Funding arb · Price arb /

TSM

RWAall TSM markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0120%/8h= +13.1% APRpaid last 24h +0.003%

Price spread now: Coinbase International against Phemex−0.229%7-day average −0.219% · you buy dearer than you sell

Net, funding: paid 7d − costs−$97as in the Funding arb table

Net, price: spread back to 7d avg − costs−$84as in the Price arb table

costs, in and out, $10k−$830.825% of the position

Long on Phemex Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days−0.144%−$14 on $10k

Price spread, last 4 days (all we have)+0.194%+$19 · spread now −0.229%, 7d avg −0.219%

Together, before fees+0.050%+$5 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.219%, so right now this pair is about funding alone: +$4 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair cost −0.144%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex TSMUSDT	441.80	0	get 0.0000% / 8h	4h 37m	$1.5M	$465K	10x
Short	Coinbase International TSM-PERP-INTX	440.79	0.0120	get 0.0015% / 1h	37m 10s	$368K	$102K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International 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 Coinbase InternationalbpOrdersPrice spread, now −0.229%Rate

Funding earned: $25.2
Price spread: −0.229% → −0.219%: −$0.99
Slippage, 4 orders: −$60.54
Fee Phemex: 6 bp × 2 orders: −$12
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$58.33
Costs to cover: 0.825%
Break-even: 23.2 days

Slippage from Phemex: live order book, 1 min ago; Coinbase International: live order book, 21 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, 1 min ago	4.08 bp	31.9 bp −$32	doesn't fit	doesn't fit	doesn't fit
Sell Coinbase International live order book, 21 min ago	4.64 bp	10.5 bp −$10	14.1 bp −$141	doesn't fit	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
edgeX TSMUSDC	−0.0081%	4h	441.41	−0.088%	$48K	$216K	10x	as long as short
Aster TSMUSDT	0.0000%	8h	441.61	−0.043%	$82K	$2K	20x	as long as short
Bybit TSMUSDT	0.0000%	8h	441.29	−0.115%	$2.0M	$395K	50x	as long as short
OKX TSM-USDT-SWAP	0.0000%	8h	441.42	−0.086%	$4.0M	$2.5M	20x	as long as short
Gate TSM_USDT	0.0000%	8h	441.22	−0.131%	$1.7M	$1.0M	100x	as long as short
Bitget TSMUSDT	0.0000%	8h	441.44	−0.081%	$1.7M	$1.4M	20x	as long as short
Variational Omni TSM	0.0000%	8h	441.51	−0.065%	$547K	$40K	—	as long as short
SunX TSM-USDT	0.0000%	8h	441.47	−0.075%	$1K	$4.3M	10x	as long as short
HTX TSM-USDT	0.0000%	8h	441.41	−0.088%	$9K	$8K	20x	as long as short
Phemex TSMUSDTlong	0.0000%	8h	441.80	long leg	$1.5M	$465K	10x

Show all 28 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter TSM	+0.0032%	1h	441.65	−0.034%	$497K	$175K	10x	as long as short
Lighter RH TSM	+0.0032%	1h	441.34	−0.104%	$220K	$643K	10x	as long as short
BloFin TSM-USDT	+0.0038%	8h	441.47	−0.075%	$45K	$99K	20x	as long as short
Vest TSM-USD-PERP	+0.0046%	1h	440.90	−0.204%	—	$583	25x	as long as short
tradeXYZ xyz:TSM	+0.0050%	1h	441.06	−0.167%	$10.2M	$2.2M	10x	as long as short
Polymarket Perps TSM-USD	+0.0050%	1h	441.16	−0.145%	$194K	$52K	10x	as long as short
SoDEX TSM-USD	+0.0050%	1h	441.05	−0.170%	$140	$3K	10x	as long as short
Ondo Perps TSM-USD.P	+0.0050%	1h	441.02	−0.177%	$158K	$23K	10x	as long as short
Extended TSM-USD	+0.0064%	1h	441.36	−0.099%	$1K	$190K	10x	as long as short
Binance TSMUSDT	+0.0065%	8h	441.43	−0.084%	$13.0M	$7.1M	20x	as long as short
KuCoin TSMUSDTM	+0.0100%	8h	441.11	−0.156%	$268K	$316K	20x	as long as short
Orderly PERP_TSM_USDC_mythos	+0.0100%	8h	441.42	−0.086%	$21	—	10x	as long as short
Aevo TSM-PERP	+0.0104%	1h	441.42	−0.086%	$124	—	10x	as long as short
Coinbase International TSM-PERP-INTXshort	+0.0120%	1h	440.79	−0.229%	$368K	$102K	10x
GRVT TSM_USDT_Perp	+0.0122%	8h	441.58	−0.050%	$16K	$1.2M	10x	as long as short
Phoenix TSM	+0.0199%	1h	441.34	−0.104%	$215K	$5K	10x	as long as short
Injective TSM/USDC PERP	+0.0220%	1h	447.69	+1.333%	$7K	$38K	12x	as long as short
Deribit TSM_USDC-PERPETUAL	+0.0566%	1h	441.34	−0.104%	$4	$24K	10x	as long as short