Funding arb · Price arb /

TSM

RWAall TSM markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0302%/8h= −33.1% APRpaid last 24h −0.069%

Price spread now: Orderly against Deribit−0.016%7-day average — · you buy dearer than you sell

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

Long on Deribit 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 sits at zero (this spread has no 7-day history yet), so right now this pair is about funding alone: −$9 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit TSM_USDC-PERPETUAL	445.19	0.0402	pay 0.0050% / 1h	11m 34s	$4	$61K	10x
Short	Orderly PERP_TSM_USDC_mythos	445.12	0.0100	get 0.0100% / 8h	2h 11m	$21	—	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.016%Rate

Funding earned: −$63.38
Price spread: −0.016% → 0.000%: −$1.57
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$77.96
Costs to cover: 0.130%
Break-even: never at this rate

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

Deribit and 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
edgeX TSMUSDC	−0.0655%	4h	445.12	−0.015%	$48K	$216K	10x	as long as short
BloFin TSM-USDT	−0.0029%	8h	445.20	+0.002%	$44K	$105K	20x	as long as short
Aster TSMUSDT	0.0000%	8h	444.97	−0.049%	$82K	$1K	20x	as long as short
Extended TSM-USD	0.0000%	1h	445.17	−0.004%	$2K	$167K	10x	as long as short
Binance TSMUSDT	0.0000%	8h	445.22	+0.006%	$13.1M	$6.9M	20x	as long as short
Bybit TSMUSDT	0.0000%	8h	444.86	−0.074%	$2.0M	$419K	50x	as long as short
OKX TSM-USDT-SWAP	0.0000%	8h	445.15	−0.009%	$4.0M	$3.1M	20x	as long as short
Gate TSM_USDT	0.0000%	8h	444.88	−0.070%	$1.7M	$922K	100x	as long as short
Bitget TSMUSDT	0.0000%	8h	444.88	−0.070%	$1.6M	$1.5M	20x	as long as short
Variational Omni TSM	0.0000%	8h	445.12	−0.016%	$551K	$85K	—	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	445.05	−0.031%	$7K	$1.1M	10x	as long as short
SunX TSM-USDT	0.0000%	8h	445.20	+0.002%	$1K	$5.4M	10x	as long as short
HTX TSM-USDT	0.0000%	8h	445.23	+0.009%	$9K	$9K	20x	as long as short
Phemex TSMUSDT	0.0000%	8h	445.17	−0.004%	$1.5M	$465K	10x	as long as short
Coinbase International TSM-PERP-INTX	+0.0016%	1h	444.60	−0.133%	$356K	$96K	10x	as long as short
Lighter RH TSM	+0.0032%	1h	445.22	+0.007%	$224K	$684K	10x	as long as short
Vest TSM-USD-PERP	+0.0046%	1h	444.92	−0.061%	—	—	25x	as long as short
tradeXYZ xyz:TSM	+0.0050%	1h	444.83	−0.081%	$10.3M	$2.6M	10x	as long as short
Polymarket Perps TSM-USD	+0.0050%	1h	444.89	−0.067%	$188K	$82K	10x	as long as short
SoDEX TSM-USD	+0.0050%	1h	444.84	−0.079%	$145	$3K	10x	as long as short
Ondo Perps TSM-USD.P	+0.0050%	1h	444.79	−0.090%	$158K	$22K	10x	as long as short
KuCoin TSMUSDTM	+0.0100%	8h	444.65	−0.121%	$269K	$340K	20x	as long as short
Orderly PERP_TSM_USDC_mythosshort	+0.0100%	8h	445.12	−0.016%	$21	—	10x
Aevo TSM-PERP	+0.0104%	1h	444.83	−0.081%	$125	—	10x	as long as short
Phoenix TSM	+0.0180%	1h	445.13	−0.013%	$216K	$5K	10x	as long as short
Injective TSM/USDC PERP	+0.0220%	1h	468.41	+5.216%	$7K	$39K	12x	as long as short
Deribit TSM_USDC-PERPETUALlong	+0.0402%	1h	445.19	long leg	$4	$61K	10x
Lighter TSM	+0.0664%	1h	445.89	+0.157%	$503K	$161K	10x	as long as short