Funding arb · Price arb /

TSM

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0050%/8h= +5.5% APRpaid last 24h +0.015%

Price spread now: SoDEX against Variational Omni−0.098%7-day average — · you buy dearer than you sell

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

Long on Variational Omni Short on SoDEX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropVariational Omni: Active · farm boardneeds both histories

Funding pays, the price is against you. SoDEX is 0.098% cheaper against Variational Omni than usual: you would sell low and buy high (spread −0.098% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$10 on $10k: about 6.6 days of funding at the current rate (+$2 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni TSM	440.02	0	get 0.0000% / 8h	19m 54s	$559K	$38K	—
Short	SoDEX TSM-USD	439.59	0.0050	get 0.0006% / 1h	19m 54s	$135	$3K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SoDEX 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 SoDEXbpOrdersPrice spread, now −0.098%Rate

Funding earned: $10.5
Price spread: −0.098% → 0.000%: −$9.84
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee SoDEX: 4 bp × 2 orders: −$8
Net: −$7.34
Costs to cover: 0.080%
Break-even: 11.9 days

Slippage unknown: Variational Omni: RFQ quote, 19 min ago; SoDEX: 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 Variational Omni RFQ quote, 19 min ago	2.16 bp	doesn't fit	31.1 bp −$311	doesn't fit	doesn't fit
Sell SoDEX no order-book sample	—	—	—	—	—

SoDEX: 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 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	−0.0259%	4h	439.74	−0.065%	$47K	$216K	10x	as long as short
Bitget TSMUSDT	−0.0096%	8h	439.76	−0.060%	$1.7M	$1.5M	20x	as long as short
Aster TSMUSDT	0.0000%	8h	440.05	+0.006%	$82K	$2K	20x	as long as short
Bybit TSMUSDT	0.0000%	8h	439.85	−0.039%	$2.0M	$401K	50x	as long as short
OKX TSM-USDT-SWAP	0.0000%	8h	440.00	−0.005%	$4.0M	$2.6M	20x	as long as short
Gate TSM_USDT	0.0000%	8h	439.92	−0.023%	$1.7M	$1.1M	100x	as long as short
Variational Omni TSMlong	0.0000%	8h	440.02	long leg	$559K	$38K	—
SunX TSM-USDT	0.0000%	8h	440.17	+0.033%	$1K	$4.1M	10x	as long as short
HTX TSM-USDT	0.0000%	8h	440.03	+0.002%	$9K	$8K	20x	as long as short
Phemex TSMUSDT	0.0000%	8h	440.76	+0.167%	$1.5M	$529K	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	439.99	−0.007%	$497K	$188K	10x	as long as short
Lighter RH TSM	+0.0032%	1h	439.84	−0.042%	$220K	$723K	10x	as long as short
Vest TSM-USD-PERP	+0.0046%	1h	439.75	−0.062%	—	$2K	25x	as long as short
tradeXYZ xyz:TSM	+0.0050%	1h	439.60	−0.096%	$10.1M	$1.8M	10x	as long as short
Polymarket Perps TSM-USD	+0.0050%	1h	439.76	−0.060%	$190K	$68K	10x	as long as short
SoDEX TSM-USDshort	+0.0050%	1h	439.59	−0.098%	$135	$3K	10x
Ondo Perps TSM-USD.P	+0.0050%	1h	439.18	−0.192%	$157K	$29K	10x	as long as short
BloFin TSM-USDT	+0.0053%	8h	440.03	+0.002%	$45K	$107K	20x	as long as short
Coinbase International TSM-PERP-INTX	+0.0056%	1h	439.33	−0.157%	$366K	$97K	10x	as long as short
Binance TSMUSDT	+0.0062%	8h	440.14	+0.026%	$12.9M	$8.0M	20x	as long as short
Extended TSM-USD	+0.0064%	1h	440.01	−0.003%	$3K	$221K	10x	as long as short
GRVT TSM_USDT_Perp	+0.0077%	8h	439.81	−0.049%	$15K	$1.3M	10x	as long as short
KuCoin TSMUSDTM	+0.0100%	8h	439.57	−0.103%	$266K	$309K	20x	as long as short
Orderly PERP_TSM_USDC_mythos	+0.0100%	8h	440.08	+0.013%	$21	—	10x	as long as short
Aevo TSM-PERP	+0.0104%	1h	440.05	+0.007%	$123	—	10x	as long as short
Phoenix TSM	+0.0146%	1h	439.88	−0.032%	$214K	$5K	10x	as long as short
Injective TSM/USDC PERP	+0.0220%	1h	444.02	+0.908%	$6K	$38K	12x	as long as short
Deribit TSM_USDC-PERPETUAL	+0.0455%	1h	440.03	+0.002%	$4	$25K	10x	as long as short