Funding arb · Price arb /

TSM

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: OKX against Phemex−0.132%7-day average −0.056% · you buy dearer than you sell

Net, funding: paid 7d − costs−$89as in the Funding arb table

Net, price: spread back to 7d avg − costs−$97as in the Price arb table

costs, in and out, $10k−$890.893% of the position

Long on Phemex Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days0.000%$0 on $10k

Price spread, last 4 days (all we have)+0.097%+$10 · spread now −0.132%, 7d avg −0.056%

Together, before fees+0.097%+$10 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: OKX is 0.076% cheaper against Phemex than usual: you would sell low and buy high, −$8 on $10k if it goes back to its 7-day average of −0.056%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex TSMUSDT	440.77	0	get 0.0000% / 8h	14m 02s	$1.5M	$524K	10x
Short	OKX TSM-USDT-SWAP	440.19	0	get 0.0000% / 8h	14m 02s	$4.0M	$2.6M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.132%Rate

Funding earned: $0
Price spread: −0.132% → −0.056%: −$7.61
Slippage, 4 orders: −$67.28
Fee Phemex: 6 bp × 2 orders: −$12
Fee OKX: 5 bp × 2 orders: −$10
Net: −$96.89
Costs to cover: 0.893%
Break-even: never at this rate

Slippage from Phemex: live order book, 4 min ago; OKX: live order book, 3 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 Phemex live order book, 4 min ago	1.13 bp	28.1 bp −$28	doesn't fit	doesn't fit	doesn't fit
Sell OKX live order book, 3 min ago	0.68 bp	10.3 bp −$10	23.7 bp −$237	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	−0.0963%	4h	440.19	−0.131%	$47K	$217K	10x	as long as short
Bitget TSMUSDT	−0.0062%	8h	439.87	−0.204%	$1.7M	$1.5M	20x	as long as short
Aster TSMUSDT	0.0000%	8h	440.11	−0.149%	$82K	$2K	20x	as long as short
Bybit TSMUSDT	0.0000%	8h	439.86	−0.206%	$2.0M	$400K	50x	as long as short
OKX TSM-USDT-SWAPshort	0.0000%	8h	440.19	−0.132%	$4.0M	$2.6M	20x
Gate TSM_USDT	0.0000%	8h	440.03	−0.168%	$1.7M	$1.1M	100x	as long as short
Variational Omni TSM	0.0000%	8h	440.17	−0.137%	$559K	$38K	—	as long as short
SunX TSM-USDT	0.0000%	8h	440.27	−0.113%	$1K	$4.1M	10x	as long as short
HTX TSM-USDT	0.0000%	8h	440.14	−0.143%	$9K	$8K	20x	as long as short
Phemex TSMUSDTlong	0.0000%	8h	440.77	long leg	$1.5M	$524K	10x

Show all 28 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter TSM	+0.0032%	1h	440.02	−0.170%	$496K	$190K	10x	as long as short
Lighter RH TSM	+0.0032%	1h	439.94	−0.188%	$222K	$725K	10x	as long as short
Vest TSM-USD-PERP	+0.0046%	1h	439.67	−0.250%	—	$2K	25x	as long as short
tradeXYZ xyz:TSM	+0.0050%	1h	439.62	−0.261%	$10.1M	$1.8M	10x	as long as short
Polymarket Perps TSM-USD	+0.0050%	1h	439.90	−0.197%	$190K	$68K	10x	as long as short
SoDEX TSM-USD	+0.0050%	1h	439.76	−0.229%	$135	$3K	10x	as long as short
Ondo Perps TSM-USD.P	+0.0050%	1h	439.93	−0.191%	$157K	$28K	10x	as long as short
Coinbase International TSM-PERP-INTX	+0.0056%	1h	439.33	−0.327%	$366K	$97K	10x	as long as short
Binance TSMUSDT	+0.0063%	8h	440.25	−0.118%	$12.9M	$8.0M	20x	as long as short
Extended TSM-USD	+0.0064%	1h	440.14	−0.142%	$3K	$221K	10x	as long as short
BloFin TSM-USDT	+0.0071%	8h	440.18	−0.134%	$45K	$107K	20x	as long as short
GRVT TSM_USDT_Perp	+0.0077%	8h	440.10	−0.152%	$15K	$1.3M	10x	as long as short
KuCoin TSMUSDTM	+0.0100%	8h	439.65	−0.254%	$266K	$310K	20x	as long as short
Orderly PERP_TSM_USDC_mythos	+0.0100%	8h	440.15	−0.141%	$21	—	10x	as long as short
Aevo TSM-PERP	+0.0104%	1h	440.16	−0.139%	$123	—	10x	as long as short
Phoenix TSM	+0.0146%	1h	439.98	−0.179%	$214K	$5K	10x	as long as short
Injective TSM/USDC PERP	+0.0220%	1h	444.02	+0.737%	$6K	$38K	12x	as long as short
Deribit TSM_USDC-PERPETUAL	+0.0569%	1h	440.12	−0.147%	$4	$25K	10x	as long as short