Funding arb · Price arb /

TSM

RWAall TSM markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 16:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.012%

Price spread now: Phemex against Bitget+0.020%56s7-day average −0.002% · you sell dearer than you buy

Net, funding: paid 7d − costs−$113as 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−$1091.086% of the position

Long on Bitget Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.044%−$4 on $10k

Price spread, last 4 days (all we have)−0.046%−$5 · spread now +0.020%, 7d avg −0.002%

Together, before fees−0.090%−$9 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Phemex is 0.022% dearer against Bitget than usual: you sell high and buy low, +$2 on $10k if it goes back to its 7-day average of −0.002%. The two prices were read 56 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	Bitget TSMUSDT	442.48	0	get 0.0000% / 8h	5h 02m	$1.8M	$1.5M	20x
Short	Phemex TSMUSDT	442.57	0	get 0.0000% / 8h	5h 02m	$1.5M	$567K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now +0.020%Rate

Funding earned: $0
Price spread: +0.020% → −0.002%: $2.23
Slippage, 4 orders: −$84.63
Fee Bitget: 6 bp × 2 orders: −$12
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$106.41
Costs to cover: 1.086%
Break-even: never at this rate

Slippage from Bitget: live order book, 3 min ago; Phemex: live order book, 4 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, 3 min ago	2.15 bp	12.9 bp −$13	24.1 bp −$241	54.5 bp −$5,453	doesn't fit
Sell Phemex live order book, 4 min ago	11.31 bp	44.3 bp −$44	doesn't fit	doesn't fit	doesn't fit

TSM on 28 exchanges

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
Coinbase International TSM-PERP-INTX	−0.0056%	1h	441.94	−0.122%	$373K	$110K	10x	as long as short
Aster TSMUSDT	0.0000%	8h	442.22	−0.059%	$82K	$2K	20x	as long as short
Bybit TSMUSDT	0.0000%	8h	442.04	−0.099%	$2.0M	$397K	50x	as long as short
OKX TSM-USDT-SWAP	0.0000%	8h	442.29	−0.043%	$4.1M	$2.8M	20x	as long as short
Gate TSM_USDT	0.0000%	8h	442.14	−0.077%	$1.7M	$1.1M	100x	as long as short
Bitget TSMUSDTlong	0.0000%	8h	442.48	long leg	$1.8M	$1.5M	20x
SunX TSM-USDT	0.0000%	8h	442.43	−0.011%	$1K	$3.7M	10x	as long as short
HTX TSM-USDT	0.0000%	8h	442.63	+0.034%	$9K	$8K	20x	as long as short
Phemex TSMUSDTshort	0.0000%	8h	442.57	+0.020%	$1.5M	$567K	10x
Lighter TSM	+0.0032%	1h	442.24	−0.054%	$498K	$143K	10x	as long as short

Show all 28 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH TSM	+0.0032%	1h	442.39	−0.020%	$203K	$693K	10x	as long as short
Injective TSM/USDC PERP	+0.0033%	1h	443.95	+0.332%	$6K	$38K	12x	as long as short
Vest TSM-USD-PERP	+0.0046%	1h	442.00	−0.108%	—	$2K	25x	as long as short
Variational Omni TSM	+0.0048%	8h	442.58	+0.022%	$551K	$47K	—	as long as short
tradeXYZ xyz:TSM	+0.0050%	1h	441.93	−0.124%	$10.2M	$2.0M	10x	as long as short
Polymarket Perps TSM-USD	+0.0050%	1h	441.99	−0.111%	$187K	$71K	10x	as long as short
SoDEX TSM-USD	+0.0050%	1h	441.93	−0.124%	$135	$3K	10x	as long as short
Ondo Perps TSM-USD.P	+0.0050%	1h	441.98	−0.113%	$161K	$36K	10x	as long as short
KuCoin TSMUSDTM	+0.0100%	8h	441.94	−0.122%	$268K	$489K	20x	as long as short
Orderly PERP_TSM_USDC_mythos	+0.0100%	8h	442.38	−0.023%	$21	—	10x	as long as short
Aevo TSM-PERP	+0.0104%	1h	442.37	−0.024%	$124	—	10x	as long as short
Binance TSMUSDT	+0.0133%	8h	442.43	−0.011%	$13.2M	$8.8M	20x	as long as short
BloFin TSM-USDT	+0.0134%	8h	442.41	−0.016%	$46K	$119K	20x	as long as short
Extended TSM-USD	+0.0136%	1h	442.28	−0.044%	$6K	$222K	10x	as long as short
Phoenix TSM	+0.0253%	1h	442.61	+0.029%	$206K	$10K	10x	as long as short
GRVT TSM_USDT_Perp	+0.0339%	8h	442.59	+0.025%	$8K	$1.4M	10x	as long as short
edgeX TSMUSDC	+0.0472%	4h	442.55	+0.016%	$48K	$216K	10x	as long as short
Deribit TSM_USDC-PERPETUAL	+0.0950%	1h	442.34	−0.032%	$97	$10K	10x	as long as short