Funding arb · Price arb /

TSM

RWAall TSM markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC+0.0217%/8h= +23.8% APRpaid last 24h +0.053%

Price spread now: Phoenix against OKX+0.011%76s7-day average +0.022% · you sell dearer than you buy

Net, funding: paid 7d − costs−$13as 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−$420.416% of the position

Long on OKX Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.281%+$28 on $10k

Price spread, last 4 days (all we have)+0.031%+$3 · spread now +0.011%, 7d avg +0.022%

Together, before fees+0.312%+$31 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.022%, so right now this pair is about funding alone: +$7 a day on $10k at the current rate. The two prices were read 76 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX TSM-USDT-SWAP	441.71	0	get 0.0000% / 8h	4h 44m	$4.1M	$2.8M	20x
Short	Phoenix TSM	441.76	0.0217	get 0.0027% / 1h	44m 07s	$206K	$14K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now +0.011%Rate

Funding earned: $45.59
Price spread: +0.011% → +0.022%: −$1.06
Slippage, 4 orders: −$24.63
Fee OKX: 5 bp × 2 orders: −$10
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $2.9
Costs to cover: 0.416%
Break-even: 6.6 days

Slippage from OKX: live order book, 1 min ago; Phoenix: live order book, 56 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, 1 min ago	0.11 bp	7.4 bp −$7	21.1 bp −$211	doesn't fit	doesn't fit
Sell Phoenix live order book, 56 min ago	3.62 bp	11.4 bp −$11	24.1 bp −$241	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	−0.0465%	4h	441.58	−0.030%	$48K	$216K	10x	as long as short
Coinbase International TSM-PERP-INTX	−0.0080%	1h	440.89	−0.186%	$372K	$109K	10x	as long as short
Aster TSMUSDT	0.0000%	8h	441.79	+0.019%	$82K	$2K	20x	as long as short
Bybit TSMUSDT	0.0000%	8h	441.38	−0.075%	$2.0M	$398K	50x	as long as short
OKX TSM-USDT-SWAPlong	0.0000%	8h	441.71	long leg	$4.1M	$2.8M	20x
Gate TSM_USDT	0.0000%	8h	441.51	−0.045%	$1.7M	$1.1M	100x	as long as short
Bitget TSMUSDT	0.0000%	8h	441.71	0.000%	$1.8M	$1.5M	20x	as long as short
SunX TSM-USDT	0.0000%	8h	441.78	+0.016%	$1K	$3.7M	10x	as long as short
HTX TSM-USDT	0.0000%	8h	441.84	+0.029%	$9K	$8K	20x	as long as short
Phemex TSMUSDT	0.0000%	8h	441.85	+0.032%	$1.5M	$573K	10x	as long as short

Show all 28 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter TSM	+0.0032%	1h	441.74	+0.007%	$497K	$139K	10x	as long as short
Injective TSM/USDC PERP	+0.0033%	1h	446.84	+1.161%	$7K	$38K	12x	as long as short
Vest TSM-USD-PERP	+0.0046%	1h	441.30	−0.093%	—	$2K	25x	as long as short
tradeXYZ xyz:TSM	+0.0050%	1h	441.37	−0.077%	$10.1M	$2.0M	10x	as long as short
Polymarket Perps TSM-USD	+0.0050%	1h	441.43	−0.063%	$187K	$71K	10x	as long as short
SoDEX TSM-USD	+0.0050%	1h	441.28	−0.097%	$135	$3K	10x	as long as short
Ondo Perps TSM-USD.P	+0.0050%	1h	441.76	+0.011%	$160K	$36K	10x	as long as short
Variational Omni TSM	+0.0067%	8h	441.60	−0.025%	$550K	$47K	—	as long as short
KuCoin TSMUSDTM	+0.0100%	8h	441.33	−0.086%	$268K	$507K	20x	as long as short
Orderly PERP_TSM_USDC_mythos	+0.0100%	8h	441.69	−0.005%	$21	—	10x	as long as short
Aevo TSM-PERP	+0.0104%	1h	441.52	−0.043%	$124	—	10x	as long as short
BloFin TSM-USDT	+0.0135%	8h	441.66	−0.011%	$46K	$121K	20x	as long as short
Extended TSM-USD	+0.0136%	1h	441.63	−0.018%	$6K	$222K	10x	as long as short
Binance TSMUSDT	+0.0139%	8h	441.78	+0.016%	$13.2M	$8.9M	20x	as long as short
Lighter RH TSM	+0.0176%	1h	441.80	+0.020%	$200K	$564K	10x	as long as short
Phoenix TSMshort	+0.0217%	1h	441.76	+0.011%	$206K	$14K	10x
GRVT TSM_USDT_Perp	+0.0335%	8h	441.60	−0.025%	$13K	$1.4M	10x	as long as short
Deribit TSM_USDC-PERPETUAL	+0.1133%	1h	441.71	0.000%	$97	$9K	10x	as long as short