Funding arb · Price arb /

TSM

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0044%/8h= +4.8% APRpaid last 24h +0.029%

Price spread now: KuCoin against Coinbase International+0.011%7-day average +0.127% · you sell dearer than you buy

Net, funding: paid 7d − costs−$186as in the Funding arb table

Net, price: spread back to 7d avg − costs−$231as in the Price arb table

costs, in and out, $10k−$2202.199% of the position

Long on Coinbase International Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.340%+$34 on $10k

Price spread, last 4 days (all we have)+0.023%+$2 · spread now +0.011%, 7d avg +0.127%

Together, before fees+0.363%+$36 on $10k · with fees, hour by hour

Funding pays, the price is against you. KuCoin is 0.115% cheaper against Coinbase International than usual: you would sell low and buy high (spread +0.011% now, against its 7-day average of +0.127%). If the spread goes back, that is −$12 on $10k: about 8.7 days of funding at the current rate (+$1 a day). At the pace of the last 7 days (+0.340% in total) that is about 2.4 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International TSM-PERP-INTX	439.33	0.0056	pay 0.0007% / 1h	37m 42s	$366K	$97K	10x
Short	KuCoin TSMUSDTM	439.38	0.0100	get 0.0100% / 8h	37m 42s	$266K	$309K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin against Coinbase International. 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 Coinbase InternationalbpFee KuCoinbpOrdersPrice spread, now +0.011%Rate

Funding earned: $9.24
Price spread: +0.011% → +0.127%: −$11.53
Slippage, 4 orders: −$197.85
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$222.14
Costs to cover: 2.199%
Break-even: 175.3 days

Slippage from Coinbase International: live order book, 65 min ago; KuCoin: live order book, 65 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 Coinbase International live order book, 65 min ago	5.01 bp	10.3 bp −$10	12.5 bp −$125	doesn't fit	doesn't fit
Sell KuCoin live order book, 65 min ago	14.01 bp	49.3 bp −$49	doesn't fit	doesn't fit	doesn't fit

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
Bitget TSMUSDT	−0.0150%	8h	439.78	+0.102%	$1.7M	$1.5M	20x	as long as short
Aster TSMUSDT	0.0000%	8h	441.25	+0.437%	$82K	$2K	20x	as long as short
Bybit TSMUSDT	0.0000%	8h	439.34	+0.002%	$2.0M	$400K	50x	as long as short
OKX TSM-USDT-SWAP	0.0000%	8h	439.74	+0.093%	$4.0M	$2.6M	20x	as long as short
Gate TSM_USDT	0.0000%	8h	439.58	+0.057%	$1.7M	$1.1M	100x	as long as short
Variational Omni TSM	0.0000%	8h	439.82	+0.112%	$558K	$38K	—	as long as short
SunX TSM-USDT	0.0000%	8h	439.78	+0.102%	$1K	$4.1M	10x	as long as short
HTX TSM-USDT	0.0000%	8h	439.57	+0.055%	$9K	$8K	20x	as long as short
Phemex TSMUSDT	0.0000%	8h	440.67	+0.305%	$1.5M	$528K	10x	as long as short
Lighter TSM	+0.0032%	1h	439.75	+0.096%	$496K	$188K	10x	as long as short

Show all 28 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH TSM	+0.0032%	1h	439.50	+0.039%	$221K	$720K	10x	as long as short
Vest TSM-USD-PERP	+0.0046%	1h	439.31	−0.005%	—	$2K	25x	as long as short
BloFin TSM-USDT	+0.0046%	8h	439.77	+0.100%	$45K	$106K	20x	as long as short
tradeXYZ xyz:TSM	+0.0050%	1h	439.23	−0.023%	$10.1M	$1.8M	10x	as long as short
Polymarket Perps TSM-USD	+0.0050%	1h	439.45	+0.027%	$190K	$68K	10x	as long as short
SoDEX TSM-USD	+0.0050%	1h	439.22	−0.025%	$135	$3K	10x	as long as short
Ondo Perps TSM-USD.P	+0.0050%	1h	439.55	+0.050%	$158K	$27K	10x	as long as short
Coinbase International TSM-PERP-INTXlong	+0.0056%	1h	439.33	long leg	$366K	$97K	10x
Binance TSMUSDT	+0.0063%	8h	439.77	+0.099%	$12.8M	$8.0M	20x	as long as short
Extended TSM-USD	+0.0064%	1h	439.67	+0.077%	$4K	$189K	10x	as long as short
GRVT TSM_USDT_Perp	+0.0070%	8h	439.78	+0.102%	$6K	$1.3M	10x	as long as short
KuCoin TSMUSDTMshort	+0.0100%	8h	439.38	+0.011%	$266K	$309K	20x
Orderly PERP_TSM_USDC_mythos	+0.0100%	8h	439.66	+0.075%	$21	—	10x	as long as short
Aevo TSM-PERP	+0.0104%	1h	439.70	+0.084%	$123	—	10x	as long as short
Phoenix TSM	+0.0146%	1h	439.59	+0.059%	$214K	$5K	10x	as long as short
Injective TSM/USDC PERP	+0.0220%	1h	444.02	+1.068%	$6K	$38K	12x	as long as short
edgeX TSMUSDC	+0.0331%	4h	439.75	+0.096%	$47K	$216K	10x	as long as short
Deribit TSM_USDC-PERPETUAL	+0.0638%	1h	439.67	+0.077%	$4	$25K	10x	as long as short