Funding arb · Price arb /

TSM

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0681%/8h= −74.6% APRpaid last 24h +0.013%

Price spread now: edgeX against SunX+0.119%74s7-day average +0.001% · you sell dearer than you buy

Net, funding: paid 7d − costs−$280as 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−$2712.713% of the position

Long on SunX Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.083%−$8 on $10k

Price spread, last 4 days (all we have)−0.134%−$13 · spread now +0.119%, 7d avg +0.001%

Together, before fees−0.217%+ Points / potential airdropedgeX: Active · farm board−$22 on $10k · with fees, hour by hour

The price spread pays, funding is against you. edgeX is 0.119% dearer against SunX than usual: you sell high and buy low (spread +0.119% now, against its 7-day average of +0.001%): +$12 on $10k if it goes back. Holding the pair costs −$20 a day in funding at the current rate, which eats that in about 14 hours. At the pace of the last 7 days (−0.083% in total) that is about 10.0 days. The two prices were read 74 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 -0.083% in total (about -4.3% 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	SunX TSM-USDT	441.59	0	get 0.0000% / 8h	4h 41m	$2K	$4.3M	10x
Short	edgeX TSMUSDC	442.12	−0.0681	pay 0.0341% / 4h	41m 45s	$48K	$217K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX 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 edgeXbpOrdersPrice spread, now +0.119%Rate

Funding earned: −$143.08
Price spread: +0.119% → +0.001%: $11.87
Slippage, 4 orders: −$254.28
Fee SunX: 4 bp × 2 orders: −$8
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$402.49
Costs to cover: 2.713%
Break-even: never at this rate

Slippage from SunX: live order book, 7 min ago; edgeX: live order book, 15 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, 7 min ago	44.65 bp	122.9 bp −$123	doesn't fit	doesn't fit	doesn't fit
Sell edgeX live order book, 15 min ago	6.11 bp	10.8 bp −$11	13.3 bp −$133	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	−0.0681%	4h	442.12	+0.119%	$48K	$217K	10x
Aster TSMUSDT	0.0000%	8h	442.04	+0.102%	$82K	$2K	20x	as long as short
Bybit TSMUSDT	0.0000%	8h	441.25	−0.077%	$2.0M	$395K	50x	as long as short
OKX TSM-USDT-SWAP	0.0000%	8h	441.57	−0.005%	$4.0M	$2.5M	20x	as long as short
Gate TSM_USDT	0.0000%	8h	441.34	−0.057%	$1.7M	$980K	100x	as long as short
Bitget TSMUSDT	0.0000%	8h	441.52	−0.016%	$1.7M	$1.4M	20x	as long as short
Variational Omni TSM	0.0000%	8h	441.98	+0.088%	$547K	$40K	—	as long as short
SunX TSM-USDTlong	0.0000%	8h	441.59	long leg	$2K	$4.3M	10x
HTX TSM-USDT	0.0000%	8h	441.07	−0.118%	$9K	$8K	20x	as long as short
Phemex TSMUSDT	0.0000%	8h	441.89	+0.068%	$1.5M	$457K	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	441.77	+0.041%	$497K	$175K	10x	as long as short
Lighter RH TSM	+0.0032%	1h	441.50	−0.020%	$220K	$642K	10x	as long as short
Vest TSM-USD-PERP	+0.0046%	1h	441.13	−0.104%	—	$583	25x	as long as short
BloFin TSM-USDT	+0.0047%	8h	441.37	−0.050%	$45K	$98K	20x	as long as short
tradeXYZ xyz:TSM	+0.0050%	1h	441.17	−0.095%	$10.2M	$2.2M	10x	as long as short
Polymarket Perps TSM-USD	+0.0050%	1h	441.27	−0.072%	$194K	$52K	10x	as long as short
SoDEX TSM-USD	+0.0050%	1h	440.97	−0.140%	$137	$3K	10x	as long as short
Ondo Perps TSM-USD.P	+0.0050%	1h	440.37	−0.276%	$158K	$23K	10x	as long as short
Extended TSM-USD	+0.0064%	1h	441.43	−0.037%	$3K	$188K	10x	as long as short
Binance TSMUSDT	+0.0064%	8h	441.59	0.000%	$13.0M	$7.1M	20x	as long as short
KuCoin TSMUSDTM	+0.0100%	8h	441.18	−0.093%	$267K	$317K	20x	as long as short
Orderly PERP_TSM_USDC_mythos	+0.0100%	8h	441.50	−0.020%	$21	—	10x	as long as short
Aevo TSM-PERP	+0.0104%	1h	441.50	−0.021%	$124	—	10x	as long as short
Coinbase International TSM-PERP-INTX	+0.0120%	1h	440.79	−0.181%	$368K	$102K	10x	as long as short
GRVT TSM_USDT_Perp	+0.0123%	8h	441.98	+0.089%	$16K	$1.2M	10x	as long as short
Phoenix TSM	+0.0199%	1h	441.47	−0.027%	$215K	$5K	10x	as long as short
Injective TSM/USDC PERP	+0.0220%	1h	447.69	+1.381%	$7K	$38K	12x	as long as short
Deribit TSM_USDC-PERPETUAL	+0.0430%	1h	441.43	−0.036%	$4	$24K	10x	as long as short