A perpetual future never expires, so exchanges tether it to spot with a funding payment: a positive rate means longs pay shorts, a negative one means shorts pay longs. Every venue sets its own rate, on its own schedule, from its own order book — so the same contract can pay on one exchange and charge on another at the very same minute.

Hold both legs in equal size and the price risk cancels: whatever TIA does, one leg gains what the other loses. What is left is the funding difference — an annualized 147.57% here, 134.01% once the round-trip fee of $2.60 per $1,000 is paid. Close before roughly 15 hours and it loses money however wide the spread looks — which is why break-even sits next to every number.

See the same maths applied across every coin on the strategy board and the markets table.

What is the TIA funding rate right now?

Orderly is paying -0.0063% per 4h, while Backpack charges 0.0153% per 1h. The table above lists the current rate on all 12 venues that quote TIA perpetuals.

Which exchange has the best TIA funding rate?

It depends on your side. A long pays least on Orderly; a short earns most on Backpack. Running both at once captures the gap between them without taking a directional bet on TIA.

How is the annualized TIA funding APR calculated?

Each venue pays funding on its own schedule — hourly, four-hourly or eight-hourly. We normalize every rate to a common period and compound it over a year, so venues on different schedules can be compared on one axis. Fees are then subtracted over the intended hold to give the net APR.

Is TIA funding arbitrage risk-free?

No. The price risk is hedged, but fees, a rate that flips mid-hold, liquidation on one leg through margin imbalance, withdrawal delays and exchange risk all remain. Net APR and break-even tell you whether the trade survives its own costs — not whether the venues survive.