Funding arb · Price arb /

TSM

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0356%/8h= −39.0% APRpaid last 24h +0.020%

Price spread now: edgeX against Extended+0.083%73s7-day average +0.019% · you sell dearer than you buy

Net, funding: paid 7d − costs−$51as 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−$400.396% of the position

Long on Extended Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.109%−$11 on $10k

Price spread, last 4 days (all we have)−0.087%−$9 · spread now +0.083%, 7d avg +0.019%

Together, before fees−0.196%+ Points / potential airdropExtended: Active · edgeX: Active · farm board−$20 on $10k · with fees, hour by hour

The price spread pays, funding is against you. edgeX is 0.064% dearer against Extended than usual: you sell high and buy low (spread +0.083% now, against its 7-day average of +0.019%): +$6 on $10k if it goes back. Holding the pair costs −$11 a day in funding at the current rate, which eats that in about 14 hours. At the pace of the last 7 days (−0.109% in total) that is about 4.1 days. The two prices were read 73 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 -0.109% in total (about -5.7% 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	Extended TSM-USD	439.47	0.0056	pay 0.0007% / 1h	26m 23s	$6K	$181K	10x
Short	edgeX TSMUSDC	439.84	−0.0300	pay 0.0150% / 4h	2h 26m	$47K	$215K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX against Extended. 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 ExtendedbpFee edgeXbpOrdersPrice spread, now +0.083%Rate

Funding earned: −$74.71
Price spread: +0.083% → +0.019%: $6.4
Slippage, 4 orders: −$25.58
Fee Extended: 2.5 bp × 2 orders: −$5
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$107.89
Costs to cover: 0.396%
Break-even: never at this rate

Slippage from Extended: live order book, 20 min ago; edgeX: live order book, 21 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 Extended live order book, 20 min ago	1.59 bp	9.4 bp −$9	119.9 bp −$1,199	doesn't fit	doesn't fit
Sell edgeX live order book, 21 min ago	5.55 bp	10.2 bp −$10	12.8 bp −$128	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 TSMUSDCshort	−0.0300%	4h	439.84	+0.083%	$47K	$215K	10x
Bitget TSMUSDT	−0.0236%	8h	439.55	+0.017%	$1.7M	$1.6M	20x	as long as short
Aster TSMUSDT	0.0000%	8h	439.68	+0.047%	$82K	$2K	20x	as long as short
Bybit TSMUSDT	0.0000%	8h	439.39	−0.019%	$2.0M	$399K	50x	as long as short
OKX TSM-USDT-SWAP	0.0000%	8h	439.37	−0.024%	$4.0M	$2.5M	20x	as long as short
Gate TSM_USDT	0.0000%	8h	439.40	−0.017%	$1.7M	$1.1M	100x	as long as short
Variational Omni TSM	0.0000%	8h	439.59	+0.026%	$547K	$42K	—	as long as short
SunX TSM-USDT	0.0000%	8h	439.58	+0.024%	$1K	$4.2M	10x	as long as short
HTX TSM-USDT	0.0000%	8h	439.46	−0.003%	$9K	$8K	20x	as long as short
Phemex TSMUSDT	0.0000%	8h	440.88	+0.320%	$1.5M	$505K	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	+0.070%	$495K	$138K	10x	as long as short
Lighter RH TSM	+0.0032%	1h	439.54	+0.015%	$219K	$681K	10x	as long as short
BloFin TSM-USDT	+0.0043%	8h	439.42	−0.012%	$45K	$103K	20x	as long as short
Vest TSM-USD-PERP	+0.0046%	1h	439.23	−0.056%	—	$1K	25x	as long as short
tradeXYZ xyz:TSM	+0.0050%	1h	439.23	−0.056%	$10.2M	$1.8M	10x	as long as short
Polymarket Perps TSM-USD	+0.0050%	1h	439.35	−0.028%	$192K	$63K	10x	as long as short
SoDEX TSM-USD	+0.0050%	1h	439.25	−0.051%	$134	$3K	10x	as long as short
Ondo Perps TSM-USD.P	+0.0050%	1h	438.98	−0.113%	$158K	$26K	10x	as long as short
Extended TSM-USDlong	+0.0056%	1h	439.47	long leg	$6K	$181K	10x
Binance TSMUSDT	+0.0057%	8h	439.58	+0.023%	$12.8M	$7.7M	20x	as long as short
GRVT TSM_USDT_Perp	+0.0058%	8h	439.81	+0.076%	$8K	$1.3M	10x	as long as short
Coinbase International TSM-PERP-INTX	+0.0072%	1h	439.33	−0.033%	$366K	$102K	10x	as long as short
KuCoin TSMUSDTM	+0.0100%	8h	439.39	−0.019%	$267K	$309K	20x	as long as short
Orderly PERP_TSM_USDC_mythos	+0.0100%	8h	439.55	+0.017%	$21	—	10x	as long as short
Aevo TSM-PERP	+0.0104%	1h	439.59	+0.025%	$123	—	10x	as long as short
Deribit TSM_USDC-PERPETUAL	+0.0137%	1h	439.51	+0.008%	$4	$24K	10x	as long as short
Phoenix TSM	+0.0163%	1h	439.73	+0.058%	$214K	$5K	10x	as long as short
Injective TSM/USDC PERP	+0.0220%	1h	444.65	+1.178%	$6K	$38K	12x	as long as short