Funding arb · Price arb /

TSM

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0171%/8h= +18.7% APRpaid last 24h +0.090%

Price spread now: Deribit against Bitget−0.048%48s7-day average — · you buy dearer than you sell

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

Long on Bitget Short on Deribit

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

Funding pays, the price is against you. Deribit is 0.048% cheaper against Bitget than usual: you would sell low and buy high (spread −0.048% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$5 on $10k: about 22 hours of funding at the current rate (+$5 a day). The two prices were read 48 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	Bitget TSMUSDT	439.85	−0.0171	get 0.0171% / 8h	1h 00m	$1.7M	$1.5M	20x
Short	Deribit TSM_USDC-PERPETUAL	439.64	0	get 0.0000% / 1h	0m 27s	$97	$25K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now −0.048%Rate

Funding earned: $35.91
Price spread: −0.048% → 0.000%: −$4.77
Slippage, 4 orders: no order book: not counted
Fee Bitget: 6 bp × 2 orders: −$12
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $12.14
Costs to cover: 0.190%
Break-even: 4.6 days

Slippage unknown: Bitget: live order book, 1 min ago; Deribit: 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 Bitget live order book, 1 min ago	4.32 bp	11.0 bp −$11	25.6 bp −$256	66.9 bp −$6,689	doesn't fit
Sell Deribit no order-book sample	—	—	—	—	—

Deribit: 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
edgeX TSMUSDC	−0.0835%	4h	439.71	−0.031%	$47K	$217K	10x	as long as short
Bitget TSMUSDTlong	−0.0171%	8h	439.85	long leg	$1.7M	$1.5M	20x
Aster TSMUSDT	0.0000%	8h	439.93	+0.018%	$82K	$2K	20x	as long as short
Bybit TSMUSDT	0.0000%	8h	439.63	−0.050%	$2.0M	$399K	50x	as long as short
OKX TSM-USDT-SWAP	0.0000%	8h	439.83	−0.005%	$4.0M	$2.6M	20x	as long as short
Gate TSM_USDT	0.0000%	8h	439.65	−0.045%	$1.7M	$1.1M	100x	as long as short
Variational Omni TSM	0.0000%	8h	439.72	−0.030%	$559K	$38K	—	as long as short
SunX TSM-USDT	0.0000%	8h	439.80	−0.011%	$1K	$4.1M	10x	as long as short
Deribit TSM_USDC-PERPETUALshort	0.0000%	1h	439.64	−0.048%	$97	$25K	10x
HTX TSM-USDT	0.0000%	8h	439.62	−0.052%	$9K	$8K	20x	as long as short

Show all 28 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex TSMUSDT	0.0000%	8h	440.58	+0.166%	$1.5M	$524K	10x	as long as short
Lighter TSM	+0.0032%	1h	440.18	+0.075%	$496K	$167K	10x	as long as short
Lighter RH TSM	+0.0032%	1h	439.59	−0.059%	$221K	$733K	10x	as long as short
Vest TSM-USD-PERP	+0.0046%	1h	439.45	−0.091%	—	$2K	25x	as long as short
BloFin TSM-USDT	+0.0046%	8h	439.79	−0.014%	$45K	$106K	20x	as long as short
Coinbase International TSM-PERP-INTX	+0.0048%	1h	439.33	−0.118%	$366K	$102K	10x	as long as short
tradeXYZ xyz:TSM	+0.0050%	1h	439.26	−0.134%	$10.2M	$1.7M	10x	as long as short
Polymarket Perps TSM-USD	+0.0050%	1h	439.51	−0.077%	$190K	$68K	10x	as long as short
SoDEX TSM-USD	+0.0050%	1h	439.48	−0.084%	$136	$3K	10x	as long as short
Ondo Perps TSM-USD.P	+0.0050%	1h	439.63	−0.050%	$158K	$27K	10x	as long as short
Binance TSMUSDT	+0.0069%	8h	439.83	−0.005%	$12.9M	$7.9M	20x	as long as short
Extended TSM-USD	+0.0072%	1h	439.69	−0.036%	$3K	$145K	10x	as long as short
GRVT TSM_USDT_Perp	+0.0080%	8h	439.84	−0.002%	$6K	$1.3M	10x	as long as short
KuCoin TSMUSDTM	+0.0100%	8h	439.46	−0.089%	$266K	$309K	20x	as long as short
Orderly PERP_TSM_USDC_mythos	+0.0100%	8h	439.67	−0.041%	$21	—	10x	as long as short
Aevo TSM-PERP	+0.0104%	1h	439.78	−0.017%	$123	—	10x	as long as short
Phoenix TSM	+0.0164%	1h	439.68	−0.039%	$214K	$5K	10x	as long as short
Injective TSM/USDC PERP	+0.0220%	1h	444.27	+1.005%	$6K	$38K	12x	as long as short