Funding arb · Price arb /

TSM

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC+0.0104%/8h= +11.4% APRpaid last 24h +0.031%

Price spread now: Aevo against Phemex−0.062%7-day average — · you buy dearer than you sell

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

Long on Phemex Short on Aevo

What this pair did over the last

the charts below follow

Funding, last 5 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. Aevo is 0.062% cheaper against Phemex than usual: you would sell low and buy high (spread −0.062% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$6 on $10k: about 48 hours of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex TSMUSDT	440.32	0	get 0.0000% / 8h	6h 57m	$1.5M	$543K	10x
Short	Aevo TSM-PERP	440.05	0.0104	get 0.0013% / 1h	57m 56s	$123	—	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aevo against Phemex. 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 PhemexbpFee AevobpOrdersPrice spread, now −0.062%Rate

Funding earned: $21.84
Price spread: −0.062% → 0.000%: −$6.21
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Aevo: 8 bp × 2 orders: −$16
Net: −$12.37
Costs to cover: 0.280%
Break-even: 11.0 days

Slippage unknown: Phemex: live order book, 5 min ago; Aevo: 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 Phemex live order book, 5 min ago	11.26 bp	37.8 bp −$38	doesn't fit	doesn't fit	doesn't fit
Sell Aevo no order-book sample	—	—	—	—	—

Aevo: 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
Coinbase International TSM-PERP-INTX	−0.0016%	1h	439.24	−0.245%	$371K	$98K	10x	as long as short
Aster TSMUSDT	0.0000%	8h	439.83	−0.112%	$82K	$2K	20x	as long as short
Bybit TSMUSDT	0.0000%	8h	439.68	−0.145%	$2.0M	$401K	50x	as long as short
OKX TSM-USDT-SWAP	0.0000%	8h	439.99	−0.075%	$4.0M	$2.7M	20x	as long as short
Gate TSM_USDT	0.0000%	8h	439.84	−0.109%	$1.7M	$1.1M	100x	as long as short
Bitget TSMUSDT	0.0000%	8h	439.99	−0.075%	$1.8M	$1.5M	20x	as long as short
Variational Omni TSM	0.0000%	8h	440.05	−0.061%	$551K	$44K	—	as long as short
SunX TSM-USDT	0.0000%	8h	440.19	−0.030%	$2K	$3.9M	10x	as long as short
HTX TSM-USDT	0.0000%	8h	440.26	−0.014%	$9K	$8K	20x	as long as short
Phemex TSMUSDTlong	0.0000%	8h	440.32	long leg	$1.5M	$543K	10x

Show all 28 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended TSM-USD	+0.0024%	1h	439.93	−0.089%	$1K	$214K	10x	as long as short
Binance TSMUSDT	+0.0028%	8h	440.05	−0.061%	$12.9M	$8.3M	20x	as long as short
Lighter TSM	+0.0032%	1h	439.93	−0.089%	$495K	$142K	10x	as long as short
BloFin TSM-USDT	+0.0044%	8h	440.17	−0.034%	$45K	$111K	20x	as long as short
Vest TSM-USD-PERP	+0.0046%	1h	439.82	−0.114%	—	$2K	25x	as long as short
tradeXYZ xyz:TSM	+0.0050%	1h	439.57	−0.170%	$10.0M	$1.9M	10x	as long as short
Polymarket Perps TSM-USD	+0.0050%	1h	439.72	−0.136%	$190K	$67K	10x	as long as short
SoDEX TSM-USD	+0.0050%	1h	439.68	−0.145%	$136	$3K	10x	as long as short
Ondo Perps TSM-USD.P	+0.0050%	1h	439.48	−0.191%	$158K	$27K	10x	as long as short
Lighter RH TSM	+0.0072%	1h	439.96	−0.082%	$196K	$724K	10x	as long as short
KuCoin TSMUSDTM	+0.0100%	8h	439.51	−0.184%	$267K	$372K	20x	as long as short
Orderly PERP_TSM_USDC_mythos	+0.0100%	8h	439.99	−0.075%	$21	—	10x	as long as short
Aevo TSM-PERPshort	+0.0104%	1h	440.05	−0.062%	$123	—	10x
Phoenix TSM	+0.0145%	1h	439.86	−0.104%	$209K	$10K	10x	as long as short
Injective TSM/USDC PERP	+0.0220%	1h	443.95	+0.824%	$6K	$38K	12x	as long as short
GRVT TSM_USDT_Perp	+0.0238%	8h	439.96	−0.081%	$12K	$1.3M	10x	as long as short
edgeX TSMUSDC	+0.0242%	4h	440.12	−0.045%	$47K	$217K	10x	as long as short
Deribit TSM_USDC-PERPETUAL	+0.0910%	1h	440.13	−0.043%	$4	$13K	10x	as long as short