Funding arb · Price arb /

TSM

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0016%/8h= +1.8% APRpaid last 24h −0.001%

Price spread now: Coinbase International against Phemex−0.139%7-day average −0.225% · you buy dearer than you sell

Net, funding: paid 7d − costs−$92as in the Funding arb table

Net, price: spread back to 7d avg − costs−$68as in the Price arb table

costs, in and out, $10k−$760.763% of the position

Long on Phemex Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days−0.152%−$15 on $10k

Price spread, last 3 days (all we have)+0.083%+$8 · spread now −0.139%, 7d avg −0.225%

Together, before fees−0.069%−$7 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays $0 a day on $10k at the current rate, and Coinbase International is 0.086% dearer against Phemex than usual: you sell high and buy low: +$9 more if the spread goes back to its 7-day average of −0.225%. Mind the row above: over the last 7 days funding on this pair cost −0.152%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex TSMUSDT	444.84	0	get 0.0000% / 8h	6h 35m	$1.5M	$453K	10x
Short	Coinbase International TSM-PERP-INTX	444.22	0.0016	get 0.0002% / 1h	35m 40s	$366K	$102K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International 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 Coinbase InternationalbpOrdersPrice spread, now −0.139%Rate

Funding earned: $3.36
Price spread: −0.139% → −0.225%: $8.57
Slippage, 4 orders: −$54.27
Fee Phemex: 6 bp × 2 orders: −$12
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$64.34
Costs to cover: 0.763%
Break-even: 141.0 days

Slippage from Phemex: live order book, 2 min ago; Coinbase International: live order book, 32 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 Phemex live order book, 2 min ago	2.59 bp	31.2 bp −$31	doesn't fit	doesn't fit	doesn't fit
Sell Coinbase International live order book, 32 min ago	3.13 bp	8.7 bp −$9	12.7 bp −$127	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
Aster TSMUSDT	0.0000%	8h	444.67	−0.038%	$82K	$1K	20x	as long as short
Bybit TSMUSDT	0.0000%	8h	444.44	−0.090%	$2.0M	$401K	50x	as long as short
OKX TSM-USDT-SWAP	0.0000%	8h	444.67	−0.038%	$4.0M	$2.5M	20x	as long as short
Gate TSM_USDT	0.0000%	8h	444.62	−0.049%	$1.7M	$915K	100x	as long as short
Bitget TSMUSDT	0.0000%	8h	444.82	−0.004%	$1.6M	$1.4M	20x	as long as short
Variational Omni TSM	0.0000%	8h	444.77	−0.015%	$551K	$82K	—	as long as short
SunX TSM-USDT	0.0000%	8h	444.80	−0.009%	$1K	$4.7M	10x	as long as short
HTX TSM-USDT	0.0000%	8h	444.60	−0.054%	$9K	$9K	20x	as long as short
Phemex TSMUSDTlong	0.0000%	8h	444.84	long leg	$1.5M	$453K	10x
Binance TSMUSDT	+0.0007%	8h	444.90	+0.013%	$13.1M	$6.9M	20x	as long as short

Show all 28 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended TSM-USD	+0.0008%	1h	444.72	−0.027%	$5K	$196K	10x	as long as short
Coinbase International TSM-PERP-INTXshort	+0.0016%	1h	444.22	−0.139%	$366K	$102K	10x
BloFin TSM-USDT	+0.0017%	8h	445.69	+0.191%	$45K	$99K	20x	as long as short
Lighter RH TSM	+0.0032%	1h	444.83	−0.002%	$222K	$630K	10x	as long as short
Vest TSM-USD-PERP	+0.0046%	1h	444.31	−0.119%	—	$583	25x	as long as short
tradeXYZ xyz:TSM	+0.0050%	1h	444.38	−0.103%	$10.2M	$2.3M	10x	as long as short
SoDEX TSM-USD	+0.0050%	1h	444.22	−0.139%	$142	$3K	10x	as long as short
Ondo Perps TSM-USD.P	+0.0050%	1h	444.42	−0.094%	$160K	$25K	10x	as long as short
Polymarket Perps TSM-USD	+0.0052%	1h	444.60	−0.054%	$200K	$45K	10x	as long as short
GRVT TSM_USDT_Perp	+0.0066%	8h	444.89	+0.011%	$17K	$1.1M	10x	as long as short
KuCoin TSMUSDTM	+0.0100%	8h	444.42	−0.094%	$269K	$316K	20x	as long as short
Orderly PERP_TSM_USDC_mythos	+0.0100%	8h	444.72	−0.027%	$21	—	10x	as long as short
Aevo TSM-PERP	+0.0104%	1h	444.70	−0.031%	$125	—	10x	as long as short
Phoenix TSM	+0.0179%	1h	444.44	−0.090%	$216K	$5K	10x	as long as short
Injective TSM/USDC PERP	+0.0220%	1h	450.67	+1.311%	$7K	$38K	12x	as long as short
Lighter TSM	+0.0424%	1h	445.26	+0.094%	$502K	$170K	10x	as long as short
edgeX TSMUSDC	+0.0704%	4h	444.76	−0.018%	$48K	$216K	10x	as long as short
Deribit TSM_USDC-PERPETUAL	+0.1079%	1h	444.67	−0.038%	$4	$23K	10x	as long as short