Funding arb · Price arb /

TSM

RWAall TSM markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0115%/8h= +12.6% APRpaid last 24h +0.052%

Price spread now: Phoenix against BloFin−0.025%7-day average — · you buy dearer than you sell

Net, funding: paid 7d − costs−$11as in the Funding arb table

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

costs, in and out, $10k−$380.379% of the position

Long on BloFin Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.268%+$27 on $10k

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. Phoenix is 0.025% cheaper against BloFin than usual: you would sell low and buy high (spread −0.025% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$2 on $10k: about 17 hours of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin TSM-USDT	440.38	0.0084	pay 0.0084% / 8h	3h 07m	$45K	$101K	20x
Short	Phoenix TSM	440.27	0.0199	get 0.0025% / 1h	7m 17s	$214K	$5K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against BloFin. 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 BloFinbpFee PhoenixbpOrdersPrice spread, now −0.025%Rate

Funding earned: $24.22
Price spread: −0.025% → 0.000%: −$2.5
Slippage, 4 orders: −$18.92
Fee BloFin: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$16.2
Costs to cover: 0.379%
Break-even: 11.7 days

Slippage from BloFin: live order book, 11 min ago; Phoenix: live order book, 40 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 BloFin live order book, 11 min ago	0.45 bp	9.1 bp −$9	16.9 bp −$169	doesn't fit	doesn't fit
Sell Phoenix live order book, 40 min ago	2.49 bp	9.4 bp −$9	18.9 bp −$189	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
edgeX TSMUSDC	−0.0980%	4h	440.31	−0.017%	$47K	$216K	10x	as long as short
Bitget TSMUSDT	−0.0220%	8h	440.33	−0.011%	$1.8M	$1.5M	20x	as long as short
Aster TSMUSDT	0.0000%	8h	440.44	+0.013%	$82K	$2K	20x	as long as short
Bybit TSMUSDT	0.0000%	8h	440.19	−0.043%	$2.0M	$389K	50x	as long as short
OKX TSM-USDT-SWAP	0.0000%	8h	440.25	−0.030%	$4.0M	$2.5M	20x	as long as short
Gate TSM_USDT	0.0000%	8h	440.11	−0.061%	$1.7M	$1.1M	100x	as long as short
Variational Omni TSM	0.0000%	8h	440.48	+0.022%	$546K	$40K	—	as long as short
SunX TSM-USDT	0.0000%	8h	440.34	−0.009%	$1K	$4.2M	10x	as long as short
HTX TSM-USDT	0.0000%	8h	440.28	−0.023%	$9K	$8K	20x	as long as short
Phemex TSMUSDT	0.0000%	8h	440.68	+0.068%	$1.5M	$488K	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	440.35	−0.007%	$496K	$176K	10x	as long as short
Lighter RH TSM	+0.0032%	1h	440.28	−0.023%	$219K	$677K	10x	as long as short
Vest TSM-USD-PERP	+0.0046%	1h	440.03	−0.079%	—	$583	25x	as long as short
tradeXYZ xyz:TSM	+0.0050%	1h	439.97	−0.093%	$10.2M	$2.0M	10x	as long as short
Polymarket Perps TSM-USD	+0.0050%	1h	440.10	−0.064%	$192K	$60K	10x	as long as short
SoDEX TSM-USD	+0.0050%	1h	439.95	−0.098%	$140	$3K	10x	as long as short
Ondo Perps TSM-USD.P	+0.0050%	1h	440.11	−0.061%	$156K	$23K	10x	as long as short
Binance TSMUSDT	+0.0064%	8h	440.31	−0.016%	$12.9M	$7.5M	20x	as long as short
Extended TSM-USD	+0.0064%	1h	440.20	−0.042%	$5K	$188K	10x	as long as short
GRVT TSM_USDT_Perp	+0.0071%	8h	440.39	+0.001%	$10K	$1.3M	10x	as long as short
BloFin TSM-USDTlong	+0.0084%	8h	440.38	long leg	$45K	$101K	20x
Coinbase International TSM-PERP-INTX	+0.0088%	1h	440.03	−0.079%	$367K	$102K	10x	as long as short
KuCoin TSMUSDTM	+0.0100%	8h	440.13	−0.057%	$267K	$311K	20x	as long as short
Orderly PERP_TSM_USDC_mythos	+0.0100%	8h	440.29	−0.020%	$21	—	10x	as long as short
Aevo TSM-PERP	+0.0104%	1h	440.28	−0.022%	$123	—	10x	as long as short
Phoenix TSMshort	+0.0199%	1h	440.27	−0.025%	$214K	$5K	10x
Deribit TSM_USDC-PERPETUAL	+0.0205%	1h	440.23	−0.034%	$4	$24K	10x	as long as short
Injective TSM/USDC PERP	+0.0220%	1h	445.19	+1.092%	$6K	$38K	12x	as long as short