Funding arb · Price arb /

TSM

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 16:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: Phemex against OKX−0.124%7-day average +0.056% · you buy dearer than you sell

Net, funding: paid 7d − costs−$113as in the Funding arb table

Net, price: spread back to 7d avg − costs−$131as in the Price arb table

costs, in and out, $10k−$1131.135% of the position

Long on OKX Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days0.000%$0 on $10k

Price spread, last 4 days (all we have)+0.134%+$13 · spread now −0.124%, 7d avg +0.056%

Together, before fees+0.134%+$13 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Phemex is 0.180% cheaper against OKX than usual: you would sell low and buy high, −$18 on $10k if it goes back to its 7-day average of +0.056%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX TSM-USDT-SWAP	441.92	0	get 0.0000% / 8h	5h 26m	$4.1M	$2.8M	20x
Short	Phemex TSMUSDT	441.37	0	get 0.0000% / 8h	5h 26m	$1.5M	$567K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against OKX. 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 OKXbpFee PhemexbpOrdersPrice spread, now −0.124%Rate

Funding earned: $0
Price spread: −0.124% → +0.056%: −$18
Slippage, 4 orders: −$91.5
Fee OKX: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$131.5
Costs to cover: 1.135%
Break-even: never at this rate

Slippage from OKX: live order book, 4 min ago; Phemex: live order book, 4 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 OKX live order book, 4 min ago	0.11 bp	8.6 bp −$9	26.4 bp −$264	doesn't fit	doesn't fit
Sell Phemex live order book, 4 min ago	12.80 bp	50.8 bp −$51	doesn't fit	doesn't fit	doesn't fit

TSM on 28 exchanges

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	−0.0258%	4h	441.89	−0.006%	$48K	$215K	10x	as long as short
Coinbase International TSM-PERP-INTX	−0.0056%	1h	441.37	−0.124%	$373K	$109K	10x	as long as short
Aster TSMUSDT	0.0000%	8h	442.09	+0.039%	$82K	$2K	20x	as long as short
Bybit TSMUSDT	0.0000%	8h	441.64	−0.063%	$2.0M	$392K	50x	as long as short
OKX TSM-USDT-SWAPlong	0.0000%	8h	441.92	long leg	$4.1M	$2.8M	20x
Gate TSM_USDT	0.0000%	8h	441.76	−0.036%	$1.7M	$1.1M	100x	as long as short
Bitget TSMUSDT	0.0000%	8h	441.91	−0.002%	$1.8M	$1.5M	20x	as long as short
SunX TSM-USDT	0.0000%	8h	441.91	−0.002%	$2K	$3.7M	10x	as long as short
Deribit TSM_USDC-PERPETUAL	0.0000%	1h	441.75	−0.038%	$97	$10K	10x	as long as short
HTX TSM-USDT	0.0000%	8h	441.80	−0.027%	$9K	$8K	20x	as long as short

Show all 28 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex TSMUSDTshort	0.0000%	8h	441.37	−0.124%	$1.5M	$567K	10x
Lighter TSM	+0.0032%	1h	442.09	+0.038%	$498K	$143K	10x	as long as short
Lighter RH TSM	+0.0032%	1h	441.91	−0.002%	$198K	$687K	10x	as long as short
Injective TSM/USDC PERP	+0.0033%	1h	443.95	+0.459%	$6K	$38K	12x	as long as short
Variational Omni TSM	+0.0040%	8h	441.71	−0.048%	$554K	$44K	—	as long as short
Vest TSM-USD-PERP	+0.0046%	1h	441.37	−0.124%	—	$2K	25x	as long as short
tradeXYZ xyz:TSM	+0.0050%	1h	441.55	−0.084%	$10.2M	$2.0M	10x	as long as short
Polymarket Perps TSM-USD	+0.0050%	1h	441.64	−0.063%	$187K	$71K	10x	as long as short
SoDEX TSM-USD	+0.0050%	1h	441.53	−0.088%	$136	$3K	10x	as long as short
Ondo Perps TSM-USD.P	+0.0050%	1h	441.40	−0.118%	$156K	$33K	10x	as long as short
KuCoin TSMUSDTM	+0.0100%	8h	441.61	−0.070%	$268K	$466K	20x	as long as short
Orderly PERP_TSM_USDC_mythos	+0.0100%	8h	441.88	−0.009%	$21	—	10x	as long as short
Aevo TSM-PERP	+0.0104%	1h	441.84	−0.018%	$124	—	10x	as long as short
Binance TSMUSDT	+0.0109%	8h	441.92	0.000%	$13.0M	$8.6M	20x	as long as short
Extended TSM-USD	+0.0112%	1h	441.78	−0.031%	$5K	$216K	10x	as long as short
BloFin TSM-USDT	+0.0125%	8h	442.06	+0.032%	$46K	$117K	20x	as long as short
Phoenix TSM	+0.0253%	1h	441.96	+0.009%	$210K	$10K	10x	as long as short
GRVT TSM_USDT_Perp	+0.0335%	8h	442.20	+0.064%	$8K	$1.3M	10x	as long as short