Funding arb · Price arb /

TSM

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0050%/8h= +5.5% APRpaid last 24h +0.015%

Price spread now: Ondo Perps against HTX−0.177%7-day average — · you buy dearer than you sell

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

Long on HTX Short on Ondo Perps

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 airdropOndo Perps: Active · farm boardneeds both histories

Funding pays, the price is against you. Ondo Perps is 0.177% cheaper against HTX than usual: you would sell low and buy high (spread −0.177% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$18 on $10k: about 12 days of funding at the current rate (+$2 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	HTX TSM-USDT	440.75	0	get 0.0000% / 8h	3h 15m	$9K	$8K	20x
Short	Ondo Perps TSM-USD.P	439.97	0.0050	get 0.0006% / 1h	15m 56s	$156K	$23K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Ondo Perps against HTX. 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 HTXbpFee Ondo PerpsbpOrdersPrice spread, now −0.177%Rate

Funding earned: $10.58
Price spread: −0.177% → 0.000%: −$17.7
Slippage, 4 orders: no order book: not counted
Fee HTX: 6 bp × 2 orders: −$12
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Net: −$24.11
Costs to cover: 0.170%
Break-even: 22.9 days

Slippage unknown: HTX: no order-book sample; Ondo Perps: 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 HTX no order-book sample	—	—	—	—	—
Sell Ondo Perps no order-book sample	—	—	—	—	—

HTX and Ondo Perps: 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
Bitget TSMUSDT	−0.0208%	8h	440.77	+0.005%	$1.8M	$1.5M	20x	as long as short
edgeX TSMUSDC	−0.0059%	4h	440.93	+0.041%	$47K	$216K	10x	as long as short
Aster TSMUSDT	0.0000%	8h	440.69	−0.014%	$82K	$2K	20x	as long as short
Bybit TSMUSDT	0.0000%	8h	440.56	−0.043%	$2.0M	$388K	50x	as long as short
OKX TSM-USDT-SWAP	0.0000%	8h	440.55	−0.045%	$4.0M	$2.5M	20x	as long as short
Gate TSM_USDT	0.0000%	8h	440.52	−0.052%	$1.7M	$1.1M	100x	as long as short
Variational Omni TSM	0.0000%	8h	440.72	−0.006%	$546K	$40K	—	as long as short
SunX TSM-USDT	0.0000%	8h	440.78	+0.007%	$1K	$4.2M	10x	as long as short
HTX TSM-USDTlong	0.0000%	8h	440.75	long leg	$9K	$8K	20x
Phemex TSMUSDT	0.0000%	8h	440.81	+0.014%	$1.5M	$486K	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	440.82	+0.016%	$496K	$176K	10x	as long as short
Lighter RH TSM	+0.0032%	1h	440.72	−0.007%	$220K	$676K	10x	as long as short
Vest TSM-USD-PERP	+0.0046%	1h	440.31	−0.100%	—	$583	25x	as long as short
tradeXYZ xyz:TSM	+0.0050%	1h	440.29	−0.104%	$10.2M	$2.1M	10x	as long as short
Polymarket Perps TSM-USD	+0.0050%	1h	440.41	−0.077%	$192K	$60K	10x	as long as short
SoDEX TSM-USD	+0.0050%	1h	440.25	−0.113%	$140	$3K	10x	as long as short
BloFin TSM-USDT	+0.0050%	8h	440.58	−0.039%	$45K	$100K	20x	as long as short
Ondo Perps TSM-USD.Pshort	+0.0050%	1h	439.97	−0.177%	$156K	$23K	10x
Extended TSM-USD	+0.0064%	1h	440.66	−0.020%	$4K	$194K	10x	as long as short
Binance TSMUSDT	+0.0066%	8h	440.79	+0.008%	$12.9M	$7.5M	20x	as long as short
GRVT TSM_USDT_Perp	+0.0081%	8h	440.78	+0.008%	$8K	$1.3M	10x	as long as short
Coinbase International TSM-PERP-INTX	+0.0088%	1h	440.03	−0.163%	$367K	$102K	10x	as long as short
KuCoin TSMUSDTM	+0.0100%	8h	440.31	−0.100%	$268K	$312K	20x	as long as short
Orderly PERP_TSM_USDC_mythos	+0.0100%	8h	440.59	−0.036%	$21	—	10x	as long as short
Aevo TSM-PERP	+0.0104%	1h	440.67	−0.019%	$123	—	10x	as long as short
Phoenix TSM	+0.0199%	1h	440.38	−0.084%	$214K	$5K	10x	as long as short
Injective TSM/USDC PERP	+0.0220%	1h	445.45	+1.066%	$6K	$38K	12x	as long as short
Deribit TSM_USDC-PERPETUAL	+0.0340%	1h	440.60	−0.034%	$4	$24K	10x	as long as short