Funding arb · Price arb /

TSM

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: Phemex against SunX+0.050%7-day average +0.014% · you sell dearer than you buy

Net, funding: paid 7d − costs−$314as in the Funding arb table

Net, price: spread back to 7d avg − costs−$310as in the Price arb table

costs, in and out, $10k−$3143.138% of the position

Long on SunX Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days0.000%$0 on $10k

Price spread, last 3 days (all we have)−0.045%−$5 · spread now +0.050%, 7d avg +0.014%

Together, before fees−0.045%−$5 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: Phemex is 0.035% dearer against SunX than usual: you sell high and buy low, +$4 on $10k if it goes back to its 7-day average of +0.014%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX TSM-USDT	443.44	0	get 0.0000% / 8h	5h 59m	$2K	$4.4M	10x
Short	Phemex TSMUSDT	443.66	0	get 0.0000% / 8h	5h 59m	$1.5M	$439K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now +0.050%Rate

Funding earned: $0
Price spread: +0.050% → +0.014%: $3.54
Slippage, 4 orders: −$293.76
Fee SunX: 4 bp × 2 orders: −$8
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$310.23
Costs to cover: 3.138%
Break-even: never at this rate

Slippage from SunX: live order book, 9 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 SunX live order book, 9 min ago	45.30 bp	123.4 bp −$123	doesn't fit	doesn't fit	doesn't fit
Sell Phemex live order book, 3 min ago	3.04 bp	29.0 bp −$29	doesn't fit	doesn't fit	doesn't fit

TSM on 27 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 TSMUSDC	−0.0600%	4h	443.42	−0.005%	$48K	$217K	10x	as long as short
Aster TSMUSDT	0.0000%	8h	443.61	+0.039%	$81K	$1K	20x	as long as short
Bybit TSMUSDT	0.0000%	8h	442.88	−0.126%	$2.0M	$390K	50x	as long as short
OKX TSM-USDT-SWAP	0.0000%	8h	443.10	−0.077%	$4.0M	$2.4M	20x	as long as short
Gate TSM_USDT	0.0000%	8h	442.92	−0.117%	$1.7M	$909K	100x	as long as short
Bitget TSMUSDT	0.0000%	8h	443.22	−0.050%	$1.7M	$1.4M	20x	as long as short
Variational Omni TSM	0.0000%	8h	443.52	+0.017%	$549K	$61K	—	as long as short
SunX TSM-USDTlong	0.0000%	8h	443.44	long leg	$2K	$4.4M	10x
HTX TSM-USDT	0.0000%	8h	443.27	−0.038%	$9K	$9K	20x	as long as short
Phemex TSMUSDTshort	0.0000%	8h	443.66	+0.050%	$1.5M	$439K	10x

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Coinbase International TSM-PERP-INTX	+0.0016%	1h	443.28	−0.036%	$370K	$107K	10x	as long as short
Lighter RH TSM	+0.0032%	1h	443.10	−0.077%	$221K	$648K	10x	as long as short
Vest TSM-USD-PERP	+0.0046%	1h	442.89	−0.124%	—	$583	25x	as long as short
Binance TSMUSDT	+0.0047%	8h	443.16	−0.063%	$13.0M	$6.8M	20x	as long as short
Extended TSM-USD	+0.0048%	1h	443.08	−0.080%	$4K	$195K	10x	as long as short
tradeXYZ xyz:TSM	+0.0050%	1h	442.80	−0.144%	$10.2M	$2.3M	10x	as long as short
SoDEX TSM-USD	+0.0050%	1h	442.97	−0.106%	$138	$3K	10x	as long as short
Ondo Perps TSM-USD.P	+0.0050%	1h	443.02	−0.095%	$159K	$23K	10x	as long as short
Polymarket Perps TSM-USD	+0.0056%	1h	443.22	−0.050%	$196K	$51K	10x	as long as short
KuCoin TSMUSDTM	+0.0100%	8h	442.90	−0.122%	$269K	$319K	20x	as long as short
Orderly PERP_TSM_USDC_mythos	+0.0100%	8h	443.40	−0.009%	$21	—	10x	as long as short
Aevo TSM-PERP	+0.0104%	1h	443.25	−0.042%	$124	—	10x	as long as short
Phoenix TSM	+0.0179%	1h	443.14	−0.068%	$216K	$5K	10x	as long as short
GRVT TSM_USDT_Perp	+0.0192%	8h	443.55	+0.025%	$9K	$1.1M	10x	as long as short
Injective TSM/USDC PERP	+0.0220%	1h	449.49	+1.364%	$7K	$38K	12x	as long as short
Lighter TSM	+0.0360%	1h	443.44	0.000%	$500K	$173K	10x	as long as short
Deribit TSM_USDC-PERPETUAL	+0.0834%	1h	443.39	−0.011%	$4	$24K	10x	as long as short