Funding arb · Price arb /

TSM

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0050%/8h= +5.5% APRpaid last 24h +0.015%

Price spread now: SoDEX against Phemex−0.157%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Phemex Short on SoDEX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Funding pays, the price is against you. SoDEX is 0.157% cheaper against Phemex than usual: you would sell low and buy high (spread −0.157% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$16 on $10k: about 10 days of funding at the current rate (+$2 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex TSMUSDT	438.51	0	get 0.0000% / 8h	7h 20m	$1.5M	$537K	10x
Short	SoDEX TSM-USD	437.82	0.0050	get 0.0006% / 1h	20m 25s	$139	$3K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SoDEX 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 SoDEXbpOrdersPrice spread, now −0.157%Rate

Funding earned: $10.5
Price spread: −0.157% → 0.000%: −$15.74
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee SoDEX: 4 bp × 2 orders: −$8
Net: −$25.24
Costs to cover: 0.200%
Break-even: 23.8 days

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

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	11.87 bp	37.5 bp −$38	doesn't fit	doesn't fit	doesn't fit
Sell SoDEX no order-book sample	—	—	—	—	—

SoDEX: 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 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	−0.0015%	8h	438.35	−0.036%	$45K	$109K	20x	as long as short
Aster TSMUSDT	0.0000%	8h	438.89	+0.087%	$81K	$2K	20x	as long as short
Extended TSM-USD	0.0000%	1h	438.71	+0.045%	$3K	$215K	10x	as long as short
Binance TSMUSDT	0.0000%	8h	438.84	+0.075%	$12.8M	$8.2M	20x	as long as short
Bybit TSMUSDT	0.0000%	8h	438.61	+0.023%	$2.0M	$400K	50x	as long as short
OKX TSM-USDT-SWAP	0.0000%	8h	438.76	+0.057%	$4.0M	$2.7M	20x	as long as short
Gate TSM_USDT	0.0000%	8h	438.38	−0.030%	$1.7M	$1.1M	100x	as long as short
Bitget TSMUSDT	0.0000%	8h	438.90	+0.089%	$1.8M	$1.5M	20x	as long as short
Variational Omni TSM	0.0000%	8h	438.35	−0.036%	$549K	$45K	—	as long as short
GRVT TSM_USDT_Perp	0.0000%	8h	437.96	−0.125%	$13K	$1.3M	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	438.41	−0.023%	$2K	$4.0M	10x	as long as short
HTX TSM-USDT	0.0000%	8h	437.70	−0.185%	$9K	$8K	20x	as long as short
Phemex TSMUSDTlong	0.0000%	8h	438.51	long leg	$1.5M	$537K	10x
Lighter TSM	+0.0032%	1h	438.38	−0.030%	$494K	$189K	10x	as long as short
Lighter RH TSM	+0.0032%	1h	438.86	+0.080%	$202K	$746K	10x	as long as short
Coinbase International TSM-PERP-INTX	+0.0040%	1h	437.71	−0.182%	$370K	$94K	10x	as long as short
Vest TSM-USD-PERP	+0.0046%	1h	438.31	−0.046%	—	$2K	25x	as long as short
tradeXYZ xyz:TSM	+0.0050%	1h	438.49	−0.005%	$10.0M	$1.9M	10x	as long as short
Polymarket Perps TSM-USD	+0.0050%	1h	438.56	+0.011%	$189K	$67K	10x	as long as short
SoDEX TSM-USDshort	+0.0050%	1h	437.82	−0.157%	$139	$3K	10x
Ondo Perps TSM-USD.P	+0.0050%	1h	437.79	−0.164%	$157K	$28K	10x	as long as short
KuCoin TSMUSDTM	+0.0100%	8h	438.03	−0.109%	$266K	$350K	20x	as long as short
Orderly PERP_TSM_USDC_mythos	+0.0100%	8h	438.23	−0.064%	$21	—	10x	as long as short
Aevo TSM-PERP	+0.0104%	1h	438.20	−0.070%	$123	—	10x	as long as short
Phoenix TSM	+0.0145%	1h	437.81	−0.160%	$208K	$10K	10x	as long as short
edgeX TSMUSDC	+0.0168%	4h	438.01	−0.114%	$47K	$216K	10x	as long as short
Injective TSM/USDC PERP	+0.0220%	1h	443.95	+1.241%	$6K	$38K	12x	as long as short
Deribit TSM_USDC-PERPETUAL	+0.0915%	1h	438.24	−0.062%	$4	$13K	10x	as long as short