Funding arb · Price arb /

TSM

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0064%/8h= +7.0% APRpaid last 24h +0.009%

Price spread now: Extended against OKX−0.011%7-day average +0.017% · you buy dearer than you sell

Net, funding: paid 7d − costs−$34as in the Funding arb table

Net, price: spread back to 7d avg − costs−$40as in the Price arb table

costs, in and out, $10k−$370.375% of the position

Long on OKX Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days+0.039%+$4 on $10k

Price spread, last 4 days (all we have)−0.014%−$1 · spread now −0.011%, 7d avg +0.017%

Together, before fees+0.025%+ Points / potential airdropExtended: Active · farm board+$2 on $10k · with fees, hour by hour

Funding pays, the price is against you. Extended is 0.028% cheaper against OKX than usual: you would sell low and buy high (spread −0.011% now, against its 7-day average of +0.017%). If the spread goes back, that is −$3 on $10k: about 35 hours of funding at the current rate (+$2 a day). At the pace of the last 7 days (+0.039% in total) that is about 5.1 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX TSM-USDT-SWAP	439.63	0	get 0.0000% / 8h	1h 40m	$4.0M	$2.6M	20x
Short	Extended TSM-USD	439.58	0.0064	get 0.0008% / 1h	40m 13s	$3K	$181K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended against OKX. 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 OKXbpFee ExtendedbpOrdersPrice spread, now −0.011%Rate

Funding earned: $13.44
Price spread: −0.011% → +0.017%: −$2.83
Slippage, 4 orders: −$22.49
Fee OKX: 5 bp × 2 orders: −$10
Fee Extended: 2.5 bp × 2 orders: −$5
Net: −$26.87
Costs to cover: 0.375%
Break-even: 21.0 days

Slippage from OKX: live order book, 2 min ago; Extended: live order book, 1 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 OKX live order book, 2 min ago	0.91 bp	10.1 bp −$10	26.4 bp −$264	doesn't fit	doesn't fit
Sell Extended live order book, 1 min ago	0.80 bp	8.8 bp −$9	81.4 bp −$814	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
Bitget TSMUSDT	−0.0211%	8h	439.69	+0.014%	$1.7M	$1.5M	20x	as long as short
Aster TSMUSDT	0.0000%	8h	439.72	+0.020%	$82K	$2K	20x	as long as short
Bybit TSMUSDT	0.0000%	8h	439.57	−0.014%	$2.0M	$396K	50x	as long as short
OKX TSM-USDT-SWAPlong	0.0000%	8h	439.63	long leg	$4.0M	$2.6M	20x
Gate TSM_USDT	0.0000%	8h	439.48	−0.034%	$1.7M	$1.1M	100x	as long as short
Variational Omni TSM	0.0000%	8h	439.56	−0.016%	$556K	$36K	—	as long as short
SunX TSM-USDT	0.0000%	8h	439.75	+0.027%	$2K	$4.1M	10x	as long as short
HTX TSM-USDT	0.0000%	8h	439.75	+0.027%	$9K	$8K	20x	as long as short
Phemex TSMUSDT	0.0000%	8h	440.80	+0.266%	$1.5M	$514K	10x	as long as short
Lighter TSM	+0.0032%	1h	439.67	+0.009%	$495K	$137K	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	439.49	−0.032%	$224K	$684K	10x	as long as short
Vest TSM-USD-PERP	+0.0046%	1h	439.27	−0.082%	—	$1K	25x	as long as short
Coinbase International TSM-PERP-INTX	+0.0048%	1h	439.33	−0.068%	$366K	$102K	10x	as long as short
tradeXYZ xyz:TSM	+0.0050%	1h	439.23	−0.091%	$10.2M	$1.8M	10x	as long as short
Polymarket Perps TSM-USD	+0.0050%	1h	439.44	−0.043%	$192K	$63K	10x	as long as short
SoDEX TSM-USD	+0.0050%	1h	439.15	−0.109%	$134	$3K	10x	as long as short
Ondo Perps TSM-USD.P	+0.0050%	1h	439.12	−0.116%	$157K	$27K	10x	as long as short
Extended TSM-USDshort	+0.0064%	1h	439.58	−0.011%	$3K	$181K	10x
Binance TSMUSDT	+0.0067%	8h	439.74	+0.025%	$12.9M	$7.8M	20x	as long as short
GRVT TSM_USDT_Perp	+0.0073%	8h	439.60	−0.007%	$4K	$1.3M	10x	as long as short
BloFin TSM-USDT	+0.0077%	8h	439.74	+0.025%	$45K	$105K	20x	as long as short
KuCoin TSMUSDTM	+0.0100%	8h	439.19	−0.100%	$267K	$310K	20x	as long as short
Orderly PERP_TSM_USDC_mythos	+0.0100%	8h	439.51	−0.027%	$21	—	10x	as long as short
Aevo TSM-PERP	+0.0104%	1h	439.47	−0.037%	$123	—	10x	as long as short
Phoenix TSM	+0.0164%	1h	439.43	−0.045%	$214K	$5K	10x	as long as short
Injective TSM/USDC PERP	+0.0220%	1h	444.69	+1.151%	$6K	$38K	12x	as long as short
edgeX TSMUSDC	+0.0243%	4h	439.65	+0.004%	$47K	$217K	10x	as long as short
Deribit TSM_USDC-PERPETUAL	+0.0729%	1h	439.57	−0.014%	$4	$25K	10x	as long as short