Funding arb · Price arb /

TSM

RWAall TSM markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0050%/8h= +5.5% APRpaid last 24h +0.015%

Price spread now: SoDEX against Phemex−0.368%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 SoDEX

What this pair did over the last

the charts below follow

Funding, last 3 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. SoDEX is 0.368% cheaper against Phemex than usual: you would sell low and buy high (spread −0.368% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$37 on $10k: about 25 days of funding at the current rate (+$2 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex TSMUSDT	440.68	0	get 0.0000% / 8h	1h 27m	$1.5M	$517K	10x
Short	SoDEX TSM-USD	439.06	0.0050	get 0.0006% / 1h	27m 48s	$136	$3K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SoDEX 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 SoDEXbpOrdersPrice spread, now −0.368%Rate

Funding earned: $10.5
Price spread: −0.368% → 0.000%: −$36.76
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee SoDEX: 4 bp × 2 orders: −$8
Net: −$46.26
Costs to cover: 0.200%
Break-even: 37.8 days

Slippage unknown: Phemex: live order book, 5 min ago; SoDEX: 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	0.45 bp	28.8 bp −$29	doesn't fit	doesn't fit	doesn't fit
Sell SoDEX no order-book sample	—	—	—	—	—

SoDEX: 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
Bitget TSMUSDT	−0.0231%	8h	439.56	−0.254%	$1.7M	$1.5M	20x	as long as short
Aster TSMUSDT	0.0000%	8h	439.61	−0.244%	$82K	$2K	20x	as long as short
Bybit TSMUSDT	0.0000%	8h	439.29	−0.315%	$2.0M	$398K	50x	as long as short
OKX TSM-USDT-SWAP	0.0000%	8h	439.45	−0.279%	$4.0M	$2.6M	20x	as long as short
Gate TSM_USDT	0.0000%	8h	439.32	−0.309%	$1.7M	$1.1M	100x	as long as short
Variational Omni TSM	0.0000%	8h	439.41	−0.287%	$557K	$37K	—	as long as short
SunX TSM-USDT	0.0000%	8h	439.59	−0.247%	$1K	$4.1M	10x	as long as short
HTX TSM-USDT	0.0000%	8h	439.32	−0.309%	$9K	$8K	20x	as long as short
Phemex TSMUSDTlong	0.0000%	8h	440.68	long leg	$1.5M	$517K	10x
Lighter TSM	+0.0032%	1h	439.55	−0.256%	$495K	$137K	10x	as long as short

Show all 28 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH TSM	+0.0032%	1h	439.42	−0.286%	$224K	$684K	10x	as long as short
Vest TSM-USD-PERP	+0.0046%	1h	439.16	−0.345%	—	$1K	25x	as long as short
Coinbase International TSM-PERP-INTX	+0.0048%	1h	439.33	−0.306%	$366K	$102K	10x	as long as short
tradeXYZ xyz:TSM	+0.0050%	1h	439.11	−0.356%	$10.2M	$1.7M	10x	as long as short
Polymarket Perps TSM-USD	+0.0050%	1h	439.20	−0.336%	$189K	$68K	10x	as long as short
SoDEX TSM-USDshort	+0.0050%	1h	439.06	−0.368%	$136	$3K	10x
Ondo Perps TSM-USD.P	+0.0050%	1h	438.68	−0.454%	$157K	$27K	10x	as long as short
BloFin TSM-USDT	+0.0066%	8h	439.53	−0.261%	$45K	$106K	20x	as long as short
Binance TSMUSDT	+0.0079%	8h	439.62	−0.241%	$12.9M	$7.9M	20x	as long as short
Extended TSM-USD	+0.0080%	1h	439.51	−0.264%	$3K	$157K	10x	as long as short
GRVT TSM_USDT_Perp	+0.0088%	8h	439.40	−0.290%	$14K	$1.3M	10x	as long as short
KuCoin TSMUSDTM	+0.0100%	8h	439.17	−0.343%	$266K	$310K	20x	as long as short
Orderly PERP_TSM_USDC_mythos	+0.0100%	8h	439.45	−0.279%	$21	—	10x	as long as short
Aevo TSM-PERP	+0.0104%	1h	439.54	−0.259%	$123	—	10x	as long as short
Phoenix TSM	+0.0164%	1h	439.25	−0.324%	$214K	$5K	10x	as long as short
Injective TSM/USDC PERP	+0.0220%	1h	444.27	+0.815%	$6K	$38K	12x	as long as short
Deribit TSM_USDC-PERPETUAL	+0.0570%	1h	439.42	−0.286%	$4	$25K	10x	as long as short
edgeX TSMUSDC	+0.0851%	4h	439.32	−0.309%	$47K	$217K	10x	as long as short