Funding arb · Price arb /

TSM

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0092%/8h= −10.1% APRpaid last 24h −0.026%

Price spread now: Coinbase International against KuCoin−0.088%7-day average −0.137% · you buy dearer than you sell

Net, funding: paid 7d − costs−$245as in the Funding arb table

Net, price: spread back to 7d avg − costs−$203as in the Price arb table

costs, in and out, $10k−$2082.079% of the position

Long on KuCoin Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days−0.369%−$37 on $10k

Price spread, last 3 days (all we have)+0.045%+$4 · spread now −0.088%, 7d avg −0.137%

Together, before fees−0.324%−$32 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Coinbase International is 0.049% dearer against KuCoin than usual: you sell high and buy low (spread −0.088% now, against its 7-day average of −0.137%): +$5 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 42 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin TSMUSDTM	444.99	0.0100	pay 0.0100% / 8h	1h 49m	$269K	$340K	20x
Short	Coinbase International TSM-PERP-INTX	444.60	0.0008	get 0.0001% / 1h	49m 21s	$356K	$96K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against KuCoin. 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 KuCoinbpFee Coinbase InternationalbpOrdersPrice spread, now −0.088%Rate

Funding earned: −$19.32
Price spread: −0.088% → −0.137%: $4.89
Slippage, 4 orders: −$185.92
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$222.36
Costs to cover: 2.079%
Break-even: never at this rate

Slippage from KuCoin: live order book, 22 min ago; Coinbase International: live order book, 34 min ago.

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 KuCoin live order book, 22 min ago	16.30 bp	125.6 bp −$126	doesn't fit	doesn't fit	doesn't fit
Sell Coinbase International live order book, 34 min ago	3.15 bp	8.1 bp −$8	14.2 bp −$142	doesn't fit	doesn't fit

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	−0.0017%	8h	445.46	+0.106%	$44K	$104K	20x	as long as short
Aster TSMUSDT	0.0000%	8h	445.19	+0.046%	$82K	$1K	20x	as long as short
Extended TSM-USD	0.0000%	1h	445.32	+0.075%	$2K	$167K	10x	as long as short
Binance TSMUSDT	0.0000%	8h	445.39	+0.090%	$13.1M	$6.9M	20x	as long as short
Bybit TSMUSDT	0.0000%	8h	445.07	+0.018%	$2.0M	$420K	50x	as long as short
OKX TSM-USDT-SWAP	0.0000%	8h	445.34	+0.079%	$4.0M	$3.1M	20x	as long as short
Gate TSM_USDT	0.0000%	8h	445.16	+0.038%	$1.7M	$919K	100x	as long as short
Bitget TSMUSDT	0.0000%	8h	445.33	+0.076%	$1.6M	$1.5M	20x	as long as short
Variational Omni TSM	0.0000%	8h	445.30	+0.070%	$551K	$85K	—	as long as short
GRVT TSM_USDT_Perp	0.0000%	8h	445.35	+0.082%	$7K	$1.1M	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	445.44	+0.101%	$2K	$5.4M	10x	as long as short
HTX TSM-USDT	0.0000%	8h	445.33	+0.076%	$9K	$9K	20x	as long as short
Phemex TSMUSDT	0.0000%	8h	445.09	+0.022%	$1.5M	$467K	10x	as long as short
Coinbase International TSM-PERP-INTXshort	+0.0008%	1h	444.60	−0.088%	$356K	$96K	10x
Lighter RH TSM	+0.0032%	1h	445.31	+0.072%	$224K	$597K	10x	as long as short
Vest TSM-USD-PERP	+0.0046%	1h	444.95	−0.009%	—	—	25x	as long as short
tradeXYZ xyz:TSM	+0.0050%	1h	444.99	0.000%	$10.3M	$2.6M	10x	as long as short
Polymarket Perps TSM-USD	+0.0050%	1h	445.15	+0.036%	$195K	$89K	10x	as long as short
SoDEX TSM-USD	+0.0050%	1h	444.98	−0.002%	$147	$3K	10x	as long as short
Ondo Perps TSM-USD.P	+0.0050%	1h	444.88	−0.025%	$158K	$22K	10x	as long as short
KuCoin TSMUSDTMlong	+0.0100%	8h	444.99	long leg	$269K	$340K	20x
Orderly PERP_TSM_USDC_mythos	+0.0100%	8h	445.40	+0.092%	$21	—	10x	as long as short
Aevo TSM-PERP	+0.0104%	1h	445.38	+0.087%	$125	—	10x	as long as short
Phoenix TSM	+0.0162%	1h	445.39	+0.090%	$217K	$5K	10x	as long as short
Injective TSM/USDC PERP	+0.0220%	1h	449.91	+1.106%	$7K	$38K	12x	as long as short
edgeX TSMUSDC	+0.0537%	4h	445.31	+0.071%	$48K	$215K	10x	as long as short
Lighter TSM	+0.0656%	1h	445.95	+0.216%	$503K	$160K	10x	as long as short
Deribit TSM_USDC-PERPETUAL	+0.0896%	1h	445.35	+0.081%	$4	$61K	10x	as long as short