Funding arb · Price arb /

TSM

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 19:00 UTC+0.0162%/8hpaid last 24h +0.052%

Price spread now: Phoenix against OKX+0.011%76s7-day average +0.030% · you sell dearer than you buy

Net, funding: paid 7d − costs−$6as 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−$340.344% of the position

Long on OKX Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.282%+$28 on $10k

Price spread, last 3 days (all we have)+0.263%+$26 · spread now +0.011%, 7d avg +0.030%

Together, before fees+0.545%+$54 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.030%, so right now this pair is about funding alone: +$5 a day on $10k at the current rate. The two prices were read 76 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX TSM-USDT-SWAP	445.39	0	get 0.0000% / 8h	4h 22m	$4.0M	$3.0M	20x
Short	Phoenix TSM	445.44	0.0162	get 0.0020% / 1h	22m 07s	$217K	$5K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now +0.011%Rate

Funding earned: $34.04
Price spread: +0.011% → +0.030%: −$1.84
Slippage, 4 orders: −$17.43
Fee OKX: 5 bp × 2 orders: −$10
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$2.22
Costs to cover: 0.344%
Break-even: 7.5 days

Slippage from OKX: live order book, 5 min ago; Phoenix: live order book, 6 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, 5 min ago	0.79 bp	7.8 bp −$8	14.8 bp −$148	doesn't fit	doesn't fit
Sell Phoenix live order book, 6 min ago	2.47 bp	9.0 bp −$9	17.7 bp −$177	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
edgeX TSMUSDC	−0.0242%	4h	445.51	+0.027%	$48K	$215K	10x	as long as short
Coinbase International TSM-PERP-INTX	−0.0040%	1h	444.71	−0.153%	$358K	$89K	10x	as long as short
BloFin TSM-USDT	−0.0011%	8h	445.35	−0.009%	$45K	$100K	20x	as long as short
Aster TSMUSDT	0.0000%	8h	445.35	−0.010%	$82K	$1K	20x	as long as short
Extended TSM-USD	0.0000%	1h	445.45	+0.013%	$2K	$167K	10x	as long as short
Binance TSMUSDT	0.0000%	8h	445.40	+0.002%	$13.1M	$6.5M	20x	as long as short
Bybit TSMUSDT	0.0000%	8h	445.17	−0.049%	$2.0M	$378K	50x	as long as short
OKX TSM-USDT-SWAPlong	0.0000%	8h	445.39	long leg	$4.0M	$3.0M	20x
Gate TSM_USDT	0.0000%	8h	445.26	−0.029%	$1.7M	$884K	100x	as long as short
Variational Omni TSM	0.0000%	8h	445.48	+0.020%	$557K	$81K	—	as long as short

Show all 28 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT TSM_USDT_Perp	0.0000%	8h	445.49	+0.023%	$10K	$895K	10x	as long as short
SunX TSM-USDT	0.0000%	8h	445.49	+0.022%	$1K	$5.3M	10x	as long as short
HTX TSM-USDT	0.0000%	8h	445.19	−0.045%	$9K	$8K	20x	as long as short
Phemex TSMUSDT	0.0000%	8h	444.89	−0.112%	$1.5M	$439K	10x	as long as short
Lighter RH TSM	+0.0032%	1h	445.51	+0.027%	$206K	$671K	10x	as long as short
Vest TSM-USD-PERP	+0.0046%	1h	445.27	−0.027%	—	—	25x	as long as short
Bitget TSMUSDT	+0.0048%	8h	445.14	−0.056%	$1.6M	$1.5M	20x	as long as short
tradeXYZ xyz:TSM	+0.0050%	1h	445.09	−0.067%	$10.3M	$2.3M	10x	as long as short
Polymarket Perps TSM-USD	+0.0050%	1h	445.22	−0.038%	$188K	$82K	10x	as long as short
SoDEX TSM-USD	+0.0050%	1h	445.08	−0.070%	$151	$3K	10x	as long as short
Ondo Perps TSM-USD.P	+0.0050%	1h	444.96	−0.097%	$158K	$18K	10x	as long as short
KuCoin TSMUSDTM	+0.0100%	8h	445.14	−0.056%	$273K	$319K	20x	as long as short
Orderly PERP_TSM_USDC_mythos	+0.0100%	8h	445.49	+0.022%	$21	—	10x	as long as short
Aevo TSM-PERP	+0.0104%	1h	445.48	+0.021%	$125	—	10x	as long as short
Phoenix TSMshort	+0.0162%	1h	445.44	+0.011%	$217K	$5K	10x
Lighter TSM	+0.0216%	1h	445.97	+0.130%	$504K	$154K	10x	as long as short
Injective TSM/USDC PERP	+0.0220%	1h	450.01	+1.037%	$7K	$38K	12x	as long as short
Deribit TSM_USDC-PERPETUAL	+0.0401%	1h	445.50	+0.025%	$4	$61K	10x	as long as short