Funding arb · Price arb /

TSM

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0046%/8h= −5.0% APRpaid last 24h −0.014%

Price spread now: Bybit against Vest+0.043%7-day average — · you sell dearer than you buy

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

Long on Vest Short on Bybit

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 airdropVest: Active · farm boardneeds both histories

The price spread pays, funding is against you. Bybit is 0.043% dearer against Vest than usual: you sell high and buy low (spread +0.043% now, against zero (this spread has no 7-day history yet)): +$4 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 3.1 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Vest TSM-USD-PERP	442.99	0.0046	pay 0.0006% / 1h	1m 46s	—	$583	25x
Short	Bybit TSMUSDT	443.18	0	get 0.0000% / 8h	6h 01m	$2.0M	$391K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Vest. 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 VestbpFee BybitbpOrdersPrice spread, now +0.043%Rate

Funding earned: −$9.59
Price spread: +0.043% → 0.000%: $4.29
Slippage, 4 orders: no order book: not counted
Fee Vest: 1 bp × 2 orders: −$2
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$18.3
Costs to cover: 0.130%
Break-even: never at this rate

Slippage unknown: Vest: no order-book sample; Bybit: live order book, 5 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 Vest no order-book sample	—	—	—	—	—
Sell Bybit live order book, 5 min ago	2.37 bp	13.4 bp −$13	61.1 bp −$611	doesn't fit	doesn't fit

Vest: 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 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
Aster TSMUSDT	0.0000%	8h	443.78	+0.179%	$81K	$1K	20x	as long as short
Bybit TSMUSDTshort	0.0000%	8h	443.18	+0.043%	$2.0M	$391K	50x
OKX TSM-USDT-SWAP	0.0000%	8h	443.40	+0.093%	$4.0M	$2.4M	20x	as long as short
Gate TSM_USDT	0.0000%	8h	443.26	+0.061%	$1.7M	$1.0M	100x	as long as short
Bitget TSMUSDT	0.0000%	8h	443.58	+0.133%	$1.7M	$1.4M	20x	as long as short
Variational Omni TSM	0.0000%	8h	443.48	+0.110%	$549K	$61K	—	as long as short
SunX TSM-USDT	0.0000%	8h	443.55	+0.126%	$2K	$4.4M	10x	as long as short
HTX TSM-USDT	0.0000%	8h	443.50	+0.115%	$9K	$9K	20x	as long as short
Phemex TSMUSDT	0.0000%	8h	443.66	+0.151%	$1.5M	$440K	10x	as long as short
Coinbase International TSM-PERP-INTX	+0.0016%	1h	443.28	+0.065%	$370K	$107K	10x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH TSM	+0.0032%	1h	443.52	+0.120%	$222K	$645K	10x	as long as short
Extended TSM-USD	+0.0040%	1h	443.49	+0.114%	$4K	$195K	10x	as long as short
Binance TSMUSDT	+0.0041%	8h	443.59	+0.136%	$13.0M	$6.7M	20x	as long as short
Vest TSM-USD-PERPlong	+0.0046%	1h	442.99	long leg	—	$583	25x
tradeXYZ xyz:TSM	+0.0050%	1h	442.98	−0.002%	$10.2M	$2.3M	10x	as long as short
SoDEX TSM-USD	+0.0050%	1h	442.98	−0.002%	$138	$3K	10x	as long as short
Ondo Perps TSM-USD.P	+0.0050%	1h	443.06	+0.016%	$159K	$23K	10x	as long as short
Polymarket Perps TSM-USD	+0.0053%	1h	443.16	+0.038%	$196K	$51K	10x	as long as short
KuCoin TSMUSDTM	+0.0100%	8h	443.12	+0.029%	$269K	$319K	20x	as long as short
Orderly PERP_TSM_USDC_mythos	+0.0100%	8h	443.45	+0.104%	$21	—	10x	as long as short
Aevo TSM-PERP	+0.0104%	1h	443.46	+0.106%	$124	—	10x	as long as short
Phoenix TSM	+0.0179%	1h	443.39	+0.090%	$216K	$5K	10x	as long as short
GRVT TSM_USDT_Perp	+0.0185%	8h	443.53	+0.122%	$9K	$1.1M	10x	as long as short
Injective TSM/USDC PERP	+0.0220%	1h	449.49	+1.467%	$7K	$38K	12x	as long as short
Lighter TSM	+0.0368%	1h	443.96	+0.219%	$501K	$172K	10x	as long as short
edgeX TSMUSDC	+0.0408%	4h	443.69	+0.158%	$48K	$216K	10x	as long as short
Deribit TSM_USDC-PERPETUAL	+0.0789%	1h	443.40	+0.093%	$4	$24K	10x	as long as short