Funding arb · Price arb /

TSM

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0237%/8h= +26.0% APRpaid last 24h −0.011%

Price spread now: Coinbase International against Bitget−0.218%7-day average −0.225% · you buy dearer than you sell

Net, funding: paid 7d − costs−$58as in the Funding arb table

Net, price: spread back to 7d avg − costs−$40as in the Price arb table

costs, in and out, $10k−$400.402% of the position

Long on Bitget Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days−0.177%−$18 on $10k

Price spread, last 4 days (all we have)+0.155%+$16 · spread now −0.218%, 7d avg −0.225%

Together, before fees−0.022%−$2 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.225%, so right now this pair is about funding alone: +$7 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair cost −0.177%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget TSMUSDT	440.29	−0.0189	get 0.0189% / 8h	1h 48m	$1.7M	$1.5M	20x
Short	Coinbase International TSM-PERP-INTX	439.33	0.0048	get 0.0006% / 1h	48m 12s	$366K	$102K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against Bitget. 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 BitgetbpFee Coinbase InternationalbpOrdersPrice spread, now −0.218%Rate

Funding earned: $49.77
Price spread: −0.218% → −0.225%: $0.65
Slippage, 4 orders: −$18.15
Fee Bitget: 6 bp × 2 orders: −$12
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: $10.27
Costs to cover: 0.402%
Break-even: 5.6 days

Slippage from Bitget: live order book, 4 min ago; Coinbase International: live order book, 60 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 Bitget live order book, 4 min ago	3.75 bp	10.3 bp −$10	25.6 bp −$256	68.5 bp −$6,849	doesn't fit
Sell Coinbase International live order book, 60 min ago	3.97 bp	9.2 bp −$9	12.8 bp −$128	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
Bitget TSMUSDTlong	−0.0189%	8h	440.29	long leg	$1.7M	$1.5M	20x
Aster TSMUSDT	0.0000%	8h	439.77	−0.118%	$82K	$2K	20x	as long as short
Bybit TSMUSDT	0.0000%	8h	439.52	−0.175%	$2.0M	$396K	50x	as long as short
OKX TSM-USDT-SWAP	0.0000%	8h	439.69	−0.136%	$4.0M	$2.6M	20x	as long as short
Gate TSM_USDT	0.0000%	8h	439.71	−0.132%	$1.7M	$1.1M	100x	as long as short
Variational Omni TSM	0.0000%	8h	439.85	−0.101%	$557K	$36K	—	as long as short
SunX TSM-USDT	0.0000%	8h	439.76	−0.120%	$2K	$4.2M	10x	as long as short
HTX TSM-USDT	0.0000%	8h	440.04	−0.057%	$9K	$8K	20x	as long as short
Phemex TSMUSDT	0.0000%	8h	440.76	+0.107%	$1.5M	$515K	10x	as long as short
Lighter TSM	+0.0032%	1h	439.89	−0.091%	$495K	$137K	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	439.63	−0.150%	$224K	$684K	10x	as long as short
Vest TSM-USD-PERP	+0.0046%	1h	439.32	−0.220%	—	$1K	25x	as long as short
Coinbase International TSM-PERP-INTXshort	+0.0048%	1h	439.33	−0.218%	$366K	$102K	10x
tradeXYZ xyz:TSM	+0.0050%	1h	439.20	−0.248%	$10.2M	$1.8M	10x	as long as short
Polymarket Perps TSM-USD	+0.0050%	1h	439.57	−0.164%	$192K	$63K	10x	as long as short
SoDEX TSM-USD	+0.0050%	1h	439.40	−0.202%	$134	$3K	10x	as long as short
Ondo Perps TSM-USD.P	+0.0050%	1h	439.40	−0.202%	$157K	$27K	10x	as long as short
Extended TSM-USD	+0.0064%	1h	439.56	−0.166%	$5K	$179K	10x	as long as short
BloFin TSM-USDT	+0.0066%	8h	439.96	−0.075%	$45K	$105K	20x	as long as short
Binance TSMUSDT	+0.0068%	8h	439.67	−0.140%	$12.8M	$7.9M	20x	as long as short
GRVT TSM_USDT_Perp	+0.0070%	8h	439.83	−0.106%	$4K	$1.3M	10x	as long as short
KuCoin TSMUSDTM	+0.0100%	8h	439.35	−0.213%	$266K	$309K	20x	as long as short
Orderly PERP_TSM_USDC_mythos	+0.0100%	8h	439.64	−0.148%	$21	—	10x	as long as short
Aevo TSM-PERP	+0.0104%	1h	439.80	−0.112%	$123	—	10x	as long as short
Phoenix TSM	+0.0164%	1h	439.88	−0.093%	$214K	$5K	10x	as long as short
Injective TSM/USDC PERP	+0.0220%	1h	444.69	+0.999%	$6K	$38K	12x	as long as short
Deribit TSM_USDC-PERPETUAL	+0.0365%	1h	439.55	−0.168%	$4	$25K	10x	as long as short
edgeX TSMUSDC	+0.0890%	4h	439.89	−0.091%	$47K	$216K	10x	as long as short