Funding arb · Price arb /

TSM

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0201%/8h= +22.0% APRpaid last 24h −0.013%

Price spread now: Coinbase International against Bitget−0.080%7-day average −0.224% · you buy dearer than you sell

Net, funding: paid 7d − costs−$61as in the Funding arb table

Net, price: spread back to 7d avg − costs−$29as in the Price arb table

costs, in and out, $10k−$430.433% of the position

Long on Bitget Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days−0.174%−$17 on $10k

Price spread, last 4 days (all we have)+0.019%+$2 · spread now −0.080%, 7d avg −0.224%

Together, before fees−0.155%−$16 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$6 a day on $10k at the current rate, and Coinbase International is 0.144% dearer against Bitget than usual: you sell high and buy low: +$14 more if the spread goes back to its 7-day average of −0.224%. Mind the row above: over the last 7 days funding on this pair cost −0.174%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget TSMUSDT	439.68	−0.0145	get 0.0145% / 8h	35m 23s	$1.7M	$1.5M	20x
Short	Coinbase International TSM-PERP-INTX	439.33	0.0056	get 0.0007% / 1h	35m 23s	$366K	$97K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against Bitget. 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 BitgetbpFee Coinbase InternationalbpOrdersPrice spread, now −0.080%Rate

Funding earned: $42.21
Price spread: −0.080% → −0.224%: $14.43
Slippage, 4 orders: −$21.33
Fee Bitget: 6 bp × 2 orders: −$12
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: $13.31
Costs to cover: 0.433%
Break-even: 4.8 days

Slippage from Bitget: live order book, 1 min ago; Coinbase International: live order book, 3 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 Bitget live order book, 1 min ago	4.32 bp	11.0 bp −$11	22.2 bp −$222	51.1 bp −$5,106	doesn't fit
Sell Coinbase International live order book, 3 min ago	4.89 bp	10.1 bp −$10	13.0 bp −$130	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
Bitget TSMUSDTlong	−0.0145%	8h	439.68	long leg	$1.7M	$1.5M	20x
Aster TSMUSDT	0.0000%	8h	441.07	+0.317%	$82K	$2K	20x	as long as short
Bybit TSMUSDT	0.0000%	8h	439.18	−0.114%	$2.0M	$400K	50x	as long as short
OKX TSM-USDT-SWAP	0.0000%	8h	439.64	−0.009%	$4.0M	$2.6M	20x	as long as short
Gate TSM_USDT	0.0000%	8h	439.37	−0.071%	$1.7M	$1.1M	100x	as long as short
Variational Omni TSM	0.0000%	8h	439.61	−0.015%	$558K	$38K	—	as long as short
SunX TSM-USDT	0.0000%	8h	439.54	−0.032%	$2K	$4.1M	10x	as long as short
HTX TSM-USDT	0.0000%	8h	439.84	+0.036%	$9K	$8K	20x	as long as short
Phemex TSMUSDT	0.0000%	8h	440.69	+0.230%	$1.5M	$528K	10x	as long as short
Lighter TSM	+0.0032%	1h	439.67	−0.002%	$496K	$188K	10x	as long as short

Show all 28 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH TSM	+0.0032%	1h	439.35	−0.075%	$221K	$720K	10x	as long as short
Vest TSM-USD-PERP	+0.0046%	1h	439.15	−0.121%	—	$2K	25x	as long as short
tradeXYZ xyz:TSM	+0.0050%	1h	439.06	−0.141%	$10.1M	$1.8M	10x	as long as short
Polymarket Perps TSM-USD	+0.0050%	1h	439.28	−0.091%	$190K	$68K	10x	as long as short
SoDEX TSM-USD	+0.0050%	1h	439.15	−0.121%	$135	$3K	10x	as long as short
Ondo Perps TSM-USD.P	+0.0050%	1h	439.43	−0.057%	$158K	$27K	10x	as long as short
Coinbase International TSM-PERP-INTXshort	+0.0056%	1h	439.33	−0.080%	$366K	$97K	10x
Binance TSMUSDT	+0.0062%	8h	439.50	−0.041%	$12.8M	$8.0M	20x	as long as short
Extended TSM-USD	+0.0064%	1h	439.40	−0.064%	$8K	$199K	10x	as long as short
GRVT TSM_USDT_Perp	+0.0072%	8h	439.71	+0.007%	$6K	$1.3M	10x	as long as short
BloFin TSM-USDT	+0.0076%	8h	439.63	−0.011%	$45K	$107K	20x	as long as short
KuCoin TSMUSDTM	+0.0100%	8h	439.19	−0.111%	$266K	$309K	20x	as long as short
Orderly PERP_TSM_USDC_mythos	+0.0100%	8h	439.47	−0.048%	$21	—	10x	as long as short
Aevo TSM-PERP	+0.0104%	1h	439.50	−0.040%	$123	—	10x	as long as short
Phoenix TSM	+0.0146%	1h	439.52	−0.036%	$214K	$5K	10x	as long as short
Injective TSM/USDC PERP	+0.0220%	1h	444.02	+0.987%	$6K	$38K	12x	as long as short
Deribit TSM_USDC-PERPETUAL	+0.0547%	1h	439.40	−0.064%	$4	$25K	10x	as long as short
edgeX TSMUSDC	+0.0571%	4h	439.70	+0.004%	$47K	$216K	10x	as long as short