Funding arb · Price arb /

TSM

RWAall TSM markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0050%/8h= −5.5% APRpaid last 24h −0.020%

Price spread now: Bybit against Polymarket Perps−0.020%7-day average +0.040% · you buy dearer than you sell

Net, funding: paid 7d − costs−$48as in the Funding arb table

Net, price: spread back to 7d avg − costs−$42as in the Price arb table

costs, in and out, $10k−$360.358% of the position

Long on Polymarket Perps Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.119%−$12 on $10k

Price spread, last 7 days−0.007%−$1 · spread now −0.020%, 7d avg +0.040%

Together, before fees−0.126%−$13 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Bybit is 0.060% cheaper against Polymarket Perps than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of +0.040%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Polymarket Perps TSM-USD	445.48	0.0050	pay 0.0006% / 1h	32m 23s	$196K	$91K	10x
Short	Bybit TSMUSDT	445.39	0	get 0.0000% / 8h	1h 32m	$2.0M	$420K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Polymarket Perps. 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 Polymarket PerpsbpFee BybitbpOrdersPrice spread, now −0.020%Rate

Funding earned: −$10.5
Price spread: −0.020% → +0.040%: −$6.02
Slippage, 4 orders: −$16.78
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$52.3
Costs to cover: 0.358%
Break-even: never at this rate

Slippage from Polymarket Perps: live order book, 49 min ago; Bybit: 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 Polymarket Perps live order book, 49 min ago	0.67 bp	8.3 bp −$8	10.4 bp −$104	doesn't fit	doesn't fit
Sell Bybit live order book, 4 min ago	0.67 bp	10.2 bp −$10	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
edgeX TSMUSDC	−0.0958%	4h	445.61	+0.029%	$48K	$215K	10x	as long as short
Aster TSMUSDT	0.0000%	8h	445.53	+0.012%	$82K	$1K	20x	as long as short
Extended TSM-USD	0.0000%	1h	445.63	+0.034%	$2K	$167K	10x	as long as short
Binance TSMUSDT	0.0000%	8h	445.70	+0.049%	$13.1M	$6.9M	20x	as long as short
Bybit TSMUSDTshort	0.0000%	8h	445.39	−0.020%	$2.0M	$420K	50x
OKX TSM-USDT-SWAP	0.0000%	8h	445.55	+0.016%	$4.0M	$3.1M	20x	as long as short
Gate TSM_USDT	0.0000%	8h	445.24	−0.054%	$1.7M	$921K	100x	as long as short
Bitget TSMUSDT	0.0000%	8h	445.44	−0.009%	$1.6M	$1.5M	20x	as long as short
Variational Omni TSM	0.0000%	8h	445.61	+0.030%	$552K	$85K	—	as long as short
GRVT TSM_USDT_Perp	0.0000%	8h	445.60	+0.027%	$15K	$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-USDT	0.0000%	8h	445.67	+0.043%	$2K	$5.4M	10x	as long as short
HTX TSM-USDT	0.0000%	8h	445.39	−0.020%	$9K	$9K	20x	as long as short
Phemex TSMUSDT	0.0000%	8h	445.08	−0.090%	$1.5M	$468K	10x	as long as short
Coinbase International TSM-PERP-INTX	+0.0008%	1h	444.60	−0.198%	$356K	$96K	10x	as long as short
BloFin TSM-USDT	+0.0018%	8h	445.67	+0.043%	$44K	$104K	20x	as long as short
Lighter RH TSM	+0.0032%	1h	445.77	+0.065%	$225K	$597K	10x	as long as short
Vest TSM-USD-PERP	+0.0046%	1h	445.46	−0.004%	—	—	25x	as long as short
tradeXYZ xyz:TSM	+0.0050%	1h	445.33	−0.034%	$10.3M	$2.6M	10x	as long as short
Polymarket Perps TSM-USDlong	+0.0050%	1h	445.48	long leg	$196K	$91K	10x
SoDEX TSM-USD	+0.0050%	1h	445.34	−0.031%	$147	$3K	10x	as long as short
Ondo Perps TSM-USD.P	+0.0050%	1h	445.11	−0.083%	$159K	$22K	10x	as long as short
KuCoin TSMUSDTM	+0.0100%	8h	445.13	−0.079%	$270K	$338K	20x	as long as short
Orderly PERP_TSM_USDC_mythos	+0.0100%	8h	445.62	+0.031%	$21	—	10x	as long as short
Aevo TSM-PERP	+0.0104%	1h	445.68	+0.046%	$125	—	10x	as long as short
Phoenix TSM	+0.0162%	1h	445.61	+0.029%	$217K	$5K	10x	as long as short
Injective TSM/USDC PERP	+0.0220%	1h	449.91	+0.994%	$7K	$38K	12x	as long as short
Deribit TSM_USDC-PERPETUAL	+0.0244%	1h	445.62	+0.031%	$4	$61K	10x	as long as short
Lighter TSM	+0.0496%	1h	446.03	+0.123%	$503K	$163K	10x	as long as short