Funding arb · Price arb /

TSM

RWAall TSM markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0217%/8h= +23.7% APRpaid last 24h +0.062%

Price spread now: Phoenix against HTX−0.041%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 Phoenix

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. Phoenix is 0.041% cheaper against HTX than usual: you would sell low and buy high (spread −0.041% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$4 on $10k: about 15 hours of funding at the current rate (+$6 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	HTX TSM-USDT	443.85	0	get 0.0000% / 8h	5h 36m	$9K	$9K	20x
Short	Phoenix TSM	443.67	0.0217	get 0.0027% / 1h	36m 35s	$216K	$5K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now −0.041%Rate

Funding earned: $45.49
Price spread: −0.041% → 0.000%: −$4.06
Slippage, 4 orders: no order book: not counted
Fee HTX: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $22.44
Costs to cover: 0.190%
Break-even: 3.5 days

Slippage unknown: HTX: no order-book sample; Phoenix: live order book, 20 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 Phoenix live order book, 20 min ago	3.83 bp	12.2 bp −$12	26.0 bp −$260	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	−0.0556%	4h	443.73	−0.027%	$48K	$216K	10x	as long as short
Aster TSMUSDT	0.0000%	8h	444.24	+0.087%	$82K	$1K	20x	as long as short
Bybit TSMUSDT	0.0000%	8h	443.80	−0.011%	$2.0M	$392K	50x	as long as short
OKX TSM-USDT-SWAP	0.0000%	8h	444.00	+0.034%	$4.0M	$2.4M	20x	as long as short
Gate TSM_USDT	0.0000%	8h	443.79	−0.014%	$1.7M	$954K	100x	as long as short
Bitget TSMUSDT	0.0000%	8h	443.93	+0.018%	$1.7M	$1.4M	20x	as long as short
Variational Omni TSM	0.0000%	8h	443.70	−0.034%	$550K	$61K	—	as long as short
SunX TSM-USDT	0.0000%	8h	443.93	+0.018%	$1K	$4.4M	10x	as long as short
HTX TSM-USDTlong	0.0000%	8h	443.85	long leg	$9K	$9K	20x
Phemex TSMUSDT	0.0000%	8h	444.00	+0.034%	$1.5M	$441K	10x	as long as short

Show all 28 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter TSM	+0.0032%	1h	444.19	+0.077%	$501K	$173K	10x	as long as short
Lighter RH TSM	+0.0032%	1h	443.98	+0.029%	$221K	$644K	10x	as long as short
Vest TSM-USD-PERP	+0.0046%	1h	443.66	−0.043%	—	$583	25x	as long as short
Extended TSM-USD	+0.0048%	1h	443.91	+0.013%	$1K	$191K	10x	as long as short
tradeXYZ xyz:TSM	+0.0050%	1h	443.60	−0.056%	$10.3M	$2.3M	10x	as long as short
Polymarket Perps TSM-USD	+0.0050%	1h	443.60	−0.056%	$196K	$51K	10x	as long as short
SoDEX TSM-USD	+0.0050%	1h	443.46	−0.088%	$137	$3K	10x	as long as short
Ondo Perps TSM-USD.P	+0.0050%	1h	443.66	−0.043%	$159K	$23K	10x	as long as short
Binance TSMUSDT	+0.0051%	8h	444.01	+0.037%	$13.0M	$6.8M	20x	as long as short
BloFin TSM-USDT	+0.0058%	8h	443.95	+0.023%	$45K	$98K	20x	as long as short
KuCoin TSMUSDTM	+0.0100%	8h	443.53	−0.072%	$270K	$320K	20x	as long as short
Orderly PERP_TSM_USDC_mythos	+0.0100%	8h	443.84	−0.002%	$21	—	10x	as long as short
Aevo TSM-PERP	+0.0104%	1h	443.82	−0.006%	$124	—	10x	as long as short
Coinbase International TSM-PERP-INTX	+0.0152%	1h	443.28	−0.128%	$370K	$107K	10x	as long as short
GRVT TSM_USDT_Perp	+0.0168%	8h	443.83	−0.005%	$8K	$1.1M	10x	as long as short
Phoenix TSMshort	+0.0217%	1h	443.67	−0.041%	$216K	$5K	10x
Injective TSM/USDC PERP	+0.0220%	1h	448.49	+1.045%	$7K	$38K	12x	as long as short
Deribit TSM_USDC-PERPETUAL	+0.0223%	1h	443.78	−0.016%	$98	$24K	10x	as long as short