Funding arb · Price arb /

TSM

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0050%/8h= +5.5% APRpaid last 24h +0.016%

Price spread now: tradeXYZ against Variational Omni−0.121%7-day average −0.089% · you buy dearer than you sell

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

Long on Variational Omni Short on tradeXYZ

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.056%+$6 on $10k

Price spread, last 4 days (all we have)+0.098%+$10 · spread now −0.121%, 7d avg −0.089%

Together, before fees+0.154%+ Points / potential airdropVariational Omni: Active · tradeXYZ: Active · farm board+$15 on $10k · with fees, hour by hour

Funding pays, the price is against you. tradeXYZ is 0.032% cheaper against Variational Omni than usual: you would sell low and buy high (spread −0.121% now, against its 7-day average of −0.089%). If the spread goes back, that is −$3 on $10k: about 2.1 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	440.83	0	get 0.0000% / 8h	2h 05m	$558K	$36K	—
Short	tradeXYZ xyz:TSM	440.30	0.0050	get 0.0006% / 1h	5m 33s	$10.2M	$1.8M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

tradeXYZ 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 tradeXYZbpOrdersPrice spread, now −0.121%Rate

Funding earned: $10.5
Price spread: −0.121% → −0.089%: −$3.22
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee tradeXYZ: 9 bp × 2 orders: −$18
Net: −$10.72
Costs to cover: 0.180%
Break-even: 14.1 days

Slippage unknown: Variational Omni: RFQ quote, 43 min ago; tradeXYZ: live order book, 2 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, 43 min ago	2.15 bp	doesn't fit	33.7 bp −$337	doesn't fit	doesn't fit
Sell tradeXYZ live order book, 2 min ago	0.57 bp	12.0 bp −$12	doesn't fit	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 TSMUSDC	−0.0950%	4h	440.93	+0.023%	$48K	$216K	10x	as long as short
Bitget TSMUSDT	−0.0193%	8h	440.88	+0.011%	$1.7M	$1.6M	20x	as long as short
Aster TSMUSDT	0.0000%	8h	440.64	−0.045%	$82K	$2K	20x	as long as short
Bybit TSMUSDT	0.0000%	8h	440.66	−0.039%	$2.0M	$400K	50x	as long as short
OKX TSM-USDT-SWAP	0.0000%	8h	440.68	−0.035%	$4.0M	$2.6M	20x	as long as short
Gate TSM_USDT	0.0000%	8h	440.65	−0.041%	$1.7M	$1.1M	100x	as long as short
Variational Omni TSMlong	0.0000%	8h	440.83	long leg	$558K	$36K	—
SunX TSM-USDT	0.0000%	8h	440.89	+0.013%	$2K	$4.2M	10x	as long as short
HTX TSM-USDT	0.0000%	8h	440.96	+0.029%	$9K	$8K	20x	as long as short
Phemex TSMUSDT	0.0000%	8h	441.19	+0.081%	$1.5M	$512K	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	440.75	−0.019%	$496K	$138K	10x	as long as short
Lighter RH TSM	+0.0032%	1h	440.70	−0.030%	$225K	$689K	10x	as long as short
Vest TSM-USD-PERP	+0.0046%	1h	440.26	−0.130%	—	$1K	25x	as long as short
tradeXYZ xyz:TSMshort	+0.0050%	1h	440.30	−0.121%	$10.2M	$1.8M	10x
Polymarket Perps TSM-USD	+0.0050%	1h	440.52	−0.071%	$192K	$63K	10x	as long as short
SoDEX TSM-USD	+0.0050%	1h	440.31	−0.119%	$135	$3K	10x	as long as short
Ondo Perps TSM-USD.P	+0.0050%	1h	440.39	−0.100%	$158K	$27K	10x	as long as short
GRVT TSM_USDT_Perp	+0.0051%	8h	440.86	+0.007%	$5K	$1.3M	10x	as long as short
Binance TSMUSDT	+0.0055%	8h	440.86	+0.006%	$12.9M	$7.8M	20x	as long as short
Extended TSM-USD	+0.0056%	1h	440.72	−0.025%	$5K	$183K	10x	as long as short
Coinbase International TSM-PERP-INTX	+0.0072%	1h	439.33	−0.341%	$366K	$102K	10x	as long as short
BloFin TSM-USDT	+0.0077%	8h	441.06	+0.052%	$45K	$104K	20x	as long as short
KuCoin TSMUSDTM	+0.0100%	8h	440.28	−0.125%	$267K	$310K	20x	as long as short
Orderly PERP_TSM_USDC_mythos	+0.0100%	8h	440.80	−0.007%	$21	—	10x	as long as short
Aevo TSM-PERP	+0.0104%	1h	440.83	−0.001%	$123	—	10x	as long as short
Phoenix TSM	+0.0163%	1h	440.78	−0.012%	$214K	$5K	10x	as long as short
Injective TSM/USDC PERP	+0.0220%	1h	444.65	+0.866%	$6K	$38K	12x	as long as short
Deribit TSM_USDC-PERPETUAL	+0.0749%	1h	440.84	+0.002%	$4	$24K	10x	as long as short