Funding arb · Price arb /

TSM

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0274%/8h= −30.0% APRpaid last 24h −0.062%

Price spread now: Coinbase International against edgeX−0.028%77s7-day average −0.208% · you buy dearer than you sell

Net, funding: paid 7d − costs−$41as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$370.369% of the position

Long on edgeX Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days−0.043%−$4 on $10k

Price spread, last 3 days (all we have)−0.019%−$2 · spread now −0.028%, 7d avg −0.208%

Together, before fees−0.062%+ Points / potential airdropedgeX: Active · farm board−$6 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Coinbase International is 0.180% dearer against edgeX than usual: you sell high and buy low (spread −0.028% now, against its 7-day average of −0.208%): +$18 on $10k if it goes back. Holding the pair costs −$8 a day in funding at the current rate, which eats that in about 2.2 days. At the pace of the last 7 days (−0.043% in total) that is about 29 days. The two prices were read 77 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.043% in total (about -2.2% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	edgeX TSMUSDC	444.43	0.0290	pay 0.0145% / 4h	2h 20m	$48K	$216K	10x
Short	Coinbase International TSM-PERP-INTX	444.30	0.0016	get 0.0002% / 1h	20m 15s	$371K	$105K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against edgeX. 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 edgeXbpFee Coinbase InternationalbpOrdersPrice spread, now −0.028%Rate

Funding earned: −$57.59
Price spread: −0.028% → −0.208%: $17.98
Slippage, 4 orders: −$17.89
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$76.51
Costs to cover: 0.369%
Break-even: never at this rate

Slippage from edgeX: live order book, 47 min ago; Coinbase International: live order book, 48 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 edgeX live order book, 47 min ago	5.36 bp	10.0 bp −$10	12.7 bp −$127	doesn't fit	doesn't fit
Sell Coinbase International live order book, 48 min ago	3.13 bp	8.7 bp −$9	12.7 bp −$127	doesn't fit	doesn't fit

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
Aster TSMUSDT	0.0000%	8h	444.31	−0.027%	$82K	$1K	20x	as long as short
Bybit TSMUSDT	0.0000%	8h	443.92	−0.114%	$2.0M	$387K	50x	as long as short
OKX TSM-USDT-SWAP	0.0000%	8h	444.31	−0.026%	$4.0M	$2.4M	20x	as long as short
Gate TSM_USDT	0.0000%	8h	444.11	−0.071%	$1.7M	$985K	100x	as long as short
Bitget TSMUSDT	0.0000%	8h	444.38	−0.010%	$1.7M	$1.4M	20x	as long as short
Variational Omni TSM	0.0000%	8h	444.30	−0.029%	$550K	$82K	—	as long as short
SunX TSM-USDT	0.0000%	8h	444.37	−0.012%	$1K	$4.6M	10x	as long as short
HTX TSM-USDT	0.0000%	8h	444.38	−0.010%	$9K	$9K	20x	as long as short
Phemex TSMUSDT	0.0000%	8h	444.34	−0.019%	$1.5M	$453K	10x	as long as short
Binance TSMUSDT	+0.0016%	8h	444.23	−0.044%	$13.0M	$6.9M	20x	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	+0.0016%	1h	444.11	−0.070%	$4K	$197K	10x	as long as short
Coinbase International TSM-PERP-INTXshort	+0.0016%	1h	444.30	−0.028%	$371K	$105K	10x
Lighter RH TSM	+0.0032%	1h	444.32	−0.024%	$229K	$637K	10x	as long as short
Vest TSM-USD-PERP	+0.0046%	1h	443.91	−0.116%	—	$583	25x	as long as short
tradeXYZ xyz:TSM	+0.0050%	1h	443.81	−0.138%	$10.2M	$2.3M	10x	as long as short
Polymarket Perps TSM-USD	+0.0050%	1h	444.11	−0.071%	$197K	$48K	10x	as long as short
SoDEX TSM-USD	+0.0050%	1h	443.88	−0.123%	$140	$3K	10x	as long as short
Ondo Perps TSM-USD.P	+0.0050%	1h	444.13	−0.066%	$160K	$25K	10x	as long as short
KuCoin TSMUSDTM	+0.0100%	8h	443.96	−0.105%	$270K	$316K	20x	as long as short
Orderly PERP_TSM_USDC_mythos	+0.0100%	8h	444.22	−0.046%	$21	—	10x	as long as short
Aevo TSM-PERP	+0.0104%	1h	444.29	−0.031%	$124	—	10x	as long as short
GRVT TSM_USDT_Perp	+0.0137%	8h	444.44	+0.004%	$7K	$1.1M	10x	as long as short
Phoenix TSM	+0.0179%	1h	444.11	−0.071%	$216K	$5K	10x	as long as short
Injective TSM/USDC PERP	+0.0220%	1h	449.49	+1.140%	$7K	$38K	12x	as long as short
edgeX TSMUSDClong	+0.0290%	4h	444.43	long leg	$48K	$216K	10x
Lighter TSM	+0.0368%	1h	444.84	+0.093%	$502K	$170K	10x	as long as short
Deribit TSM_USDC-PERPETUAL	+0.0539%	1h	444.19	−0.053%	$4	$23K	10x	as long as short