TSM

Alert

Spread before costs (cost unknown: a leg has no order-book sample)−0.020%

7d average—if it closes, per $10,000$2funding while held, a day+$4.03

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex TSMUSDT	442.63	0	get 0.0000% / 8h	5h 46m	$1.5M	$413K	10x
Short	Deribit TSM_USDC-PERPETUAL	442.54	0.0134	get 0.0017% / 1h	46m 17s	$97	$61K	10x

Price spread history

latest

Range statsloading…

How often the spread is this wide

share of time at each level, last 7D

Backtest

opened in the past, held until now, after costs

Backtest 7 days Backtest 30 days Backtest 90 daysopens the backtester with this pair and $10,000 a leg

Profit calculator

Position, each leg$Hold forhoursFee PhemexbpFee DeribitbpOrdersClose when spread is

Spread captured: −$2.03
Funding while held: $4.03
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$17
Spread needed to break even: 0.190%

Slippage unknown: Phemex: live order book, 3 min ago; Deribit: no order-book sample. Net counts fees only.

Cost of waiting

funding view

Funding /8h: +0.0134%
Per $10,000 a day: +$4.03
Average in range /8h: —

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, 3 min ago	2.15 bp	26.5 bp −$26	doesn't fit	doesn't fit	doesn't fit
Sell Deribit no order-book sample	—	—	—	—	—

Deribit: 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 27 venues

cheapest first. Swap a leg.

Exchange	vs long leg	Funding /8h	Every	OI	Vol 24h	Max lev
KuCoin TSMUSDTM	−0.102%	+0.0100%	8h	$271K	$312K	20x	as long as short
HTX TSM-USDT	−0.095%	0.0000%	8h	$9K	$8K	20x	as long as short
tradeXYZ xyz:TSM	−0.081%	+0.0050%	1h	$10.2M	$2.2M	10x	as long as short
SoDEX TSM-USD	−0.081%	+0.0050%	1h	$149	$3K	10x	as long as short
Vest TSM-USD-PERP	−0.070%	+0.0046%	1h	—	—	25x	as long as short
Gate TSM_USDT	−0.066%	0.0000%	8h	$1.7M	$833K	100x	as long as short
Bybit TSMUSDT	−0.056%	0.0000%	8h	$2.0M	$355K	50x	as long as short
Polymarket Perps TSM-USD	−0.056%	+0.0050%	1h	$187K	$82K	10x	as long as short
Ondo Perps TSM-USD.P	−0.047%	+0.0050%	1h	$157K	$17K	10x	as long as short
BloFin TSM-USDT	−0.041%	+0.0026%	8h	$45K	$94K	20x	as long as short

Show all 27 venues

Exchange	vs long leg	Funding /8h	Every	OI	Vol 24h	Max lev
OKX TSM-USDT-SWAP	−0.025%	0.0000%	8h	$3.9M	$2.8M	20x	as long as short
Bitget TSMUSDT	−0.025%	+0.0098%	8h	$1.6M	$1.4M	20x	as long as short
Deribit TSM_USDC-PERPETUALshort	−0.020%	+0.0134%	1h	$97	$61K	10x
Extended TSM-USD	−0.011%	0.0000%	1h	$2K	$167K	10x	as long as short
Orderly PERP_TSM_USDC_mythos	−0.009%	+0.0100%	8h	$21	—	10x	as long as short
Binance TSMUSDT	−0.008%	0.0000%	8h	$13.1M	$6.2M	20x	as long as short
SunX TSM-USDT	−0.005%	0.0000%	8h	$1K	$5.3M	10x	as long as short
Aevo TSM-PERP	−0.001%	+0.0104%	1h	$124	—	10x	as long as short
Phemex TSMUSDTlong	0.000%	0.0000%	8h	$1.5M	$413K	10x
Lighter RH TSM	+0.005%	+0.0032%	1h	$205K	$711K	10x	as long as short
edgeX TSMUSDC	+0.006%	+0.0266%	4h	$48K	$216K	10x	as long as short
Coinbase International TSM-PERP-INTX	+0.014%	−0.0040%	1h	$357K	$88K	10x	as long as short
Phoenix TSM	+0.016%	+0.0199%	1h	$215K	$5K	10x	as long as short
Variational Omni TSM	+0.034%	0.0000%	8h	$559K	$81K	—	as long as short
Aster TSMUSDT	+0.091%	0.0000%	8h	$81K	$1K	20x	as long as short
Lighter TSM	+0.178%	+0.0640%	1h	$501K	$153K	10x	as long as short
Injective TSM/USDC PERP	+1.014%	+0.0220%	1h	$7K	$38K	12x	as long as short

TSM