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 Variational Omni+0.032%59s7-day average +0.001% · you sell dearer than you buy

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

Long on Variational Omni Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.016%−$2 on $10k

Price spread, last 4 days (all we have)+0.016%+$2 · spread now +0.032%, 7d avg +0.001%

Together, before fees0.000%+ Points / potential airdropVariational Omni: Active · edgeX: Active · farm board$0 on $10k · with fees, hour by hour

The price spread pays, funding is against you. edgeX is 0.030% dearer against Variational Omni than usual: you sell high and buy low (spread +0.032% now, against its 7-day average of +0.001%): +$3 on $10k if it goes back. Holding the pair costs −$20 a day in funding at the current rate, which eats that in about 4 hours. At the pace of the last 3 days (−0.016% in total) that is about 6.7 days. The two prices were read 59 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 3 days it paid -0.016% in total (about -1.7% 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	Variational Omni TSM	441.98	0	get 0.0000% / 8h	4h 44m	$547K	$40K	—
Short	edgeX TSMUSDC	442.12	−0.0681	pay 0.0341% / 4h	44m 38s	$48K	$217K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX against Variational Omni. 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 Variational OmnibpFee edgeXbpOrdersPrice spread, now +0.032%Rate

Funding earned: −$143.08
Price spread: +0.032% → +0.001%: $3.03
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$149.05
Costs to cover: 0.090%
Break-even: never at this rate

Slippage unknown: Variational Omni: RFQ quote, 14 min ago; edgeX: live order book, 12 min ago. 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 Variational Omni RFQ quote, 14 min ago	2.35 bp	doesn't fit	48.7 bp −$487	doesn't fit	doesn't fit
Sell edgeX live order book, 12 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	+0.032%	$48K	$217K	10x
Aster TSMUSDT	0.0000%	8h	442.05	+0.017%	$82K	$2K	20x	as long as short
Bybit TSMUSDT	0.0000%	8h	441.10	−0.199%	$2.0M	$394K	50x	as long as short
OKX TSM-USDT-SWAP	0.0000%	8h	441.24	−0.167%	$4.0M	$2.4M	20x	as long as short
Gate TSM_USDT	0.0000%	8h	441.23	−0.169%	$1.7M	$968K	100x	as long as short
Bitget TSMUSDT	0.0000%	8h	441.46	−0.117%	$1.8M	$1.4M	20x	as long as short
Variational Omni TSMlong	0.0000%	8h	441.98	long leg	$547K	$40K	—
SunX TSM-USDT	0.0000%	8h	441.97	−0.002%	$2K	$4.3M	10x	as long as short
HTX TSM-USDT	0.0000%	8h	441.98	0.000%	$9K	$8K	20x	as long as short
Phemex TSMUSDT	0.0000%	8h	442.84	+0.195%	$1.5M	$454K	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	441.51	−0.106%	$497K	$175K	10x	as long as short
Lighter RH TSM	+0.0032%	1h	441.43	−0.124%	$220K	$642K	10x	as long as short
Vest TSM-USD-PERP	+0.0046%	1h	440.96	−0.230%	—	$583	25x	as long as short
tradeXYZ xyz:TSM	+0.0050%	1h	441.09	−0.201%	$10.2M	$2.2M	10x	as long as short
SoDEX TSM-USD	+0.0050%	1h	441.50	−0.108%	$133	$3K	10x	as long as short
Ondo Perps TSM-USD.P	+0.0050%	1h	440.37	−0.364%	$158K	$23K	10x	as long as short
Polymarket Perps TSM-USD	+0.0061%	1h	441.11	−0.196%	$194K	$52K	10x	as long as short
BloFin TSM-USDT	+0.0063%	8h	442.09	+0.025%	$45K	$98K	20x	as long as short
Binance TSMUSDT	+0.0063%	8h	441.29	−0.156%	$13.0M	$7.0M	20x	as long as short
Extended TSM-USD	+0.0064%	1h	441.16	−0.186%	$3K	$188K	10x	as long as short
KuCoin TSMUSDTM	+0.0100%	8h	441.02	−0.217%	$268K	$317K	20x	as long as short
Orderly PERP_TSM_USDC_mythos	+0.0100%	8h	441.88	−0.022%	$21	—	10x	as long as short
Aevo TSM-PERP	+0.0104%	1h	441.96	−0.003%	$124	—	10x	as long as short
GRVT TSM_USDT_Perp	+0.0118%	8h	442.22	+0.055%	$6K	$1.2M	10x	as long as short
Coinbase International TSM-PERP-INTX	+0.0120%	1h	441.85	−0.029%	$368K	$102K	10x	as long as short
Phoenix TSM	+0.0199%	1h	441.94	−0.009%	$215K	$5K	10x	as long as short
Injective TSM/USDC PERP	+0.0220%	1h	447.69	+1.292%	$7K	$38K	12x	as long as short
Deribit TSM_USDC-PERPETUAL	+0.0769%	1h	441.91	−0.015%	$4	$24K	10x	as long as short