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 OKX+0.002%86s7-day average +0.026% · you sell dearer than you buy

Net, funding: paid 7d − costs−$15as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$430.433% of the position

Long on OKX Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.280%+$28 on $10k

Price spread, last 4 days (all we have)+0.112%+$11 · spread now +0.002%, 7d avg +0.026%

Together, before fees+0.391%+$39 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phoenix is 0.023% cheaper against OKX than usual: you would sell low and buy high (spread +0.002% now, against its 7-day average of +0.026%). If the spread goes back, that is −$2 on $10k: about 9 hours of funding at the current rate (+$6 a day). The two prices were read 86 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX TSM-USDT-SWAP	443.27	0	get 0.0000% / 8h	5h 12m	$4.0M	$2.4M	20x
Short	Phoenix TSM	443.28	0.0217	get 0.0027% / 1h	12m 00s	$216K	$5K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now +0.002%Rate

Funding earned: $45.49
Price spread: +0.002% → +0.026%: −$2.34
Slippage, 4 orders: −$26.34
Fee OKX: 5 bp × 2 orders: −$10
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$0.18
Costs to cover: 0.433%
Break-even: 7.0 days

Slippage from OKX: live order book, just now; Phoenix: live order book, 45 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, just now	1.01 bp	8.6 bp −$9	23.9 bp −$239	doesn't fit	doesn't fit
Sell Phoenix live order book, 45 min ago	3.83 bp	12.2 bp −$12	26.0 bp −$260	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	−0.0698%	4h	443.36	+0.020%	$48K	$217K	10x	as long as short
Aster TSMUSDT	0.0000%	8h	443.71	+0.099%	$81K	$1K	20x	as long as short
Bybit TSMUSDT	0.0000%	8h	443.21	−0.014%	$2.0M	$390K	50x	as long as short
OKX TSM-USDT-SWAPlong	0.0000%	8h	443.27	long leg	$4.0M	$2.4M	20x
Gate TSM_USDT	0.0000%	8h	443.24	−0.007%	$1.7M	$960K	100x	as long as short
Bitget TSMUSDT	0.0000%	8h	443.48	+0.047%	$1.7M	$1.4M	20x	as long as short
Variational Omni TSM	0.0000%	8h	443.37	+0.022%	$549K	$61K	—	as long as short
SunX TSM-USDT	0.0000%	8h	443.42	+0.034%	$2K	$4.3M	10x	as long as short
HTX TSM-USDT	0.0000%	8h	443.09	−0.041%	$9K	$9K	20x	as long as short
Phemex TSMUSDT	0.0000%	8h	443.62	+0.079%	$1.5M	$446K	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	443.54	+0.061%	$501K	$173K	10x	as long as short
Lighter RH TSM	+0.0032%	1h	443.31	+0.009%	$221K	$645K	10x	as long as short
Binance TSMUSDT	+0.0038%	8h	443.58	+0.070%	$13.0M	$6.8M	20x	as long as short
Extended TSM-USD	+0.0040%	1h	443.47	+0.044%	$2K	$189K	10x	as long as short
Vest TSM-USD-PERP	+0.0046%	1h	442.85	−0.095%	—	$583	25x	as long as short
tradeXYZ xyz:TSM	+0.0050%	1h	443.09	−0.041%	$10.2M	$2.3M	10x	as long as short
Polymarket Perps TSM-USD	+0.0050%	1h	443.13	−0.032%	$196K	$51K	10x	as long as short
SoDEX TSM-USD	+0.0050%	1h	442.93	−0.077%	$136	$3K	10x	as long as short
Ondo Perps TSM-USD.P	+0.0050%	1h	442.84	−0.097%	$158K	$23K	10x	as long as short
BloFin TSM-USDT	+0.0055%	8h	443.59	+0.072%	$45K	$98K	20x	as long as short
GRVT TSM_USDT_Perp	+0.0078%	8h	443.47	+0.045%	$8K	$1.1M	10x	as long as short
KuCoin TSMUSDTM	+0.0100%	8h	443.22	−0.011%	$269K	$319K	20x	as long as short
Orderly PERP_TSM_USDC_mythos	+0.0100%	8h	443.36	+0.020%	$21	—	10x	as long as short
Aevo TSM-PERP	+0.0104%	1h	443.38	+0.024%	$124	—	10x	as long as short
Coinbase International TSM-PERP-INTX	+0.0152%	1h	443.05	−0.050%	$369K	$107K	10x	as long as short
Phoenix TSMshort	+0.0217%	1h	443.28	+0.002%	$216K	$5K	10x
Injective TSM/USDC PERP	+0.0220%	1h	448.46	+1.171%	$7K	$38K	12x	as long as short
Deribit TSM_USDC-PERPETUAL	+0.0856%	1h	443.46	+0.043%	$4	$24K	10x	as long as short