Funding arb · Price arb /

TSM

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0653%/8h= +71.5% APRpaid last 24h +0.046%

Price spread now: edgeX against Ondo Perps+0.076%54s7-day average +0.067% · you sell dearer than you buy

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

Long on Ondo Perps Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.228%−$23 on $10k

Price spread, last 4 days (all we have)−0.018%−$2 · spread now +0.076%, 7d avg +0.067%

Together, before fees−0.246%+ Points / potential airdropOndo Perps: Active · edgeX: Active · farm board−$25 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.067%, so right now this pair is about funding alone: +$20 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair cost −0.228%, so the current rate has only just turned in your favour. The two prices were read 54 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 -0.228% in total (about -11.9% 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	Ondo Perps TSM-USD.P	444.42	0.0050	pay 0.0006% / 1h	35m 42s	$160K	$25K	10x
Short	edgeX TSMUSDC	444.76	0.0704	get 0.0352% / 4h	2h 35m	$48K	$216K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX against Ondo Perps. 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 Ondo PerpsbpFee edgeXbpOrdersPrice spread, now +0.076%Rate

Funding earned: $137.2
Price spread: +0.076% → +0.067%: $0.88
Slippage, 4 orders: no order book: not counted
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: $124.09
Costs to cover: 0.140%
Break-even: 0.7 days

Slippage unknown: Ondo Perps: no order-book sample; edgeX: live order book, 31 min ago. 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 Ondo Perps no order-book sample	—	—	—	—	—
Sell edgeX live order book, 31 min ago	5.36 bp	10.0 bp −$10	12.7 bp −$127	doesn't fit	doesn't fit

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
Aster TSMUSDT	0.0000%	8h	444.67	+0.056%	$82K	$1K	20x	as long as short
Bybit TSMUSDT	0.0000%	8h	444.44	+0.005%	$2.0M	$401K	50x	as long as short
OKX TSM-USDT-SWAP	0.0000%	8h	444.67	+0.056%	$4.0M	$2.5M	20x	as long as short
Gate TSM_USDT	0.0000%	8h	444.62	+0.045%	$1.7M	$915K	100x	as long as short
Bitget TSMUSDT	0.0000%	8h	444.82	+0.090%	$1.6M	$1.4M	20x	as long as short
Variational Omni TSM	0.0000%	8h	444.77	+0.079%	$551K	$82K	—	as long as short
SunX TSM-USDT	0.0000%	8h	444.80	+0.086%	$1K	$4.7M	10x	as long as short
HTX TSM-USDT	0.0000%	8h	444.60	+0.041%	$9K	$9K	20x	as long as short
Phemex TSMUSDT	0.0000%	8h	444.84	+0.095%	$1.5M	$453K	10x	as long as short
Binance TSMUSDT	+0.0007%	8h	444.90	+0.108%	$13.1M	$6.9M	20x	as long as short

Show all 28 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended TSM-USD	+0.0008%	1h	444.72	+0.068%	$5K	$196K	10x	as long as short
Coinbase International TSM-PERP-INTX	+0.0016%	1h	444.22	−0.045%	$366K	$102K	10x	as long as short
BloFin TSM-USDT	+0.0017%	8h	445.69	+0.286%	$45K	$99K	20x	as long as short
Lighter RH TSM	+0.0032%	1h	444.83	+0.092%	$222K	$630K	10x	as long as short
Vest TSM-USD-PERP	+0.0046%	1h	444.31	−0.025%	—	$583	25x	as long as short
tradeXYZ xyz:TSM	+0.0050%	1h	444.38	−0.009%	$10.2M	$2.3M	10x	as long as short
SoDEX TSM-USD	+0.0050%	1h	444.22	−0.045%	$142	$3K	10x	as long as short
Ondo Perps TSM-USD.Plong	+0.0050%	1h	444.42	long leg	$160K	$25K	10x
Polymarket Perps TSM-USD	+0.0052%	1h	444.60	+0.041%	$200K	$45K	10x	as long as short
GRVT TSM_USDT_Perp	+0.0066%	8h	444.89	+0.106%	$17K	$1.1M	10x	as long as short
KuCoin TSMUSDTM	+0.0100%	8h	444.42	0.000%	$269K	$316K	20x	as long as short
Orderly PERP_TSM_USDC_mythos	+0.0100%	8h	444.72	+0.068%	$21	—	10x	as long as short
Aevo TSM-PERP	+0.0104%	1h	444.70	+0.064%	$125	—	10x	as long as short
Phoenix TSM	+0.0179%	1h	444.44	+0.005%	$216K	$5K	10x	as long as short
Injective TSM/USDC PERP	+0.0220%	1h	450.67	+1.406%	$7K	$38K	12x	as long as short
Lighter TSM	+0.0424%	1h	445.26	+0.189%	$502K	$170K	10x	as long as short
edgeX TSMUSDCshort	+0.0704%	4h	444.76	+0.076%	$48K	$216K	10x
Deribit TSM_USDC-PERPETUAL	+0.1079%	1h	444.67	+0.056%	$4	$23K	10x	as long as short