Funding arb · Price arb /

TSM

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0134%/8h= +14.7% APRpaid last 24h +0.002%

Price spread now: SoDEX against Bitget−0.100%59s7-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 SoDEX

What this pair did over the last

the charts below follow

Funding, last 3 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. SoDEX is 0.100% cheaper against Bitget than usual: you would sell low and buy high (spread −0.100% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$10 on $10k: about 2.5 days of funding at the current rate (+$4 a day). The two prices were read 59 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	441.92	−0.0084	get 0.0084% / 8h	4h 12m	$1.8M	$1.5M	20x
Short	SoDEX TSM-USD	441.48	0.0050	get 0.0006% / 1h	12m 23s	$139	$3K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SoDEX 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 SoDEXbpOrdersPrice spread, now −0.100%Rate

Funding earned: $28.14
Price spread: −0.100% → 0.000%: −$9.96
Slippage, 4 orders: no order book: not counted
Fee Bitget: 6 bp × 2 orders: −$12
Fee SoDEX: 4 bp × 2 orders: −$8
Net: −$1.82
Costs to cover: 0.200%
Break-even: 7.5 days

Slippage unknown: Bitget: live order book, 4 min ago; SoDEX: 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, 4 min ago	3.06 bp	11.0 bp −$11	19.2 bp −$192	56.0 bp −$5,595	doesn't fit
Sell SoDEX no order-book sample	—	—	—	—	—

SoDEX: 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	−0.0522%	4h	441.68	−0.055%	$48K	$217K	10x	as long as short
Bitget TSMUSDTlong	−0.0084%	8h	441.92	long leg	$1.8M	$1.5M	20x
Aster TSMUSDT	0.0000%	8h	441.98	+0.013%	$82K	$2K	20x	as long as short
Bybit TSMUSDT	0.0000%	8h	441.58	−0.077%	$2.0M	$395K	50x	as long as short
OKX TSM-USDT-SWAP	0.0000%	8h	441.74	−0.041%	$4.0M	$2.5M	20x	as long as short
Gate TSM_USDT	0.0000%	8h	441.60	−0.072%	$1.7M	$1.0M	100x	as long as short
Variational Omni TSM	0.0000%	8h	441.69	−0.051%	$547K	$40K	—	as long as short
SunX TSM-USDT	0.0000%	8h	441.86	−0.014%	$2K	$4.3M	10x	as long as short
HTX TSM-USDT	0.0000%	8h	441.50	−0.095%	$9K	$8K	20x	as long as short
Phemex TSMUSDT	0.0000%	8h	441.88	−0.009%	$1.5M	$472K	10x	as long as short

Show all 28 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter TSM	+0.0032%	1h	441.88	−0.009%	$498K	$176K	10x	as long as short
Lighter RH TSM	+0.0032%	1h	441.74	−0.041%	$220K	$643K	10x	as long as short
Vest TSM-USD-PERP	+0.0046%	1h	441.45	−0.106%	—	$583	25x	as long as short
BloFin TSM-USDT	+0.0048%	8h	441.66	−0.059%	$45K	$99K	20x	as long as short
tradeXYZ xyz:TSM	+0.0050%	1h	441.45	−0.106%	$10.2M	$2.1M	10x	as long as short
Polymarket Perps TSM-USD	+0.0050%	1h	441.54	−0.086%	$194K	$53K	10x	as long as short
SoDEX TSM-USDshort	+0.0050%	1h	441.48	−0.100%	$139	$3K	10x
Ondo Perps TSM-USD.P	+0.0050%	1h	441.61	−0.070%	$158K	$23K	10x	as long as short
Binance TSMUSDT	+0.0071%	8h	441.84	−0.017%	$13.0M	$7.3M	20x	as long as short
Extended TSM-USD	+0.0072%	1h	441.75	−0.039%	$6K	$195K	10x	as long as short
KuCoin TSMUSDTM	+0.0100%	8h	441.35	−0.129%	$268K	$309K	20x	as long as short
Orderly PERP_TSM_USDC_mythos	+0.0100%	8h	441.75	−0.038%	$21	—	10x	as long as short
Aevo TSM-PERP	+0.0104%	1h	441.72	−0.044%	$124	—	10x	as long as short
GRVT TSM_USDT_Perp	+0.0118%	8h	441.71	−0.047%	$11K	$1.2M	10x	as long as short
Coinbase International TSM-PERP-INTX	+0.0120%	1h	440.79	−0.256%	$368K	$102K	10x	as long as short
Deribit TSM_USDC-PERPETUAL	+0.0180%	1h	441.72	−0.045%	$4	$24K	10x	as long as short
Phoenix TSM	+0.0199%	1h	441.55	−0.084%	$215K	$5K	10x	as long as short
Injective TSM/USDC PERP	+0.0220%	1h	447.69	+1.306%	$7K	$38K	12x	as long as short