Funding arb · Price arb /

TSM

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC−0.0623%/8h= −68.3% APRpaid last 24h −0.049%

Price spread now: KuCoin against edgeX−0.060%7-day average −0.077% · you buy dearer than you sell

Net, funding: paid 7d − costs−$186as in the Funding arb table

Net, price: spread back to 7d avg − costs−$205as in the Price arb table

costs, in and out, $10k−$2072.066% of the position

Long on edgeX Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.203%+$20 on $10k

Price spread, last 4 days (all we have)+0.043%+$4 · spread now −0.060%, 7d avg −0.077%

Together, before fees+0.246%+ Points / potential airdropedgeX: Active · farm board+$25 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.077%, so right now this pair is about funding alone: −$19 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair paid +0.203%, so the current rate has only just turned against you.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.203% in total (about 10.6% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made; yellow are the hours one leg has not settled yet: what the other leg paid, plus the unsettled leg at its current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	edgeX TSMUSDC	442.07	0.0723	pay 0.0362% / 4h	1h 43m	$48K	$217K	10x
Short	KuCoin TSMUSDTM	441.81	0.0100	get 0.0100% / 8h	5h 43m	$268K	$451K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now −0.060%Rate

Funding earned: −$130.91
Price spread: −0.060% → −0.077%: $1.71
Slippage, 4 orders: −$185.63
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$335.84
Costs to cover: 2.066%
Break-even: never at this rate

Slippage from edgeX: live order book, 2 min ago; KuCoin: live order book, 61 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, 2 min ago	5.32 bp	10.0 bp −$10	12.7 bp −$127	doesn't fit	doesn't fit
Sell KuCoin live order book, 61 min ago	13.54 bp	55.9 bp −$56	doesn't fit	doesn't fit	doesn't fit

TSM on 28 exchanges

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-INTX	−0.0056%	1h	441.37	−0.159%	$373K	$109K	10x	as long as short
Aster TSMUSDT	0.0000%	8h	442.26	+0.042%	$82K	$2K	20x	as long as short
Bybit TSMUSDT	0.0000%	8h	441.98	−0.021%	$2.0M	$394K	50x	as long as short
OKX TSM-USDT-SWAP	0.0000%	8h	442.14	+0.015%	$4.1M	$2.8M	20x	as long as short
Gate TSM_USDT	0.0000%	8h	441.98	−0.021%	$1.7M	$1.1M	100x	as long as short
Bitget TSMUSDT	0.0000%	8h	442.21	+0.031%	$1.8M	$1.5M	20x	as long as short
SunX TSM-USDT	0.0000%	8h	442.23	+0.035%	$1K	$3.8M	10x	as long as short
HTX TSM-USDT	0.0000%	8h	442.23	+0.035%	$9K	$8K	20x	as long as short
Phemex TSMUSDT	0.0000%	8h	442.34	+0.060%	$1.5M	$562K	10x	as long as short
Lighter TSM	+0.0032%	1h	442.21	+0.031%	$498K	$143K	10x	as long as short

Show all 28 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH TSM	+0.0032%	1h	442.17	+0.022%	$198K	$687K	10x	as long as short
Injective TSM/USDC PERP	+0.0033%	1h	443.95	+0.424%	$6K	$38K	12x	as long as short
Vest TSM-USD-PERP	+0.0046%	1h	441.84	−0.053%	—	$2K	25x	as long as short
Variational Omni TSM	+0.0049%	8h	442.20	+0.029%	$554K	$44K	—	as long as short
tradeXYZ xyz:TSM	+0.0050%	1h	441.87	−0.046%	$10.1M	$2.0M	10x	as long as short
Polymarket Perps TSM-USD	+0.0050%	1h	441.84	−0.053%	$187K	$71K	10x	as long as short
SoDEX TSM-USD	+0.0050%	1h	441.82	−0.058%	$136	$3K	10x	as long as short
Ondo Perps TSM-USD.P	+0.0050%	1h	441.40	−0.153%	$156K	$31K	10x	as long as short
KuCoin TSMUSDTMshort	+0.0100%	8h	441.81	−0.060%	$268K	$451K	20x
Orderly PERP_TSM_USDC_mythos	+0.0100%	8h	442.16	+0.019%	$21	—	10x	as long as short
Aevo TSM-PERP	+0.0104%	1h	441.82	−0.058%	$124	—	10x	as long as short
BloFin TSM-USDT	+0.0111%	8h	442.33	+0.058%	$46K	$117K	20x	as long as short
Extended TSM-USD	+0.0120%	1h	442.06	−0.003%	$1K	$217K	10x	as long as short
Binance TSMUSDT	+0.0123%	8h	442.21	+0.031%	$13.0M	$8.6M	20x	as long as short
Phoenix TSM	+0.0253%	1h	442.43	+0.080%	$210K	$10K	10x	as long as short
Deribit TSM_USDC-PERPETUAL	+0.0406%	1h	442.12	+0.010%	$4	$10K	10x	as long as short
GRVT TSM_USDT_Perp	+0.0411%	8h	442.50	+0.097%	$8K	$1.3M	10x	as long as short
edgeX TSMUSDClong	+0.0723%	4h	442.07	long leg	$48K	$217K	10x