Funding arb · Price arb /

TSM

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0335%/8h= +36.7% APRpaid last 24h +0.020%

Price spread now: Ondo Perps against edgeX−0.016%54s7-day average −0.068% · you buy dearer than you sell

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

Long on edgeX Short on Ondo Perps

What this pair did over the last

the charts below follow

Funding, last 7 days+0.227%+$23 on $10k

Price spread, last 3 days (all we have)−0.050%−$5 · spread now −0.016%, 7d avg −0.068%

Together, before fees+0.176%+ Points / potential airdropedgeX: Active · Ondo Perps: Active · farm board+$18 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$10 a day on $10k at the current rate, and Ondo Perps is 0.052% dearer against edgeX than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of −0.068%. The two prices were read 54 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 0.227% in total (about 11.8% 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	446.47	−0.0285	get 0.0142% / 4h	21m 53s	$48K	$215K	10x
Short	Ondo Perps TSM-USD.P	446.40	0.0050	get 0.0006% / 1h	21m 53s	$159K	$22K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Ondo Perps 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 Ondo PerpsbpOrdersPrice spread, now −0.016%Rate

Funding earned: $70.41
Price spread: −0.016% → −0.068%: $5.17
Slippage, 4 orders: no order book: not counted
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Net: $61.58
Costs to cover: 0.140%
Break-even: 0.9 days

Slippage unknown: edgeX: live order book, 55 min ago; Ondo Perps: 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 edgeX live order book, 55 min ago	5.16 bp	9.9 bp −$10	12.5 bp −$125	doesn't fit	doesn't fit
Sell Ondo Perps no order-book sample	—	—	—	—	—

Ondo Perps: 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 TSMUSDClong	−0.0285%	4h	446.47	long leg	$48K	$215K	10x
Coinbase International TSM-PERP-INTX	−0.0024%	1h	446.18	−0.065%	$357K	$97K	10x	as long as short
Aster TSMUSDT	0.0000%	8h	446.55	+0.017%	$82K	$1K	20x	as long as short
Extended TSM-USD	0.0000%	1h	446.72	+0.055%	$2K	$167K	10x	as long as short
Binance TSMUSDT	0.0000%	8h	446.82	+0.078%	$13.2M	$6.7M	20x	as long as short
Bybit TSMUSDT	0.0000%	8h	446.47	0.000%	$2.0M	$415K	50x	as long as short
OKX TSM-USDT-SWAP	0.0000%	8h	446.78	+0.069%	$4.0M	$2.9M	20x	as long as short
Gate TSM_USDT	0.0000%	8h	446.40	−0.016%	$1.7M	$909K	100x	as long as short
Bitget TSMUSDT	0.0000%	8h	446.76	+0.065%	$1.6M	$1.5M	20x	as long as short
Variational Omni TSM	0.0000%	8h	446.47	−0.001%	$553K	$84K	—	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	446.47	0.000%	$7K	$1.1M	10x	as long as short
SunX TSM-USDT	0.0000%	8h	446.77	+0.067%	$1K	$5.1M	10x	as long as short
HTX TSM-USDT	0.0000%	8h	446.77	+0.067%	$9K	$9K	20x	as long as short
Phemex TSMUSDT	0.0000%	8h	446.83	+0.080%	$1.5M	$453K	10x	as long as short
BloFin TSM-USDT	+0.0007%	8h	446.56	+0.020%	$44K	$102K	20x	as long as short
Lighter RH TSM	+0.0032%	1h	446.80	+0.073%	$225K	$591K	10x	as long as short
Vest TSM-USD-PERP	+0.0046%	1h	446.49	+0.004%	—	—	25x	as long as short
tradeXYZ xyz:TSM	+0.0050%	1h	446.43	−0.009%	$10.3M	$2.4M	10x	as long as short
Polymarket Perps TSM-USD	+0.0050%	1h	446.46	−0.003%	$196K	$90K	10x	as long as short
SoDEX TSM-USD	+0.0050%	1h	446.41	−0.014%	$146	$3K	10x	as long as short
Ondo Perps TSM-USD.Pshort	+0.0050%	1h	446.40	−0.016%	$159K	$22K	10x
KuCoin TSMUSDTM	+0.0100%	8h	446.20	−0.061%	$271K	$320K	20x	as long as short
Orderly PERP_TSM_USDC_mythos	+0.0100%	8h	446.67	+0.044%	$21	—	10x	as long as short
Aevo TSM-PERP	+0.0104%	1h	446.74	+0.059%	$125	—	10x	as long as short
Phoenix TSM	+0.0215%	1h	446.54	+0.015%	$217K	$5K	10x	as long as short
Injective TSM/USDC PERP	+0.0220%	1h	450.72	+0.951%	$7K	$38K	12x	as long as short
Lighter TSM	+0.0280%	1h	447.17	+0.156%	$505K	$166K	10x	as long as short
Deribit TSM_USDC-PERPETUAL	+0.0288%	1h	446.66	+0.042%	$4	$61K	10x	as long as short