Funding arb · Price arb /

TSM

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0104%/8h= −11.4% APRpaid last 24h −0.031%

Price spread now: Phemex against Aevo+0.099%7-day average — · you sell dearer than you buy

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

Long on Aevo Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

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

Together, before fees—needs both histories

The price spread pays, funding is against you. Phemex is 0.099% dearer against Aevo than usual: you sell high and buy low (spread +0.099% now, against zero (this spread has no 7-day history yet)): +$10 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 3.2 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aevo TSM-PERP	440.86	0.0104	pay 0.0013% / 1h	10m 47s	$123	—	10x
Short	Phemex TSMUSDT	441.30	0	get 0.0000% / 8h	2h 10m	$1.5M	$511K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Aevo. 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 AevobpFee PhemexbpOrdersPrice spread, now +0.099%Rate

Funding earned: −$21.84
Price spread: +0.099% → 0.000%: $9.91
Slippage, 4 orders: no order book: not counted
Fee Aevo: 8 bp × 2 orders: −$16
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$39.93
Costs to cover: 0.280%
Break-even: never at this rate

Slippage unknown: Aevo: no order-book sample; Phemex: live order book, 2 min ago. 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 Aevo no order-book sample	—	—	—	—	—
Sell Phemex live order book, 2 min ago	0.91 bp	42.7 bp −$43	doesn't fit	doesn't fit	doesn't fit

Aevo: 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
Bitget TSMUSDT	−0.0231%	8h	440.69	−0.039%	$1.7M	$1.6M	20x	as long as short
Aster TSMUSDT	0.0000%	8h	440.86	−0.001%	$82K	$2K	20x	as long as short
Bybit TSMUSDT	0.0000%	8h	440.68	−0.042%	$2.0M	$401K	50x	as long as short
OKX TSM-USDT-SWAP	0.0000%	8h	440.81	−0.012%	$4.0M	$2.6M	20x	as long as short
Gate TSM_USDT	0.0000%	8h	440.68	−0.042%	$1.7M	$1.1M	100x	as long as short
Variational Omni TSM	0.0000%	8h	440.87	+0.001%	$553K	$30K	—	as long as short
SunX TSM-USDT	0.0000%	8h	440.93	+0.015%	$2K	$4.2M	10x	as long as short
HTX TSM-USDT	0.0000%	8h	440.26	−0.137%	$9K	$8K	20x	as long as short
Phemex TSMUSDTshort	0.0000%	8h	441.30	+0.099%	$1.5M	$511K	10x
Lighter TSM	+0.0032%	1h	440.93	+0.015%	$496K	$138K	10x	as long as short

Show all 28 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH TSM	+0.0032%	1h	440.87	+0.002%	$220K	$683K	10x	as long as short
Vest TSM-USD-PERP	+0.0046%	1h	440.54	−0.073%	—	$1K	25x	as long as short
GRVT TSM_USDT_Perp	+0.0049%	8h	440.18	−0.155%	$13K	$1.3M	10x	as long as short
tradeXYZ xyz:TSM	+0.0050%	1h	440.44	−0.096%	$10.2M	$1.8M	10x	as long as short
Polymarket Perps TSM-USD	+0.0050%	1h	440.63	−0.053%	$192K	$63K	10x	as long as short
SoDEX TSM-USD	+0.0050%	1h	440.31	−0.125%	$135	$3K	10x	as long as short
Ondo Perps TSM-USD.P	+0.0050%	1h	440.73	−0.030%	$158K	$27K	10x	as long as short
Binance TSMUSDT	+0.0053%	8h	441.01	+0.033%	$12.9M	$7.8M	20x	as long as short
Extended TSM-USD	+0.0056%	1h	440.88	+0.005%	$5K	$183K	10x	as long as short
BloFin TSM-USDT	+0.0057%	8h	440.95	+0.020%	$45K	$104K	20x	as long as short
Coinbase International TSM-PERP-INTX	+0.0072%	1h	439.33	−0.348%	$366K	$102K	10x	as long as short
KuCoin TSMUSDTM	+0.0100%	8h	440.48	−0.087%	$267K	$311K	20x	as long as short
Orderly PERP_TSM_USDC_mythos	+0.0100%	8h	440.87	+0.002%	$21	—	10x	as long as short
Aevo TSM-PERPlong	+0.0104%	1h	440.86	long leg	$123	—	10x
Phoenix TSM	+0.0163%	1h	440.13	−0.166%	$214K	$5K	10x	as long as short
Injective TSM/USDC PERP	+0.0220%	1h	444.65	+0.859%	$6K	$38K	12x	as long as short
Deribit TSM_USDC-PERPETUAL	+0.0544%	1h	440.89	+0.006%	$4	$24K	10x	as long as short
edgeX TSMUSDC	+0.0835%	4h	440.48	−0.087%	$47K	$215K	10x	as long as short