$22 on $10k if it goes back to its 7-day average of −0.022%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC TIA_USDT	0.4407	0.0100	pay 0.0050% / 4h	1h 58m	$12.3M	$6.5M	300x
Short	Backpack TIA_USDC_PERP	0.4416	0.0100	get 0.0013% / 1h	58m 22s	$102K	$152K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against MEXC. 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 MEXCbpFee BackpackbpOrdersPrice spread, now +0.195%Rate

Funding earned: $0
Price spread: +0.195% → −0.022%: $21.73
Slippage, 4 orders: −$23.6
Fee MEXC: 0 bp × 2 orders: $0
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$11.87
Costs to cover: 0.336%
Break-even: never at this rate

Slippage from MEXC: live order book, 5 min ago; Backpack: live order book, 5 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 MEXC live order book, 5 min ago	1.14 bp	4.4 bp −$4	14.0 bp −$140	69.7 bp −$6,975	115.7 bp −$57.9K
Sell Backpack live order book, 5 min ago	0.91 bp	10.3 bp −$10	doesn't fit	doesn't fit	doesn't fit

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
Deribit TIA_USDC-PERPETUAL	−0.0203%	1h	0.4414	+0.159%	$31K	$27K	25x	as long as short
OKX TIA-USDT-SWAP	−0.0017%	4h	0.4410	+0.068%	$2.8M	$6.1M	50x	as long as short
gTrade (Gains Network) TIA/USD	L +0.0002% / S 0.0000%	1h	0.4413	+0.136%	$1K	—	150x	as long as short
KuCoin TIAUSDTM	+0.0018%	4h	0.4408	+0.023%	$4.2M	$8.9M	50x	as long as short
ApeX Omni TIAUSDT	+0.0070%	1h	0.4411	+0.091%	$50K	$233K	50x	as long as short
Kraken Futures PF_TIAUSD	+0.0075%	1h	0.4418	+0.250%	$361K	$211K	50x	as long as short
Lighter TIA	+0.0096%	1h	0.4425	+0.418%	$157K	$411K	10x	as long as short
Orderly PERP_TIA_USDC	+0.0100%	4h	0.4410	+0.068%	$5K	$317K	10x	as long as short
Hyperliquid TIA	+0.0100%	1h	0.4417	+0.218%	$4.7M	$1.6M	5x	as long as short
Aster TIAUSDT	+0.0100%	4h	0.4417	+0.230%	$32K	$245K	10x	as long as short

Show all 26 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance TIAUSDT	+0.0100%	4h	0.4412	+0.113%	$14.5M	$42.7M	75x	as long as short
Bybit TIAUSDT	+0.0100%	4h	0.4407	0.000%	$9.6M	$13.3M	50x	as long as short
Gate TIA_USDT	+0.0100%	4h	0.4412	+0.113%	$993K	$1.8M	75x	as long as short
MEXC TIA_USDTlong	+0.0100%	4h	0.4407	long leg	$12.3M	$6.5M	300x
Bitget TIAUSDT	+0.0100%	4h	0.4408	+0.023%	$4.5M	$3.5M	75x	as long as short
BingX TIA-USDT	+0.0100%	4h	0.4410	+0.068%	—	$99.0M	—	as long as short
Backpack TIA_USDC_PERPshort	+0.0100%	1h	0.4416	+0.195%	$102K	$152K	10x
Variational Omni TIA	+0.0100%	4h	0.4409	+0.039%	$103K	$84K	—	as long as short
HTX TIA-USDT	+0.0100%	4h	0.4419	+0.272%	$59K	$75K	50x	as long as short
Extended TIA-USD	+0.0104%	1h	0.4411	+0.095%	$42K	$198K	25x	as long as short
Aevo TIA-PERP	+0.0104%	1h	0.4415	+0.182%	$7K	—	3x	as long as short
dYdX TIA-USD	+0.0120%	1h	0.4419	+0.278%	$52K	$199	10x	as long as short
Reya TIARUSDPERP	+0.0180%	1h	0.4406	−0.014%	$6K	—	15x	as long as short
Coinbase International TIA-PERP-INTX	+0.0376%	1h	0.4430	+0.522%	$52K	$76K	50x	as long as short
GMX TIA/USD [ETH-USDC]	L +0.0480% / S −0.1125%	1h	0.4412	+0.114%	$40K	—	100x	as long as short
Injective TIA/USDC PERP	+0.0496%	1h	0.4431	+0.545%	$27K	$10K	12x	as long as short