Funding arb · Price arb /

TSM

RWAall TSM markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC−0.0705%/8h= −77.2% APRpaid last 24h −0.103%

Price spread now: Variational Omni 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 Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropVariational Omni: Active · farm boardneeds both histories

The price spread pays, funding is against you. Variational Omni 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 −$21 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	440.18	0.0705	pay 0.0088% / 1h	20m 55s	$4	$11K	10x
Short	Variational Omni TSM	440.30	0	get 0.0000% / 8h	6h 20m	$552K	$44K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni 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 Variational OmnibpOrdersPrice spread, now +0.028%Rate

Funding earned: −$148.06
Price spread: +0.028% → 0.000%: $2.83
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$152.23
Costs to cover: 0.070%
Break-even: never at this rate

Slippage unknown: Deribit: no order-book sample; Variational Omni: RFQ quote, 31 min ago. 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 Variational Omni RFQ quote, 31 min ago	2.16 bp	doesn't fit	20.9 bp −$209	doesn't fit	doesn't fit

Deribit: 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 exchanges

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
Coinbase International TSM-PERP-INTX	−0.0016%	1h	439.42	−0.173%	$372K	$98K	10x	as long as short
Aster TSMUSDT	0.0000%	8h	440.17	−0.002%	$82K	$2K	20x	as long as short
Bybit TSMUSDT	0.0000%	8h	440.00	−0.041%	$2.0M	$398K	50x	as long as short
OKX TSM-USDT-SWAP	0.0000%	8h	440.30	+0.027%	$4.0M	$2.7M	20x	as long as short
Gate TSM_USDT	0.0000%	8h	440.11	−0.016%	$1.7M	$1.1M	100x	as long as short
Bitget TSMUSDT	0.0000%	8h	440.27	+0.020%	$1.8M	$1.5M	20x	as long as short
Variational Omni TSMshort	0.0000%	8h	440.30	+0.028%	$552K	$44K	—
SunX TSM-USDT	0.0000%	8h	440.40	+0.050%	$2K	$3.8M	10x	as long as short
HTX TSM-USDT	0.0000%	8h	440.13	−0.011%	$9K	$8K	20x	as long as short
Phemex TSMUSDT	0.0000%	8h	439.79	−0.089%	$1.5M	$545K	10x	as long as short

Show all 28 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter TSM	+0.0032%	1h	440.20	+0.005%	$496K	$143K	10x	as long as short
Vest TSM-USD-PERP	+0.0046%	1h	439.88	−0.068%	—	$2K	25x	as long as short
Binance TSMUSDT	+0.0047%	8h	440.28	+0.023%	$13.0M	$8.3M	20x	as long as short
Lighter RH TSM	+0.0048%	1h	440.23	+0.011%	$195K	$726K	10x	as long as short
Extended TSM-USD	+0.0048%	1h	440.15	−0.008%	$5K	$215K	10x	as long as short
tradeXYZ xyz:TSM	+0.0050%	1h	439.88	−0.068%	$10.1M	$2.0M	10x	as long as short
Polymarket Perps TSM-USD	+0.0050%	1h	440.00	−0.041%	$186K	$71K	10x	as long as short
SoDEX TSM-USD	+0.0050%	1h	439.89	−0.066%	$133	$3K	10x	as long as short
Ondo Perps TSM-USD.P	+0.0050%	1h	440.01	−0.039%	$158K	$27K	10x	as long as short
BloFin TSM-USDT	+0.0067%	8h	440.40	+0.050%	$45K	$112K	20x	as long as short
KuCoin TSMUSDTM	+0.0100%	8h	439.79	−0.089%	$267K	$411K	20x	as long as short
Orderly PERP_TSM_USDC_mythos	+0.0100%	8h	440.23	+0.011%	$21	—	10x	as long as short
Aevo TSM-PERP	+0.0104%	1h	440.15	−0.007%	$123	—	10x	as long as short
Phoenix TSM	+0.0145%	1h	440.08	−0.023%	$209K	$10K	10x	as long as short
Injective TSM/USDC PERP	+0.0220%	1h	443.95	+0.856%	$6K	$38K	12x	as long as short
GRVT TSM_USDT_Perp	+0.0232%	8h	440.34	+0.036%	$9K	$1.3M	10x	as long as short
edgeX TSMUSDC	+0.0570%	4h	440.32	+0.032%	$47K	$216K	10x	as long as short
Deribit TSM_USDC-PERPETUALlong	+0.0705%	1h	440.18	long leg	$4	$11K	10x