Funding arb · Price arb /

TSM

RWAall TSM markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 16:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.012%

Price spread now: Phemex against Bitget−0.102%46s7-day average −0.002% · you buy dearer than you sell

Net, funding: paid 7d − costs−$109as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$1051.048% of the position

Long on Bitget Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.044%−$4 on $10k

Price spread, last 4 days (all we have)+0.062%+$6 · spread now −0.102%, 7d avg −0.002%

Together, before fees+0.018%+$2 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Phemex is 0.100% cheaper against Bitget than usual: you would sell low and buy high, −$10 on $10k if it goes back to its 7-day average of −0.002%. The two prices were read 46 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget TSMUSDT	440.24	0	get 0.0000% / 8h	6h 20m	$1.8M	$1.5M	20x
Short	Phemex TSMUSDT	439.79	0	get 0.0000% / 8h	6h 20m	$1.5M	$545K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now −0.102%Rate

Funding earned: $0
Price spread: −0.102% → −0.002%: −$9.97
Slippage, 4 orders: −$80.82
Fee Bitget: 6 bp × 2 orders: −$12
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$114.79
Costs to cover: 1.048%
Break-even: never at this rate

Slippage from Bitget: live order book, 5 min ago; Phemex: live order book, 1 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 Bitget live order book, 5 min ago	1.93 bp	13.0 bp −$13	23.9 bp −$239	58.4 bp −$5,842	doesn't fit
Sell Phemex live order book, 1 min ago	11.14 bp	43.0 bp −$43	doesn't fit	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-INTX	−0.0016%	1h	439.42	−0.186%	$372K	$98K	10x	as long as short
Aster TSMUSDT	0.0000%	8h	440.11	−0.029%	$82K	$2K	20x	as long as short
Bybit TSMUSDT	0.0000%	8h	439.95	−0.066%	$2.0M	$397K	50x	as long as short
OKX TSM-USDT-SWAP	0.0000%	8h	440.24	0.000%	$4.0M	$2.7M	20x	as long as short
Gate TSM_USDT	0.0000%	8h	440.00	−0.055%	$1.7M	$1.1M	100x	as long as short
Bitget TSMUSDTlong	0.0000%	8h	440.24	long leg	$1.8M	$1.5M	20x
Variational Omni TSM	0.0000%	8h	440.18	−0.013%	$551K	$44K	—	as long as short
SunX TSM-USDT	0.0000%	8h	440.40	+0.036%	$2K	$3.8M	10x	as long as short
HTX TSM-USDT	0.0000%	8h	440.13	−0.025%	$9K	$8K	20x	as long as short
Phemex TSMUSDTshort	0.0000%	8h	439.79	−0.102%	$1.5M	$545K	10x

Show all 28 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter TSM	+0.0032%	1h	440.16	−0.018%	$496K	$143K	10x	as long as short
Vest TSM-USD-PERP	+0.0046%	1h	439.77	−0.107%	—	$2K	25x	as long as short
Lighter RH TSM	+0.0048%	1h	440.23	−0.002%	$195K	$726K	10x	as long as short
Extended TSM-USD	+0.0048%	1h	440.10	−0.032%	$5K	$215K	10x	as long as short
Binance TSMUSDT	+0.0048%	8h	440.23	−0.002%	$13.0M	$8.3M	20x	as long as short
tradeXYZ xyz:TSM	+0.0050%	1h	439.88	−0.082%	$10.1M	$2.0M	10x	as long as short
Polymarket Perps TSM-USD	+0.0050%	1h	439.84	−0.091%	$186K	$71K	10x	as long as short
SoDEX TSM-USD	+0.0050%	1h	439.89	−0.080%	$133	$3K	10x	as long as short
Ondo Perps TSM-USD.P	+0.0050%	1h	440.01	−0.052%	$158K	$27K	10x	as long as short
BloFin TSM-USDT	+0.0067%	8h	440.40	+0.036%	$45K	$112K	20x	as long as short
KuCoin TSMUSDTM	+0.0100%	8h	439.79	−0.102%	$267K	$413K	20x	as long as short
Orderly PERP_TSM_USDC_mythos	+0.0100%	8h	440.23	−0.002%	$21	—	10x	as long as short
Aevo TSM-PERP	+0.0104%	1h	440.15	−0.021%	$123	—	10x	as long as short
Phoenix TSM	+0.0145%	1h	440.08	−0.036%	$209K	$10K	10x	as long as short
Injective TSM/USDC PERP	+0.0220%	1h	443.95	+0.843%	$6K	$38K	12x	as long as short
GRVT TSM_USDT_Perp	+0.0232%	8h	440.34	+0.023%	$9K	$1.3M	10x	as long as short
edgeX TSMUSDC	+0.0570%	4h	440.32	+0.019%	$47K	$216K	10x	as long as short
Deribit TSM_USDC-PERPETUAL	+0.0705%	1h	440.18	−0.014%	$4	$11K	10x	as long as short