Funding arb · Price arb /

TSM

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0994%/8h= −108.8% APRpaid last 24h −0.030%

Price spread now: Variational Omni against edgeX+0.022%74s7-day average −0.001% · you sell dearer than you buy

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

Long on edgeX Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.029%+$3 on $10k

Price spread, last 4 days (all we have)−0.046%−$5 · spread now +0.022%, 7d avg −0.001%

Together, before fees−0.017%+ Points / potential airdropedgeX: Active · Variational Omni: Active · farm board−$2 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Variational Omni is 0.023% dearer against edgeX than usual: you sell high and buy low (spread +0.022% now, against its 7-day average of −0.001%): +$2 on $10k if it goes back. Holding the pair costs −$30 a day in funding at the current rate, which eats that in about 2 hours. The two prices were read 74 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 4 days it paid 0.029% in total (about 2.9% 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	439.53	0.0994	pay 0.0497% / 4h	1h 22m	$47K	$216K	10x
Short	Variational Omni TSM	439.63	0	get 0.0000% / 8h	1h 22m	$558K	$37K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni 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 Variational OmnibpOrdersPrice spread, now +0.022%Rate

Funding earned: −$208.65
Price spread: +0.022% → −0.001%: $2.27
Slippage, 4 orders: no order book: not counted
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$215.38
Costs to cover: 0.090%
Break-even: never at this rate

Slippage unknown: edgeX: live order book, 20 min ago; Variational Omni: RFQ quote, 22 min ago. 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 edgeX live order book, 20 min ago	5.69 bp	10.4 bp −$10	13.0 bp −$130	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 22 min ago	2.90 bp	doesn't fit	23.9 bp −$239	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
Bitget TSMUSDT	−0.0227%	8h	439.92	+0.088%	$1.7M	$1.5M	20x	as long as short
Aster TSMUSDT	0.0000%	8h	439.61	+0.018%	$82K	$2K	20x	as long as short
Bybit TSMUSDT	0.0000%	8h	439.69	+0.036%	$2.0M	$398K	50x	as long as short
OKX TSM-USDT-SWAP	0.0000%	8h	439.96	+0.097%	$4.0M	$2.6M	20x	as long as short
Gate TSM_USDT	0.0000%	8h	439.63	+0.022%	$1.7M	$1.1M	100x	as long as short
Variational Omni TSMshort	0.0000%	8h	439.63	+0.022%	$558K	$37K	—
SunX TSM-USDT	0.0000%	8h	439.81	+0.063%	$1K	$4.1M	10x	as long as short
HTX TSM-USDT	0.0000%	8h	439.98	+0.102%	$9K	$8K	20x	as long as short
Phemex TSMUSDT	0.0000%	8h	440.78	+0.284%	$1.5M	$517K	10x	as long as short
Lighter TSM	+0.0032%	1h	439.80	+0.061%	$495K	$137K	10x	as long as short

Show all 28 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH TSM	+0.0032%	1h	439.66	+0.029%	$224K	$684K	10x	as long as short
Vest TSM-USD-PERP	+0.0046%	1h	439.33	−0.046%	—	$1K	25x	as long as short
Coinbase International TSM-PERP-INTX	+0.0048%	1h	439.33	−0.046%	$366K	$102K	10x	as long as short
tradeXYZ xyz:TSM	+0.0050%	1h	439.41	−0.028%	$10.2M	$1.7M	10x	as long as short
Polymarket Perps TSM-USD	+0.0050%	1h	439.56	+0.006%	$190K	$68K	10x	as long as short
SoDEX TSM-USD	+0.0050%	1h	439.28	−0.058%	$136	$3K	10x	as long as short
Ondo Perps TSM-USD.P	+0.0050%	1h	438.99	−0.124%	$157K	$27K	10x	as long as short
BloFin TSM-USDT	+0.0053%	8h	439.75	+0.049%	$45K	$106K	20x	as long as short
Extended TSM-USD	+0.0080%	1h	439.77	+0.053%	$3K	$142K	10x	as long as short
Binance TSMUSDT	+0.0083%	8h	439.87	+0.078%	$12.9M	$7.9M	20x	as long as short
GRVT TSM_USDT_Perp	+0.0090%	8h	439.55	+0.004%	$14K	$1.3M	10x	as long as short
KuCoin TSMUSDTM	+0.0100%	8h	439.34	−0.044%	$267K	$310K	20x	as long as short
Orderly PERP_TSM_USDC_mythos	+0.0100%	8h	439.72	+0.042%	$21	—	10x	as long as short
Aevo TSM-PERP	+0.0104%	1h	439.83	+0.068%	$123	—	10x	as long as short
Phoenix TSM	+0.0164%	1h	439.35	−0.042%	$214K	$5K	10x	as long as short
Injective TSM/USDC PERP	+0.0220%	1h	444.27	+1.078%	$6K	$38K	12x	as long as short
Deribit TSM_USDC-PERPETUAL	+0.0318%	1h	440.05	+0.118%	$4	$25K	10x	as long as short
edgeX TSMUSDClong	+0.0994%	4h	439.53	long leg	$47K	$216K	10x