Funding arb · Price arb /

TSM

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0436%/8h= +47.8% APRpaid last 24h −0.036%

Price spread now: edgeX against Injective−1.076%7-day average — · you buy dearer than you sell

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

Long on Injective Short on edgeX

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—+ Points / potential airdropedgeX: Active · farm boardneeds both histories

Funding pays, the price is against you. edgeX is 1.076% cheaper against Injective than usual: you would sell low and buy high (spread −1.076% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$108 on $10k: about 8.2 days of funding at the current rate (+$13 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective TSM/USDC PERP	445.91	0.0220	pay 0.0028% / 1h	44m 41s	$7K	$38K	12x
Short	edgeX TSMUSDC	441.11	0.0656	get 0.0328% / 4h	3h 44m	$47K	$217K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX against Injective. 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 InjectivebpFee edgeXbpOrdersPrice spread, now −1.076%Rate

Funding earned: $91.62
Price spread: −1.076% → 0.000%: −$107.58
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$24.98
Costs to cover: 0.090%
Break-even: 8.9 days

Slippage unknown: Injective: no order-book sample; edgeX: live order book, 7 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 Injective no order-book sample	—	—	—	—	—
Sell edgeX live order book, 7 min ago	5.22 bp	10.0 bp −$10	12.8 bp −$128	doesn't fit	doesn't fit

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
Bitget TSMUSDT	−0.0130%	8h	441.00	−1.101%	$1.8M	$1.5M	20x	as long as short
Aster TSMUSDT	0.0000%	8h	441.44	−1.002%	$82K	$2K	20x	as long as short
Bybit TSMUSDT	0.0000%	8h	440.80	−1.146%	$2.0M	$398K	50x	as long as short
OKX TSM-USDT-SWAP	0.0000%	8h	441.01	−1.099%	$4.0M	$2.5M	20x	as long as short
Gate TSM_USDT	0.0000%	8h	440.81	−1.144%	$1.7M	$1.0M	100x	as long as short
Variational Omni TSM	0.0000%	8h	441.11	−1.077%	$546K	$40K	—	as long as short
SunX TSM-USDT	0.0000%	8h	440.96	−1.110%	$2K	$4.3M	10x	as long as short
HTX TSM-USDT	0.0000%	8h	441.09	−1.081%	$9K	$8K	20x	as long as short
Phemex TSMUSDT	0.0000%	8h	441.04	−1.092%	$1.5M	$477K	10x	as long as short
Lighter TSM	+0.0032%	1h	441.06	−1.088%	$497K	$176K	10x	as long as short

Show all 28 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH TSM	+0.0032%	1h	440.83	−1.139%	$231K	$654K	10x	as long as short
Vest TSM-USD-PERP	+0.0046%	1h	440.45	−1.224%	—	$583	25x	as long as short
tradeXYZ xyz:TSM	+0.0050%	1h	440.52	−1.209%	$10.2M	$2.1M	10x	as long as short
Polymarket Perps TSM-USD	+0.0050%	1h	440.69	−1.171%	$193K	$56K	10x	as long as short
SoDEX TSM-USD	+0.0050%	1h	440.59	−1.193%	$140	$3K	10x	as long as short
Ondo Perps TSM-USD.P	+0.0050%	1h	440.56	−1.200%	$158K	$22K	10x	as long as short
Binance TSMUSDT	+0.0063%	8h	440.97	−1.109%	$12.9M	$7.4M	20x	as long as short
Extended TSM-USD	+0.0064%	1h	440.85	−1.136%	$2K	$200K	10x	as long as short
BloFin TSM-USDT	+0.0066%	8h	440.94	−1.115%	$45K	$99K	20x	as long as short
GRVT TSM_USDT_Perp	+0.0085%	8h	440.88	−1.129%	$13K	$1.2M	10x	as long as short
Coinbase International TSM-PERP-INTX	+0.0088%	1h	440.79	−1.148%	$368K	$102K	10x	as long as short
KuCoin TSMUSDTM	+0.0100%	8h	440.74	−1.159%	$268K	$310K	20x	as long as short
Orderly PERP_TSM_USDC_mythos	+0.0100%	8h	440.93	−1.117%	$21	—	10x	as long as short
Aevo TSM-PERP	+0.0104%	1h	440.95	−1.113%	$123	—	10x	as long as short
Phoenix TSM	+0.0199%	1h	440.78	−1.150%	$214K	$5K	10x	as long as short
Injective TSM/USDC PERPlong	+0.0220%	1h	445.91	long leg	$7K	$38K	12x
Deribit TSM_USDC-PERPETUAL	+0.0476%	1h	440.89	−1.126%	$4	$24K	10x	as long as short
edgeX TSMUSDCshort	+0.0656%	4h	441.11	−1.076%	$47K	$217K	10x