Funding arb · Price arb /

TSM

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0337%/8h= −36.9% APRpaid last 24h −0.100%

Price spread now: HTX against Deribit+0.045%7-day average — · you sell dearer than you buy

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

Long on Deribit Short on HTX

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

The price spread pays, funding is against you. HTX is 0.045% dearer against Deribit than usual: you sell high and buy low (spread +0.045% now, against zero (this spread has no 7-day history yet)): +$5 on $10k if it goes back. Holding the pair costs −$10 a day in funding at the current rate, which eats that in about 11 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit TSM_USDC-PERPETUAL	443.41	0.0337	pay 0.0042% / 1h	47m 47s	$4	$24K	10x
Short	HTX TSM-USDT	443.61	0	get 0.0000% / 8h	5h 47m	$9K	$9K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX against Deribit. 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 DeribitbpFee HTXbpOrdersPrice spread, now +0.045%Rate

Funding earned: −$70.71
Price spread: +0.045% → 0.000%: $4.51
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee HTX: 6 bp × 2 orders: −$12
Net: −$85.2
Costs to cover: 0.190%
Break-even: never at this rate

Slippage unknown: Deribit: no order-book sample; HTX: 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 Deribit no order-book sample	—	—	—	—	—
Sell HTX no order-book sample	—	—	—	—	—

Deribit and HTX: 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 27 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	−0.0267%	4h	443.83	+0.094%	$48K	$216K	10x	as long as short
Aster TSMUSDT	0.0000%	8h	443.68	+0.061%	$81K	$1K	20x	as long as short
Bybit TSMUSDT	0.0000%	8h	443.25	−0.036%	$2.0M	$391K	50x	as long as short
OKX TSM-USDT-SWAP	0.0000%	8h	443.36	−0.011%	$4.0M	$2.4M	20x	as long as short
Gate TSM_USDT	0.0000%	8h	443.32	−0.020%	$1.7M	$950K	100x	as long as short
Bitget TSMUSDT	0.0000%	8h	443.84	+0.097%	$1.7M	$1.4M	20x	as long as short
Variational Omni TSM	0.0000%	8h	443.88	+0.106%	$550K	$61K	—	as long as short
SunX TSM-USDT	0.0000%	8h	443.60	+0.043%	$2K	$4.4M	10x	as long as short
HTX TSM-USDTshort	0.0000%	8h	443.61	+0.045%	$9K	$9K	20x
Phemex TSMUSDT	0.0000%	8h	443.60	+0.043%	$1.5M	$442K	10x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter TSM	+0.0032%	1h	443.81	+0.090%	$501K	$173K	10x	as long as short
Lighter RH TSM	+0.0032%	1h	443.46	+0.011%	$222K	$644K	10x	as long as short
Vest TSM-USD-PERP	+0.0046%	1h	443.27	−0.032%	—	$583	25x	as long as short
Binance TSMUSDT	+0.0047%	8h	443.53	+0.027%	$13.0M	$6.8M	20x	as long as short
Extended TSM-USD	+0.0048%	1h	443.41	−0.001%	$1K	$197K	10x	as long as short
tradeXYZ xyz:TSM	+0.0050%	1h	443.11	−0.068%	$10.2M	$2.3M	10x	as long as short
Polymarket Perps TSM-USD	+0.0050%	1h	443.22	−0.043%	$196K	$51K	10x	as long as short
SoDEX TSM-USD	+0.0050%	1h	443.26	−0.034%	$137	$3K	10x	as long as short
Ondo Perps TSM-USD.P	+0.0050%	1h	443.41	0.000%	$160K	$23K	10x	as long as short
KuCoin TSMUSDTM	+0.0100%	8h	443.12	−0.065%	$269K	$319K	20x	as long as short
Orderly PERP_TSM_USDC_mythos	+0.0100%	8h	443.43	+0.005%	$21	—	10x	as long as short
Aevo TSM-PERP	+0.0104%	1h	443.49	+0.019%	$124	—	10x	as long as short
Coinbase International TSM-PERP-INTX	+0.0152%	1h	443.28	−0.029%	$370K	$107K	10x	as long as short
GRVT TSM_USDT_Perp	+0.0187%	8h	443.91	+0.113%	$8K	$1.1M	10x	as long as short
Phoenix TSM	+0.0217%	1h	443.77	+0.081%	$216K	$5K	10x	as long as short
Injective TSM/USDC PERP	+0.0220%	1h	447.81	+0.992%	$7K	$38K	12x	as long as short
Deribit TSM_USDC-PERPETUALlong	+0.0337%	1h	443.41	long leg	$4	$24K	10x