Funding arb · Price arb /

TSM

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0050%/8h= +5.5% APRpaid last 24h +0.018%

Price spread now: tradeXYZ against Aster−0.046%7-day average — · you buy dearer than you sell

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

Long on Aster Short on tradeXYZ

What this pair did over the last

the charts below follow

Funding, last 7 days+0.081%+$8 on $10k

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

Together, before fees—+ Points / potential airdropAster: Stage 5 · tradeXYZ: Active · farm boardneeds both histories

Funding pays, the price is against you. tradeXYZ is 0.046% cheaper against Aster than usual: you would sell low and buy high (spread −0.046% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$5 on $10k: about 3.0 days of funding at the current rate (+$2 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aster TSMUSDT	447.57	0	get 0.0000% / 8h	7h 48m	$82K	$1K	20x
Short	tradeXYZ xyz:TSM	447.37	0.0050	get 0.0006% / 1h	48m 33s	$10.3M	$2.4M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

tradeXYZ against Aster. 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 AsterbpFee tradeXYZbpOrdersPrice spread, now −0.046%Rate

Funding earned: $10.5
Price spread: −0.046% → 0.000%: −$4.56
Slippage, 4 orders: no order book: not counted
Fee Aster: 4 bp × 2 orders: −$8
Fee tradeXYZ: 9 bp × 2 orders: −$18
Net: −$20.06
Costs to cover: 0.260%
Break-even: 20.4 days

Slippage unknown: Aster: no order-book sample; tradeXYZ: live order book, 9 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 Aster no order-book sample	—	—	—	—	—
Sell tradeXYZ live order book, 9 min ago	1.46 bp	12.3 bp −$12	doesn't fit	doesn't fit	doesn't fit

Aster: 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	−0.0169%	4h	447.25	−0.073%	$48K	$216K	10x	as long as short
BloFin TSM-USDT	−0.0027%	8h	447.61	+0.008%	$44K	$103K	20x	as long as short
Coinbase International TSM-PERP-INTX	−0.0024%	1h	446.95	−0.139%	$358K	$103K	10x	as long as short
Aster TSMUSDTlong	0.0000%	8h	447.57	long leg	$82K	$1K	20x
Extended TSM-USD	0.0000%	1h	447.55	−0.005%	$4K	$169K	10x	as long as short
Bybit TSMUSDT	0.0000%	8h	447.35	−0.050%	$2.0M	$411K	50x	as long as short
OKX TSM-USDT-SWAP	0.0000%	8h	447.77	+0.044%	$4.0M	$3.0M	20x	as long as short
Gate TSM_USDT	0.0000%	8h	447.43	−0.032%	$1.7M	$891K	100x	as long as short
Bitget TSMUSDT	0.0000%	8h	447.53	−0.010%	$1.6M	$1.4M	20x	as long as short
Variational Omni TSM	0.0000%	8h	447.32	−0.057%	$554K	$84K	—	as long as short

Show all 28 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT TSM_USDT_Perp	0.0000%	8h	447.28	−0.066%	$9K	$1.1M	10x	as long as short
SunX TSM-USDT	0.0000%	8h	447.73	+0.035%	$1K	$5.0M	10x	as long as short
Deribit TSM_USDC-PERPETUAL	0.0000%	1h	447.65	+0.017%	$4	$32K	10x	as long as short
HTX TSM-USDT	0.0000%	8h	447.27	−0.068%	$9K	$9K	20x	as long as short
Phemex TSMUSDT	0.0000%	8h	447.84	+0.059%	$1.5M	$453K	10x	as long as short
Binance TSMUSDT	+0.0001%	8h	447.65	+0.017%	$13.2M	$6.9M	20x	as long as short
Lighter RH TSM	+0.0032%	1h	447.72	+0.033%	$233K	$634K	10x	as long as short
Vest TSM-USD-PERP	+0.0046%	1h	447.51	−0.014%	—	—	25x	as long as short
tradeXYZ xyz:TSMshort	+0.0050%	1h	447.37	−0.046%	$10.3M	$2.4M	10x
Polymarket Perps TSM-USD	+0.0050%	1h	447.38	−0.043%	$197K	$41K	10x	as long as short
SoDEX TSM-USD	+0.0050%	1h	447.34	−0.052%	$143	$3K	10x	as long as short
Ondo Perps TSM-USD.P	+0.0050%	1h	447.13	−0.099%	$159K	$20K	10x	as long as short
Lighter TSM	+0.0088%	1h	448.10	+0.118%	$506K	$166K	10x	as long as short
KuCoin TSMUSDTM	+0.0100%	8h	447.19	−0.086%	$271K	$312K	20x	as long as short
Orderly PERP_TSM_USDC_mythos	+0.0100%	8h	447.70	+0.028%	$21	—	10x	as long as short
Aevo TSM-PERP	+0.0104%	1h	447.62	+0.009%	$125	—	10x	as long as short
Phoenix TSM	+0.0179%	1h	447.42	−0.034%	$218K	$5K	10x	as long as short
Injective TSM/USDC PERP	+0.0220%	1h	451.76	+0.935%	$7K	$38K	12x	as long as short