Funding arb · Price arb /

TSM

RWAall TSM markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0145%/8h= +15.9% APRpaid last 24h +0.055%

Price spread now: Phoenix against Bybit−0.226%115s7-day average +0.021% · you buy dearer than you sell

Net, funding: paid 7d − costs−$29as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$560.561% of the position

Long on Bybit Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.274%+$27 on $10k

Price spread, last 4 days (all we have)+0.334%+$33 · spread now −0.226%, 7d avg +0.021%

Together, before fees+0.608%+$61 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phoenix is 0.246% cheaper against Bybit than usual: you would sell low and buy high (spread −0.226% now, against its 7-day average of +0.021%). If the spread goes back, that is −$25 on $10k: about 5.6 days of funding at the current rate (+$4 a day). The two prices were read 115 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	Bybit TSMUSDT	438.80	0	get 0.0000% / 8h	7h 17m	$2.0M	$400K	50x
Short	Phoenix TSM	437.81	0.0145	get 0.0018% / 1h	17m 39s	$208K	$10K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Bybit. 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 BybitbpFee PhoenixbpOrdersPrice spread, now −0.226%Rate

Funding earned: $30.55
Price spread: −0.226% → +0.021%: −$24.62
Slippage, 4 orders: −$38.09
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$50.16
Costs to cover: 0.561%
Break-even: 18.5 days

Slippage from Bybit: live order book, 4 min ago; Phoenix: live order book, 9 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 Bybit live order book, 4 min ago	1.94 bp	17.6 bp −$18	51.2 bp −$512	doesn't fit	doesn't fit
Sell Phoenix live order book, 9 min ago	3.88 bp	12.2 bp −$12	26.0 bp −$260	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	−0.0783%	4h	438.88	+0.017%	$47K	$217K	10x	as long as short
Aster TSMUSDT	0.0000%	8h	438.78	−0.004%	$81K	$2K	20x	as long as short
Extended TSM-USD	0.0000%	1h	439.06	+0.058%	$3K	$215K	10x	as long as short
Binance TSMUSDT	0.0000%	8h	439.18	+0.087%	$12.8M	$8.3M	20x	as long as short
Bybit TSMUSDTlong	0.0000%	8h	438.80	long leg	$2.0M	$400K	50x
OKX TSM-USDT-SWAP	0.0000%	8h	439.20	+0.091%	$4.0M	$2.7M	20x	as long as short
Gate TSM_USDT	0.0000%	8h	438.92	+0.027%	$1.7M	$1.1M	100x	as long as short
Bitget TSMUSDT	0.0000%	8h	439.14	+0.077%	$1.8M	$1.5M	20x	as long as short
Variational Omni TSM	0.0000%	8h	438.35	−0.102%	$549K	$45K	—	as long as short
GRVT TSM_USDT_Perp	0.0000%	8h	438.76	−0.009%	$13K	$1.3M	10x	as long as short

Show all 28 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX TSM-USDT	0.0000%	8h	438.94	+0.032%	$1K	$4.0M	10x	as long as short
HTX TSM-USDT	0.0000%	8h	438.85	+0.011%	$9K	$8K	20x	as long as short
Phemex TSMUSDT	0.0000%	8h	438.44	−0.082%	$1.5M	$538K	10x	as long as short
BloFin TSM-USDT	+0.0012%	8h	438.96	+0.036%	$45K	$110K	20x	as long as short
Lighter TSM	+0.0032%	1h	438.80	0.000%	$494K	$190K	10x	as long as short
Lighter RH TSM	+0.0032%	1h	438.85	+0.011%	$202K	$746K	10x	as long as short
Coinbase International TSM-PERP-INTX	+0.0040%	1h	437.71	−0.248%	$370K	$94K	10x	as long as short
Vest TSM-USD-PERP	+0.0046%	1h	438.49	−0.071%	—	$2K	25x	as long as short
tradeXYZ xyz:TSM	+0.0050%	1h	438.81	+0.002%	$10.0M	$1.9M	10x	as long as short
Polymarket Perps TSM-USD	+0.0050%	1h	438.38	−0.096%	$189K	$67K	10x	as long as short
SoDEX TSM-USD	+0.0050%	1h	438.51	−0.066%	$139	$3K	10x	as long as short
Ondo Perps TSM-USD.P	+0.0050%	1h	437.79	−0.230%	$157K	$28K	10x	as long as short
KuCoin TSMUSDTM	+0.0100%	8h	438.46	−0.077%	$266K	$352K	20x	as long as short
Orderly PERP_TSM_USDC_mythos	+0.0100%	8h	438.74	−0.014%	$21	—	10x	as long as short
Aevo TSM-PERP	+0.0104%	1h	438.73	−0.016%	$123	—	10x	as long as short
Phoenix TSMshort	+0.0145%	1h	437.81	−0.226%	$208K	$10K	10x
Injective TSM/USDC PERP	+0.0220%	1h	443.95	+1.174%	$6K	$38K	12x	as long as short
Deribit TSM_USDC-PERPETUAL	+0.1073%	1h	438.85	+0.011%	$4	$13K	10x	as long as short