Funding arb · Price arb /

TSM

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0008%/8h= +0.9% APRpaid last 24h +0.004%

Price spread now: Coinbase International against SunX−0.276%7-day average −0.213% · you buy dearer than you sell

Net, funding: paid 7d − costs−$282as in the Funding arb table

Net, price: spread back to 7d avg − costs−$273as in the Price arb table

costs, in and out, $10k−$2662.664% of the position

Long on SunX Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days−0.159%−$16 on $10k

Price spread, last 3 days (all we have)+0.231%+$23 · spread now −0.276%, 7d avg −0.213%

Together, before fees+0.073%+$7 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Coinbase International is 0.063% cheaper against SunX than usual: you would sell low and buy high, −$6 on $10k if it goes back to its 7-day average of −0.213%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX TSM-USDT	445.83	0	get 0.0000% / 8h	1h 29m	$2K	$5.4M	10x
Short	Coinbase International TSM-PERP-INTX	444.60	0.0008	get 0.0001% / 1h	29m 09s	$356K	$96K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against SunX. 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 SunXbpFee Coinbase InternationalbpOrdersPrice spread, now −0.276%Rate

Funding earned: $1.68
Price spread: −0.276% → −0.213%: −$6.28
Slippage, 4 orders: −$248.37
Fee SunX: 4 bp × 2 orders: −$8
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$270.98
Costs to cover: 2.664%
Break-even: 1136.1 days

Slippage from SunX: live order book, 9 min ago; Coinbase International: live order book, 54 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 SunX live order book, 9 min ago	44.77 bp	123.1 bp −$123	doesn't fit	doesn't fit	doesn't fit
Sell Coinbase International live order book, 54 min ago	3.15 bp	8.1 bp −$8	14.2 bp −$142	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
Aster TSMUSDT	0.0000%	8h	445.70	−0.030%	$82K	$1K	20x	as long as short
Extended TSM-USD	0.0000%	1h	445.77	−0.012%	$2K	$167K	10x	as long as short
Binance TSMUSDT	0.0000%	8h	445.88	+0.011%	$13.1M	$6.9M	20x	as long as short
Bybit TSMUSDT	0.0000%	8h	445.61	−0.049%	$2.0M	$420K	50x	as long as short
OKX TSM-USDT-SWAP	0.0000%	8h	445.82	−0.002%	$4.0M	$3.1M	20x	as long as short
Gate TSM_USDT	0.0000%	8h	445.51	−0.072%	$1.7M	$921K	100x	as long as short
Bitget TSMUSDT	0.0000%	8h	445.81	−0.004%	$1.6M	$1.5M	20x	as long as short
Variational Omni TSM	0.0000%	8h	445.64	−0.043%	$552K	$85K	—	as long as short
GRVT TSM_USDT_Perp	0.0000%	8h	445.64	−0.043%	$15K	$1.1M	10x	as long as short
SunX TSM-USDTlong	0.0000%	8h	445.83	long leg	$2K	$5.4M	10x

Show all 28 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX TSM-USDT	0.0000%	8h	445.42	−0.092%	$9K	$9K	20x	as long as short
Phemex TSMUSDT	0.0000%	8h	445.26	−0.128%	$1.5M	$469K	10x	as long as short
Coinbase International TSM-PERP-INTXshort	+0.0008%	1h	444.60	−0.276%	$356K	$96K	10x
BloFin TSM-USDT	+0.0018%	8h	445.84	+0.002%	$44K	$104K	20x	as long as short
Lighter RH TSM	+0.0032%	1h	445.99	+0.036%	$226K	$598K	10x	as long as short
Vest TSM-USD-PERP	+0.0046%	1h	445.56	−0.061%	—	—	25x	as long as short
tradeXYZ xyz:TSM	+0.0050%	1h	445.65	−0.040%	$10.3M	$2.6M	10x	as long as short
Polymarket Perps TSM-USD	+0.0050%	1h	445.51	−0.072%	$196K	$91K	10x	as long as short
SoDEX TSM-USD	+0.0050%	1h	445.51	−0.072%	$147	$3K	10x	as long as short
Ondo Perps TSM-USD.P	+0.0050%	1h	445.11	−0.161%	$159K	$22K	10x	as long as short
KuCoin TSMUSDTM	+0.0100%	8h	445.43	−0.090%	$270K	$337K	20x	as long as short
Orderly PERP_TSM_USDC_mythos	+0.0100%	8h	445.74	−0.020%	$21	—	10x	as long as short
Aevo TSM-PERP	+0.0104%	1h	446.00	+0.038%	$125	—	10x	as long as short
Phoenix TSM	+0.0162%	1h	445.51	−0.072%	$217K	$5K	10x	as long as short
Injective TSM/USDC PERP	+0.0220%	1h	449.91	+0.915%	$7K	$38K	12x	as long as short
Deribit TSM_USDC-PERPETUAL	+0.0289%	1h	445.89	+0.013%	$4	$61K	10x	as long as short
Lighter TSM	+0.0456%	1h	446.45	+0.139%	$504K	$163K	10x	as long as short
edgeX TSMUSDC	+0.0848%	4h	445.63	−0.045%	$48K	$215K	10x	as long as short