Funding arb · Price arb /

TSM

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0040%/8h= +4.4% APRpaid last 24h 0.000%

Price spread now: Coinbase International against HTX−0.117%7-day average — · you buy dearer than you sell

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

Long on HTX Short on Coinbase International

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

Funding pays, the price is against you. Coinbase International is 0.117% cheaper against HTX than usual: you would sell low and buy high (spread −0.117% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$12 on $10k: about 9.7 days of funding at the current rate (+$1 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	HTX TSM-USDT	437.47	0	get 0.0000% / 8h	7h 52m	$9K	$8K	20x
Short	Coinbase International TSM-PERP-INTX	436.96	0.0040	get 0.0005% / 1h	52m 01s	$369K	$100K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against HTX. 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 HTXbpFee Coinbase InternationalbpOrdersPrice spread, now −0.117%Rate

Funding earned: $8.4
Price spread: −0.117% → 0.000%: −$11.66
Slippage, 4 orders: no order book: not counted
Fee HTX: 6 bp × 2 orders: −$12
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$25.26
Costs to cover: 0.220%
Break-even: 28.0 days

Slippage unknown: HTX: no order-book sample; Coinbase International: live order book, 46 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 HTX no order-book sample	—	—	—	—	—
Sell Coinbase International live order book, 46 min ago	4.89 bp	10.1 bp −$10	13.0 bp −$130	doesn't fit	doesn't fit

HTX: 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	−0.0700%	4h	438.16	+0.157%	$47K	$216K	10x	as long as short
Aster TSMUSDT	0.0000%	8h	438.12	+0.148%	$81K	$2K	20x	as long as short
Bybit TSMUSDT	0.0000%	8h	437.14	−0.075%	$2.0M	$408K	50x	as long as short
OKX TSM-USDT-SWAP	0.0000%	8h	437.41	−0.014%	$4.0M	$2.7M	20x	as long as short
Gate TSM_USDT	0.0000%	8h	437.26	−0.048%	$1.7M	$1.1M	100x	as long as short
Bitget TSMUSDT	0.0000%	8h	437.40	−0.016%	$1.8M	$1.5M	20x	as long as short
Variational Omni TSM	0.0000%	8h	439.14	+0.381%	$553K	$43K	—	as long as short
GRVT TSM_USDT_Perp	0.0000%	8h	437.82	+0.081%	$7K	$1.3M	10x	as long as short
SunX TSM-USDT	0.0000%	8h	437.52	+0.011%	$2K	$4.0M	10x	as long as short
HTX TSM-USDTlong	0.0000%	8h	437.47	long leg	$9K	$8K	20x

Show all 28 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex TSMUSDT	0.0000%	8h	438.26	+0.181%	$1.5M	$526K	10x	as long as short
Extended TSM-USD	+0.0024%	1h	437.39	−0.018%	$3K	$219K	10x	as long as short
Binance TSMUSDT	+0.0026%	8h	437.59	+0.027%	$12.8M	$8.1M	20x	as long as short
Lighter TSM	+0.0032%	1h	437.34	−0.030%	$492K	$189K	10x	as long as short
Lighter RH TSM	+0.0032%	1h	437.16	−0.071%	$194K	$734K	10x	as long as short
BloFin TSM-USDT	+0.0034%	8h	437.61	+0.032%	$45K	$107K	20x	as long as short
Coinbase International TSM-PERP-INTXshort	+0.0040%	1h	436.96	−0.117%	$369K	$100K	10x
Vest TSM-USD-PERP	+0.0046%	1h	436.93	−0.123%	—	$2K	25x	as long as short
tradeXYZ xyz:TSM	+0.0050%	1h	436.98	−0.112%	$10.0M	$1.9M	10x	as long as short
Polymarket Perps TSM-USD	+0.0050%	1h	436.99	−0.110%	$189K	$68K	10x	as long as short
SoDEX TSM-USD	+0.0050%	1h	436.97	−0.114%	$136	$3K	10x	as long as short
Ondo Perps TSM-USD.P	+0.0050%	1h	436.92	−0.126%	$157K	$28K	10x	as long as short
KuCoin TSMUSDTM	+0.0100%	8h	437.40	−0.016%	$266K	$324K	20x	as long as short
Orderly PERP_TSM_USDC_mythos	+0.0100%	8h	437.46	−0.002%	$21	—	10x	as long as short
Aevo TSM-PERP	+0.0104%	1h	437.37	−0.023%	$122	—	10x	as long as short
Phoenix TSM	+0.0145%	1h	439.14	+0.382%	$208K	$10K	10x	as long as short
Injective TSM/USDC PERP	+0.0220%	1h	443.95	+1.481%	$6K	$38K	12x	as long as short
Deribit TSM_USDC-PERPETUAL	+0.0688%	1h	437.38	−0.021%	$4	$17K	10x	as long as short