Funding arb · Price arb /

TSM

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: Gate against Phemex−0.218%7-day average −0.070% · you buy dearer than you sell

Net, funding: paid 7d − costs−$109as in the Funding arb table

Net, price: spread back to 7d avg − costs−$124as in the Price arb table

costs, in and out, $10k−$1091.087% of the position

Long on Phemex Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days0.000%$0 on $10k

Price spread, last 4 days (all we have)+0.191%+$19 · spread now −0.218%, 7d avg −0.070%

Together, before fees+0.191%+$19 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: Gate is 0.148% cheaper against Phemex than usual: you would sell low and buy high, −$15 on $10k if it goes back to its 7-day average of −0.070%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex TSMUSDT	440.72	0	get 0.0000% / 8h	1h 16m	$1.5M	$521K	10x
Short	Gate TSM_USDT	439.76	0	get 0.0000% / 8h	1h 16m	$1.7M	$1.1M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.218%Rate

Funding earned: $0
Price spread: −0.218% → −0.070%: −$14.82
Slippage, 4 orders: −$81.74
Fee Phemex: 6 bp × 2 orders: −$12
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$123.56
Costs to cover: 1.087%
Break-even: never at this rate

Slippage from Phemex: live order book, 2 min ago; Gate: 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	0.79 bp	28.6 bp −$29	doesn't fit	doesn't fit	doesn't fit
Sell Gate live order book, 1 min ago	7.16 bp	18.5 bp −$19	43.0 bp −$430	55.9 bp −$5,586	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
Bitget TSMUSDT	−0.0211%	8h	439.96	−0.172%	$1.7M	$1.5M	20x	as long as short
Aster TSMUSDT	0.0000%	8h	439.89	−0.189%	$82K	$2K	20x	as long as short
Bybit TSMUSDT	0.0000%	8h	439.74	−0.222%	$2.0M	$399K	50x	as long as short
OKX TSM-USDT-SWAP	0.0000%	8h	439.80	−0.209%	$4.0M	$2.6M	20x	as long as short
Gate TSM_USDTshort	0.0000%	8h	439.76	−0.218%	$1.7M	$1.1M	100x
Variational Omni TSM	0.0000%	8h	439.69	−0.234%	$558K	$37K	—	as long as short
SunX TSM-USDT	0.0000%	8h	439.91	−0.184%	$2K	$4.1M	10x	as long as short
HTX TSM-USDT	0.0000%	8h	439.60	−0.254%	$9K	$8K	20x	as long as short
Phemex TSMUSDTlong	0.0000%	8h	440.72	long leg	$1.5M	$521K	10x
Lighter TSM	+0.0032%	1h	439.78	−0.213%	$495K	$137K	10x	as long as short

Show all 28 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH TSM	+0.0032%	1h	439.67	−0.238%	$224K	$684K	10x	as long as short
Vest TSM-USD-PERP	+0.0046%	1h	439.72	−0.227%	—	$2K	25x	as long as short
Coinbase International TSM-PERP-INTX	+0.0048%	1h	439.33	−0.315%	$366K	$102K	10x	as long as short
tradeXYZ xyz:TSM	+0.0050%	1h	439.38	−0.304%	$10.2M	$1.8M	10x	as long as short
Polymarket Perps TSM-USD	+0.0050%	1h	439.48	−0.281%	$190K	$68K	10x	as long as short
SoDEX TSM-USD	+0.0050%	1h	439.39	−0.302%	$136	$3K	10x	as long as short
Ondo Perps TSM-USD.P	+0.0050%	1h	439.74	−0.222%	$158K	$28K	10x	as long as short
BloFin TSM-USDT	+0.0058%	8h	440.25	−0.107%	$45K	$106K	20x	as long as short
Binance TSMUSDT	+0.0078%	8h	439.76	−0.219%	$12.9M	$7.9M	20x	as long as short
Extended TSM-USD	+0.0080%	1h	439.64	−0.245%	$3K	$142K	10x	as long as short
GRVT TSM_USDT_Perp	+0.0089%	8h	439.68	−0.237%	$14K	$1.3M	10x	as long as short
KuCoin TSMUSDTM	+0.0100%	8h	439.58	−0.259%	$267K	$310K	20x	as long as short
Orderly PERP_TSM_USDC_mythos	+0.0100%	8h	439.80	−0.209%	$21	—	10x	as long as short
Aevo TSM-PERP	+0.0104%	1h	439.95	−0.174%	$123	—	10x	as long as short
Phoenix TSM	+0.0164%	1h	439.50	−0.277%	$214K	$5K	10x	as long as short
Injective TSM/USDC PERP	+0.0220%	1h	444.27	+0.806%	$6K	$38K	12x	as long as short
Deribit TSM_USDC-PERPETUAL	+0.0410%	1h	439.71	−0.229%	$4	$25K	10x	as long as short
edgeX TSMUSDC	+0.0421%	4h	439.71	−0.228%	$47K	$217K	10x	as long as short