Funding arb · Price arb /

TSM

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0317%/8h= +34.7% APRpaid last 24h +0.018%

Price spread now: Aevo against Bitget−0.080%7-day average — · you buy dearer than you sell

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

Long on Bitget Short on Aevo

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. Aevo is 0.080% cheaper against Bitget than usual: you would sell low and buy high (spread −0.080% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$8 on $10k: about 20 hours of funding at the current rate (+$10 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget TSMUSDT	440.04	−0.0213	get 0.0213% / 8h	1h 36m	$1.7M	$1.5M	20x
Short	Aevo TSM-PERP	439.69	0.0104	get 0.0013% / 1h	36m 32s	$123	—	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aevo against Bitget. 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 BitgetbpFee AevobpOrdersPrice spread, now −0.080%Rate

Funding earned: $66.57
Price spread: −0.080% → 0.000%: −$8.02
Slippage, 4 orders: no order book: not counted
Fee Bitget: 6 bp × 2 orders: −$12
Fee Aevo: 8 bp × 2 orders: −$16
Net: $30.55
Costs to cover: 0.280%
Break-even: 3.8 days

Slippage unknown: Bitget: live order book, just now; Aevo: 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 Bitget live order book, just now	7.84 bp	14.4 bp −$14	27.3 bp −$273	68.2 bp −$6,819	doesn't fit
Sell Aevo no order-book sample	—	—	—	—	—

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	−0.0885%	4h	439.63	−0.093%	$47K	$216K	10x	as long as short
Bitget TSMUSDTlong	−0.0213%	8h	440.04	long leg	$1.7M	$1.5M	20x
Aster TSMUSDT	0.0000%	8h	439.56	−0.110%	$82K	$2K	20x	as long as short
Bybit TSMUSDT	0.0000%	8h	439.55	−0.111%	$2.0M	$396K	50x	as long as short
OKX TSM-USDT-SWAP	0.0000%	8h	439.61	−0.098%	$4.0M	$2.6M	20x	as long as short
Gate TSM_USDT	0.0000%	8h	439.58	−0.105%	$1.7M	$1.1M	100x	as long as short
Variational Omni TSM	0.0000%	8h	439.56	−0.110%	$556K	$36K	—	as long as short
SunX TSM-USDT	0.0000%	8h	439.86	−0.041%	$2K	$4.1M	10x	as long as short
HTX TSM-USDT	0.0000%	8h	439.64	−0.091%	$9K	$8K	20x	as long as short
Phemex TSMUSDT	0.0000%	8h	440.82	+0.177%	$1.5M	$514K	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	439.65	−0.089%	$495K	$137K	10x	as long as short
Lighter RH TSM	+0.0032%	1h	439.58	−0.105%	$224K	$684K	10x	as long as short
Vest TSM-USD-PERP	+0.0046%	1h	439.32	−0.164%	—	$1K	25x	as long as short
Coinbase International TSM-PERP-INTX	+0.0048%	1h	439.33	−0.161%	$366K	$102K	10x	as long as short
tradeXYZ xyz:TSM	+0.0050%	1h	439.24	−0.182%	$10.2M	$1.8M	10x	as long as short
Polymarket Perps TSM-USD	+0.0050%	1h	439.35	−0.157%	$192K	$64K	10x	as long as short
SoDEX TSM-USD	+0.0050%	1h	439.27	−0.175%	$134	$3K	10x	as long as short
Ondo Perps TSM-USD.P	+0.0050%	1h	439.57	−0.107%	$157K	$27K	10x	as long as short
Extended TSM-USD	+0.0064%	1h	439.66	−0.086%	$3K	$176K	10x	as long as short
Binance TSMUSDT	+0.0068%	8h	439.75	−0.066%	$12.9M	$7.8M	20x	as long as short
GRVT TSM_USDT_Perp	+0.0072%	8h	439.64	−0.090%	$4K	$1.3M	10x	as long as short
BloFin TSM-USDT	+0.0080%	8h	439.79	−0.057%	$45K	$105K	20x	as long as short
KuCoin TSMUSDTM	+0.0100%	8h	439.14	−0.205%	$266K	$310K	20x	as long as short
Orderly PERP_TSM_USDC_mythos	+0.0100%	8h	439.66	−0.086%	$21	—	10x	as long as short
Aevo TSM-PERPshort	+0.0104%	1h	439.69	−0.080%	$123	—	10x
Phoenix TSM	+0.0164%	1h	439.53	−0.116%	$214K	$5K	10x	as long as short
Injective TSM/USDC PERP	+0.0220%	1h	444.69	+1.057%	$6K	$38K	12x	as long as short
Deribit TSM_USDC-PERPETUAL	+0.0752%	1h	439.69	−0.080%	$4	$25K	10x	as long as short