Funding arb · Price arb /

TSM

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0687%/8h= −75.2% APRpaid last 24h −0.057%

Price spread now: BloFin against edgeX+0.210%701s7-day average +0.015% · you sell dearer than you buy

Net, funding: paid 7d − costs−$23as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$360.355% of the position

Long on edgeX Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.121%+$12 on $10k

Price spread, last 3 days (all we have)−0.205%−$20 · spread now +0.210%, 7d avg +0.015%

Together, before fees−0.084%+ Points / potential airdropedgeX: Active · farm board−$8 on $10k · with fees, hour by hour

The price spread pays, funding is against you. BloFin is 0.194% dearer against edgeX than usual: you sell high and buy low (spread +0.210% now, against its 7-day average of +0.015%): +$19 on $10k if it goes back. Holding the pair costs −$21 a day in funding at the current rate, which eats that in about 23 hours. Mind the row above: over the last 7 days funding on this pair paid +0.121%, so the current rate has only just turned against you. The two prices were read 701 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.121% in total (about 6.3% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	edgeX TSMUSDC	444.76	0.0704	pay 0.0352% / 4h	2h 36m	$48K	$216K	10x
Short	BloFin TSM-USDT	445.69	0.0017	get 0.0017% / 8h	6h 36m	$45K	$99K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against edgeX. 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 edgeXbpFee BloFinbpOrdersPrice spread, now +0.210%Rate

Funding earned: −$144.25
Price spread: +0.210% → +0.015%: $19.45
Slippage, 4 orders: −$14.53
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$160.33
Costs to cover: 0.355%
Break-even: never at this rate

Slippage from edgeX: live order book, 30 min ago; BloFin: live order book, 78 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 edgeX live order book, 30 min ago	5.36 bp	10.0 bp −$10	12.7 bp −$127	doesn't fit	doesn't fit
Sell BloFin live order book, 78 min ago	0.11 bp	8.2 bp −$8	15.4 bp −$154	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
Aster TSMUSDT	0.0000%	8h	444.67	−0.019%	$82K	$1K	20x	as long as short
Extended TSM-USD	0.0000%	1h	444.64	−0.027%	$5K	$196K	10x	as long as short
Bybit TSMUSDT	0.0000%	8h	444.39	−0.083%	$2.0M	$401K	50x	as long as short
OKX TSM-USDT-SWAP	0.0000%	8h	444.67	−0.020%	$4.0M	$2.5M	20x	as long as short
Gate TSM_USDT	0.0000%	8h	444.62	−0.031%	$1.7M	$915K	100x	as long as short
Bitget TSMUSDT	0.0000%	8h	444.78	+0.005%	$1.6M	$1.4M	20x	as long as short
Variational Omni TSM	0.0000%	8h	444.96	+0.045%	$551K	$82K	—	as long as short
SunX TSM-USDT	0.0000%	8h	444.82	+0.014%	$2K	$4.7M	10x	as long as short
HTX TSM-USDT	0.0000%	8h	444.60	−0.035%	$9K	$9K	20x	as long as short
Phemex TSMUSDT	0.0000%	8h	444.93	+0.039%	$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	−0.002%	$13.1M	$6.9M	20x	as long as short
Coinbase International TSM-PERP-INTX	+0.0016%	1h	444.22	−0.121%	$366K	$102K	10x	as long as short
BloFin TSM-USDTshort	+0.0017%	8h	445.69	+0.210%	$45K	$99K	20x
Lighter RH TSM	+0.0032%	1h	444.61	−0.033%	$222K	$630K	10x	as long as short
Vest TSM-USD-PERP	+0.0046%	1h	444.31	−0.101%	—	$583	25x	as long as short
tradeXYZ xyz:TSM	+0.0050%	1h	444.27	−0.110%	$10.2M	$2.3M	10x	as long as short
SoDEX TSM-USD	+0.0050%	1h	444.25	−0.114%	$142	$3K	10x	as long as short
Ondo Perps TSM-USD.P	+0.0050%	1h	444.42	−0.076%	$160K	$25K	10x	as long as short
Polymarket Perps TSM-USD	+0.0052%	1h	444.60	−0.035%	$200K	$45K	10x	as long as short
GRVT TSM_USDT_Perp	+0.0066%	8h	444.89	+0.030%	$17K	$1.1M	10x	as long as short
KuCoin TSMUSDTM	+0.0100%	8h	444.41	−0.078%	$269K	$316K	20x	as long as short
Orderly PERP_TSM_USDC_mythos	+0.0100%	8h	444.78	+0.005%	$21	—	10x	as long as short
Aevo TSM-PERP	+0.0104%	1h	444.71	−0.012%	$125	—	10x	as long as short
Phoenix TSM	+0.0179%	1h	444.44	−0.071%	$216K	$5K	10x	as long as short
Injective TSM/USDC PERP	+0.0220%	1h	450.67	+1.329%	$7K	$38K	12x	as long as short
Lighter TSM	+0.0424%	1h	445.11	+0.079%	$502K	$170K	10x	as long as short
edgeX TSMUSDClong	+0.0704%	4h	444.76	long leg	$48K	$216K	10x
Deribit TSM_USDC-PERPETUAL	+0.0876%	1h	444.70	−0.013%	$4	$23K	10x	as long as short