Funding arb · Price arb /

TSM

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC+0.0033%/8h= +3.6% APRpaid last 24h +0.066%

Price spread now: Injective against SunX+0.493%61s7-day average — · you sell dearer than you buy

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

Long on SunX Short on Injective

What this pair did over the last

the charts below follow

Funding, last 4 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

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Injective is 0.493% dearer against SunX than usual: you sell high and buy low: +$49 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 61 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX TSM-USDT	441.77	0	get 0.0000% / 8h	5h 30m	$2K	$3.8M	10x
Short	Injective TSM/USDC PERP	443.95	0.0033	get 0.0004% / 1h	30m 04s	$6K	$38K	12x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now +0.493%Rate

Funding earned: $7
Price spread: +0.493% → 0.000%: $49.35
Slippage, 4 orders: no order book: not counted
Fee SunX: 4 bp × 2 orders: −$8
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: $48.33
Costs to cover: 0.080%
Break-even: from the start

Slippage unknown: SunX: live order book, 11 min ago; Injective: 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 SunX live order book, 11 min ago	46.14 bp	124.5 bp −$125	doesn't fit	doesn't fit	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

Injective: 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 exchanges

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
Coinbase International TSM-PERP-INTX	−0.0056%	1h	441.37	−0.091%	$373K	$109K	10x	as long as short
Aster TSMUSDT	0.0000%	8h	441.98	+0.048%	$82K	$2K	20x	as long as short
Bybit TSMUSDT	0.0000%	8h	441.56	−0.048%	$2.0M	$393K	50x	as long as short
OKX TSM-USDT-SWAP	0.0000%	8h	441.84	+0.016%	$4.1M	$2.8M	20x	as long as short
Gate TSM_USDT	0.0000%	8h	441.58	−0.043%	$1.7M	$1.1M	100x	as long as short
Bitget TSMUSDT	0.0000%	8h	441.81	+0.009%	$1.8M	$1.5M	20x	as long as short
SunX TSM-USDTlong	0.0000%	8h	441.77	long leg	$2K	$3.8M	10x
HTX TSM-USDT	0.0000%	8h	441.42	−0.079%	$9K	$8K	20x	as long as short
Phemex TSMUSDT	0.0000%	8h	441.27	−0.113%	$1.5M	$566K	10x	as long as short
Lighter TSM	+0.0032%	1h	441.96	+0.043%	$498K	$143K	10x	as long as short

Show all 28 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH TSM	+0.0032%	1h	441.77	0.000%	$198K	$687K	10x	as long as short
Injective TSM/USDC PERPshort	+0.0033%	1h	443.95	+0.493%	$6K	$38K	12x
Variational Omni TSM	+0.0040%	8h	441.71	−0.014%	$554K	$44K	—	as long as short
Vest TSM-USD-PERP	+0.0046%	1h	441.24	−0.120%	—	$2K	25x	as long as short
tradeXYZ xyz:TSM	+0.0050%	1h	441.48	−0.066%	$10.1M	$2.0M	10x	as long as short
Polymarket Perps TSM-USD	+0.0050%	1h	441.53	−0.054%	$187K	$71K	10x	as long as short
SoDEX TSM-USD	+0.0050%	1h	441.45	−0.072%	$136	$3K	10x	as long as short
Ondo Perps TSM-USD.P	+0.0050%	1h	441.27	−0.113%	$156K	$33K	10x	as long as short
BloFin TSM-USDT	+0.0090%	8h	441.81	+0.009%	$46K	$117K	20x	as long as short
KuCoin TSMUSDTM	+0.0100%	8h	441.49	−0.063%	$268K	$464K	20x	as long as short
Orderly PERP_TSM_USDC_mythos	+0.0100%	8h	441.73	−0.009%	$21	—	10x	as long as short
Aevo TSM-PERP	+0.0104%	1h	441.79	+0.004%	$124	—	10x	as long as short
Binance TSMUSDT	+0.0112%	8h	441.82	+0.012%	$13.0M	$8.6M	20x	as long as short
Extended TSM-USD	+0.0112%	1h	441.66	−0.026%	$5K	$216K	10x	as long as short
Phoenix TSM	+0.0253%	1h	441.59	−0.041%	$209K	$10K	10x	as long as short
GRVT TSM_USDT_Perp	+0.0346%	8h	441.73	−0.009%	$8K	$1.3M	10x	as long as short
Deribit TSM_USDC-PERPETUAL	+0.0475%	1h	441.66	−0.025%	$97	$10K	10x	as long as short
edgeX TSMUSDC	+0.0683%	4h	441.75	−0.005%	$48K	$217K	10x	as long as short