Funding arb · Price arb /

TSM

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0145%/8h= −15.9% APRpaid last 24h −0.055%

Price spread now: Bybit against Phoenix−0.075%7-day average −0.021% · you buy dearer than you sell

Net, funding: paid 7d − costs−$79as in the Funding arb table

Net, price: spread back to 7d avg − costs−$57as in the Price arb table

costs, in and out, $10k−$520.519% of the position

Long on Phoenix Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.274%−$27 on $10k

Price spread, last 4 days (all we have)−0.033%−$3 · spread now −0.075%, 7d avg −0.021%

Together, before fees−0.308%−$31 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and Bybit is 0.055% cheaper against Phoenix than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of −0.021%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix TSM	439.24	0.0145	pay 0.0018% / 1h	13m 21s	$208K	$10K	10x
Short	Bybit TSMUSDT	438.91	0	get 0.0000% / 8h	7h 13m	$2.0M	$399K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Phoenix. 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 PhoenixbpFee BybitbpOrdersPrice spread, now −0.075%Rate

Funding earned: −$30.55
Price spread: −0.075% → −0.021%: −$5.46
Slippage, 4 orders: −$33.91
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$87.91
Costs to cover: 0.519%
Break-even: never at this rate

Slippage from Phoenix: live order book, 14 min ago; Bybit: 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 Phoenix live order book, 14 min ago	3.88 bp	12.2 bp −$12	25.9 bp −$259	doesn't fit	doesn't fit
Sell Bybit live order book, 3 min ago	1.93 bp	13.9 bp −$14	42.0 bp −$420	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
Aster TSMUSDT	0.0000%	8h	439.11	−0.029%	$82K	$2K	20x	as long as short
Extended TSM-USD	0.0000%	1h	439.35	+0.025%	$3K	$215K	10x	as long as short
Binance TSMUSDT	0.0000%	8h	439.36	+0.027%	$12.8M	$8.3M	20x	as long as short
Bybit TSMUSDTshort	0.0000%	8h	438.91	−0.075%	$2.0M	$399K	50x
OKX TSM-USDT-SWAP	0.0000%	8h	439.37	+0.030%	$4.0M	$2.7M	20x	as long as short
Gate TSM_USDT	0.0000%	8h	439.10	−0.032%	$1.7M	$1.1M	100x	as long as short
Bitget TSMUSDT	0.0000%	8h	439.36	+0.027%	$1.8M	$1.5M	20x	as long as short
Variational Omni TSM	0.0000%	8h	439.48	+0.055%	$550K	$45K	—	as long as short
GRVT TSM_USDT_Perp	0.0000%	8h	438.76	−0.109%	$13K	$1.3M	10x	as long as short
SunX TSM-USDT	0.0000%	8h	439.53	+0.066%	$1K	$4.0M	10x	as long as short

Show all 28 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX TSM-USDT	0.0000%	8h	439.61	+0.084%	$9K	$8K	20x	as long as short
Phemex TSMUSDT	0.0000%	8h	438.95	−0.066%	$1.5M	$543K	10x	as long as short
BloFin TSM-USDT	+0.0021%	8h	439.53	+0.066%	$45K	$110K	20x	as long as short
Lighter TSM	+0.0032%	1h	439.24	0.000%	$495K	$190K	10x	as long as short
Lighter RH TSM	+0.0032%	1h	439.27	+0.007%	$203K	$746K	10x	as long as short
Coinbase International TSM-PERP-INTX	+0.0040%	1h	437.71	−0.348%	$370K	$94K	10x	as long as short
Vest TSM-USD-PERP	+0.0046%	1h	438.73	−0.116%	—	$2K	25x	as long as short
tradeXYZ xyz:TSM	+0.0050%	1h	438.84	−0.091%	$10.0M	$1.9M	10x	as long as short
Polymarket Perps TSM-USD	+0.0050%	1h	438.94	−0.068%	$189K	$67K	10x	as long as short
SoDEX TSM-USD	+0.0050%	1h	439.04	−0.046%	$138	$3K	10x	as long as short
Ondo Perps TSM-USD.P	+0.0050%	1h	438.73	−0.116%	$157K	$27K	10x	as long as short
KuCoin TSMUSDTM	+0.0100%	8h	438.90	−0.077%	$267K	$357K	20x	as long as short
Orderly PERP_TSM_USDC_mythos	+0.0100%	8h	439.30	+0.014%	$21	—	10x	as long as short
Aevo TSM-PERP	+0.0104%	1h	439.40	+0.036%	$123	—	10x	as long as short
Phoenix TSMlong	+0.0145%	1h	439.24	long leg	$208K	$10K	10x
Injective TSM/USDC PERP	+0.0220%	1h	443.95	+1.072%	$6K	$38K	12x	as long as short
edgeX TSMUSDC	+0.0473%	4h	439.35	+0.025%	$47K	$217K	10x	as long as short
Deribit TSM_USDC-PERPETUAL	+0.1140%	1h	439.40	+0.036%	$4	$13K	10x	as long as short