Funding arb · Price arb /

TSM

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC+0.0610%/8h= +66.8% APRpaid last 24h +0.098%

Price spread now: Deribit against Binance−0.025%7-day average — · you buy dearer than you sell

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

Long on Binance Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

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

Together, before fees—needs both histories

Funding pays, the price is against you. Deribit is 0.025% cheaper against Binance than usual: you would sell low and buy high (spread −0.025% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$3 on $10k: about 3 hours of funding at the current rate (+$18 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance TSMUSDT	440.30	0.0049	pay 0.0049% / 8h	6h 19m	$13.0M	$8.3M	20x
Short	Deribit TSM_USDC-PERPETUAL	440.19	0.0660	get 0.0082% / 1h	19m 47s	$4	$11K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now −0.025%Rate

Funding earned: $128.19
Price spread: −0.025% → 0.000%: −$2.54
Slippage, 4 orders: no order book: not counted
Fee Binance: 5 bp × 2 orders: −$10
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $108.65
Costs to cover: 0.170%
Break-even: 1.1 days

Slippage unknown: Binance: live order book, 13 min ago; Deribit: no order-book sample. 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 Binance live order book, 13 min ago	0.68 bp	10.3 bp −$10	17.5 bp −$175	96.4 bp −$9,637	doesn't fit
Sell Deribit no order-book sample	—	—	—	—	—

Deribit: 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 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-INTX	−0.0016%	1h	439.42	−0.200%	$372K	$98K	10x	as long as short
Aster TSMUSDT	0.0000%	8h	440.11	−0.045%	$82K	$2K	20x	as long as short
Bybit TSMUSDT	0.0000%	8h	439.97	−0.075%	$2.0M	$397K	50x	as long as short
OKX TSM-USDT-SWAP	0.0000%	8h	440.24	−0.014%	$4.0M	$2.7M	20x	as long as short
Gate TSM_USDT	0.0000%	8h	439.99	−0.071%	$1.7M	$1.1M	100x	as long as short
Bitget TSMUSDT	0.0000%	8h	440.29	−0.003%	$1.8M	$1.5M	20x	as long as short
Variational Omni TSM	0.0000%	8h	440.18	−0.027%	$551K	$44K	—	as long as short
SunX TSM-USDT	0.0000%	8h	440.22	−0.019%	$2K	$3.8M	10x	as long as short
HTX TSM-USDT	0.0000%	8h	440.13	−0.039%	$9K	$8K	20x	as long as short
Phemex TSMUSDT	0.0000%	8h	439.77	−0.121%	$1.5M	$545K	10x	as long as short

Show all 28 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter TSM	+0.0032%	1h	440.21	−0.021%	$496K	$143K	10x	as long as short
Vest TSM-USD-PERP	+0.0046%	1h	439.77	−0.121%	—	$2K	25x	as long as short
Lighter RH TSM	+0.0048%	1h	440.22	−0.019%	$195K	$726K	10x	as long as short
Extended TSM-USD	+0.0048%	1h	440.12	−0.041%	$5K	$215K	10x	as long as short
Binance TSMUSDTlong	+0.0049%	8h	440.30	long leg	$13.0M	$8.3M	20x
tradeXYZ xyz:TSM	+0.0050%	1h	439.90	−0.091%	$10.1M	$2.0M	10x	as long as short
Polymarket Perps TSM-USD	+0.0050%	1h	439.84	−0.105%	$186K	$71K	10x	as long as short
SoDEX TSM-USD	+0.0050%	1h	439.84	−0.105%	$133	$3K	10x	as long as short
Ondo Perps TSM-USD.P	+0.0050%	1h	440.01	−0.066%	$158K	$27K	10x	as long as short
BloFin TSM-USDT	+0.0067%	8h	440.40	+0.022%	$45K	$112K	20x	as long as short
KuCoin TSMUSDTM	+0.0100%	8h	439.76	−0.123%	$268K	$413K	20x	as long as short
Orderly PERP_TSM_USDC_mythos	+0.0100%	8h	440.23	−0.016%	$21	—	10x	as long as short
Aevo TSM-PERP	+0.0104%	1h	440.18	−0.028%	$123	—	10x	as long as short
Phoenix TSM	+0.0145%	1h	440.08	−0.050%	$209K	$10K	10x	as long as short
Injective TSM/USDC PERP	+0.0220%	1h	443.95	+0.829%	$6K	$38K	12x	as long as short
GRVT TSM_USDT_Perp	+0.0232%	8h	440.34	+0.009%	$9K	$1.3M	10x	as long as short
edgeX TSMUSDC	+0.0570%	4h	440.32	+0.005%	$47K	$216K	10x	as long as short
Deribit TSM_USDC-PERPETUALshort	+0.0660%	1h	440.19	−0.025%	$4	$11K	10x