Funding arb · Price arb /

TSM

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: Phemex against OKX+0.114%7-day average +0.056% · you sell dearer than you buy

Net, funding: paid 7d − costs−$94as in the Funding arb table

Net, price: spread back to 7d avg − costs−$89as in the Price arb table

costs, in and out, $10k−$940.944% of the position

Long on OKX Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days0.000%$0 on $10k

Price spread, last 4 days (all we have)−0.079%−$8 · spread now +0.114%, 7d avg +0.056%

Together, before fees−0.079%−$8 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Phemex is 0.058% dearer against OKX than usual: you sell high and buy low, +$6 on $10k if it goes back to its 7-day average of +0.056%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX TSM-USDT-SWAP	440.13	0	get 0.0000% / 8h	6m 54s	$4.0M	$2.6M	20x
Short	Phemex TSMUSDT	440.63	0	get 0.0000% / 8h	6m 54s	$1.5M	$522K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now +0.114%Rate

Funding earned: $0
Price spread: +0.114% → +0.056%: $5.81
Slippage, 4 orders: −$72.41
Fee OKX: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$88.6
Costs to cover: 0.944%
Break-even: never at this rate

Slippage from OKX: live order book, 1 min ago; Phemex: 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, 1 min ago	0.11 bp	10.1 bp −$10	30.1 bp −$301	doesn't fit	doesn't fit
Sell Phemex live order book, 1 min ago	1.25 bp	45.5 bp −$45	doesn't fit	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	−0.0031%	8h	440.06	−0.016%	$1.7M	$1.5M	20x	as long as short
Aster TSMUSDT	0.0000%	8h	440.09	−0.009%	$82K	$2K	20x	as long as short
Bybit TSMUSDT	0.0000%	8h	439.94	−0.043%	$2.0M	$400K	50x	as long as short
OKX TSM-USDT-SWAPlong	0.0000%	8h	440.13	long leg	$4.0M	$2.6M	20x
Gate TSM_USDT	0.0000%	8h	439.95	−0.041%	$1.7M	$1.1M	100x	as long as short
Variational Omni TSM	0.0000%	8h	440.07	−0.014%	$559K	$38K	—	as long as short
SunX TSM-USDT	0.0000%	8h	440.11	−0.005%	$1K	$4.0M	10x	as long as short
HTX TSM-USDT	0.0000%	8h	440.16	+0.007%	$9K	$8K	20x	as long as short
Phemex TSMUSDTshort	0.0000%	8h	440.63	+0.114%	$1.5M	$522K	10x
Lighter TSM	+0.0032%	1h	440.00	−0.030%	$495K	$190K	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	439.92	−0.048%	$222K	$725K	10x	as long as short
Vest TSM-USD-PERP	+0.0046%	1h	439.78	−0.080%	—	$2K	25x	as long as short
tradeXYZ xyz:TSM	+0.0050%	1h	439.71	−0.095%	$10.1M	$1.8M	10x	as long as short
Polymarket Perps TSM-USD	+0.0050%	1h	439.84	−0.066%	$190K	$68K	10x	as long as short
SoDEX TSM-USD	+0.0050%	1h	439.74	−0.089%	$135	$3K	10x	as long as short
Ondo Perps TSM-USD.P	+0.0050%	1h	439.92	−0.048%	$157K	$28K	10x	as long as short
Extended TSM-USD	+0.0056%	1h	440.02	−0.026%	$3K	$219K	10x	as long as short
Coinbase International TSM-PERP-INTX	+0.0056%	1h	439.33	−0.182%	$366K	$97K	10x	as long as short
Binance TSMUSDT	+0.0057%	8h	440.12	−0.002%	$12.9M	$7.9M	20x	as long as short
BloFin TSM-USDT	+0.0068%	8h	440.11	−0.005%	$45K	$107K	20x	as long as short
GRVT TSM_USDT_Perp	+0.0075%	8h	440.18	+0.012%	$15K	$1.3M	10x	as long as short
KuCoin TSMUSDTM	+0.0100%	8h	439.82	−0.070%	$267K	$314K	20x	as long as short
Orderly PERP_TSM_USDC_mythos	+0.0100%	8h	440.09	−0.009%	$21	—	10x	as long as short
Aevo TSM-PERP	+0.0104%	1h	440.00	−0.030%	$123	—	10x	as long as short
Phoenix TSM	+0.0146%	1h	440.07	−0.014%	$214K	$5K	10x	as long as short
Injective TSM/USDC PERP	+0.0220%	1h	444.02	+0.884%	$6K	$38K	12x	as long as short
Deribit TSM_USDC-PERPETUAL	+0.0341%	1h	440.07	−0.014%	$4	$25K	10x	as long as short
edgeX TSMUSDC	+0.0428%	4h	440.08	−0.012%	$47K	$216K	10x	as long as short