Funding arb · Price arb /

TSM

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0764%/8h= −83.6% APRpaid last 24h −0.090%

Price spread now: Aster against Deribit+0.028%7-day average — · you sell dearer than you buy

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

Long on Deribit Short on Aster

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—+ Points / potential airdropAster: Stage 5 · farm boardneeds both histories

The price spread pays, funding is against you. Aster is 0.028% dearer against Deribit than usual: you sell high and buy low (spread +0.028% now, against zero (this spread has no 7-day history yet)): +$3 on $10k if it goes back. Holding the pair costs −$23 a day in funding at the current rate, which eats that in about 3 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit TSM_USDC-PERPETUAL	444.44	0.0764	pay 0.0095% / 1h	24m 34s	$4	$23K	10x
Short	Aster TSMUSDT	444.56	0	get 0.0000% / 8h	6h 24m	$82K	$1K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against Deribit. 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 DeribitbpFee AsterbpOrdersPrice spread, now +0.028%Rate

Funding earned: −$160.34
Price spread: +0.028% → 0.000%: $2.76
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Aster: 4 bp × 2 orders: −$8
Net: −$172.58
Costs to cover: 0.150%
Break-even: never at this rate

Slippage unknown: Deribit: no order-book sample; Aster: 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 Deribit no order-book sample	—	—	—	—	—
Sell Aster no order-book sample	—	—	—	—	—

Deribit and Aster: 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 27 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	−0.0901%	4h	444.50	+0.015%	$48K	$215K	10x	as long as short
Aster TSMUSDTshort	0.0000%	8h	444.56	+0.028%	$82K	$1K	20x
Bybit TSMUSDT	0.0000%	8h	444.37	−0.016%	$2.0M	$392K	50x	as long as short
OKX TSM-USDT-SWAP	0.0000%	8h	444.72	+0.063%	$4.0M	$2.4M	20x	as long as short
Gate TSM_USDT	0.0000%	8h	444.35	−0.020%	$1.7M	$983K	100x	as long as short
Bitget TSMUSDT	0.0000%	8h	444.69	+0.056%	$1.7M	$1.4M	20x	as long as short
Variational Omni TSM	0.0000%	8h	444.46	+0.005%	$550K	$82K	—	as long as short
SunX TSM-USDT	0.0000%	8h	444.57	+0.029%	$2K	$4.6M	10x	as long as short
HTX TSM-USDT	0.0000%	8h	444.22	−0.050%	$9K	$9K	20x	as long as short
Phemex TSMUSDT	0.0000%	8h	444.61	+0.038%	$1.5M	$455K	10x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended TSM-USD	+0.0008%	1h	444.53	+0.019%	$4K	$197K	10x	as long as short
Binance TSMUSDT	+0.0013%	8h	444.69	+0.056%	$13.1M	$6.9M	20x	as long as short
Coinbase International TSM-PERP-INTX	+0.0016%	1h	444.30	−0.032%	$371K	$105K	10x	as long as short
Lighter RH TSM	+0.0032%	1h	444.59	+0.034%	$229K	$637K	10x	as long as short
Vest TSM-USD-PERP	+0.0046%	1h	444.05	−0.088%	—	$583	25x	as long as short
tradeXYZ xyz:TSM	+0.0050%	1h	444.16	−0.063%	$10.2M	$2.3M	10x	as long as short
SoDEX TSM-USD	+0.0050%	1h	443.95	−0.110%	$140	$3K	10x	as long as short
Ondo Perps TSM-USD.P	+0.0050%	1h	444.02	−0.095%	$160K	$25K	10x	as long as short
Polymarket Perps TSM-USD	+0.0052%	1h	444.22	−0.050%	$197K	$48K	10x	as long as short
KuCoin TSMUSDTM	+0.0100%	8h	444.24	−0.045%	$269K	$316K	20x	as long as short
Orderly PERP_TSM_USDC_mythos	+0.0100%	8h	444.47	+0.007%	$21	—	10x	as long as short
Aevo TSM-PERP	+0.0104%	1h	444.44	0.000%	$124	—	10x	as long as short
GRVT TSM_USDT_Perp	+0.0108%	8h	444.43	−0.002%	$7K	$1.1M	10x	as long as short
Phoenix TSM	+0.0179%	1h	444.11	−0.074%	$216K	$5K	10x	as long as short
Injective TSM/USDC PERP	+0.0220%	1h	449.49	+1.136%	$7K	$38K	12x	as long as short
Lighter TSM	+0.0376%	1h	445.05	+0.137%	$502K	$170K	10x	as long as short
Deribit TSM_USDC-PERPETUALlong	+0.0764%	1h	444.44	long leg	$4	$23K	10x