Funding arb · Price arb /

TSM

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0050%/8h= +5.5% APRpaid last 24h +0.015%

Price spread now: SoDEX against HTX−0.103%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 SoDEX

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—needs both histories

Funding pays, the price is against you. SoDEX is 0.103% cheaper against HTX than usual: you would sell low and buy high (spread −0.103% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$10 on $10k: about 6.9 days of funding at the current rate (+$2 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	HTX TSM-USDT	437.74	0	get 0.0000% / 8h	7h 30m	$9K	$8K	20x
Short	SoDEX TSM-USD	437.29	0.0050	get 0.0006% / 1h	30m 50s	$139	$3K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SoDEX 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 SoDEXbpOrdersPrice spread, now −0.103%Rate

Funding earned: $10.5
Price spread: −0.103% → 0.000%: −$10.28
Slippage, 4 orders: no order book: not counted
Fee HTX: 6 bp × 2 orders: −$12
Fee SoDEX: 4 bp × 2 orders: −$8
Net: −$19.78
Costs to cover: 0.200%
Break-even: 20.2 days

Slippage unknown: HTX: no order-book sample; SoDEX: 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 HTX no order-book sample	—	—	—	—	—
Sell SoDEX no order-book sample	—	—	—	—	—

HTX and SoDEX: 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
BloFin TSM-USDT	−0.0002%	8h	437.64	−0.023%	$45K	$108K	20x	as long as short
Aster TSMUSDT	0.0000%	8h	438.02	+0.063%	$81K	$2K	20x	as long as short
Extended TSM-USD	0.0000%	1h	437.53	−0.048%	$3K	$216K	10x	as long as short
Binance TSMUSDT	0.0000%	8h	437.67	−0.017%	$12.8M	$8.2M	20x	as long as short
Bybit TSMUSDT	0.0000%	8h	437.23	−0.117%	$2.0M	$409K	50x	as long as short
OKX TSM-USDT-SWAP	0.0000%	8h	437.51	−0.053%	$4.0M	$2.7M	20x	as long as short
Gate TSM_USDT	0.0000%	8h	437.45	−0.066%	$1.7M	$1.1M	100x	as long as short
Bitget TSMUSDT	0.0000%	8h	437.54	−0.046%	$1.8M	$1.5M	20x	as long as short
Variational Omni TSM	0.0000%	8h	437.72	−0.004%	$549K	$45K	—	as long as short
GRVT TSM_USDT_Perp	0.0000%	8h	438.14	+0.091%	$13K	$1.3M	10x	as long as short

Show all 28 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX TSM-USDT	0.0000%	8h	437.73	−0.002%	$1K	$4.0M	10x	as long as short
HTX TSM-USDTlong	0.0000%	8h	437.74	long leg	$9K	$8K	20x
Phemex TSMUSDT	0.0000%	8h	437.41	−0.075%	$1.5M	$536K	10x	as long as short
Lighter TSM	+0.0032%	1h	437.61	−0.030%	$493K	$189K	10x	as long as short
Lighter RH TSM	+0.0032%	1h	437.53	−0.048%	$194K	$736K	10x	as long as short
Coinbase International TSM-PERP-INTX	+0.0040%	1h	437.26	−0.110%	$371K	$100K	10x	as long as short
Vest TSM-USD-PERP	+0.0046%	1h	437.25	−0.112%	—	$2K	25x	as long as short
tradeXYZ xyz:TSM	+0.0050%	1h	437.10	−0.146%	$10.0M	$1.9M	10x	as long as short
Polymarket Perps TSM-USD	+0.0050%	1h	437.24	−0.114%	$189K	$68K	10x	as long as short
SoDEX TSM-USDshort	+0.0050%	1h	437.29	−0.103%	$139	$3K	10x
Ondo Perps TSM-USD.P	+0.0050%	1h	437.33	−0.094%	$157K	$28K	10x	as long as short
KuCoin TSMUSDTM	+0.0100%	8h	437.47	−0.062%	$266K	$338K	20x	as long as short
Orderly PERP_TSM_USDC_mythos	+0.0100%	8h	437.71	−0.007%	$21	—	10x	as long as short
Aevo TSM-PERP	+0.0104%	1h	437.60	−0.033%	$123	—	10x	as long as short
Phoenix TSM	+0.0145%	1h	437.60	−0.032%	$208K	$10K	10x	as long as short
edgeX TSMUSDC	+0.0161%	4h	437.78	+0.009%	$47K	$217K	10x	as long as short
Injective TSM/USDC PERP	+0.0220%	1h	443.95	+1.419%	$6K	$38K	12x	as long as short
Deribit TSM_USDC-PERPETUAL	+0.0413%	1h	437.57	−0.039%	$4	$13K	10x	as long as short