Funding arb · Price arb /

TSM

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0537%/8h= −58.8% APRpaid last 24h −0.016%

Price spread now: Gate against edgeX−0.036%112s7-day average −0.053% · you buy dearer than you sell

Net, funding: paid 7d − costs−$42as 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−$530.525% of the position

Long on edgeX Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days+0.108%+$11 on $10k

Price spread, last 3 days (all we have)+0.032%+$3 · spread now −0.036%, 7d avg −0.053%

Together, before fees+0.140%+ Points / potential airdropedgeX: Active · farm board+$14 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.053%, so right now this pair is about funding alone: −$16 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair paid +0.108%, so the current rate has only just turned against you. The two prices were read 112 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 0.108% in total (about 5.6% 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	445.31	0.0537	pay 0.0268% / 4h	1h 47m	$48K	$215K	10x
Short	Gate TSM_USDT	445.15	0	get 0.0000% / 8h	1h 47m	$1.7M	$919K	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.036%Rate

Funding earned: −$112.7
Price spread: −0.036% → −0.053%: $1.75
Slippage, 4 orders: −$28.53
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$163.48
Costs to cover: 0.525%
Break-even: never at this rate

Slippage from edgeX: live order book, 34 min ago; Gate: live order book, 5 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, 34 min ago	5.28 bp	9.9 bp −$10	12.4 bp −$124	doesn't fit	doesn't fit
Sell Gate live order book, 5 min ago	3.93 bp	16.9 bp −$17	34.6 bp −$346	47.5 bp −$4,752	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
BloFin TSM-USDT	−0.0017%	8h	445.46	+0.034%	$44K	$104K	20x	as long as short
Aster TSMUSDT	0.0000%	8h	445.22	−0.019%	$82K	$1K	20x	as long as short
Extended TSM-USD	0.0000%	1h	445.30	−0.001%	$2K	$167K	10x	as long as short
Binance TSMUSDT	0.0000%	8h	445.37	+0.014%	$13.1M	$6.9M	20x	as long as short
Bybit TSMUSDT	0.0000%	8h	445.14	−0.038%	$2.0M	$420K	50x	as long as short
OKX TSM-USDT-SWAP	0.0000%	8h	445.31	0.000%	$4.0M	$3.1M	20x	as long as short
Gate TSM_USDTshort	0.0000%	8h	445.15	−0.036%	$1.7M	$919K	100x
Bitget TSMUSDT	0.0000%	8h	445.36	+0.012%	$1.6M	$1.5M	20x	as long as short
Variational Omni TSM	0.0000%	8h	445.30	−0.001%	$551K	$85K	—	as long as short
GRVT TSM_USDT_Perp	0.0000%	8h	445.35	+0.010%	$7K	$1.1M	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	445.38	+0.016%	$2K	$5.4M	10x	as long as short
HTX TSM-USDT	0.0000%	8h	445.33	+0.005%	$9K	$9K	20x	as long as short
Phemex TSMUSDT	0.0000%	8h	445.06	−0.056%	$1.5M	$467K	10x	as long as short
Coinbase International TSM-PERP-INTX	+0.0008%	1h	444.60	−0.159%	$356K	$96K	10x	as long as short
Lighter RH TSM	+0.0032%	1h	445.40	+0.021%	$224K	$597K	10x	as long as short
Vest TSM-USD-PERP	+0.0046%	1h	444.95	−0.080%	—	—	25x	as long as short
tradeXYZ xyz:TSM	+0.0050%	1h	445.02	−0.065%	$10.3M	$2.6M	10x	as long as short
Polymarket Perps TSM-USD	+0.0050%	1h	445.16	−0.033%	$195K	$89K	10x	as long as short
SoDEX TSM-USD	+0.0050%	1h	445.00	−0.069%	$147	$3K	10x	as long as short
Ondo Perps TSM-USD.P	+0.0050%	1h	444.88	−0.096%	$158K	$22K	10x	as long as short
KuCoin TSMUSDTM	+0.0100%	8h	444.96	−0.078%	$269K	$340K	20x	as long as short
Orderly PERP_TSM_USDC_mythos	+0.0100%	8h	445.32	+0.003%	$21	—	10x	as long as short
Aevo TSM-PERP	+0.0104%	1h	445.38	+0.017%	$125	—	10x	as long as short
Phoenix TSM	+0.0162%	1h	445.39	+0.018%	$217K	$5K	10x	as long as short
Injective TSM/USDC PERP	+0.0220%	1h	449.91	+1.033%	$7K	$38K	12x	as long as short
edgeX TSMUSDClong	+0.0537%	4h	445.31	long leg	$48K	$215K	10x
Lighter TSM	+0.0656%	1h	446.02	+0.160%	$503K	$160K	10x	as long as short
Deribit TSM_USDC-PERPETUAL	+0.0762%	1h	445.29	−0.004%	$4	$61K	10x	as long as short