Funding arb · Price arb /

TSM

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0329%/8h= +36.1% APRpaid last 24h −0.030%

Price spread now: Bybit against edgeX−0.091%101s7-day average −0.036% · you buy dearer than you sell

Net, funding: paid 7d − costs−$44as 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−$520.515% of the position

Long on edgeX Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.078%+$8 on $10k

Price spread, last 4 days (all we have)+0.053%+$5 · spread now −0.091%, 7d avg −0.036%

Together, before fees+0.131%+ Points / potential airdropedgeX: Active · farm board+$13 on $10k · with fees, hour by hour

Funding pays, the price is against you. Bybit is 0.054% cheaper against edgeX than usual: you would sell low and buy high (spread −0.091% now, against its 7-day average of −0.036%). If the spread goes back, that is −$5 on $10k: about 13 hours of funding at the current rate (+$10 a day). At the pace of the last 7 days (+0.078% in total) that is about 4.9 days. The two prices were read 101 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.078% in total (about 4.1% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	edgeX TSMUSDC	439.74	−0.0329	get 0.0165% / 4h	35m 55s	$47K	$216K	10x
Short	Bybit TSMUSDT	439.34	0	get 0.0000% / 8h	35m 55s	$2.0M	$400K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against edgeX. 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 edgeXbpFee BybitbpOrdersPrice spread, now −0.091%Rate

Funding earned: $69.17
Price spread: −0.091% → −0.036%: −$5.42
Slippage, 4 orders: −$31.5
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: $12.25
Costs to cover: 0.515%
Break-even: 5.8 days

Slippage from edgeX: live order book, 1 min ago; Bybit: live order book, 6 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 edgeX live order book, 1 min ago	5.80 bp	10.5 bp −$10	13.1 bp −$131	doesn't fit	doesn't fit
Sell Bybit live order book, 6 min ago	1.93 bp	16.0 bp −$16	76.1 bp −$761	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 TSMUSDClong	−0.0329%	4h	439.74	long leg	$47K	$216K	10x
Bitget TSMUSDT	−0.0147%	8h	439.68	−0.013%	$1.7M	$1.5M	20x	as long as short
Aster TSMUSDT	0.0000%	8h	441.24	+0.341%	$82K	$2K	20x	as long as short
Bybit TSMUSDTshort	0.0000%	8h	439.34	−0.091%	$2.0M	$400K	50x
OKX TSM-USDT-SWAP	0.0000%	8h	439.69	−0.011%	$4.0M	$2.6M	20x	as long as short
Gate TSM_USDT	0.0000%	8h	439.49	−0.056%	$1.7M	$1.1M	100x	as long as short
Variational Omni TSM	0.0000%	8h	439.61	−0.028%	$558K	$38K	—	as long as short
SunX TSM-USDT	0.0000%	8h	439.69	−0.011%	$2K	$4.1M	10x	as long as short
HTX TSM-USDT	0.0000%	8h	439.84	+0.023%	$9K	$8K	20x	as long as short
Phemex TSMUSDT	0.0000%	8h	440.69	+0.216%	$1.5M	$528K	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	439.78	+0.009%	$496K	$188K	10x	as long as short
Lighter RH TSM	+0.0032%	1h	439.46	−0.063%	$221K	$720K	10x	as long as short
Vest TSM-USD-PERP	+0.0046%	1h	439.26	−0.109%	—	$2K	25x	as long as short
tradeXYZ xyz:TSM	+0.0050%	1h	439.24	−0.113%	$10.1M	$1.8M	10x	as long as short
Polymarket Perps TSM-USD	+0.0050%	1h	439.46	−0.063%	$190K	$68K	10x	as long as short
SoDEX TSM-USD	+0.0050%	1h	439.23	−0.116%	$135	$3K	10x	as long as short
Ondo Perps TSM-USD.P	+0.0050%	1h	439.43	−0.070%	$158K	$27K	10x	as long as short
Coinbase International TSM-PERP-INTX	+0.0056%	1h	439.33	−0.093%	$366K	$97K	10x	as long as short
Binance TSMUSDT	+0.0063%	8h	439.72	−0.003%	$12.8M	$8.0M	20x	as long as short
Extended TSM-USD	+0.0064%	1h	439.60	−0.031%	$8K	$199K	10x	as long as short
GRVT TSM_USDT_Perp	+0.0072%	8h	439.71	−0.006%	$6K	$1.3M	10x	as long as short
BloFin TSM-USDT	+0.0082%	8h	439.90	+0.037%	$45K	$106K	20x	as long as short
KuCoin TSMUSDTM	+0.0100%	8h	439.36	−0.086%	$266K	$309K	20x	as long as short
Orderly PERP_TSM_USDC_mythos	+0.0100%	8h	439.68	−0.013%	$21	—	10x	as long as short
Aevo TSM-PERP	+0.0104%	1h	439.62	−0.028%	$123	—	10x	as long as short
Phoenix TSM	+0.0146%	1h	439.52	−0.050%	$214K	$5K	10x	as long as short
Injective TSM/USDC PERP	+0.0220%	1h	444.02	+0.974%	$6K	$38K	12x	as long as short
Deribit TSM_USDC-PERPETUAL	+0.0592%	1h	439.62	−0.027%	$4	$25K	10x	as long as short