Funding arb · Price arb /

TSM

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0050%/8h= −5.5% APRpaid last 24h −0.015%

Price spread now: HTX against SoDEX+0.125%7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on SoDEX Short on HTX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

The price spread pays, funding is against you. HTX is 0.125% dearer against SoDEX than usual: you sell high and buy low (spread +0.125% now, against zero (this spread has no 7-day history yet)): +$13 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 8.3 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SoDEX TSM-USD	439.41	0.0050	pay 0.0006% / 1h	52m 49s	$134	$3K	10x
Short	HTX TSM-USDT	439.96	0	get 0.0000% / 8h	1h 52m	$9K	$8K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX against SoDEX. 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 SoDEXbpFee HTXbpOrdersPrice spread, now +0.125%Rate

Funding earned: −$10.5
Price spread: +0.125% → 0.000%: $12.52
Slippage, 4 orders: no order book: not counted
Fee SoDEX: 4 bp × 2 orders: −$8
Fee HTX: 6 bp × 2 orders: −$12
Net: −$17.98
Costs to cover: 0.200%
Break-even: never at this rate

Slippage unknown: SoDEX: no order-book sample; HTX: no order-book sample. Net counts fees only.

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 SoDEX no order-book sample	—	—	—	—	—
Sell HTX no order-book sample	—	—	—	—	—

SoDEX and HTX: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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
Bitget TSMUSDT	−0.0180%	8h	440.38	+0.221%	$1.7M	$1.5M	20x	as long as short
edgeX TSMUSDC	−0.0104%	4h	440.03	+0.140%	$47K	$216K	10x	as long as short
Aster TSMUSDT	0.0000%	8h	440.06	+0.148%	$82K	$2K	20x	as long as short
Bybit TSMUSDT	0.0000%	8h	439.74	+0.075%	$2.0M	$396K	50x	as long as short
OKX TSM-USDT-SWAP	0.0000%	8h	439.88	+0.107%	$4.0M	$2.6M	20x	as long as short
Gate TSM_USDT	0.0000%	8h	439.75	+0.077%	$1.7M	$1.1M	100x	as long as short
Variational Omni TSM	0.0000%	8h	440.02	+0.138%	$557K	$36K	—	as long as short
SunX TSM-USDT	0.0000%	8h	439.96	+0.125%	$2K	$4.2M	10x	as long as short
HTX TSM-USDTshort	0.0000%	8h	439.96	+0.125%	$9K	$8K	20x
Phemex TSMUSDT	0.0000%	8h	440.65	+0.282%	$1.5M	$515K	10x	as long as short

Show all 28 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter TSM	+0.0032%	1h	440.08	+0.152%	$495K	$137K	10x	as long as short
Lighter RH TSM	+0.0032%	1h	439.79	+0.086%	$224K	$684K	10x	as long as short
BloFin TSM-USDT	+0.0043%	8h	439.95	+0.123%	$45K	$105K	20x	as long as short
Vest TSM-USD-PERP	+0.0046%	1h	439.32	−0.020%	—	$1K	25x	as long as short
Coinbase International TSM-PERP-INTX	+0.0048%	1h	439.33	−0.018%	$366K	$102K	10x	as long as short
tradeXYZ xyz:TSM	+0.0050%	1h	439.44	+0.007%	$10.2M	$1.8M	10x	as long as short
SoDEX TSM-USDlong	+0.0050%	1h	439.41	long leg	$134	$3K	10x
Ondo Perps TSM-USD.P	+0.0050%	1h	439.94	+0.121%	$157K	$27K	10x	as long as short
Extended TSM-USD	+0.0064%	1h	439.84	+0.098%	$5K	$179K	10x	as long as short
GRVT TSM_USDT_Perp	+0.0065%	8h	440.08	+0.152%	$16K	$1.3M	10x	as long as short
Binance TSMUSDT	+0.0066%	8h	439.96	+0.125%	$12.9M	$7.9M	20x	as long as short
Polymarket Perps TSM-USD	+0.0078%	1h	439.68	+0.061%	$192K	$63K	10x	as long as short
KuCoin TSMUSDTM	+0.0100%	8h	439.63	+0.050%	$266K	$309K	20x	as long as short
Orderly PERP_TSM_USDC_mythos	+0.0100%	8h	439.82	+0.093%	$21	—	10x	as long as short
Aevo TSM-PERP	+0.0104%	1h	439.66	+0.057%	$123	—	10x	as long as short
Phoenix TSM	+0.0164%	1h	439.71	+0.068%	$214K	$5K	10x	as long as short
Injective TSM/USDC PERP	+0.0220%	1h	445.31	+1.343%	$6K	$38K	12x	as long as short
Deribit TSM_USDC-PERPETUAL	+0.0433%	1h	439.84	+0.098%	$97	$25K	10x	as long as short