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: Aster against Phemex−0.135%52s7-day average — · you buy dearer than you sell

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

Long on Phemex Short on Aster

What this pair did over the last

the charts below follow

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

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropAster: Stage 5 · farm boardneeds both histories

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Aster is 0.135% cheaper against Phemex than usual: you would sell low and buy high, −$14 on $10k if it goes back to zero (this spread has no 7-day history yet). The two prices were read 52 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	Phemex TSMUSDT	440.76	0	get 0.0000% / 8h	10m 19s	$1.5M	$522K	10x
Short	Aster TSMUSDT	440.16	0	get 0.0000% / 8h	10m 19s	$82K	$2K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against Phemex. 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 PhemexbpFee AsterbpOrdersPrice spread, now −0.135%Rate

Funding earned: $0
Price spread: −0.135% → 0.000%: −$13.52
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Aster: 4 bp × 2 orders: −$8
Net: −$33.52
Costs to cover: 0.200%
Break-even: never at this rate

Slippage unknown: Phemex: live order book, 3 min ago; Aster: no order-book sample. 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 Phemex live order book, 3 min ago	1.25 bp	27.8 bp −$28	doesn't fit	doesn't fit	doesn't fit
Sell Aster no order-book sample	—	—	—	—	—

Aster: 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	−0.0043%	8h	440.06	−0.159%	$1.7M	$1.5M	20x	as long as short
Aster TSMUSDTshort	0.0000%	8h	440.16	−0.135%	$82K	$2K	20x
Bybit TSMUSDT	0.0000%	8h	439.99	−0.175%	$2.0M	$400K	50x	as long as short
OKX TSM-USDT-SWAP	0.0000%	8h	440.04	−0.163%	$4.0M	$2.6M	20x	as long as short
Gate TSM_USDT	0.0000%	8h	439.98	−0.177%	$1.7M	$1.1M	100x	as long as short
Variational Omni TSM	0.0000%	8h	440.07	−0.157%	$559K	$38K	—	as long as short
SunX TSM-USDT	0.0000%	8h	440.27	−0.111%	$2K	$4.0M	10x	as long as short
HTX TSM-USDT	0.0000%	8h	440.14	−0.141%	$9K	$8K	20x	as long as short
Phemex TSMUSDTlong	0.0000%	8h	440.76	long leg	$1.5M	$522K	10x
Lighter TSM	+0.0032%	1h	439.99	−0.175%	$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	439.90	−0.195%	$222K	$725K	10x	as long as short
Vest TSM-USD-PERP	+0.0046%	1h	439.86	−0.204%	—	$2K	25x	as long as short
BloFin TSM-USDT	+0.0049%	8h	440.36	−0.091%	$45K	$107K	20x	as long as short
tradeXYZ xyz:TSM	+0.0050%	1h	439.77	−0.225%	$10.1M	$1.8M	10x	as long as short
Polymarket Perps TSM-USD	+0.0050%	1h	439.89	−0.197%	$190K	$68K	10x	as long as short
SoDEX TSM-USD	+0.0050%	1h	439.77	−0.225%	$135	$3K	10x	as long as short
Ondo Perps TSM-USD.P	+0.0050%	1h	439.93	−0.188%	$157K	$28K	10x	as long as short
Coinbase International TSM-PERP-INTX	+0.0056%	1h	439.33	−0.324%	$366K	$97K	10x	as long as short
Binance TSMUSDT	+0.0061%	8h	440.16	−0.136%	$12.9M	$7.9M	20x	as long as short
Extended TSM-USD	+0.0064%	1h	440.05	−0.160%	$3K	$219K	10x	as long as short
GRVT TSM_USDT_Perp	+0.0078%	8h	440.24	−0.118%	$15K	$1.3M	10x	as long as short
KuCoin TSMUSDTM	+0.0100%	8h	439.76	−0.227%	$266K	$310K	20x	as long as short
Orderly PERP_TSM_USDC_mythos	+0.0100%	8h	440.16	−0.136%	$21	—	10x	as long as short
Aevo TSM-PERP	+0.0104%	1h	440.16	−0.136%	$123	—	10x	as long as short
Deribit TSM_USDC-PERPETUAL	+0.0114%	1h	440.08	−0.154%	$4	$25K	10x	as long as short
Phoenix TSM	+0.0146%	1h	439.85	−0.206%	$214K	$5K	10x	as long as short
Injective TSM/USDC PERP	+0.0220%	1h	444.02	+0.740%	$6K	$38K	12x	as long as short
edgeX TSMUSDC	+0.0873%	4h	440.19	−0.130%	$47K	$217K	10x	as long as short