Funding arb · Price arb /

TSM

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0598%/8h= −65.5% APRpaid last 24h +0.016%

Price spread now: edgeX against Gate+0.030%97s7-day average +0.054% · you sell dearer than you buy

Net, funding: paid 7d − costs−$66as 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−$550.555% of the position

Long on Gate Short on edgeX

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)−0.071%−$7 · spread now +0.030%, 7d avg +0.054%

Together, before fees−0.180%+ Points / potential airdropedgeX: Active · farm board−$18 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$18 a day on $10k at the current rate, and edgeX is 0.024% cheaper against Gate than usual: you would sell low and buy high (−$2 if the spread goes back to its 7-day average of +0.054%). Swap the legs. The two prices were read 97 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	Gate TSM_USDT	444.61	0	get 0.0000% / 8h	3h 31m	$1.7M	$914K	100x
Short	edgeX TSMUSDC	444.74	−0.0598	pay 0.0299% / 4h	3h 31m	$48K	$215K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX against Gate. 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 GatebpFee edgeXbpOrdersPrice spread, now +0.030%Rate

Funding earned: −$125.56
Price spread: +0.030% → +0.054%: −$2.37
Slippage, 4 orders: −$31.47
Fee Gate: 7.5 bp × 2 orders: −$15
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$183.4
Costs to cover: 0.555%
Break-even: never at this rate

Slippage from Gate: live order book, 1 min ago; edgeX: live order book, 15 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 Gate live order book, 1 min ago	4.72 bp	16.0 bp −$16	102.7 bp −$1,027	154.1 bp −$15.4K	doesn't fit
Sell edgeX live order book, 15 min ago	6.07 bp	10.8 bp −$11	13.3 bp −$133	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	−0.0598%	4h	444.74	+0.030%	$48K	$215K	10x
Coinbase International TSM-PERP-INTX	−0.0056%	1h	444.10	−0.115%	$358K	$93K	10x	as long as short
BloFin TSM-USDT	−0.0005%	8h	444.91	+0.067%	$45K	$104K	20x	as long as short
Aster TSMUSDT	0.0000%	8h	444.50	−0.024%	$82K	$1K	20x	as long as short
Extended TSM-USD	0.0000%	1h	444.76	+0.033%	$2K	$167K	10x	as long as short
Binance TSMUSDT	0.0000%	8h	444.81	+0.045%	$13.1M	$6.8M	20x	as long as short
Bybit TSMUSDT	0.0000%	8h	444.56	−0.011%	$2.0M	$400K	50x	as long as short
OKX TSM-USDT-SWAP	0.0000%	8h	444.87	+0.058%	$4.0M	$3.1M	20x	as long as short
Gate TSM_USDTlong	0.0000%	8h	444.61	long leg	$1.7M	$914K	100x
Variational Omni TSM	0.0000%	8h	444.69	+0.017%	$551K	$85K	—	as long as short

Show all 28 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT TSM_USDT_Perp	0.0000%	8h	444.76	+0.034%	$11K	$978K	10x	as long as short
SunX TSM-USDT	0.0000%	8h	444.81	+0.045%	$1K	$5.4M	10x	as long as short
HTX TSM-USDT	0.0000%	8h	444.52	−0.020%	$9K	$9K	20x	as long as short
Phemex TSMUSDT	0.0000%	8h	444.94	+0.074%	$1.5M	$460K	10x	as long as short
Lighter RH TSM	+0.0032%	1h	444.91	+0.067%	$206K	$651K	10x	as long as short
Bitget TSMUSDT	+0.0038%	8h	444.56	−0.011%	$1.6M	$1.5M	20x	as long as short
Vest TSM-USD-PERP	+0.0046%	1h	444.48	−0.029%	—	—	25x	as long as short
tradeXYZ xyz:TSM	+0.0050%	1h	444.39	−0.049%	$10.3M	$2.6M	10x	as long as short
Polymarket Perps TSM-USD	+0.0050%	1h	444.64	+0.007%	$188K	$82K	10x	as long as short
SoDEX TSM-USD	+0.0050%	1h	444.39	−0.049%	$143	$3K	10x	as long as short
Ondo Perps TSM-USD.P	+0.0050%	1h	444.24	−0.083%	$158K	$19K	10x	as long as short
KuCoin TSMUSDTM	+0.0100%	8h	444.43	−0.040%	$272K	$332K	20x	as long as short
Orderly PERP_TSM_USDC_mythos	+0.0100%	8h	444.88	+0.061%	$21	—	10x	as long as short
Aevo TSM-PERP	+0.0104%	1h	444.47	−0.032%	$124	—	10x	as long as short
Phoenix TSM	+0.0180%	1h	444.42	−0.043%	$216K	$5K	10x	as long as short
Injective TSM/USDC PERP	+0.0220%	1h	450.30	+1.280%	$7K	$39K	12x	as long as short
Lighter TSM	+0.0248%	1h	445.19	+0.130%	$502K	$159K	10x	as long as short
Deribit TSM_USDC-PERPETUAL	+0.0560%	1h	444.85	+0.054%	$98	$61K	10x	as long as short