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: OKX against Phemex−0.091%7-day average −0.053% · you buy dearer than you sell

Net, funding: paid 7d − costs−$85as in the Funding arb table

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

costs, in and out, $10k−$850.848% of the position

Long on Phemex Short on OKX

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)+0.081%+$8 · spread now −0.091%, 7d avg −0.053%

Together, before fees+0.081%+$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: OKX is 0.037% cheaper against Phemex than usual: you would sell low and buy high, −$4 on $10k if it goes back to its 7-day average of −0.053%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex TSMUSDT	440.85	0	get 0.0000% / 8h	3h 05m	$1.5M	$489K	10x
Short	OKX TSM-USDT-SWAP	440.45	0	get 0.0000% / 8h	3h 05m	$4.0M	$2.5M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.091%Rate

Funding earned: $0
Price spread: −0.091% → −0.053%: −$3.74
Slippage, 4 orders: −$62.77
Fee Phemex: 6 bp × 2 orders: −$12
Fee OKX: 5 bp × 2 orders: −$10
Net: −$88.52
Costs to cover: 0.848%
Break-even: never at this rate

Slippage from Phemex: live order book, 3 min ago; OKX: live order book, 2 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, 3 min ago	0.79 bp	35.0 bp −$35	doesn't fit	doesn't fit	doesn't fit
Sell OKX live order book, 2 min ago	0.11 bp	8.0 bp −$8	21.6 bp −$216	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	−0.0980%	4h	440.31	−0.124%	$47K	$216K	10x	as long as short
Bitget TSMUSDT	−0.0223%	8h	440.54	−0.070%	$1.8M	$1.5M	20x	as long as short
Aster TSMUSDT	0.0000%	8h	440.62	−0.052%	$82K	$2K	20x	as long as short
Bybit TSMUSDT	0.0000%	8h	440.26	−0.134%	$2.0M	$389K	50x	as long as short
OKX TSM-USDT-SWAPshort	0.0000%	8h	440.45	−0.091%	$4.0M	$2.5M	20x
Gate TSM_USDT	0.0000%	8h	440.31	−0.122%	$1.7M	$1.1M	100x	as long as short
Variational Omni TSM	0.0000%	8h	440.47	−0.086%	$546K	$40K	—	as long as short
SunX TSM-USDT	0.0000%	8h	440.63	−0.050%	$2K	$4.2M	10x	as long as short
HTX TSM-USDT	0.0000%	8h	440.28	−0.129%	$9K	$8K	20x	as long as short
Phemex TSMUSDTlong	0.0000%	8h	440.85	long leg	$1.5M	$489K	10x

Show all 28 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter TSM	+0.0032%	1h	440.45	−0.091%	$496K	$176K	10x	as long as short
Lighter RH TSM	+0.0032%	1h	440.66	−0.043%	$219K	$677K	10x	as long as short
BloFin TSM-USDT	+0.0034%	8h	440.54	−0.070%	$45K	$101K	20x	as long as short
Vest TSM-USD-PERP	+0.0046%	1h	440.06	−0.179%	—	$583	25x	as long as short
tradeXYZ xyz:TSM	+0.0050%	1h	440.13	−0.163%	$10.2M	$2.0M	10x	as long as short
Polymarket Perps TSM-USD	+0.0050%	1h	440.30	−0.125%	$192K	$61K	10x	as long as short
SoDEX TSM-USD	+0.0050%	1h	440.11	−0.168%	$140	$3K	10x	as long as short
Ondo Perps TSM-USD.P	+0.0050%	1h	439.94	−0.206%	$156K	$23K	10x	as long as short
Binance TSMUSDT	+0.0062%	8h	440.55	−0.068%	$12.9M	$7.5M	20x	as long as short
Extended TSM-USD	+0.0064%	1h	440.45	−0.091%	$5K	$188K	10x	as long as short
GRVT TSM_USDT_Perp	+0.0069%	8h	440.45	−0.090%	$10K	$1.3M	10x	as long as short
Coinbase International TSM-PERP-INTX	+0.0088%	1h	440.03	−0.186%	$367K	$102K	10x	as long as short
KuCoin TSMUSDTM	+0.0100%	8h	440.17	−0.154%	$267K	$311K	20x	as long as short
Orderly PERP_TSM_USDC_mythos	+0.0100%	8h	440.48	−0.084%	$21	—	10x	as long as short
Aevo TSM-PERP	+0.0104%	1h	440.43	−0.095%	$123	—	10x	as long as short
Phoenix TSM	+0.0199%	1h	440.27	−0.132%	$214K	$5K	10x	as long as short
Injective TSM/USDC PERP	+0.0220%	1h	445.19	+0.984%	$6K	$38K	12x	as long as short
Deribit TSM_USDC-PERPETUAL	+0.0295%	1h	440.43	−0.095%	$4	$24K	10x	as long as short