TSM

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0521%/8h= −57.0% APRnext payment −$0.65 per $10,000 · paid last 24h −0.024%

Price spread now: Injective against Deribit+1.358%7-day average — · you sell dearer than you buy

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

Long on Deribit 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 1.358% dearer against Deribit than usual: you sell high and buy low (spread +1.358% now, against zero (this spread has no 7-day history yet)): +$136 on $10k if it goes back. Holding the pair costs −$16 a day in funding at the current rate, which eats that in about 8.7 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit TSM_USDC-PERPETUAL	444.63	0.0741	pay 0.0093% / 1h	38m 49s	$4	$23K	10x
Short	Injective TSM/USDC PERP	450.67	0.0220	get 0.0028% / 1h	38m 49s	$7K	$38K	12x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Deribit. 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 DeribitbpFee InjectivebpOrdersPrice spread, now +1.358%Rate

Funding earned: −$109.32
Price spread: +1.358% → 0.000%: $135.84
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: $19.5
Costs to cover: 0.070%
Break-even: from the start

Slippage unknown: Deribit: no order-book sample; 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 Deribit no order-book sample	—	—	—	—	—
Sell Injective no order-book sample	—	—	—	—	—

Deribit and 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 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
edgeX TSMUSDC	−0.0896%	4h	445.28	+0.147%	$48K	$215K	10x	as long as short
Aster TSMUSDT	0.0000%	8h	444.76	+0.029%	$82K	$1K	20x	as long as short
Extended TSM-USD	0.0000%	1h	444.70	+0.015%	$5K	$196K	10x	as long as short
Bybit TSMUSDT	0.0000%	8h	444.47	−0.036%	$2.0M	$401K	50x	as long as short
OKX TSM-USDT-SWAP	0.0000%	8h	444.67	+0.009%	$4.0M	$2.6M	20x	as long as short
Gate TSM_USDT	0.0000%	8h	444.59	−0.009%	$1.7M	$914K	100x	as long as short
Bitget TSMUSDT	0.0000%	8h	444.78	+0.034%	$1.6M	$1.4M	20x	as long as short
Variational Omni TSM	0.0000%	8h	444.96	+0.073%	$551K	$82K	—	as long as short
SunX TSM-USDT	0.0000%	8h	444.74	+0.025%	$1K	$4.7M	10x	as long as short
HTX TSM-USDT	0.0000%	8h	444.87	+0.054%	$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	444.76	+0.029%	$1.5M	$453K	10x	as long as short
Binance TSMUSDT	+0.0001%	8h	444.79	+0.037%	$13.1M	$6.9M	20x	as long as short
Coinbase International TSM-PERP-INTX	+0.0016%	1h	445.16	+0.119%	$367K	$104K	10x	as long as short
BloFin TSM-USDT	+0.0017%	8h	445.69	+0.238%	$45K	$99K	20x	as long as short
Lighter RH TSM	+0.0032%	1h	444.69	+0.013%	$222K	$630K	10x	as long as short
Vest TSM-USD-PERP	+0.0046%	1h	444.41	−0.049%	—	$583	25x	as long as short
tradeXYZ xyz:TSM	+0.0050%	1h	444.32	−0.070%	$10.2M	$2.3M	10x	as long as short
Polymarket Perps TSM-USD	+0.0050%	1h	444.58	−0.011%	$200K	$45K	10x	as long as short
SoDEX TSM-USD	+0.0050%	1h	444.30	−0.074%	$142	$3K	10x	as long as short
Ondo Perps TSM-USD.P	+0.0050%	1h	444.59	−0.009%	$160K	$25K	10x	as long as short
GRVT TSM_USDT_Perp	+0.0056%	8h	444.86	+0.053%	$17K	$1.1M	10x	as long as short
KuCoin TSMUSDTM	+0.0100%	8h	444.42	−0.047%	$269K	$317K	20x	as long as short
Orderly PERP_TSM_USDC_mythos	+0.0100%	8h	444.67	+0.009%	$21	—	10x	as long as short
Aevo TSM-PERP	+0.0104%	1h	444.73	+0.022%	$125	—	10x	as long as short
Phoenix TSM	+0.0179%	1h	444.61	−0.004%	$216K	$5K	10x	as long as short
Injective TSM/USDC PERPshort	+0.0220%	1h	450.67	+1.358%	$7K	$38K	12x
Lighter TSM	+0.0424%	1h	445.22	+0.133%	$502K	$170K	10x	as long as short
Deribit TSM_USDC-PERPETUALlong	+0.0741%	1h	444.63	long leg	$4	$23K	10x