Funding arb · Price arb /

TSM

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0120%/8h= −13.1% APRpaid last 24h −0.036%

Price spread now: Orderly against Injective−1.085%7-day average — · you buy dearer than you sell

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

Long on Injective Short on Orderly

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

Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and Orderly is 1.085% cheaper against Injective than usual: you would sell low and buy high (−$108 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective TSM/USDC PERP	444.27	0.0220	pay 0.0028% / 1h	30m 36s	$6K	$38K	12x
Short	Orderly PERP_TSM_USDC_mythos	439.45	0.0100	get 0.0100% / 8h	1h 30m	$21	—	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against Injective. 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 InjectivebpFee OrderlybpOrdersPrice spread, now −1.085%Rate

Funding earned: −$25.2
Price spread: −1.085% → 0.000%: −$108.49
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$139.71
Costs to cover: 0.060%
Break-even: never at this rate

Slippage unknown: Injective: no order-book sample; Orderly: 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 Injective no order-book sample	—	—	—	—	—
Sell Orderly no order-book sample	—	—	—	—	—

Injective and Orderly: 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	−0.0290%	4h	439.40	−1.097%	$47K	$217K	10x	as long as short
Bitget TSMUSDT	−0.0228%	8h	439.43	−1.089%	$1.7M	$1.5M	20x	as long as short
Aster TSMUSDT	0.0000%	8h	439.40	−1.097%	$82K	$2K	20x	as long as short
Bybit TSMUSDT	0.0000%	8h	439.27	−1.125%	$2.0M	$398K	50x	as long as short
OKX TSM-USDT-SWAP	0.0000%	8h	439.23	−1.134%	$4.0M	$2.6M	20x	as long as short
Gate TSM_USDT	0.0000%	8h	439.23	−1.134%	$1.7M	$1.1M	100x	as long as short
Variational Omni TSM	0.0000%	8h	439.41	−1.093%	$557K	$37K	—	as long as short
SunX TSM-USDT	0.0000%	8h	439.51	−1.071%	$1K	$4.1M	10x	as long as short
HTX TSM-USDT	0.0000%	8h	439.22	−1.137%	$9K	$8K	20x	as long as short
Phemex TSMUSDT	0.0000%	8h	440.56	−0.835%	$1.5M	$516K	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	439.48	−1.078%	$495K	$137K	10x	as long as short
Lighter RH TSM	+0.0032%	1h	439.25	−1.130%	$224K	$684K	10x	as long as short
Vest TSM-USD-PERP	+0.0046%	1h	438.68	−1.258%	—	$1K	25x	as long as short
Coinbase International TSM-PERP-INTX	+0.0048%	1h	439.33	−1.112%	$366K	$102K	10x	as long as short
tradeXYZ xyz:TSM	+0.0050%	1h	439.05	−1.175%	$10.2M	$1.8M	10x	as long as short
Polymarket Perps TSM-USD	+0.0050%	1h	438.98	−1.191%	$191K	$66K	10x	as long as short
SoDEX TSM-USD	+0.0050%	1h	438.85	−1.220%	$136	$3K	10x	as long as short
Ondo Perps TSM-USD.P	+0.0050%	1h	438.68	−1.258%	$157K	$27K	10x	as long as short
BloFin TSM-USDT	+0.0058%	8h	439.53	−1.067%	$45K	$106K	20x	as long as short
Extended TSM-USD	+0.0072%	1h	439.34	−1.109%	$3K	$167K	10x	as long as short
Binance TSMUSDT	+0.0078%	8h	439.44	−1.086%	$12.9M	$7.9M	20x	as long as short
GRVT TSM_USDT_Perp	+0.0083%	8h	439.37	−1.104%	$14K	$1.3M	10x	as long as short
KuCoin TSMUSDTM	+0.0100%	8h	439.06	−1.173%	$267K	$310K	20x	as long as short
Orderly PERP_TSM_USDC_mythosshort	+0.0100%	8h	439.45	−1.085%	$21	—	10x
Aevo TSM-PERP	+0.0104%	1h	439.44	−1.088%	$123	—	10x	as long as short
Phoenix TSM	+0.0164%	1h	439.31	−1.116%	$214K	$5K	10x	as long as short
Injective TSM/USDC PERPlong	+0.0220%	1h	444.27	long leg	$6K	$38K	12x
Deribit TSM_USDC-PERPETUAL	+0.0958%	1h	439.37	−1.103%	$4	$25K	10x	as long as short