Funding arb · Price arb /

TSM

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0024%/8h= +2.6% APRpaid last 24h −0.005%

Price spread now: OKX against Coinbase International+0.114%7-day average +0.173% · you sell dearer than you buy

Net, funding: paid 7d − costs−$19as in the Funding arb table

Net, price: spread back to 7d avg − costs−$41as in the Price arb table

costs, in and out, $10k−$350.351% of the position

Long on Coinbase International Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.157%+$16 on $10k

Price spread, last 3 days (all we have)−0.086%−$9 · spread now +0.114%, 7d avg +0.173%

Together, before fees+0.071%+$7 on $10k · with fees, hour by hour

Funding pays, the price is against you. OKX is 0.058% cheaper against Coinbase International than usual: you would sell low and buy high (spread +0.114% now, against its 7-day average of +0.173%). If the spread goes back, that is −$6 on $10k: about 8.1 days of funding at the current rate (+$1 a day). At the pace of the last 7 days (+0.157% in total) that is about 2.6 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International TSM-PERP-INTX	446.18	−0.0024	get 0.0003% / 1h	23m 27s	$357K	$97K	10x
Short	OKX TSM-USDT-SWAP	446.69	0	get 0.0000% / 8h	23m 27s	$4.0M	$2.9M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now +0.114%Rate

Funding earned: $5.04
Price spread: +0.114% → +0.173%: −$5.83
Slippage, 4 orders: −$15.07
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee OKX: 5 bp × 2 orders: −$10
Net: −$35.86
Costs to cover: 0.351%
Break-even: 56.8 days

Slippage from Coinbase International: live order book, 55 min ago; OKX: live order book, 4 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, 55 min ago	4.49 bp	10.3 bp −$10	13.1 bp −$131	doesn't fit	doesn't fit
Sell OKX live order book, 4 min ago	0.11 bp	9.0 bp −$9	23.0 bp −$230	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
edgeX TSMUSDC	−0.0285%	4h	446.47	+0.065%	$48K	$215K	10x	as long as short
Coinbase International TSM-PERP-INTXlong	−0.0024%	1h	446.18	long leg	$357K	$97K	10x
Aster TSMUSDT	0.0000%	8h	446.53	+0.078%	$82K	$1K	20x	as long as short
Extended TSM-USD	0.0000%	1h	446.66	+0.107%	$2K	$167K	10x	as long as short
Binance TSMUSDT	0.0000%	8h	446.74	+0.125%	$13.2M	$6.7M	20x	as long as short
Bybit TSMUSDT	0.0000%	8h	446.43	+0.056%	$2.0M	$415K	50x	as long as short
OKX TSM-USDT-SWAPshort	0.0000%	8h	446.69	+0.114%	$4.0M	$2.9M	20x
Gate TSM_USDT	0.0000%	8h	446.38	+0.045%	$1.7M	$908K	100x	as long as short
Bitget TSMUSDT	0.0000%	8h	446.71	+0.119%	$1.6M	$1.5M	20x	as long as short
Variational Omni TSM	0.0000%	8h	446.47	+0.065%	$553K	$84K	—	as long as short

Show all 28 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT TSM_USDT_Perp	0.0000%	8h	446.47	+0.066%	$7K	$1.1M	10x	as long as short
SunX TSM-USDT	0.0000%	8h	446.75	+0.128%	$2K	$5.1M	10x	as long as short
HTX TSM-USDT	0.0000%	8h	446.49	+0.069%	$9K	$9K	20x	as long as short
Phemex TSMUSDT	0.0000%	8h	446.83	+0.146%	$1.5M	$453K	10x	as long as short
BloFin TSM-USDT	+0.0023%	8h	446.53	+0.078%	$44K	$102K	20x	as long as short
Lighter RH TSM	+0.0032%	1h	446.83	+0.146%	$225K	$591K	10x	as long as short
Deribit TSM_USDC-PERPETUAL	+0.0041%	1h	446.58	+0.090%	$4	$61K	10x	as long as short
Vest TSM-USD-PERP	+0.0046%	1h	446.49	+0.069%	—	—	25x	as long as short
tradeXYZ xyz:TSM	+0.0050%	1h	446.36	+0.040%	$10.3M	$2.4M	10x	as long as short
Polymarket Perps TSM-USD	+0.0050%	1h	446.46	+0.063%	$196K	$90K	10x	as long as short
SoDEX TSM-USD	+0.0050%	1h	446.30	+0.027%	$146	$3K	10x	as long as short
Ondo Perps TSM-USD.P	+0.0050%	1h	446.40	+0.049%	$159K	$22K	10x	as long as short
KuCoin TSMUSDTM	+0.0100%	8h	446.15	−0.007%	$271K	$320K	20x	as long as short
Orderly PERP_TSM_USDC_mythos	+0.0100%	8h	446.60	+0.094%	$21	—	10x	as long as short
Aevo TSM-PERP	+0.0104%	1h	446.68	+0.112%	$125	—	10x	as long as short
Phoenix TSM	+0.0215%	1h	446.54	+0.081%	$217K	$5K	10x	as long as short
Injective TSM/USDC PERP	+0.0220%	1h	450.72	+1.018%	$7K	$38K	12x	as long as short
Lighter TSM	+0.0280%	1h	447.17	+0.222%	$505K	$166K	10x	as long as short