Funding arb · Price arb /

TSM

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.013%

Price spread now: Bitget against Phemex+0.052%7-day average +0.003% · you sell dearer than you buy

Net, funding: paid 7d − costs−$95as in the Funding arb table

Net, price: spread back to 7d avg − costs−$96as in the Price arb table

costs, in and out, $10k−$1011.007% of the position

Long on Phemex Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days+0.060%+$6 on $10k

Price spread, last 3 days (all we have)−0.026%−$3 · spread now +0.052%, 7d avg +0.003%

Together, before fees+0.035%+$3 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: Bitget is 0.049% dearer against Phemex than usual: you sell high and buy low, +$5 on $10k if it goes back to its 7-day average of +0.003%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex TSMUSDT	444.99	0	get 0.0000% / 8h	1h 46m	$1.5M	$467K	10x
Short	Bitget TSMUSDT	445.22	0	get 0.0000% / 8h	1h 46m	$1.6M	$1.5M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against Phemex. 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 PhemexbpFee BitgetbpOrdersPrice spread, now +0.052%Rate

Funding earned: $0
Price spread: +0.052% → +0.003%: $4.86
Slippage, 4 orders: −$76.74
Fee Phemex: 6 bp × 2 orders: −$12
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$95.87
Costs to cover: 1.007%
Break-even: never at this rate

Slippage from Phemex: live order book, 2 min ago; Bitget: live order book, 1 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 Phemex live order book, 2 min ago	0.67 bp	41.2 bp −$41	doesn't fit	doesn't fit	doesn't fit
Sell Bitget live order book, 1 min ago	1.35 bp	11.6 bp −$12	24.8 bp −$248	63.5 bp −$6,346	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
BloFin TSM-USDT	0.0000%	8h	445.46	+0.106%	$44K	$104K	20x	as long as short
Aster TSMUSDT	0.0000%	8h	445.28	+0.066%	$82K	$1K	20x	as long as short
Extended TSM-USD	0.0000%	1h	445.25	+0.058%	$2K	$167K	10x	as long as short
Binance TSMUSDT	0.0000%	8h	445.37	+0.085%	$13.1M	$6.9M	20x	as long as short
Bybit TSMUSDT	0.0000%	8h	445.08	+0.020%	$2.0M	$420K	50x	as long as short
OKX TSM-USDT-SWAP	0.0000%	8h	445.27	+0.063%	$4.0M	$3.1M	20x	as long as short
Gate TSM_USDT	0.0000%	8h	445.11	+0.027%	$1.7M	$919K	100x	as long as short
Bitget TSMUSDTshort	0.0000%	8h	445.22	+0.052%	$1.6M	$1.5M	20x
Variational Omni TSM	0.0000%	8h	445.30	+0.070%	$551K	$85K	—	as long as short
GRVT TSM_USDT_Perp	0.0000%	8h	445.35	+0.082%	$7K	$1.1M	10x	as long as short

Show all 28 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX TSM-USDT	0.0000%	8h	445.30	+0.070%	$1K	$5.4M	10x	as long as short
HTX TSM-USDT	0.0000%	8h	445.04	+0.011%	$9K	$9K	20x	as long as short
Phemex TSMUSDTlong	0.0000%	8h	444.99	long leg	$1.5M	$467K	10x
Coinbase International TSM-PERP-INTX	+0.0008%	1h	444.60	−0.088%	$356K	$96K	10x	as long as short
Lighter RH TSM	+0.0032%	1h	445.37	+0.085%	$224K	$597K	10x	as long as short
Vest TSM-USD-PERP	+0.0046%	1h	444.99	0.000%	—	—	25x	as long as short
tradeXYZ xyz:TSM	+0.0050%	1h	445.00	+0.002%	$10.3M	$2.6M	10x	as long as short
Polymarket Perps TSM-USD	+0.0050%	1h	445.18	+0.043%	$195K	$89K	10x	as long as short
SoDEX TSM-USD	+0.0050%	1h	444.98	−0.002%	$147	$3K	10x	as long as short
Ondo Perps TSM-USD.P	+0.0050%	1h	444.88	−0.025%	$159K	$22K	10x	as long as short
KuCoin TSMUSDTM	+0.0100%	8h	445.01	+0.004%	$269K	$340K	20x	as long as short
Orderly PERP_TSM_USDC_mythos	+0.0100%	8h	445.32	+0.074%	$21	—	10x	as long as short
Aevo TSM-PERP	+0.0104%	1h	445.36	+0.083%	$125	—	10x	as long as short
Phoenix TSM	+0.0162%	1h	445.39	+0.090%	$217K	$5K	10x	as long as short
Injective TSM/USDC PERP	+0.0220%	1h	449.91	+1.106%	$7K	$38K	12x	as long as short
edgeX TSMUSDC	+0.0537%	4h	445.31	+0.071%	$48K	$215K	10x	as long as short
Deribit TSM_USDC-PERPETUAL	+0.0537%	1h	445.27	+0.063%	$4	$61K	10x	as long as short
Lighter TSM	+0.0648%	1h	446.02	+0.231%	$503K	$160K	10x	as long as short