Funding arb · Price arb /

TSM

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0017%/8h= −1.8% APRpaid last 24h +0.009%

Price spread now: Polymarket Perps against Binance−0.087%46s7-day average −0.082% · you buy dearer than you sell

Net, funding: paid 7d − costs+$8as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$290.294% of the position

Long on Binance Short on Polymarket Perps

What this pair did over the last

the charts below follow

Funding, last 7 days+0.373%+$37 on $10k

Price spread, last 7 days+0.037%+$4 · spread now −0.087%, 7d avg −0.082%

Together, before fees+0.410%+$41 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.082%, so right now this pair is about funding alone: −$1 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair paid +0.373%, so the current rate has only just turned against you. The two prices were read 46 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance TSMUSDT	440.80	0.0067	pay 0.0067% / 8h	3h 15m	$12.9M	$7.5M	20x
Short	Polymarket Perps TSM-USD	440.41	0.0050	get 0.0006% / 1h	15m 44s	$192K	$60K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Polymarket Perps against Binance. 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 BinancebpFee Polymarket PerpsbpOrdersPrice spread, now −0.087%Rate

Funding earned: −$3.54
Price spread: −0.087% → −0.082%: −$0.56
Slippage, 4 orders: −$11.37
Fee Binance: 5 bp × 2 orders: −$10
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: −$33.47
Costs to cover: 0.294%
Break-even: never at this rate

Slippage from Binance: live order book, 10 min ago; Polymarket Perps: live order book, 36 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 Binance live order book, 10 min ago	0.34 bp	9.5 bp −$9	24.9 bp −$249	doesn't fit	doesn't fit
Sell Polymarket Perps live order book, 36 min ago	2.04 bp	8.5 bp −$9	8.5 bp −$85	11.1 bp −$1,113	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
Bitget TSMUSDT	−0.0208%	8h	440.77	−0.006%	$1.8M	$1.5M	20x	as long as short
edgeX TSMUSDC	−0.0059%	4h	440.93	+0.031%	$47K	$216K	10x	as long as short
Aster TSMUSDT	0.0000%	8h	440.67	−0.029%	$82K	$2K	20x	as long as short
Bybit TSMUSDT	0.0000%	8h	440.55	−0.056%	$2.0M	$388K	50x	as long as short
OKX TSM-USDT-SWAP	0.0000%	8h	440.55	−0.056%	$4.0M	$2.5M	20x	as long as short
Gate TSM_USDT	0.0000%	8h	440.51	−0.065%	$1.7M	$1.1M	100x	as long as short
Variational Omni TSM	0.0000%	8h	440.72	−0.016%	$546K	$40K	—	as long as short
SunX TSM-USDT	0.0000%	8h	440.78	−0.003%	$1K	$4.2M	10x	as long as short
HTX TSM-USDT	0.0000%	8h	440.75	−0.010%	$9K	$8K	20x	as long as short
Phemex TSMUSDT	0.0000%	8h	440.81	+0.003%	$1.5M	$486K	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	440.82	+0.006%	$496K	$176K	10x	as long as short
Lighter RH TSM	+0.0032%	1h	440.71	−0.019%	$220K	$676K	10x	as long as short
Vest TSM-USD-PERP	+0.0046%	1h	440.31	−0.110%	—	$583	25x	as long as short
tradeXYZ xyz:TSM	+0.0050%	1h	440.30	−0.112%	$10.2M	$2.1M	10x	as long as short
Polymarket Perps TSM-USDshort	+0.0050%	1h	440.41	−0.087%	$192K	$60K	10x
SoDEX TSM-USD	+0.0050%	1h	440.25	−0.124%	$140	$3K	10x	as long as short
BloFin TSM-USDT	+0.0050%	8h	440.58	−0.049%	$45K	$100K	20x	as long as short
Ondo Perps TSM-USD.P	+0.0050%	1h	439.97	−0.187%	$156K	$23K	10x	as long as short
Extended TSM-USD	+0.0064%	1h	440.66	−0.030%	$4K	$194K	10x	as long as short
Binance TSMUSDTlong	+0.0067%	8h	440.80	long leg	$12.9M	$7.5M	20x
GRVT TSM_USDT_Perp	+0.0081%	8h	440.78	−0.002%	$8K	$1.3M	10x	as long as short
Coinbase International TSM-PERP-INTX	+0.0088%	1h	440.03	−0.174%	$367K	$102K	10x	as long as short
KuCoin TSMUSDTM	+0.0100%	8h	440.31	−0.110%	$268K	$312K	20x	as long as short
Orderly PERP_TSM_USDC_mythos	+0.0100%	8h	440.59	−0.047%	$21	—	10x	as long as short
Aevo TSM-PERP	+0.0104%	1h	440.67	−0.029%	$123	—	10x	as long as short
Phoenix TSM	+0.0199%	1h	440.38	−0.094%	$214K	$5K	10x	as long as short
Injective TSM/USDC PERP	+0.0220%	1h	445.45	+1.056%	$6K	$38K	12x	as long as short
Deribit TSM_USDC-PERPETUAL	+0.0340%	1h	440.60	−0.044%	$4	$24K	10x	as long as short