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: Phemex against Phoenix+0.105%73s7-day average +0.035% · you sell dearer than you buy

Net, funding: paid 7d − costs−$129as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$1011.013% of the position

Long on Phoenix Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.281%−$28 on $10k

Price spread, last 4 days (all we have)−0.091%−$9 · spread now +0.105%, 7d avg +0.035%

Together, before fees−0.372%−$37 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phemex is 0.070% dearer against Phoenix than usual: you sell high and buy low (spread +0.105% now, against its 7-day average of +0.035%): +$7 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 38 hours. The two prices were read 73 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix TSM	439.86	0.0145	pay 0.0018% / 1h	58m 02s	$209K	$10K	10x
Short	Phemex TSMUSDT	440.32	0	get 0.0000% / 8h	6h 58m	$1.5M	$543K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now +0.105%Rate

Funding earned: −$30.55
Price spread: +0.105% → +0.035%: $6.98
Slippage, 4 orders: −$82.29
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$124.85
Costs to cover: 1.013%
Break-even: never at this rate

Slippage from Phoenix: live order book, 29 min ago; Phemex: 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, 29 min ago	3.88 bp	12.2 bp −$12	25.9 bp −$259	doesn't fit	doesn't fit
Sell Phemex live order book, 5 min ago	11.26 bp	39.0 bp −$39	doesn't fit	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
Coinbase International TSM-PERP-INTX	−0.0016%	1h	439.24	−0.141%	$371K	$98K	10x	as long as short
Aster TSMUSDT	0.0000%	8h	439.85	−0.002%	$82K	$2K	20x	as long as short
Bybit TSMUSDT	0.0000%	8h	439.71	−0.034%	$2.0M	$401K	50x	as long as short
OKX TSM-USDT-SWAP	0.0000%	8h	440.10	+0.055%	$4.0M	$2.7M	20x	as long as short
Gate TSM_USDT	0.0000%	8h	439.88	+0.005%	$1.7M	$1.1M	100x	as long as short
Bitget TSMUSDT	0.0000%	8h	440.03	+0.039%	$1.8M	$1.5M	20x	as long as short
Variational Omni TSM	0.0000%	8h	440.05	+0.044%	$551K	$44K	—	as long as short
SunX TSM-USDT	0.0000%	8h	440.19	+0.075%	$2K	$3.9M	10x	as long as short
HTX TSM-USDT	0.0000%	8h	440.26	+0.091%	$9K	$8K	20x	as long as short
Phemex TSMUSDTshort	0.0000%	8h	440.32	+0.105%	$1.5M	$543K	10x

Show all 28 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended TSM-USD	+0.0024%	1h	439.93	+0.016%	$1K	$214K	10x	as long as short
Binance TSMUSDT	+0.0028%	8h	440.05	+0.043%	$12.9M	$8.3M	20x	as long as short
Lighter TSM	+0.0032%	1h	439.93	+0.016%	$495K	$142K	10x	as long as short
BloFin TSM-USDT	+0.0044%	8h	440.17	+0.070%	$45K	$111K	20x	as long as short
Vest TSM-USD-PERP	+0.0046%	1h	439.82	−0.009%	—	$2K	25x	as long as short
tradeXYZ xyz:TSM	+0.0050%	1h	439.57	−0.066%	$10.0M	$1.9M	10x	as long as short
Polymarket Perps TSM-USD	+0.0050%	1h	439.72	−0.032%	$190K	$67K	10x	as long as short
SoDEX TSM-USD	+0.0050%	1h	439.68	−0.041%	$136	$3K	10x	as long as short
Ondo Perps TSM-USD.P	+0.0050%	1h	439.48	−0.086%	$158K	$27K	10x	as long as short
Lighter RH TSM	+0.0072%	1h	439.96	+0.023%	$196K	$724K	10x	as long as short
KuCoin TSMUSDTM	+0.0100%	8h	439.60	−0.059%	$267K	$372K	20x	as long as short
Orderly PERP_TSM_USDC_mythos	+0.0100%	8h	439.99	+0.030%	$21	—	10x	as long as short
Aevo TSM-PERP	+0.0104%	1h	440.05	+0.042%	$123	—	10x	as long as short
Phoenix TSMlong	+0.0145%	1h	439.86	long leg	$209K	$10K	10x
Injective TSM/USDC PERP	+0.0220%	1h	443.95	+0.930%	$6K	$38K	12x	as long as short
GRVT TSM_USDT_Perp	+0.0238%	8h	439.96	+0.023%	$12K	$1.3M	10x	as long as short
edgeX TSMUSDC	+0.0242%	4h	440.12	+0.060%	$47K	$217K	10x	as long as short
Deribit TSM_USDC-PERPETUAL	+0.0910%	1h	440.13	+0.061%	$4	$13K	10x	as long as short