Funding arb · Price arb /

TSM

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0104%/8h= −11.4% APRpaid last 24h −0.031%

Price spread now: Variational Omni against Aevo+0.110%7-day average — · you sell dearer than you buy

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

Long on Aevo Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

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

Together, before fees—+ Points / potential airdropVariational Omni: Active · farm boardneeds both histories

The price spread pays, funding is against you. Variational Omni is 0.110% dearer against Aevo than usual: you sell high and buy low (spread +0.110% now, against zero (this spread has no 7-day history yet)): +$11 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 3.5 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aevo TSM-PERP	439.27	0.0104	pay 0.0013% / 1h	33m 59s	$123	—	10x
Short	Variational Omni TSM	439.75	0	get 0.0000% / 8h	1h 33m	$556K	$36K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Aevo. 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 AevobpFee Variational OmnibpOrdersPrice spread, now +0.110%Rate

Funding earned: −$21.84
Price spread: +0.110% → 0.000%: $10.98
Slippage, 4 orders: no order book: not counted
Fee Aevo: 8 bp × 2 orders: −$16
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$26.86
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Aevo: no order-book sample; Variational Omni: RFQ quote, 10 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 Aevo no order-book sample	—	—	—	—	—
Sell Variational Omni RFQ quote, 10 min ago	2.90 bp	doesn't fit	23.9 bp −$239	doesn't fit	doesn't fit

Aevo: 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.

TSM on 28 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
edgeX TSMUSDC	−0.0859%	4h	439.77	+0.114%	$47K	$216K	10x	as long as short
Bitget TSMUSDT	−0.0218%	8h	439.50	+0.053%	$1.7M	$1.5M	20x	as long as short
Aster TSMUSDT	0.0000%	8h	439.31	+0.009%	$82K	$2K	20x	as long as short
Bybit TSMUSDT	0.0000%	8h	439.27	+0.001%	$2.0M	$398K	50x	as long as short
OKX TSM-USDT-SWAP	0.0000%	8h	439.47	+0.047%	$4.0M	$2.6M	20x	as long as short
Gate TSM_USDT	0.0000%	8h	439.07	−0.045%	$1.7M	$1.1M	100x	as long as short
Variational Omni TSMshort	0.0000%	8h	439.75	+0.110%	$556K	$36K	—
SunX TSM-USDT	0.0000%	8h	439.34	+0.017%	$2K	$4.1M	10x	as long as short
HTX TSM-USDT	0.0000%	8h	439.22	−0.010%	$9K	$8K	20x	as long as short
Phemex TSMUSDT	0.0000%	8h	440.44	+0.267%	$1.5M	$515K	10x	as long as short

Show all 28 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter TSM	+0.0032%	1h	439.51	+0.056%	$495K	$137K	10x	as long as short
Lighter RH TSM	+0.0032%	1h	439.26	−0.001%	$224K	$684K	10x	as long as short
Vest TSM-USD-PERP	+0.0046%	1h	438.66	−0.138%	—	$1K	25x	as long as short
Coinbase International TSM-PERP-INTX	+0.0048%	1h	439.33	+0.015%	$366K	$102K	10x	as long as short
tradeXYZ xyz:TSM	+0.0050%	1h	438.90	−0.083%	$10.2M	$1.8M	10x	as long as short
Polymarket Perps TSM-USD	+0.0050%	1h	438.95	−0.072%	$191K	$65K	10x	as long as short
SoDEX TSM-USD	+0.0050%	1h	438.74	−0.120%	$134	$3K	10x	as long as short
Ondo Perps TSM-USD.P	+0.0050%	1h	439.33	+0.015%	$157K	$27K	10x	as long as short
BloFin TSM-USDT	+0.0064%	8h	439.32	+0.012%	$45K	$105K	20x	as long as short
Binance TSMUSDT	+0.0070%	8h	439.45	+0.042%	$12.9M	$7.9M	20x	as long as short
Extended TSM-USD	+0.0072%	1h	439.22	−0.011%	$3K	$176K	10x	as long as short
GRVT TSM_USDT_Perp	+0.0076%	8h	439.79	+0.120%	$4K	$1.3M	10x	as long as short
KuCoin TSMUSDTM	+0.0100%	8h	438.81	−0.104%	$266K	$310K	20x	as long as short
Orderly PERP_TSM_USDC_mythos	+0.0100%	8h	439.19	−0.017%	$21	—	10x	as long as short
Aevo TSM-PERPlong	+0.0104%	1h	439.27	long leg	$123	—	10x
Phoenix TSM	+0.0164%	1h	439.53	+0.060%	$214K	$5K	10x	as long as short
Injective TSM/USDC PERP	+0.0220%	1h	444.69	+1.235%	$6K	$38K	12x	as long as short
Deribit TSM_USDC-PERPETUAL	+0.0913%	1h	439.20	−0.015%	$4	$25K	10x	as long as short