Funding arb · Price arb /

TSM

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0050%/8h= +5.5% APRpaid last 24h +0.021%

Price spread now: SoDEX against Binance−0.071%7-day average — · you buy dearer than you sell

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

Long on Binance 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—needs both histories

Funding pays, the price is against you. SoDEX is 0.071% cheaper against Binance than usual: you would sell low and buy high (spread −0.071% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$7 on $10k: about 4.8 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	Binance TSMUSDT	446.80	0	get 0.0000% / 8h	13m 09s	$13.2M	$6.7M	20x
Short	SoDEX TSM-USD	446.48	0.0050	get 0.0006% / 1h	13m 09s	$144	$3K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SoDEX 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 SoDEXbpOrdersPrice spread, now −0.071%Rate

Funding earned: $10.5
Price spread: −0.071% → 0.000%: −$7.14
Slippage, 4 orders: no order book: not counted
Fee Binance: 5 bp × 2 orders: −$10
Fee SoDEX: 4 bp × 2 orders: −$8
Net: −$14.64
Costs to cover: 0.180%
Break-even: 16.8 days

Slippage unknown: Binance: live order book, 12 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 Binance live order book, 12 min ago	0.22 bp	8.7 bp −$9	14.4 bp −$144	72.5 bp −$7,246	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	−0.0225%	4h	446.76	−0.008%	$48K	$216K	10x	as long as short
Coinbase International TSM-PERP-INTX	−0.0024%	1h	446.18	−0.139%	$357K	$97K	10x	as long as short
Aster TSMUSDT	0.0000%	8h	446.63	−0.037%	$82K	$1K	20x	as long as short
Extended TSM-USD	0.0000%	1h	446.70	−0.022%	$2K	$167K	10x	as long as short
Binance TSMUSDTlong	0.0000%	8h	446.80	long leg	$13.2M	$6.7M	20x
Bybit TSMUSDT	0.0000%	8h	446.57	−0.051%	$2.0M	$415K	50x	as long as short
OKX TSM-USDT-SWAP	0.0000%	8h	446.75	−0.011%	$4.0M	$3.0M	20x	as long as short
Gate TSM_USDT	0.0000%	8h	446.39	−0.092%	$1.7M	$911K	100x	as long as short
Bitget TSMUSDT	0.0000%	8h	446.73	−0.015%	$1.6M	$1.5M	20x	as long as short
Variational Omni TSM	0.0000%	8h	446.83	+0.007%	$553K	$84K	—	as long as short

Show all 28 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT TSM_USDT_Perp	0.0000%	8h	446.81	+0.003%	$7K	$1.1M	10x	as long as short
SunX TSM-USDT	0.0000%	8h	446.76	−0.009%	$1K	$5.1M	10x	as long as short
HTX TSM-USDT	0.0000%	8h	446.59	−0.047%	$9K	$9K	20x	as long as short
Phemex TSMUSDT	0.0000%	8h	446.91	+0.025%	$1.5M	$455K	10x	as long as short
BloFin TSM-USDT	0.0000%	8h	446.78	−0.004%	$44K	$103K	20x	as long as short
Deribit TSM_USDC-PERPETUAL	+0.0019%	1h	446.64	−0.036%	$4	$61K	10x	as long as short
Lighter RH TSM	+0.0032%	1h	446.88	+0.018%	$229K	$596K	10x	as long as short
Vest TSM-USD-PERP	+0.0046%	1h	446.72	−0.018%	—	—	25x	as long as short
tradeXYZ xyz:TSM	+0.0050%	1h	446.40	−0.089%	$10.3M	$2.4M	10x	as long as short
Polymarket Perps TSM-USD	+0.0050%	1h	446.48	−0.071%	$196K	$90K	10x	as long as short
SoDEX TSM-USDshort	+0.0050%	1h	446.48	−0.071%	$144	$3K	10x
Ondo Perps TSM-USD.P	+0.0050%	1h	446.39	−0.092%	$159K	$22K	10x	as long as short
KuCoin TSMUSDTM	+0.0100%	8h	446.43	−0.083%	$271K	$317K	20x	as long as short
Orderly PERP_TSM_USDC_mythos	+0.0100%	8h	446.77	−0.007%	$21	—	10x	as long as short
Aevo TSM-PERP	+0.0104%	1h	446.85	+0.011%	$125	—	10x	as long as short
Phoenix TSM	+0.0215%	1h	446.78	−0.004%	$217K	$5K	10x	as long as short
Injective TSM/USDC PERP	+0.0220%	1h	450.72	+0.878%	$7K	$38K	12x	as long as short
Lighter TSM	+0.0264%	1h	447.28	+0.108%	$505K	$166K	10x	as long as short