Funding arb · Price arb /

TSM

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 20:00 UTC+0.0100%/8hpaid last 24h +0.017%

Price spread now: Orderly against Extended−0.059%7-day average — · you buy dearer than you sell

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

Long on Extended Short on Orderly

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—+ Points / potential airdropExtended: Active · farm boardneeds both histories

Funding pays, the price is against you. Orderly is 0.059% cheaper against Extended than usual: you would sell low and buy high (spread −0.059% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$6 on $10k: about 48 hours of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Extended TSM-USD	445.10	0	get 0.0000% / 1h	4m 50s	$2K	$167K	10x
Short	Orderly PERP_TSM_USDC_mythos	444.84	0.0100	get 0.0100% / 8h	4h 04m	$21	—	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.059%Rate

Funding earned: $21
Price spread: −0.059% → 0.000%: −$5.95
Slippage, 4 orders: no order book: not counted
Fee Extended: 2.5 bp × 2 orders: −$5
Fee Orderly: 3 bp × 2 orders: −$6
Net: $4.05
Costs to cover: 0.110%
Break-even: 5.6 days

Slippage unknown: Extended: live order book, 25 min ago; Orderly: 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 Extended live order book, 25 min ago	1.68 bp	9.5 bp −$10	117.9 bp −$1,179	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: 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 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 TSMUSDC	−0.0226%	4h	444.85	−0.058%	$48K	$215K	10x	as long as short
Coinbase International TSM-PERP-INTX	−0.0040%	1h	444.71	−0.089%	$358K	$89K	10x	as long as short
Aster TSMUSDT	0.0000%	8h	444.97	−0.030%	$82K	$1K	20x	as long as short
Extended TSM-USDlong	0.0000%	1h	445.10	long leg	$2K	$167K	10x
Binance TSMUSDT	0.0000%	8h	445.13	+0.006%	$13.1M	$6.6M	20x	as long as short
Bybit TSMUSDT	0.0000%	8h	444.82	−0.064%	$2.0M	$380K	50x	as long as short
OKX TSM-USDT-SWAP	0.0000%	8h	445.05	−0.012%	$4.0M	$3.0M	20x	as long as short
Gate TSM_USDT	0.0000%	8h	444.79	−0.071%	$1.7M	$889K	100x	as long as short
Variational Omni TSM	0.0000%	8h	444.88	−0.050%	$556K	$81K	—	as long as short
GRVT TSM_USDT_Perp	0.0000%	8h	444.97	−0.031%	$14K	$932K	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	444.80	−0.068%	$1K	$5.3M	10x	as long as short
HTX TSM-USDT	0.0000%	8h	444.55	−0.125%	$9K	$9K	20x	as long as short
Phemex TSMUSDT	0.0000%	8h	444.77	−0.075%	$1.5M	$444K	10x	as long as short
BloFin TSM-USDT	+0.0026%	8h	444.81	−0.066%	$45K	$101K	20x	as long as short
Lighter RH TSM	+0.0032%	1h	445.07	−0.008%	$206K	$672K	10x	as long as short
Vest TSM-USD-PERP	+0.0046%	1h	444.61	−0.111%	—	—	25x	as long as short
Bitget TSMUSDT	+0.0048%	8h	444.85	−0.057%	$1.6M	$1.5M	20x	as long as short
tradeXYZ xyz:TSM	+0.0050%	1h	444.83	−0.062%	$10.3M	$2.4M	10x	as long as short
Polymarket Perps TSM-USD	+0.0050%	1h	444.63	−0.107%	$188K	$82K	10x	as long as short
SoDEX TSM-USD	+0.0050%	1h	444.56	−0.122%	$152	$3K	10x	as long as short
Ondo Perps TSM-USD.P	+0.0050%	1h	444.42	−0.154%	$158K	$18K	10x	as long as short
KuCoin TSMUSDTM	+0.0100%	8h	444.74	−0.082%	$273K	$326K	20x	as long as short
Orderly PERP_TSM_USDC_mythosshort	+0.0100%	8h	444.84	−0.059%	$21	—	10x
Aevo TSM-PERP	+0.0104%	1h	444.93	−0.040%	$125	—	10x	as long as short
Phoenix TSM	+0.0162%	1h	444.59	−0.116%	$216K	$5K	10x	as long as short
Injective TSM/USDC PERP	+0.0220%	1h	450.07	+1.116%	$7K	$39K	12x	as long as short
Lighter TSM	+0.0368%	1h	445.95	+0.190%	$504K	$159K	10x	as long as short
Deribit TSM_USDC-PERPETUAL	+0.0447%	1h	444.84	−0.059%	$4	$61K	10x	as long as short