Funding arb · Price arb /

TSM

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0020%/8h= −2.2% APRpaid last 24h +0.027%

Price spread now: Orderly against Coinbase International+0.170%7-day average — · you sell dearer than you buy

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

Long on Coinbase International Short on Orderly

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

The price spread pays, funding is against you. Orderly is 0.170% dearer against Coinbase International than usual: you sell high and buy low (spread +0.170% now, against zero (this spread has no 7-day history yet)): +$17 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 28 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International TSM-PERP-INTX	440.79	0.0120	pay 0.0015% / 1h	40m 30s	$368K	$102K	10x
Short	Orderly PERP_TSM_USDC_mythos	441.54	0.0100	get 0.0100% / 8h	4h 40m	$21	—	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now +0.170%Rate

Funding earned: −$4.2
Price spread: +0.170% → 0.000%: $17.01
Slippage, 4 orders: no order book: not counted
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$3.19
Costs to cover: 0.160%
Break-even: from the start

Slippage unknown: Coinbase International: live order book, 18 min ago; Orderly: 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 Coinbase International live order book, 18 min ago	4.64 bp	9.6 bp −$10	12.3 bp −$123	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: 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
Aster TSMUSDT	0.0000%	8h	441.98	+0.269%	$82K	$2K	20x	as long as short
Bybit TSMUSDT	0.0000%	8h	441.30	+0.116%	$2.0M	$395K	50x	as long as short
OKX TSM-USDT-SWAP	0.0000%	8h	441.60	+0.184%	$4.0M	$2.5M	20x	as long as short
Gate TSM_USDT	0.0000%	8h	441.40	+0.138%	$1.7M	$1.0M	100x	as long as short
Bitget TSMUSDT	0.0000%	8h	441.59	+0.181%	$1.7M	$1.4M	20x	as long as short
Variational Omni TSM	0.0000%	8h	441.51	+0.164%	$547K	$40K	—	as long as short
SunX TSM-USDT	0.0000%	8h	441.62	+0.188%	$1K	$4.3M	10x	as long as short
HTX TSM-USDT	0.0000%	8h	441.07	+0.064%	$9K	$8K	20x	as long as short
Phemex TSMUSDT	0.0000%	8h	441.96	+0.265%	$1.5M	$459K	10x	as long as short
Lighter TSM	+0.0032%	1h	441.77	+0.222%	$497K	$175K	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	441.50	+0.161%	$220K	$642K	10x	as long as short
Vest TSM-USD-PERP	+0.0046%	1h	441.18	+0.088%	—	$583	25x	as long as short
tradeXYZ xyz:TSM	+0.0050%	1h	441.25	+0.104%	$10.2M	$2.2M	10x	as long as short
Polymarket Perps TSM-USD	+0.0050%	1h	441.28	+0.111%	$194K	$52K	10x	as long as short
SoDEX TSM-USD	+0.0050%	1h	441.09	+0.068%	$137	$3K	10x	as long as short
Ondo Perps TSM-USD.P	+0.0050%	1h	440.37	−0.095%	$158K	$23K	10x	as long as short
BloFin TSM-USDT	+0.0051%	8h	441.60	+0.184%	$45K	$99K	20x	as long as short
Extended TSM-USD	+0.0064%	1h	441.50	+0.162%	$3K	$188K	10x	as long as short
Binance TSMUSDT	+0.0064%	8h	441.63	+0.191%	$13.0M	$7.1M	20x	as long as short
KuCoin TSMUSDTM	+0.0100%	8h	441.24	+0.102%	$268K	$317K	20x	as long as short
Orderly PERP_TSM_USDC_mythosshort	+0.0100%	8h	441.54	+0.170%	$21	—	10x
Aevo TSM-PERP	+0.0104%	1h	441.61	+0.186%	$124	—	10x	as long as short
Coinbase International TSM-PERP-INTXlong	+0.0120%	1h	440.79	long leg	$368K	$102K	10x
GRVT TSM_USDT_Perp	+0.0123%	8h	441.98	+0.270%	$16K	$1.2M	10x	as long as short
Phoenix TSM	+0.0199%	1h	441.34	+0.125%	$215K	$5K	10x	as long as short
Injective TSM/USDC PERP	+0.0220%	1h	447.69	+1.565%	$7K	$38K	12x	as long as short
edgeX TSMUSDC	+0.0227%	4h	441.29	+0.113%	$47K	$215K	10x	as long as short
Deribit TSM_USDC-PERPETUAL	+0.0453%	1h	441.44	+0.147%	$4	$24K	10x	as long as short