Funding arb · Price arb /

TSM

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 16:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: OKX against Phemex0.000%7-day average −0.056% · you sell dearer than you buy

Net, funding: paid 7d − costs−$114as in the Funding arb table

Net, price: spread back to 7d avg − costs−$109as in the Price arb table

costs, in and out, $10k−$1141.143% of the position

Long on Phemex Short on OKX

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)+0.007%+$1 · spread now 0.000%, 7d avg −0.056%

Together, before fees+0.007%+$1 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: OKX is 0.056% dearer against Phemex than usual: you sell high and buy low, +$6 on $10k if it goes back to its 7-day average of −0.056%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex TSMUSDT	440.51	0	get 0.0000% / 8h	6h 12m	$1.5M	$545K	10x
Short	OKX TSM-USDT-SWAP	440.51	0	get 0.0000% / 8h	6h 12m	$4.1M	$2.7M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now 0.000%Rate

Funding earned: $0
Price spread: 0.000% → −0.056%: $5.56
Slippage, 4 orders: −$92.27
Fee Phemex: 6 bp × 2 orders: −$12
Fee OKX: 5 bp × 2 orders: −$10
Net: −$108.71
Costs to cover: 1.143%
Break-even: never at this rate

Slippage from Phemex: live order book, 4 min ago; OKX: live order book, 3 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, 4 min ago	16.37 bp	40.5 bp −$40	doesn't fit	doesn't fit	doesn't fit
Sell OKX live order book, 3 min ago	0.11 bp	11.5 bp −$11	23.2 bp −$232	doesn't fit	doesn't fit

TSM on 28 exchanges

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	−0.0632%	4h	440.32	−0.042%	$47K	$217K	10x	as long as short
Coinbase International TSM-PERP-INTX	−0.0016%	1h	439.42	−0.247%	$372K	$98K	10x	as long as short
Aster TSMUSDT	0.0000%	8h	440.43	−0.019%	$82K	$2K	20x	as long as short
Bybit TSMUSDT	0.0000%	8h	440.25	−0.059%	$2.0M	$395K	50x	as long as short
OKX TSM-USDT-SWAPshort	0.0000%	8h	440.51	0.000%	$4.1M	$2.7M	20x
Gate TSM_USDT	0.0000%	8h	440.15	−0.082%	$1.7M	$1.1M	100x	as long as short
Bitget TSMUSDT	0.0000%	8h	440.57	+0.014%	$1.8M	$1.5M	20x	as long as short
Variational Omni TSM	0.0000%	8h	440.31	−0.045%	$551K	$44K	—	as long as short
SunX TSM-USDT	0.0000%	8h	440.40	−0.025%	$2K	$3.8M	10x	as long as short
HTX TSM-USDT	0.0000%	8h	440.42	−0.020%	$9K	$8K	20x	as long as short

Show all 28 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex TSMUSDTlong	0.0000%	8h	440.51	long leg	$1.5M	$545K	10x
Lighter TSM	+0.0032%	1h	440.34	−0.039%	$496K	$143K	10x	as long as short
BloFin TSM-USDT	+0.0034%	8h	440.46	−0.011%	$45K	$113K	20x	as long as short
Lighter RH TSM	+0.0040%	1h	440.35	−0.036%	$195K	$726K	10x	as long as short
Vest TSM-USD-PERP	+0.0046%	1h	440.08	−0.098%	—	$2K	25x	as long as short
tradeXYZ xyz:TSM	+0.0050%	1h	440.25	−0.059%	$10.1M	$2.0M	10x	as long as short
Polymarket Perps TSM-USD	+0.0050%	1h	440.25	−0.059%	$186K	$71K	10x	as long as short
SoDEX TSM-USD	+0.0050%	1h	440.00	−0.116%	$133	$3K	10x	as long as short
Ondo Perps TSM-USD.P	+0.0050%	1h	440.09	−0.095%	$158K	$27K	10x	as long as short
Extended TSM-USD	+0.0056%	1h	440.27	−0.055%	$1K	$217K	10x	as long as short
Binance TSMUSDT	+0.0060%	8h	440.60	+0.020%	$13.0M	$8.3M	20x	as long as short
KuCoin TSMUSDTM	+0.0100%	8h	439.89	−0.141%	$267K	$418K	20x	as long as short
Orderly PERP_TSM_USDC_mythos	+0.0100%	8h	440.29	−0.050%	$21	—	10x	as long as short
Aevo TSM-PERP	+0.0104%	1h	440.01	−0.113%	$123	—	10x	as long as short
Phoenix TSM	+0.0145%	1h	440.30	−0.048%	$209K	$10K	10x	as long as short
Injective TSM/USDC PERP	+0.0220%	1h	443.95	+0.781%	$6K	$38K	12x	as long as short
GRVT TSM_USDT_Perp	+0.0241%	8h	440.22	−0.066%	$9K	$1.3M	10x	as long as short
Deribit TSM_USDC-PERPETUAL	+0.0796%	1h	440.26	−0.057%	$4	$11K	10x	as long as short