Funding arb · Price arb /

TSM

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0046%/8h= +5.0% APRpaid last 24h +0.014%

Price spread now: Vest against Phemex−0.129%7-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 Vest

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

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

Together, before fees—+ Points / potential airdropVest: Active · farm boardneeds both histories

Funding pays, the price is against you. Vest is 0.129% cheaper against Phemex than usual: you would sell low and buy high (spread −0.129% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$13 on $10k: about 9.4 days of funding at the current rate (+$1 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex TSMUSDT	442.02	0	get 0.0000% / 8h	4h 11m	$1.5M	$472K	10x
Short	Vest TSM-USD-PERP	441.45	0.0046	get 0.0006% / 1h	11m 11s	—	$583	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Vest 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 VestbpOrdersPrice spread, now −0.129%Rate

Funding earned: $9.59
Price spread: −0.129% → 0.000%: −$12.9
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Vest: 1 bp × 2 orders: −$2
Net: −$17.3
Costs to cover: 0.140%
Break-even: 19.6 days

Slippage unknown: Phemex: live order book, 2 min ago; Vest: 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, 2 min ago	0.68 bp	29.1 bp −$29	doesn't fit	doesn't fit	doesn't fit
Sell Vest no order-book sample	—	—	—	—	—

Vest: 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
edgeX TSMUSDC	−0.0522%	4h	441.68	−0.078%	$48K	$217K	10x	as long as short
Bitget TSMUSDT	−0.0084%	8h	441.93	−0.020%	$1.8M	$1.5M	20x	as long as short
Aster TSMUSDT	0.0000%	8h	441.93	−0.020%	$82K	$2K	20x	as long as short
Bybit TSMUSDT	0.0000%	8h	441.59	−0.097%	$2.0M	$395K	50x	as long as short
OKX TSM-USDT-SWAP	0.0000%	8h	441.88	−0.032%	$4.0M	$2.5M	20x	as long as short
Gate TSM_USDT	0.0000%	8h	441.71	−0.070%	$1.7M	$1.0M	100x	as long as short
Variational Omni TSM	0.0000%	8h	441.78	−0.054%	$547K	$40K	—	as long as short
SunX TSM-USDT	0.0000%	8h	441.89	−0.029%	$1K	$4.3M	10x	as long as short
HTX TSM-USDT	0.0000%	8h	441.50	−0.118%	$9K	$8K	20x	as long as short
Phemex TSMUSDTlong	0.0000%	8h	442.02	long leg	$1.5M	$472K	10x

Show all 28 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter TSM	+0.0032%	1h	441.89	−0.029%	$498K	$176K	10x	as long as short
Lighter RH TSM	+0.0032%	1h	441.74	−0.063%	$220K	$643K	10x	as long as short
Vest TSM-USD-PERPshort	+0.0046%	1h	441.45	−0.129%	—	$583	25x
tradeXYZ xyz:TSM	+0.0050%	1h	441.55	−0.106%	$10.2M	$2.1M	10x	as long as short
Polymarket Perps TSM-USD	+0.0050%	1h	441.49	−0.120%	$194K	$53K	10x	as long as short
SoDEX TSM-USD	+0.0050%	1h	441.48	−0.122%	$139	$3K	10x	as long as short
Ondo Perps TSM-USD.P	+0.0050%	1h	441.61	−0.093%	$158K	$23K	10x	as long as short
Binance TSMUSDT	+0.0070%	8h	441.98	−0.008%	$13.0M	$7.3M	20x	as long as short
Extended TSM-USD	+0.0072%	1h	441.71	−0.070%	$6K	$195K	10x	as long as short
BloFin TSM-USDT	+0.0091%	8h	442.00	−0.005%	$45K	$99K	20x	as long as short
KuCoin TSMUSDTM	+0.0100%	8h	441.44	−0.131%	$268K	$309K	20x	as long as short
Orderly PERP_TSM_USDC_mythos	+0.0100%	8h	441.73	−0.066%	$21	—	10x	as long as short
Aevo TSM-PERP	+0.0104%	1h	441.74	−0.064%	$124	—	10x	as long as short
GRVT TSM_USDT_Perp	+0.0118%	8h	441.71	−0.070%	$11K	$1.2M	10x	as long as short
Coinbase International TSM-PERP-INTX	+0.0120%	1h	440.79	−0.278%	$368K	$102K	10x	as long as short
Phoenix TSM	+0.0199%	1h	441.55	−0.106%	$215K	$5K	10x	as long as short
Injective TSM/USDC PERP	+0.0220%	1h	447.69	+1.283%	$7K	$38K	12x	as long as short
Deribit TSM_USDC-PERPETUAL	+0.0316%	1h	441.69	−0.075%	$4	$24K	10x	as long as short