Funding arb · Price arb /

TSM

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0050%/8h= +5.5% APRpaid last 24h +0.015%

Price spread now: tradeXYZ against Aster−0.458%7-day average — · you buy dearer than you sell

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

Long on Aster Short on tradeXYZ

What this pair did over the last

the charts below follow

Funding, last 7 days+0.082%+$8 on $10k

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

Together, before fees—+ Points / potential airdropAster: Stage 5 · tradeXYZ: Active · farm boardneeds both histories

Funding pays, the price is against you. tradeXYZ is 0.458% cheaper against Aster than usual: you would sell low and buy high (spread −0.458% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$46 on $10k: about 31 days of funding at the current rate (+$2 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aster TSMUSDT	441.13	0	get 0.0000% / 8h	32m 57s	$82K	$2K	20x
Short	tradeXYZ xyz:TSM	439.11	0.0050	get 0.0006% / 1h	32m 57s	$10.1M	$1.8M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

tradeXYZ against Aster. 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 AsterbpFee tradeXYZbpOrdersPrice spread, now −0.458%Rate

Funding earned: $10.5
Price spread: −0.458% → 0.000%: −$45.82
Slippage, 4 orders: no order book: not counted
Fee Aster: 4 bp × 2 orders: −$8
Fee tradeXYZ: 9 bp × 2 orders: −$18
Net: −$61.32
Costs to cover: 0.260%
Break-even: 47.9 days

Slippage unknown: Aster: no order-book sample; tradeXYZ: live order book, 6 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 Aster no order-book sample	—	—	—	—	—
Sell tradeXYZ live order book, 6 min ago	0.68 bp	11.1 bp −$11	doesn't fit	doesn't fit	doesn't fit

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
Bitget TSMUSDT	−0.0141%	8h	439.68	−0.329%	$1.7M	$1.5M	20x	as long as short
Aster TSMUSDTlong	0.0000%	8h	441.13	long leg	$82K	$2K	20x
Bybit TSMUSDT	0.0000%	8h	439.18	−0.442%	$2.0M	$400K	50x	as long as short
OKX TSM-USDT-SWAP	0.0000%	8h	439.65	−0.336%	$4.0M	$2.6M	20x	as long as short
Gate TSM_USDT	0.0000%	8h	439.43	−0.386%	$1.7M	$1.1M	100x	as long as short
Variational Omni TSM	0.0000%	8h	439.61	−0.344%	$558K	$38K	—	as long as short
SunX TSM-USDT	0.0000%	8h	439.62	−0.343%	$2K	$4.1M	10x	as long as short
HTX TSM-USDT	0.0000%	8h	439.38	−0.397%	$9K	$8K	20x	as long as short
Phemex TSMUSDT	0.0000%	8h	440.69	−0.100%	$1.5M	$529K	10x	as long as short
Lighter TSM	+0.0032%	1h	439.60	−0.347%	$496K	$188K	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	439.30	−0.415%	$221K	$720K	10x	as long as short
BloFin TSM-USDT	+0.0033%	8h	439.70	−0.324%	$45K	$107K	20x	as long as short
Vest TSM-USD-PERP	+0.0046%	1h	439.18	−0.442%	—	$2K	25x	as long as short
tradeXYZ xyz:TSMshort	+0.0050%	1h	439.11	−0.458%	$10.1M	$1.8M	10x
Polymarket Perps TSM-USD	+0.0050%	1h	439.36	−0.402%	$190K	$68K	10x	as long as short
SoDEX TSM-USD	+0.0050%	1h	439.07	−0.467%	$135	$3K	10x	as long as short
Ondo Perps TSM-USD.P	+0.0050%	1h	439.43	−0.386%	$158K	$27K	10x	as long as short
Coinbase International TSM-PERP-INTX	+0.0056%	1h	439.33	−0.408%	$366K	$97K	10x	as long as short
Binance TSMUSDT	+0.0062%	8h	439.64	−0.338%	$12.8M	$8.0M	20x	as long as short
Extended TSM-USD	+0.0064%	1h	439.52	−0.364%	$8K	$216K	10x	as long as short
GRVT TSM_USDT_Perp	+0.0074%	8h	439.52	−0.364%	$6K	$1.3M	10x	as long as short
KuCoin TSMUSDTM	+0.0100%	8h	439.17	−0.445%	$266K	$309K	20x	as long as short
Orderly PERP_TSM_USDC_mythos	+0.0100%	8h	439.48	−0.374%	$21	—	10x	as long as short
Aevo TSM-PERP	+0.0104%	1h	439.35	−0.405%	$123	—	10x	as long as short
Phoenix TSM	+0.0146%	1h	439.38	−0.397%	$214K	$5K	10x	as long as short
Injective TSM/USDC PERP	+0.0220%	1h	444.02	+0.655%	$6K	$38K	12x	as long as short
edgeX TSMUSDC	+0.0571%	4h	439.70	−0.325%	$47K	$216K	10x	as long as short
Deribit TSM_USDC-PERPETUAL	+0.0798%	1h	439.51	−0.368%	$4	$25K	10x	as long as short