Funding arb · Price arb /

TSM

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0104%/8h= +11.4% APRpaid last 24h +0.052%

Price spread now: Phoenix against BloFin−0.093%7-day average — · you buy dearer than you sell

Net, funding: paid 7d − costs−$11as in the Funding arb table

Net, price: spread back to 7d avg − costs−$47as in the Price arb table

costs, in and out, $10k−$380.379% of the position

Long on BloFin Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.268%+$27 on $10k

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. Phoenix is 0.093% cheaper against BloFin than usual: you would sell low and buy high (spread −0.093% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$9 on $10k: about 3.0 days of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin TSM-USDT	440.79	0.0095	pay 0.0095% / 8h	3h 13m	$45K	$101K	20x
Short	Phoenix TSM	440.38	0.0199	get 0.0025% / 1h	13m 37s	$214K	$5K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now −0.093%Rate

Funding earned: $21.85
Price spread: −0.093% → 0.000%: −$9.3
Slippage, 4 orders: −$18.92
Fee BloFin: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$25.37
Costs to cover: 0.379%
Break-even: 15.1 days

Slippage from BloFin: live order book, 4 min ago; Phoenix: live order book, 33 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 BloFin live order book, 4 min ago	0.45 bp	9.1 bp −$9	16.9 bp −$169	doesn't fit	doesn't fit
Sell Phoenix live order book, 33 min ago	2.49 bp	9.4 bp −$9	18.9 bp −$189	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 TSMUSDT	−0.0208%	8h	440.81	+0.005%	$1.8M	$1.5M	20x	as long as short
Aster TSMUSDT	0.0000%	8h	440.68	−0.024%	$82K	$2K	20x	as long as short
Bybit TSMUSDT	0.0000%	8h	440.58	−0.048%	$2.0M	$388K	50x	as long as short
OKX TSM-USDT-SWAP	0.0000%	8h	440.66	−0.029%	$4.0M	$2.5M	20x	as long as short
Gate TSM_USDT	0.0000%	8h	440.54	−0.057%	$1.7M	$1.1M	100x	as long as short
Variational Omni TSM	0.0000%	8h	440.72	−0.015%	$546K	$40K	—	as long as short
SunX TSM-USDT	0.0000%	8h	440.80	+0.002%	$1K	$4.2M	10x	as long as short
HTX TSM-USDT	0.0000%	8h	440.75	−0.009%	$9K	$8K	20x	as long as short
Phemex TSMUSDT	0.0000%	8h	440.83	+0.009%	$1.5M	$486K	10x	as long as short
Lighter TSM	+0.0032%	1h	440.82	+0.007%	$496K	$176K	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	440.69	−0.023%	$219K	$677K	10x	as long as short
Vest TSM-USD-PERP	+0.0046%	1h	440.38	−0.093%	—	$583	25x	as long as short
edgeX TSMUSDC	+0.0046%	4h	440.57	−0.050%	$47K	$217K	10x	as long as short
tradeXYZ xyz:TSM	+0.0050%	1h	440.33	−0.104%	$10.2M	$2.0M	10x	as long as short
Polymarket Perps TSM-USD	+0.0050%	1h	440.42	−0.084%	$192K	$60K	10x	as long as short
SoDEX TSM-USD	+0.0050%	1h	440.34	−0.102%	$140	$3K	10x	as long as short
Ondo Perps TSM-USD.P	+0.0050%	1h	440.53	−0.059%	$156K	$23K	10x	as long as short
Extended TSM-USD	+0.0064%	1h	440.65	−0.031%	$1K	$193K	10x	as long as short
Binance TSMUSDT	+0.0066%	8h	440.77	−0.004%	$12.9M	$7.5M	20x	as long as short
GRVT TSM_USDT_Perp	+0.0076%	8h	440.63	−0.036%	$10K	$1.3M	10x	as long as short
Coinbase International TSM-PERP-INTX	+0.0088%	1h	440.03	−0.172%	$367K	$102K	10x	as long as short
BloFin TSM-USDTlong	+0.0095%	8h	440.79	long leg	$45K	$101K	20x
KuCoin TSMUSDTM	+0.0100%	8h	440.27	−0.118%	$268K	$311K	20x	as long as short
Orderly PERP_TSM_USDC_mythos	+0.0100%	8h	440.60	−0.043%	$21	—	10x	as long as short
Aevo TSM-PERP	+0.0104%	1h	440.67	−0.028%	$123	—	10x	as long as short
Phoenix TSMshort	+0.0199%	1h	440.38	−0.093%	$214K	$5K	10x
Deribit TSM_USDC-PERPETUAL	+0.0204%	1h	440.56	−0.052%	$4	$24K	10x	as long as short
Injective TSM/USDC PERP	+0.0220%	1h	445.45	+1.057%	$6K	$38K	12x	as long as short