Funding arb · Price arb /

TSM

RWAall TSM markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0179%/8h= −19.6% APRpaid last 24h −0.061%

Price spread now: OKX against Phoenix+0.108%7-day average −0.026% · you sell dearer than you buy

Net, funding: paid 7d − costs−$65as in the Funding arb table

Net, price: spread back to 7d avg − costs−$24as in the Price arb table

costs, in and out, $10k−$370.370% of the position

Long on Phoenix Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.278%−$28 on $10k

Price spread, last 4 days (all we have)−0.382%−$38 · spread now +0.108%, 7d avg −0.026%

Together, before fees−0.661%−$66 on $10k · with fees, hour by hour

The price spread pays, funding is against you. OKX is 0.134% dearer against Phoenix than usual: you sell high and buy low (spread +0.108% now, against its 7-day average of −0.026%): +$13 on $10k if it goes back. Holding the pair costs −$5 a day in funding at the current rate, which eats that in about 2.5 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix TSM	443.14	0.0179	pay 0.0022% / 1h	57m 01s	$216K	$5K	10x
Short	OKX TSM-USDT-SWAP	443.62	0	get 0.0000% / 8h	5h 57m	$4.0M	$2.4M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now +0.108%Rate

Funding earned: −$37.58
Price spread: +0.108% → −0.026%: $13.41
Slippage, 4 orders: −$20
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee OKX: 5 bp × 2 orders: −$10
Net: −$61.16
Costs to cover: 0.370%
Break-even: never at this rate

Slippage from Phoenix: live order book, 65 min ago; OKX: live order book, 5 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, 65 min ago	2.68 bp	9.4 bp −$9	18.8 bp −$188	doesn't fit	doesn't fit
Sell OKX live order book, 5 min ago	1.47 bp	9.2 bp −$9	19.6 bp −$196	doesn't fit	doesn't fit

TSM on 27 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	443.82	+0.154%	$81K	$1K	20x	as long as short
Bybit TSMUSDT	0.0000%	8h	443.38	+0.054%	$2.0M	$391K	50x	as long as short
OKX TSM-USDT-SWAPshort	0.0000%	8h	443.62	+0.108%	$4.0M	$2.4M	20x
Gate TSM_USDT	0.0000%	8h	443.40	+0.059%	$1.7M	$910K	100x	as long as short
Bitget TSMUSDT	0.0000%	8h	443.71	+0.129%	$1.7M	$1.4M	20x	as long as short
Variational Omni TSM	0.0000%	8h	443.52	+0.085%	$549K	$61K	—	as long as short
SunX TSM-USDT	0.0000%	8h	443.45	+0.070%	$2K	$4.4M	10x	as long as short
HTX TSM-USDT	0.0000%	8h	443.27	+0.029%	$9K	$9K	20x	as long as short
Phemex TSMUSDT	0.0000%	8h	443.78	+0.144%	$1.5M	$442K	10x	as long as short
Lighter RH TSM	+0.0032%	1h	443.49	+0.079%	$222K	$644K	10x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Vest TSM-USD-PERP	+0.0046%	1h	442.87	−0.061%	—	$583	25x	as long as short
Binance TSMUSDT	+0.0047%	8h	443.65	+0.115%	$13.0M	$6.8M	20x	as long as short
Extended TSM-USD	+0.0048%	1h	443.55	+0.092%	$4K	$195K	10x	as long as short
tradeXYZ xyz:TSM	+0.0050%	1h	443.30	+0.036%	$10.2M	$2.3M	10x	as long as short
Polymarket Perps TSM-USD	+0.0050%	1h	443.20	+0.014%	$196K	$51K	10x	as long as short
SoDEX TSM-USD	+0.0050%	1h	442.97	−0.038%	$136	$3K	10x	as long as short
Ondo Perps TSM-USD.P	+0.0050%	1h	443.02	−0.027%	$159K	$23K	10x	as long as short
edgeX TSMUSDC	+0.0066%	4h	443.52	+0.086%	$48K	$217K	10x	as long as short
KuCoin TSMUSDTM	+0.0100%	8h	443.22	+0.018%	$269K	$319K	20x	as long as short
Orderly PERP_TSM_USDC_mythos	+0.0100%	8h	443.50	+0.081%	$21	—	10x	as long as short
Aevo TSM-PERP	+0.0104%	1h	443.56	+0.095%	$124	—	10x	as long as short
Lighter TSM	+0.0136%	1h	443.98	+0.190%	$501K	$173K	10x	as long as short
Coinbase International TSM-PERP-INTX	+0.0152%	1h	443.28	+0.032%	$370K	$107K	10x	as long as short
Phoenix TSMlong	+0.0179%	1h	443.14	long leg	$216K	$5K	10x
GRVT TSM_USDT_Perp	+0.0200%	8h	443.19	+0.011%	$8K	$1.1M	10x	as long as short
Injective TSM/USDC PERP	+0.0220%	1h	447.81	+1.054%	$7K	$38K	12x	as long as short
Deribit TSM_USDC-PERPETUAL	+0.0585%	1h	443.41	+0.061%	$4	$24K	10x	as long as short