Funding arb · Price arb /

TSM

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0218%/8h= −23.8% APRpaid last 24h −0.006%

Price spread now: Coinbase International against Binance−0.103%7-day average −0.205% · you buy dearer than you sell

Net, funding: paid 7d − costs−$22as in the Funding arb table

Net, price: spread back to 7d avg − costs−$24as in the Price arb table

costs, in and out, $10k−$340.341% of the position

Long on Binance Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.119%+$12 on $10k

Price spread, last 4 days (all we have)+0.059%+$6 · spread now −0.103%, 7d avg −0.205%

Together, before fees+0.177%+$18 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Coinbase International is 0.103% dearer against Binance than usual: you sell high and buy low (spread −0.103% now, against its 7-day average of −0.205%): +$10 on $10k if it goes back. Holding the pair costs −$7 a day in funding at the current rate, which eats that in about 38 hours. Mind the row above: over the last 7 days funding on this pair paid +0.119%, so the current rate has only just turned against you.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.119% in total (about 6.2% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made; yellow are the hours one leg has not settled yet: what the other leg paid, plus the unsettled leg at its current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance TSMUSDT	441.64	0.0138	pay 0.0138% / 8h	4h 10m	$13.2M	$9.0M	20x
Short	Coinbase International TSM-PERP-INTX	441.19	−0.0080	pay 0.0010% / 1h	10m 04s	$372K	$108K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against Binance. 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 BinancebpFee Coinbase InternationalbpOrdersPrice spread, now −0.103%Rate

Funding earned: −$45.72
Price spread: −0.103% → −0.205%: $10.26
Slippage, 4 orders: −$14.08
Fee Binance: 5 bp × 2 orders: −$10
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$69.53
Costs to cover: 0.341%
Break-even: never at this rate

Slippage from Binance: live order book, 8 min ago; Coinbase International: live order book, 31 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 Binance live order book, 8 min ago	0.11 bp	9.3 bp −$9	24.7 bp −$247	doesn't fit	doesn't fit
Sell Coinbase International live order book, 31 min ago	1.93 bp	7.9 bp −$8	12.1 bp −$121	doesn't fit	doesn't fit

TSM on 28 exchanges

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
Coinbase International TSM-PERP-INTXshort	−0.0080%	1h	441.19	−0.103%	$372K	$108K	10x
Aster TSMUSDT	0.0000%	8h	441.49	−0.034%	$82K	$2K	20x	as long as short
Bybit TSMUSDT	0.0000%	8h	441.44	−0.046%	$2.0M	$355K	50x	as long as short
OKX TSM-USDT-SWAP	0.0000%	8h	441.65	+0.002%	$4.1M	$2.8M	20x	as long as short
Gate TSM_USDT	0.0000%	8h	441.52	−0.028%	$1.7M	$1.1M	100x	as long as short
SunX TSM-USDT	0.0000%	8h	441.72	+0.017%	$1K	$3.6M	10x	as long as short
HTX TSM-USDT	0.0000%	8h	441.74	+0.022%	$9K	$8K	20x	as long as short
Phemex TSMUSDT	0.0000%	8h	441.78	+0.031%	$1.5M	$577K	10x	as long as short
Bitget TSMUSDT	+0.0020%	8h	441.72	+0.017%	$1.8M	$1.5M	20x	as long as short
Lighter TSM	+0.0032%	1h	441.78	+0.031%	$497K	$142K	10x	as long as short

Show all 28 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective TSM/USDC PERP	+0.0033%	1h	446.24	+1.041%	$7K	$38K	12x	as long as short
Vest TSM-USD-PERP	+0.0046%	1h	441.54	−0.023%	—	$2K	25x	as long as short
tradeXYZ xyz:TSM	+0.0050%	1h	441.29	−0.080%	$10.1M	$1.9M	10x	as long as short
Polymarket Perps TSM-USD	+0.0050%	1h	441.29	−0.080%	$189K	$73K	10x	as long as short
SoDEX TSM-USD	+0.0050%	1h	441.35	−0.066%	$132	$3K	10x	as long as short
Ondo Perps TSM-USD.P	+0.0050%	1h	441.08	−0.127%	$160K	$36K	10x	as long as short
Variational Omni TSM	+0.0079%	8h	441.67	+0.006%	$550K	$47K	—	as long as short
KuCoin TSMUSDTM	+0.0100%	8h	441.24	−0.091%	$268K	$539K	20x	as long as short
Orderly PERP_TSM_USDC_mythos	+0.0100%	8h	441.56	−0.019%	$21	—	10x	as long as short
Aevo TSM-PERP	+0.0104%	1h	441.67	+0.006%	$124	—	10x	as long as short
Extended TSM-USD	+0.0136%	1h	441.52	−0.029%	$2K	$227K	10x	as long as short
BloFin TSM-USDT	+0.0136%	8h	441.65	+0.002%	$46K	$123K	20x	as long as short
Binance TSMUSDTlong	+0.0138%	8h	441.64	long leg	$13.2M	$9.0M	20x
Phoenix TSM	+0.0217%	1h	441.43	−0.048%	$206K	$14K	10x	as long as short
GRVT TSM_USDT_Perp	+0.0266%	8h	441.69	+0.010%	$12K	$1.4M	10x	as long as short
Lighter RH TSM	+0.0280%	1h	441.91	+0.060%	$198K	$566K	10x	as long as short
Deribit TSM_USDC-PERPETUAL	+0.0770%	1h	441.56	−0.019%	$4	$9K	10x	as long as short
edgeX TSMUSDC	+0.0775%	4h	441.73	+0.019%	$48K	$215K	10x	as long as short