Funding arb · Price arb /

TSM

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0162%/8h= −17.7% APRpaid last 24h −0.058%

Price spread now: Aster against Phoenix−0.033%7-day average — · you buy dearer than you sell

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

Long on Phoenix Short on Aster

What this pair did over the last

the charts below follow

Funding, last 7 days−0.278%−$28 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

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and Aster is 0.033% cheaper against Phoenix than usual: you would sell low and buy high (−$3 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix TSM	445.39	0.0162	pay 0.0020% / 1h	47m 17s	$217K	$5K	10x
Short	Aster TSMUSDT	445.24	0	get 0.0000% / 8h	1h 47m	$82K	$1K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against Phoenix. 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 PhoenixbpFee AsterbpOrdersPrice spread, now −0.033%Rate

Funding earned: −$33.98
Price spread: −0.033% → 0.000%: −$3.33
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Aster: 4 bp × 2 orders: −$8
Net: −$52.31
Costs to cover: 0.150%
Break-even: never at this rate

Slippage unknown: Phoenix: live order book, 30 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 Phoenix live order book, 30 min ago	2.92 bp	10.2 bp −$10	20.9 bp −$209	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
BloFin TSM-USDT	−0.0017%	8h	445.46	+0.016%	$44K	$104K	20x	as long as short
Aster TSMUSDTshort	0.0000%	8h	445.24	−0.033%	$82K	$1K	20x
Extended TSM-USD	0.0000%	1h	445.30	−0.019%	$2K	$167K	10x	as long as short
Binance TSMUSDT	0.0000%	8h	445.37	−0.004%	$13.1M	$6.9M	20x	as long as short
Bybit TSMUSDT	0.0000%	8h	445.13	−0.058%	$2.0M	$420K	50x	as long as short
OKX TSM-USDT-SWAP	0.0000%	8h	445.31	−0.018%	$4.0M	$3.1M	20x	as long as short
Gate TSM_USDT	0.0000%	8h	445.13	−0.058%	$1.7M	$919K	100x	as long as short
Bitget TSMUSDT	0.0000%	8h	445.32	−0.016%	$1.6M	$1.5M	20x	as long as short
Variational Omni TSM	0.0000%	8h	445.30	−0.020%	$551K	$85K	—	as long as short
GRVT TSM_USDT_Perp	0.0000%	8h	445.35	−0.008%	$7K	$1.1M	10x	as long as short

Show all 28 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX TSM-USDT	0.0000%	8h	445.40	+0.002%	$1K	$5.4M	10x	as long as short
HTX TSM-USDT	0.0000%	8h	445.33	−0.013%	$9K	$9K	20x	as long as short
Phemex TSMUSDT	0.0000%	8h	445.05	−0.076%	$1.5M	$467K	10x	as long as short
Coinbase International TSM-PERP-INTX	+0.0008%	1h	444.60	−0.177%	$356K	$96K	10x	as long as short
Lighter RH TSM	+0.0032%	1h	445.40	+0.002%	$224K	$597K	10x	as long as short
Vest TSM-USD-PERP	+0.0046%	1h	444.98	−0.092%	—	—	25x	as long as short
tradeXYZ xyz:TSM	+0.0050%	1h	445.02	−0.083%	$10.3M	$2.6M	10x	as long as short
Polymarket Perps TSM-USD	+0.0050%	1h	445.16	−0.052%	$195K	$89K	10x	as long as short
SoDEX TSM-USD	+0.0050%	1h	444.94	−0.101%	$147	$3K	10x	as long as short
Ondo Perps TSM-USD.P	+0.0050%	1h	444.88	−0.115%	$158K	$22K	10x	as long as short
KuCoin TSMUSDTM	+0.0100%	8h	444.99	−0.090%	$269K	$340K	20x	as long as short
Orderly PERP_TSM_USDC_mythos	+0.0100%	8h	445.32	−0.016%	$21	—	10x	as long as short
Aevo TSM-PERP	+0.0104%	1h	445.38	−0.003%	$125	—	10x	as long as short
Phoenix TSMlong	+0.0162%	1h	445.39	long leg	$217K	$5K	10x
Injective TSM/USDC PERP	+0.0220%	1h	449.91	+1.015%	$7K	$38K	12x	as long as short
edgeX TSMUSDC	+0.0537%	4h	445.31	−0.018%	$48K	$215K	10x	as long as short
Lighter TSM	+0.0656%	1h	446.02	+0.141%	$503K	$160K	10x	as long as short
Deribit TSM_USDC-PERPETUAL	+0.0694%	1h	445.34	−0.011%	$4	$61K	10x	as long as short