Funding arb · Price arb /

TSM

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0097%/8h= −10.6% APRpaid last 24h +0.061%

Price spread now: Injective against BloFin+0.396%7-day average — · you sell dearer than you buy

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

Long on BloFin Short on Injective

What this pair did over the last

the charts below follow

Funding, last 4 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

The price spread pays, funding is against you. Injective is 0.396% dearer against BloFin than usual: you sell high and buy low (spread +0.396% now, against zero (this spread has no 7-day history yet)): +$40 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 14 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin TSM-USDT	442.20	0.0130	pay 0.0130% / 8h	5h 45m	$45K	$117K	20x
Short	Injective TSM/USDC PERP	443.95	0.0033	get 0.0004% / 1h	45m 13s	$6K	$38K	12x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against BloFin. 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 BloFinbpFee InjectivebpOrdersPrice spread, now +0.396%Rate

Funding earned: −$20.28
Price spread: +0.396% → 0.000%: $39.57
Slippage, 4 orders: no order book: not counted
Fee BloFin: 6 bp × 2 orders: −$12
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: $7.27
Costs to cover: 0.120%
Break-even: from the start

Slippage unknown: BloFin: live order book, 57 min ago; Injective: 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 BloFin live order book, 57 min ago	0.68 bp	10.0 bp −$10	17.1 bp −$171	doesn't fit	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

Injective: 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 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
edgeX TSMUSDC	−0.0801%	4h	442.44	+0.055%	$48K	$217K	10x	as long as short
Coinbase International TSM-PERP-INTX	−0.0056%	1h	441.37	−0.188%	$373K	$109K	10x	as long as short
Aster TSMUSDT	0.0000%	8h	442.25	+0.011%	$82K	$2K	20x	as long as short
Bybit TSMUSDT	0.0000%	8h	441.92	−0.063%	$2.0M	$395K	50x	as long as short
OKX TSM-USDT-SWAP	0.0000%	8h	442.06	−0.032%	$4.1M	$2.8M	20x	as long as short
Gate TSM_USDT	0.0000%	8h	441.95	−0.057%	$1.7M	$1.1M	100x	as long as short
Bitget TSMUSDT	0.0000%	8h	442.22	+0.005%	$1.8M	$1.5M	20x	as long as short
SunX TSM-USDT	0.0000%	8h	442.04	−0.036%	$1K	$3.8M	10x	as long as short
HTX TSM-USDT	0.0000%	8h	442.18	−0.005%	$9K	$8K	20x	as long as short
Phemex TSMUSDT	0.0000%	8h	441.68	−0.118%	$1.5M	$562K	10x	as long as short

Show all 28 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter TSM	+0.0032%	1h	442.10	−0.023%	$498K	$143K	10x	as long as short
Lighter RH TSM	+0.0032%	1h	442.07	−0.029%	$198K	$687K	10x	as long as short
Injective TSM/USDC PERPshort	+0.0033%	1h	443.95	+0.396%	$6K	$38K	12x
Vest TSM-USD-PERP	+0.0046%	1h	441.86	−0.077%	—	$2K	25x	as long as short
Variational Omni TSM	+0.0049%	8h	442.20	+0.001%	$554K	$44K	—	as long as short
tradeXYZ xyz:TSM	+0.0050%	1h	441.62	−0.131%	$10.1M	$2.0M	10x	as long as short
Polymarket Perps TSM-USD	+0.0050%	1h	441.57	−0.142%	$187K	$71K	10x	as long as short
SoDEX TSM-USD	+0.0050%	1h	441.86	−0.077%	$136	$3K	10x	as long as short
Ondo Perps TSM-USD.P	+0.0050%	1h	441.40	−0.181%	$156K	$31K	10x	as long as short
KuCoin TSMUSDTM	+0.0100%	8h	441.89	−0.070%	$268K	$448K	20x	as long as short
Orderly PERP_TSM_USDC_mythos	+0.0100%	8h	442.10	−0.023%	$21	—	10x	as long as short
Aevo TSM-PERP	+0.0104%	1h	441.88	−0.073%	$124	—	10x	as long as short
Extended TSM-USD	+0.0120%	1h	442.00	−0.045%	$1K	$217K	10x	as long as short
Binance TSMUSDT	+0.0123%	8h	442.16	−0.009%	$13.0M	$8.5M	20x	as long as short
BloFin TSM-USDTlong	+0.0130%	8h	442.20	long leg	$45K	$117K	20x
Phoenix TSM	+0.0253%	1h	442.43	+0.052%	$210K	$10K	10x	as long as short
GRVT TSM_USDT_Perp	+0.0411%	8h	442.50	+0.069%	$8K	$1.3M	10x	as long as short
Deribit TSM_USDC-PERPETUAL	+0.0588%	1h	441.93	−0.061%	$97	$10K	10x	as long as short