Funding arb · Price arb /

TSM

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0050%/8h= −5.5% APRpaid last 24h −0.027%

Price spread now: Phemex against Polymarket Perps+0.002%7-day average +0.092% · you sell dearer than you buy

Net, funding: paid 7d − costs−$89as in the Funding arb table

Net, price: spread back to 7d avg − costs−$85as in the Price arb table

costs, in and out, $10k−$760.760% of the position

Long on Polymarket Perps Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.126%−$13 on $10k

Price spread, last 3 days (all we have)+0.017%+$2 · spread now +0.002%, 7d avg +0.092%

Together, before fees−0.109%−$11 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 Phemex is 0.090% cheaper against Polymarket Perps than usual: you would sell low and buy high (−$9 if the spread goes back to its 7-day average of +0.092%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Polymarket Perps TSM-USD	444.96	0.0050	pay 0.0006% / 1h	5m 11s	$188K	$82K	10x
Short	Phemex TSMUSDT	444.97	0	get 0.0000% / 8h	2h 05m	$1.5M	$465K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now +0.002%Rate

Funding earned: −$10.5
Price spread: +0.002% → +0.092%: −$8.96
Slippage, 4 orders: −$55.96
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$95.43
Costs to cover: 0.760%
Break-even: never at this rate

Slippage from Polymarket Perps: live order book, 17 min ago; Phemex: live order book, 3 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, 17 min ago	0.67 bp	8.3 bp −$8	10.4 bp −$104	doesn't fit	doesn't fit
Sell Phemex live order book, 3 min ago	0.34 bp	31.6 bp −$32	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
BloFin TSM-USDT	−0.0029%	8h	445.07	+0.025%	$44K	$105K	20x	as long as short
Aster TSMUSDT	0.0000%	8h	445.05	+0.019%	$82K	$1K	20x	as long as short
Extended TSM-USD	0.0000%	1h	445.08	+0.026%	$2K	$167K	10x	as long as short
Binance TSMUSDT	0.0000%	8h	445.11	+0.034%	$13.1M	$6.9M	20x	as long as short
Bybit TSMUSDT	0.0000%	8h	444.86	−0.022%	$2.0M	$419K	50x	as long as short
OKX TSM-USDT-SWAP	0.0000%	8h	445.02	+0.013%	$4.0M	$3.1M	20x	as long as short
Gate TSM_USDT	0.0000%	8h	444.88	−0.018%	$1.7M	$923K	100x	as long as short
Bitget TSMUSDT	0.0000%	8h	445.10	+0.031%	$1.6M	$1.5M	20x	as long as short
Variational Omni TSM	0.0000%	8h	445.10	+0.033%	$551K	$85K	—	as long as short
GRVT TSM_USDT_Perp	0.0000%	8h	445.14	+0.040%	$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-USDT	0.0000%	8h	445.11	+0.034%	$1K	$5.4M	10x	as long as short
HTX TSM-USDT	0.0000%	8h	444.81	−0.034%	$9K	$9K	20x	as long as short
Phemex TSMUSDTshort	0.0000%	8h	444.97	+0.002%	$1.5M	$465K	10x
Coinbase International TSM-PERP-INTX	+0.0016%	1h	444.60	−0.081%	$356K	$96K	10x	as long as short
edgeX TSMUSDC	+0.0026%	4h	445.17	+0.048%	$48K	$214K	10x	as long as short
Lighter RH TSM	+0.0032%	1h	445.20	+0.054%	$224K	$685K	10x	as long as short
Vest TSM-USD-PERP	+0.0046%	1h	444.90	−0.013%	—	—	25x	as long as short
tradeXYZ xyz:TSM	+0.0050%	1h	444.77	−0.043%	$10.3M	$2.6M	10x	as long as short
Polymarket Perps TSM-USDlong	+0.0050%	1h	444.96	long leg	$188K	$82K	10x
SoDEX TSM-USD	+0.0050%	1h	444.74	−0.049%	$145	$3K	10x	as long as short
Ondo Perps TSM-USD.P	+0.0050%	1h	445.02	+0.013%	$158K	$22K	10x	as long as short
KuCoin TSMUSDTM	+0.0100%	8h	444.71	−0.056%	$269K	$340K	20x	as long as short
Orderly PERP_TSM_USDC_mythos	+0.0100%	8h	445.16	+0.045%	$21	—	10x	as long as short
Aevo TSM-PERP	+0.0104%	1h	445.29	+0.074%	$125	—	10x	as long as short
Phoenix TSM	+0.0180%	1h	444.99	+0.007%	$216K	$5K	10x	as long as short
Injective TSM/USDC PERP	+0.0220%	1h	468.41	+5.270%	$7K	$39K	12x	as long as short
Deribit TSM_USDC-PERPETUAL	+0.0312%	1h	445.15	+0.043%	$4	$61K	10x	as long as short
Lighter TSM	+0.0672%	1h	445.89	+0.209%	$503K	$161K	10x	as long as short