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: HTX against Phoenix+0.137%7-day average — · you sell dearer than you buy

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

Long on Phoenix Short on HTX

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

The price spread pays, funding is against you. HTX is 0.137% dearer against Phoenix than usual: you sell high and buy low (spread +0.137% now, against zero (this spread has no 7-day history yet)): +$14 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 3.1 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix TSM	438.01	0.0145	pay 0.0018% / 1h	43m 07s	$208K	$10K	10x
Short	HTX TSM-USDT	438.61	0	get 0.0000% / 8h	7h 43m	$9K	$8K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX 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 HTXbpOrdersPrice spread, now +0.137%Rate

Funding earned: −$30.55
Price spread: +0.137% → 0.000%: $13.7
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee HTX: 6 bp × 2 orders: −$12
Net: −$35.85
Costs to cover: 0.190%
Break-even: never at this rate

Slippage unknown: Phoenix: live order book, 49 min ago; HTX: 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 Phoenix live order book, 49 min ago	3.64 bp	11.6 bp −$12	24.5 bp −$245	doesn't fit	doesn't fit
Sell HTX no order-book sample	—	—	—	—	—

HTX: 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
edgeX TSMUSDC	−0.0884%	4h	438.44	+0.097%	$47K	$217K	10x	as long as short
BloFin TSM-USDT	−0.0019%	8h	438.52	+0.116%	$45K	$108K	20x	as long as short
Aster TSMUSDT	0.0000%	8h	438.67	+0.150%	$81K	$2K	20x	as long as short
Bybit TSMUSDT	0.0000%	8h	438.26	+0.057%	$2.0M	$409K	50x	as long as short
OKX TSM-USDT-SWAP	0.0000%	8h	438.57	+0.128%	$4.0M	$2.7M	20x	as long as short
Gate TSM_USDT	0.0000%	8h	438.42	+0.094%	$1.7M	$1.1M	100x	as long as short
Bitget TSMUSDT	0.0000%	8h	438.53	+0.119%	$1.8M	$1.5M	20x	as long as short
Variational Omni TSM	0.0000%	8h	438.28	+0.062%	$549K	$45K	—	as long as short
GRVT TSM_USDT_Perp	0.0000%	8h	438.57	+0.127%	$13K	$1.3M	10x	as long as short
SunX TSM-USDT	0.0000%	8h	438.65	+0.146%	$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-USDTshort	0.0000%	8h	438.61	+0.137%	$9K	$8K	20x
Phemex TSMUSDT	0.0000%	8h	438.98	+0.221%	$1.5M	$531K	10x	as long as short
Extended TSM-USD	+0.0008%	1h	438.48	+0.106%	$3K	$219K	10x	as long as short
Binance TSMUSDT	+0.0010%	8h	438.47	+0.105%	$12.8M	$8.1M	20x	as long as short
Deribit TSM_USDC-PERPETUAL	+0.0024%	1h	438.52	+0.116%	$4	$13K	10x	as long as short
Lighter TSM	+0.0032%	1h	438.51	+0.114%	$494K	$189K	10x	as long as short
Lighter RH TSM	+0.0032%	1h	438.52	+0.116%	$195K	$736K	10x	as long as short
Coinbase International TSM-PERP-INTX	+0.0040%	1h	438.04	+0.007%	$372K	$103K	10x	as long as short
Vest TSM-USD-PERP	+0.0046%	1h	438.29	+0.064%	—	$2K	25x	as long as short
tradeXYZ xyz:TSM	+0.0050%	1h	438.17	+0.037%	$10.0M	$1.9M	10x	as long as short
Polymarket Perps TSM-USD	+0.0050%	1h	438.33	+0.073%	$189K	$68K	10x	as long as short
SoDEX TSM-USD	+0.0050%	1h	438.16	+0.034%	$136	$3K	10x	as long as short
Ondo Perps TSM-USD.P	+0.0050%	1h	438.07	+0.014%	$157K	$28K	10x	as long as short
KuCoin TSMUSDTM	+0.0100%	8h	438.16	+0.034%	$266K	$326K	20x	as long as short
Orderly PERP_TSM_USDC_mythos	+0.0100%	8h	438.53	+0.119%	$21	—	10x	as long as short
Aevo TSM-PERP	+0.0104%	1h	438.55	+0.123%	$123	—	10x	as long as short
Phoenix TSMlong	+0.0145%	1h	438.01	long leg	$208K	$10K	10x
Injective TSM/USDC PERP	+0.0220%	1h	443.95	+1.356%	$6K	$38K	12x	as long as short