Funding arb · Price arb /

TSM

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.007%

Price spread now: Bybit against OKX−0.083%7-day average +0.008% · you buy dearer than you sell

Net, funding: paid 7d − costs−$46as in the Funding arb table

Net, price: spread back to 7d avg − costs−$55as in the Price arb table

costs, in and out, $10k−$460.464% of the position

Long on OKX Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.007%+$1 on $10k

Price spread, last 7 days+0.150%+$15 · spread now −0.083%, 7d avg +0.008%

Together, before fees+0.157%+$16 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Bybit is 0.091% cheaper against OKX than usual: you would sell low and buy high, −$9 on $10k if it goes back to its 7-day average of +0.008%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX TSM-USDT-SWAP	446.41	0	get 0.0000% / 8h	47m 27s	$4.0M	$3.0M	20x
Short	Bybit TSMUSDT	446.04	0	get 0.0000% / 8h	47m 27s	$2.0M	$417K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against OKX. 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 OKXbpFee BybitbpOrdersPrice spread, now −0.083%Rate

Funding earned: $0
Price spread: −0.083% → +0.008%: −$9.06
Slippage, 4 orders: −$25.42
Fee OKX: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$55.48
Costs to cover: 0.464%
Break-even: never at this rate

Slippage from OKX: live order book, 5 min ago; Bybit: live order book, 4 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 OKX live order book, 5 min ago	0.22 bp	7.5 bp −$7	15.9 bp −$159	doesn't fit	doesn't fit
Sell Bybit live order book, 4 min ago	0.90 bp	12.0 bp −$12	64.1 bp −$641	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
edgeX TSMUSDC	−0.0275%	4h	446.41	0.000%	$48K	$216K	10x	as long as short
Coinbase International TSM-PERP-INTX	−0.0024%	1h	446.07	−0.076%	$357K	$97K	10x	as long as short
Aster TSMUSDT	0.0000%	8h	446.24	−0.038%	$82K	$1K	20x	as long as short
Extended TSM-USD	0.0000%	1h	446.33	−0.017%	$2K	$167K	10x	as long as short
Binance TSMUSDT	0.0000%	8h	446.45	+0.009%	$13.2M	$6.8M	20x	as long as short
Bybit TSMUSDTshort	0.0000%	8h	446.04	−0.083%	$2.0M	$417K	50x
OKX TSM-USDT-SWAPlong	0.0000%	8h	446.41	long leg	$4.0M	$3.0M	20x
Gate TSM_USDT	0.0000%	8h	446.02	−0.087%	$1.7M	$906K	100x	as long as short
Bitget TSMUSDT	0.0000%	8h	446.29	−0.027%	$1.6M	$1.5M	20x	as long as short
Variational Omni TSM	0.0000%	8h	446.41	0.000%	$553K	$84K	—	as long as short

Show all 28 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT TSM_USDT_Perp	0.0000%	8h	446.29	−0.028%	$15K	$1.1M	10x	as long as short
SunX TSM-USDT	0.0000%	8h	446.42	+0.002%	$2K	$5.2M	10x	as long as short
HTX TSM-USDT	0.0000%	8h	446.25	−0.036%	$9K	$9K	20x	as long as short
Phemex TSMUSDT	0.0000%	8h	445.02	−0.311%	$1.5M	$457K	10x	as long as short
BloFin TSM-USDT	+0.0029%	8h	446.43	+0.004%	$44K	$102K	20x	as long as short
Lighter RH TSM	+0.0032%	1h	446.40	−0.002%	$231K	$585K	10x	as long as short
Vest TSM-USD-PERP	+0.0046%	1h	446.01	−0.090%	—	—	25x	as long as short
tradeXYZ xyz:TSM	+0.0050%	1h	446.00	−0.092%	$10.3M	$2.5M	10x	as long as short
Polymarket Perps TSM-USD	+0.0050%	1h	446.18	−0.052%	$196K	$90K	10x	as long as short
SoDEX TSM-USD	+0.0050%	1h	445.98	−0.096%	$145	$3K	10x	as long as short
Ondo Perps TSM-USD.P	+0.0050%	1h	446.13	−0.063%	$159K	$22K	10x	as long as short
KuCoin TSMUSDTM	+0.0100%	8h	445.95	−0.103%	$270K	$323K	20x	as long as short
Orderly PERP_TSM_USDC_mythos	+0.0100%	8h	446.30	−0.025%	$21	—	10x	as long as short
Aevo TSM-PERP	+0.0104%	1h	446.39	−0.006%	$125	—	10x	as long as short
Phoenix TSM	+0.0215%	1h	446.17	−0.054%	$217K	$5K	10x	as long as short
Injective TSM/USDC PERP	+0.0220%	1h	450.72	+0.965%	$7K	$38K	12x	as long as short
Lighter TSM	+0.0352%	1h	446.91	+0.112%	$504K	$166K	10x	as long as short
Deribit TSM_USDC-PERPETUAL	+0.0423%	1h	446.34	−0.016%	$4	$61K	10x	as long as short