Funding arb · Price arb /

TSM

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0050%/8h= −5.5% APRpaid last 24h −0.015%

Price spread now: OKX against Polymarket Perps+0.047%47s7-day average +0.035% · you sell dearer than you buy

Net, funding: paid 7d − costs−$47as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$350.346% of the position

Long on Polymarket Perps Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.123%−$12 on $10k

Price spread, last 7 days−0.105%−$10 · spread now +0.047%, 7d avg +0.035%

Together, before fees−0.227%−$23 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.035%, so right now this pair is about funding alone: −$2 a day on $10k at the current rate. The two prices were read 47 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	Polymarket Perps TSM-USD	443.29	0.0050	pay 0.0006% / 1h	46m 50s	$196K	$51K	10x
Short	OKX TSM-USDT-SWAP	443.50	0	get 0.0000% / 8h	5h 46m	$4.0M	$2.4M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX against Polymarket Perps. 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 Polymarket PerpsbpFee OKXbpOrdersPrice spread, now +0.047%Rate

Funding earned: −$10.5
Price spread: +0.047% → +0.035%: $1.22
Slippage, 4 orders: −$16.56
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee OKX: 5 bp × 2 orders: −$10
Net: −$43.84
Costs to cover: 0.346%
Break-even: never at this rate

Slippage from Polymarket Perps: live order book, 15 min ago; OKX: live order book, 1 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 Polymarket Perps live order book, 15 min ago	1.69 bp	5.8 bp −$6	5.9 bp −$59	8.9 bp −$892	doesn't fit
Sell OKX live order book, 1 min ago	1.80 bp	9.6 bp −$10	21.8 bp −$218	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	−0.0891%	4h	443.70	+0.093%	$48K	$217K	10x	as long as short
Aster TSMUSDT	0.0000%	8h	443.72	+0.098%	$81K	$1K	20x	as long as short
Bybit TSMUSDT	0.0000%	8h	443.28	−0.002%	$2.0M	$391K	50x	as long as short
OKX TSM-USDT-SWAPshort	0.0000%	8h	443.50	+0.047%	$4.0M	$2.4M	20x
Gate TSM_USDT	0.0000%	8h	443.35	+0.014%	$1.7M	$951K	100x	as long as short
Bitget TSMUSDT	0.0000%	8h	443.84	+0.124%	$1.7M	$1.4M	20x	as long as short
Variational Omni TSM	0.0000%	8h	443.88	+0.133%	$550K	$61K	—	as long as short
SunX TSM-USDT	0.0000%	8h	443.57	+0.063%	$1K	$4.4M	10x	as long as short
HTX TSM-USDT	0.0000%	8h	443.61	+0.072%	$9K	$9K	20x	as long as short
Phemex TSMUSDT	0.0000%	8h	443.63	+0.077%	$1.5M	$442K	10x	as long as short

Show all 28 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BloFin TSM-USDT	+0.0019%	8h	443.51	+0.050%	—	$98K	20x	as long as short
Lighter TSM	+0.0032%	1h	443.82	+0.120%	$501K	$173K	10x	as long as short
Lighter RH TSM	+0.0032%	1h	443.46	+0.038%	$222K	$644K	10x	as long as short
Binance TSMUSDT	+0.0046%	8h	443.56	+0.060%	$13.0M	$6.8M	20x	as long as short
Vest TSM-USD-PERP	+0.0046%	1h	443.24	−0.011%	—	$583	25x	as long as short
Extended TSM-USD	+0.0048%	1h	443.45	+0.035%	$1K	$197K	10x	as long as short
tradeXYZ xyz:TSM	+0.0050%	1h	443.13	−0.036%	$10.2M	$2.3M	10x	as long as short
Polymarket Perps TSM-USDlong	+0.0050%	1h	443.29	long leg	$196K	$51K	10x
SoDEX TSM-USD	+0.0050%	1h	443.16	−0.029%	$136	$3K	10x	as long as short
Ondo Perps TSM-USD.P	+0.0050%	1h	442.86	−0.097%	$160K	$24K	10x	as long as short
KuCoin TSMUSDTM	+0.0100%	8h	443.16	−0.029%	$269K	$319K	20x	as long as short
Orderly PERP_TSM_USDC_mythos	+0.0100%	8h	443.48	+0.043%	$21	—	10x	as long as short
Aevo TSM-PERP	+0.0104%	1h	443.50	+0.046%	$124	—	10x	as long as short
Coinbase International TSM-PERP-INTX	+0.0152%	1h	443.28	−0.002%	$370K	$107K	10x	as long as short
GRVT TSM_USDT_Perp	+0.0187%	8h	443.91	+0.140%	$8K	$1.1M	10x	as long as short
Phoenix TSM	+0.0217%	1h	443.77	+0.108%	$216K	$5K	10x	as long as short
Injective TSM/USDC PERP	+0.0220%	1h	448.49	+1.173%	$7K	$38K	12x	as long as short
Deribit TSM_USDC-PERPETUAL	+0.0359%	1h	443.38	+0.020%	$4	$24K	10x	as long as short