Funding arb · Price arb /

TSM

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0024%/8h= +2.6% APRpaid last 24h −0.001%

Price spread now: Gate against Coinbase International−0.065%7-day average +0.158% · you buy dearer than you sell

Net, funding: paid 7d − costs−$29as in the Funding arb table

Net, price: spread back to 7d avg − costs−$67as in the Price arb table

costs, in and out, $10k−$450.446% of the position

Long on Coinbase International Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days+0.155%+$16 on $10k

Price spread, last 3 days (all we have)+0.093%+$9 · spread now −0.065%, 7d avg +0.158%

Together, before fees+0.249%+$25 on $10k · with fees, hour by hour

Funding pays, the price is against you. Gate is 0.223% cheaper against Coinbase International than usual: you would sell low and buy high (spread −0.065% now, against its 7-day average of +0.158%). If the spread goes back, that is −$22 on $10k: about 31 days of funding at the current rate (+$1 a day). At the pace of the last 7 days (+0.155% in total) that is about 10 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International TSM-PERP-INTX	447.30	−0.0024	get 0.0003% / 1h	1m 57s	$359K	$100K	10x
Short	Gate TSM_USDT	447.01	0	get 0.0000% / 8h	7h 01m	$1.7M	$930K	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate against Coinbase International. 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 Coinbase InternationalbpFee GatebpOrdersPrice spread, now −0.065%Rate

Funding earned: $5.04
Price spread: −0.065% → +0.158%: −$22.29
Slippage, 4 orders: −$19.61
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$61.85
Costs to cover: 0.446%
Break-even: 92.9 days

Slippage from Coinbase International: live order book, 6 min ago; Gate: live order book, 1 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 Coinbase International live order book, 6 min ago	3.13 bp	8.1 bp −$8	11.4 bp −$114	doesn't fit	doesn't fit
Sell Gate live order book, 1 min ago	2.46 bp	14.3 bp −$14	36.7 bp −$367	48.6 bp −$4,857	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
Coinbase International TSM-PERP-INTXlong	−0.0024%	1h	447.30	long leg	$359K	$100K	10x
Aster TSMUSDT	0.0000%	8h	447.17	−0.030%	$82K	$1K	20x	as long as short
Extended TSM-USD	0.0000%	1h	447.10	−0.045%	$5K	$204K	10x	as long as short
Binance TSMUSDT	0.0000%	8h	447.20	−0.022%	$13.2M	$7.0M	20x	as long as short
Bybit TSMUSDT	0.0000%	8h	446.94	−0.080%	$2.0M	$413K	50x	as long as short
OKX TSM-USDT-SWAP	0.0000%	8h	447.16	−0.031%	$4.0M	$3.0M	20x	as long as short
Gate TSM_USDTshort	0.0000%	8h	447.01	−0.065%	$1.7M	$930K	100x
Variational Omni TSM	0.0000%	8h	447.45	+0.034%	$554K	$82K	—	as long as short
SunX TSM-USDT	0.0000%	8h	447.18	−0.027%	$2K	$4.9M	10x	as long as short
HTX TSM-USDT	0.0000%	8h	447.29	−0.002%	$9K	$9K	20x	as long as short

Show all 28 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex TSMUSDT	0.0000%	8h	447.25	−0.011%	$1.5M	$455K	10x	as long as short
Bitget TSMUSDT	+0.0004%	8h	447.37	+0.016%	$1.6M	$1.4M	20x	as long as short
BloFin TSM-USDT	+0.0018%	8h	447.29	−0.002%	$45K	$100K	20x	as long as short
Lighter RH TSM	+0.0032%	1h	447.23	−0.016%	$229K	$657K	10x	as long as short
Vest TSM-USD-PERP	+0.0046%	1h	447.01	−0.065%	—	—	25x	as long as short
tradeXYZ xyz:TSM	+0.0050%	1h	446.85	−0.101%	$10.3M	$2.3M	10x	as long as short
Polymarket Perps TSM-USD	+0.0050%	1h	447.04	−0.058%	$198K	$42K	10x	as long as short
SoDEX TSM-USD	+0.0050%	1h	446.90	−0.089%	$146	$3K	10x	as long as short
Ondo Perps TSM-USD.P	+0.0050%	1h	447.27	−0.007%	$158K	$22K	10x	as long as short
GRVT TSM_USDT_Perp	+0.0065%	8h	447.55	+0.057%	$13K	$1.1M	10x	as long as short
KuCoin TSMUSDTM	+0.0100%	8h	446.97	−0.074%	$271K	$314K	20x	as long as short
Orderly PERP_TSM_USDC_mythos	+0.0100%	8h	447.11	−0.042%	$21	—	10x	as long as short
Aevo TSM-PERP	+0.0104%	1h	447.21	−0.019%	$125	—	10x	as long as short
Phoenix TSM	+0.0179%	1h	447.42	+0.027%	$218K	$5K	10x	as long as short
edgeX TSMUSDC	+0.0217%	4h	447.45	+0.033%	$48K	$216K	10x	as long as short
Injective TSM/USDC PERP	+0.0220%	1h	452.09	+1.071%	$7K	$38K	12x	as long as short
Deribit TSM_USDC-PERPETUAL	+0.0265%	1h	447.09	−0.047%	$98	$32K	10x	as long as short
Lighter TSM	+0.0320%	1h	447.89	+0.132%	$505K	$167K	10x	as long as short