Funding arb · Price arb /

TSM

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0876%/8h= −95.9% APRpaid last 24h −0.090%

Price spread now: SunX against Deribit+0.027%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 SunX

What this pair did over the last

the charts below follow

Funding, last 5 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. SunX is 0.027% dearer against Deribit than usual: you sell high and buy low (spread +0.027% now, against zero (this spread has no 7-day history yet)): +$3 on $10k if it goes back. Holding the pair costs −$26 a day in funding at the current rate, which eats that in about 2 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit TSM_USDC-PERPETUAL	444.70	0.0876	pay 0.0109% / 1h	36m 28s	$4	$23K	10x
Short	SunX TSM-USDT	444.82	0	get 0.0000% / 8h	6h 36m	$2K	$4.7M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now +0.027%Rate

Funding earned: −$183.88
Price spread: +0.027% → 0.000%: $2.7
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee SunX: 4 bp × 2 orders: −$8
Net: −$196.18
Costs to cover: 0.150%
Break-even: never at this rate

Slippage unknown: Deribit: no order-book sample; SunX: live order book, 12 min ago. 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 SunX live order book, 12 min ago	45.01 bp	126.9 bp −$127	doesn't fit	doesn't fit	doesn't fit

Deribit: 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
Aster TSMUSDT	0.0000%	8h	444.67	−0.006%	$82K	$1K	20x	as long as short
Extended TSM-USD	0.0000%	1h	444.64	−0.014%	$5K	$196K	10x	as long as short
Bybit TSMUSDT	0.0000%	8h	444.39	−0.070%	$2.0M	$401K	50x	as long as short
OKX TSM-USDT-SWAP	0.0000%	8h	444.67	−0.007%	$4.0M	$2.5M	20x	as long as short
Gate TSM_USDT	0.0000%	8h	444.62	−0.018%	$1.7M	$915K	100x	as long as short
Bitget TSMUSDT	0.0000%	8h	444.78	+0.018%	$1.6M	$1.4M	20x	as long as short
Variational Omni TSM	0.0000%	8h	444.96	+0.058%	$551K	$82K	—	as long as short
SunX TSM-USDTshort	0.0000%	8h	444.82	+0.027%	$2K	$4.7M	10x
HTX TSM-USDT	0.0000%	8h	444.60	−0.022%	$9K	$9K	20x	as long as short
Phemex TSMUSDT	0.0000%	8h	444.93	+0.052%	$1.5M	$453K	10x	as long as short

Show all 28 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance TSMUSDT	+0.0005%	8h	444.75	+0.011%	$13.1M	$6.9M	20x	as long as short
Coinbase International TSM-PERP-INTX	+0.0016%	1h	444.22	−0.108%	$366K	$102K	10x	as long as short
BloFin TSM-USDT	+0.0017%	8h	445.69	+0.223%	$45K	$99K	20x	as long as short
Lighter RH TSM	+0.0032%	1h	444.61	−0.020%	$222K	$630K	10x	as long as short
Vest TSM-USD-PERP	+0.0046%	1h	444.31	−0.088%	—	$583	25x	as long as short
tradeXYZ xyz:TSM	+0.0050%	1h	444.27	−0.097%	$10.2M	$2.3M	10x	as long as short
SoDEX TSM-USD	+0.0050%	1h	444.25	−0.101%	$142	$3K	10x	as long as short
Ondo Perps TSM-USD.P	+0.0050%	1h	444.42	−0.063%	$160K	$25K	10x	as long as short
Polymarket Perps TSM-USD	+0.0052%	1h	444.60	−0.022%	$200K	$45K	10x	as long as short
GRVT TSM_USDT_Perp	+0.0066%	8h	444.89	+0.043%	$17K	$1.1M	10x	as long as short
KuCoin TSMUSDTM	+0.0100%	8h	444.41	−0.065%	$269K	$316K	20x	as long as short
Orderly PERP_TSM_USDC_mythos	+0.0100%	8h	444.78	+0.018%	$21	—	10x	as long as short
Aevo TSM-PERP	+0.0104%	1h	444.71	+0.001%	$125	—	10x	as long as short
Phoenix TSM	+0.0179%	1h	444.44	−0.058%	$216K	$5K	10x	as long as short
Injective TSM/USDC PERP	+0.0220%	1h	450.67	+1.342%	$7K	$38K	12x	as long as short
Lighter TSM	+0.0424%	1h	445.11	+0.092%	$502K	$170K	10x	as long as short
edgeX TSMUSDC	+0.0704%	4h	444.76	+0.013%	$48K	$216K	10x	as long as short
Deribit TSM_USDC-PERPETUALlong	+0.0876%	1h	444.70	long leg	$4	$23K	10x