Funding arb · Price arb /

TSM

RWAall TSM markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0215%/8h= −23.6% APRpaid last 24h −0.059%

Price spread now: SunX against Phoenix−0.007%7-day average +0.018% · you buy dearer than you sell

Net, funding: paid 7d − costs−$298as in the Funding arb table

Net, price: spread back to 7d avg − costs−$272as in the Price arb table

costs, in and out, $10k−$2702.700% of the position

Long on Phoenix Short on SunX

What this pair did over the last

the charts below follow

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

Price spread, last 3 days (all we have)+0.036%+$4 · spread now −0.007%, 7d avg +0.018%

Together, before fees−0.243%−$24 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and SunX is 0.025% cheaper against Phoenix than usual: you would sell low and buy high (−$2 if the spread goes back to its 7-day average of +0.018%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix TSM	446.54	0.0215	pay 0.0027% / 1h	24m 30s	$217K	$5K	10x
Short	SunX TSM-USDT	446.51	0	get 0.0000% / 8h	24m 30s	$2K	$5.1M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now −0.007%Rate

Funding earned: −$45.18
Price spread: −0.007% → +0.018%: −$2.49
Slippage, 4 orders: −$254.95
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee SunX: 4 bp × 2 orders: −$8
Net: −$317.63
Costs to cover: 2.700%
Break-even: never at this rate

Slippage from Phoenix: live order book, 48 min ago; SunX: live order book, 4 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, 48 min ago	2.69 bp	9.6 bp −$10	19.1 bp −$191	doesn't fit	doesn't fit
Sell SunX live order book, 4 min ago	45.13 bp	127.3 bp −$127	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	−0.0024%	1h	446.18	−0.081%	$357K	$97K	10x	as long as short
Aster TSMUSDT	0.0000%	8h	446.53	−0.003%	$82K	$1K	20x	as long as short
Extended TSM-USD	0.0000%	1h	446.58	+0.010%	$2K	$167K	10x	as long as short
Binance TSMUSDT	0.0000%	8h	446.69	+0.033%	$13.2M	$6.7M	20x	as long as short
Bybit TSMUSDT	0.0000%	8h	446.43	−0.025%	$2.0M	$415K	50x	as long as short
OKX TSM-USDT-SWAP	0.0000%	8h	446.76	+0.049%	$4.0M	$2.9M	20x	as long as short
Gate TSM_USDT	0.0000%	8h	446.24	−0.067%	$1.7M	$908K	100x	as long as short
Bitget TSMUSDT	0.0000%	8h	446.66	+0.027%	$1.6M	$1.5M	20x	as long as short
Variational Omni TSM	0.0000%	8h	446.47	−0.016%	$553K	$84K	—	as long as short
GRVT TSM_USDT_Perp	0.0000%	8h	446.47	−0.015%	$7K	$1.1M	10x	as long as short

Show all 28 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX TSM-USDTshort	0.0000%	8h	446.51	−0.007%	$2K	$5.1M	10x
Deribit TSM_USDC-PERPETUAL	0.0000%	1h	446.41	−0.029%	$4	$61K	10x	as long as short
HTX TSM-USDT	0.0000%	8h	446.49	−0.011%	$9K	$9K	20x	as long as short
Phemex TSMUSDT	0.0000%	8h	445.04	−0.336%	$1.5M	$452K	10x	as long as short
BloFin TSM-USDT	+0.0023%	8h	446.53	−0.002%	$44K	$102K	20x	as long as short
Lighter RH TSM	+0.0032%	1h	446.82	+0.063%	$225K	$591K	10x	as long as short
Vest TSM-USD-PERP	+0.0046%	1h	446.48	−0.013%	—	—	25x	as long as short
tradeXYZ xyz:TSM	+0.0050%	1h	446.39	−0.034%	$10.3M	$2.4M	10x	as long as short
Polymarket Perps TSM-USD	+0.0050%	1h	446.45	−0.020%	$196K	$90K	10x	as long as short
SoDEX TSM-USD	+0.0050%	1h	446.23	−0.069%	$145	$3K	10x	as long as short
Ondo Perps TSM-USD.P	+0.0050%	1h	446.40	−0.031%	$159K	$22K	10x	as long as short
KuCoin TSMUSDTM	+0.0100%	8h	446.13	−0.092%	$271K	$321K	20x	as long as short
Orderly PERP_TSM_USDC_mythos	+0.0100%	8h	446.47	−0.016%	$21	—	10x	as long as short
Aevo TSM-PERP	+0.0104%	1h	446.49	−0.012%	$125	—	10x	as long as short
Phoenix TSMlong	+0.0215%	1h	446.54	long leg	$217K	$5K	10x
Injective TSM/USDC PERP	+0.0220%	1h	450.72	+0.936%	$7K	$38K	12x	as long as short
Lighter TSM	+0.0280%	1h	447.19	+0.146%	$505K	$166K	10x	as long as short
edgeX TSMUSDC	+0.0598%	4h	446.44	−0.023%	$48K	$214K	10x	as long as short