Funding arb · Price arb /

TSM

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0509%/8h= −55.7% APRpaid last 24h +0.047%

Price spread now: edgeX against Polymarket Perps+0.025%64s7-day average +0.067% · you sell dearer than you buy

Net, funding: paid 7d − costs−$56as 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−$330.326% of the position

Long on Polymarket Perps Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.232%−$23 on $10k

Price spread, last 3 days (all we have)−0.013%−$1 · spread now +0.025%, 7d avg +0.067%

Together, before fees−0.245%+ Points / potential airdropedgeX: Active · farm board−$25 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$15 a day on $10k at the current rate, and edgeX is 0.042% cheaper against Polymarket Perps than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of +0.067%). Swap the legs. The two prices were read 64 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.232% in total (about -12.1% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Polymarket Perps TSM-USD	447.12	0.0050	pay 0.0006% / 1h	34m 06s	$197K	$41K	10x
Short	edgeX TSMUSDC	447.23	−0.0459	pay 0.0230% / 4h	3h 34m	$48K	$216K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX 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 edgeXbpOrdersPrice spread, now +0.025%Rate

Funding earned: −$106.9
Price spread: +0.025% → +0.067%: −$4.19
Slippage, 4 orders: −$15.63
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$143.72
Costs to cover: 0.326%
Break-even: never at this rate

Slippage from Polymarket Perps: live order book, 38 min ago; edgeX: live order book, 38 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, 38 min ago	0.11 bp	8.6 bp −$9	8.6 bp −$86	10.8 bp −$1,081	doesn't fit
Sell edgeX live order book, 38 min ago	5.26 bp	9.9 bp −$10	12.6 bp −$126	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 TSMUSDCshort	−0.0459%	4h	447.23	+0.025%	$48K	$216K	10x
Coinbase International TSM-PERP-INTX	−0.0024%	1h	446.95	−0.038%	$358K	$101K	10x	as long as short
BloFin TSM-USDT	−0.0021%	8h	447.30	+0.040%	$44K	$102K	20x	as long as short
Aster TSMUSDT	0.0000%	8h	447.20	+0.017%	$82K	$1K	20x	as long as short
Extended TSM-USD	0.0000%	1h	447.20	+0.017%	$4K	$192K	10x	as long as short
Binance TSMUSDT	0.0000%	8h	447.29	+0.038%	$13.2M	$6.9M	20x	as long as short
Bybit TSMUSDT	0.0000%	8h	447.11	−0.002%	$2.0M	$408K	50x	as long as short
OKX TSM-USDT-SWAP	0.0000%	8h	447.28	+0.036%	$4.0M	$3.0M	20x	as long as short
Gate TSM_USDT	0.0000%	8h	446.92	−0.045%	$1.7M	$907K	100x	as long as short
Variational Omni TSM	0.0000%	8h	447.36	+0.054%	$554K	$84K	—	as long as short

Show all 28 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT TSM_USDT_Perp	0.0000%	8h	447.37	+0.056%	$9K	$1.1M	10x	as long as short
SunX TSM-USDT	0.0000%	8h	447.27	+0.034%	$2K	$5.0M	10x	as long as short
HTX TSM-USDT	0.0000%	8h	447.14	+0.004%	$9K	$8K	20x	as long as short
Phemex TSMUSDT	0.0000%	8h	447.27	+0.034%	$1.5M	$452K	10x	as long as short
Bitget TSMUSDT	+0.0009%	8h	447.26	+0.031%	$1.6M	$1.4M	20x	as long as short
Lighter RH TSM	+0.0032%	1h	447.25	+0.029%	$231K	$638K	10x	as long as short
Vest TSM-USD-PERP	+0.0046%	1h	447.14	+0.004%	—	—	25x	as long as short
tradeXYZ xyz:TSM	+0.0050%	1h	447.03	−0.020%	$10.3M	$2.4M	10x	as long as short
Polymarket Perps TSM-USDlong	+0.0050%	1h	447.12	long leg	$197K	$41K	10x
SoDEX TSM-USD	+0.0050%	1h	446.94	−0.040%	$146	$3K	10x	as long as short
Ondo Perps TSM-USD.P	+0.0050%	1h	447.09	−0.007%	$158K	$20K	10x	as long as short
KuCoin TSMUSDTM	+0.0100%	8h	446.86	−0.058%	$272K	$312K	20x	as long as short
Orderly PERP_TSM_USDC_mythos	+0.0100%	8h	447.20	+0.018%	$21	—	10x	as long as short
Aevo TSM-PERP	+0.0104%	1h	447.22	+0.021%	$125	—	10x	as long as short
Phoenix TSM	+0.0179%	1h	447.08	−0.009%	$217K	$5K	10x	as long as short
Injective TSM/USDC PERP	+0.0220%	1h	452.06	+1.105%	$7K	$38K	12x	as long as short
Lighter TSM	+0.0240%	1h	447.82	+0.157%	$505K	$166K	10x	as long as short
Deribit TSM_USDC-PERPETUAL	+0.0421%	1h	447.16	+0.009%	$4	$32K	10x	as long as short