Funding arb · Price arb /

TSM

RWAall TSM markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0050%/8h= −5.5% APRpaid last 24h −0.020%

Price spread now: Bybit against Polymarket Perps−0.007%7-day average +0.040% · you buy dearer than you sell

Net, funding: paid 7d − costs−$52as in the Funding arb table

Net, price: spread back to 7d avg − costs−$45as in the Price arb table

costs, in and out, $10k−$400.400% of the position

Long on Polymarket Perps Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.119%−$12 on $10k

Price spread, last 7 days−0.021%−$2 · spread now −0.007%, 7d avg +0.040%

Together, before fees−0.139%−$14 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Bybit is 0.047% cheaper against Polymarket Perps than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of +0.040%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Polymarket Perps TSM-USD	445.16	0.0050	pay 0.0006% / 1h	47m 17s	$195K	$89K	10x
Short	Bybit TSMUSDT	445.13	0	get 0.0000% / 8h	1h 47m	$2.0M	$420K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Polymarket Perps. 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 Polymarket PerpsbpFee BybitbpOrdersPrice spread, now −0.007%Rate

Funding earned: −$10.5
Price spread: −0.007% → +0.040%: −$4.67
Slippage, 4 orders: −$21.04
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$55.21
Costs to cover: 0.400%
Break-even: never at this rate

Slippage from Polymarket Perps: live order book, 35 min ago; Bybit: live order book, 4 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 Polymarket Perps live order book, 35 min ago	0.67 bp	8.3 bp −$8	10.4 bp −$104	doesn't fit	doesn't fit
Sell Bybit live order book, 4 min ago	2.13 bp	13.4 bp −$13	42.5 bp −$425	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
BloFin TSM-USDT	−0.0017%	8h	445.46	+0.067%	$44K	$104K	20x	as long as short
Aster TSMUSDT	0.0000%	8h	445.24	+0.018%	$82K	$1K	20x	as long as short
Extended TSM-USD	0.0000%	1h	445.30	+0.032%	$2K	$167K	10x	as long as short
Binance TSMUSDT	0.0000%	8h	445.37	+0.047%	$13.1M	$6.9M	20x	as long as short
Bybit TSMUSDTshort	0.0000%	8h	445.13	−0.007%	$2.0M	$420K	50x
OKX TSM-USDT-SWAP	0.0000%	8h	445.31	+0.034%	$4.0M	$3.1M	20x	as long as short
Gate TSM_USDT	0.0000%	8h	445.13	−0.007%	$1.7M	$919K	100x	as long as short
Bitget TSMUSDT	0.0000%	8h	445.32	+0.036%	$1.6M	$1.5M	20x	as long as short
Variational Omni TSM	0.0000%	8h	445.30	+0.032%	$551K	$85K	—	as long as short
GRVT TSM_USDT_Perp	0.0000%	8h	445.35	+0.043%	$7K	$1.1M	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	445.40	+0.054%	$1K	$5.4M	10x	as long as short
HTX TSM-USDT	0.0000%	8h	445.33	+0.038%	$9K	$9K	20x	as long as short
Phemex TSMUSDT	0.0000%	8h	445.05	−0.025%	$1.5M	$467K	10x	as long as short
Coinbase International TSM-PERP-INTX	+0.0008%	1h	444.60	−0.126%	$356K	$96K	10x	as long as short
Lighter RH TSM	+0.0032%	1h	445.40	+0.054%	$224K	$597K	10x	as long as short
Vest TSM-USD-PERP	+0.0046%	1h	444.98	−0.040%	—	—	25x	as long as short
tradeXYZ xyz:TSM	+0.0050%	1h	445.02	−0.031%	$10.3M	$2.6M	10x	as long as short
Polymarket Perps TSM-USDlong	+0.0050%	1h	445.16	long leg	$195K	$89K	10x
SoDEX TSM-USD	+0.0050%	1h	444.94	−0.049%	$147	$3K	10x	as long as short
Ondo Perps TSM-USD.P	+0.0050%	1h	444.88	−0.063%	$158K	$22K	10x	as long as short
KuCoin TSMUSDTM	+0.0100%	8h	444.99	−0.038%	$269K	$340K	20x	as long as short
Orderly PERP_TSM_USDC_mythos	+0.0100%	8h	445.32	+0.036%	$21	—	10x	as long as short
Aevo TSM-PERP	+0.0104%	1h	445.38	+0.049%	$125	—	10x	as long as short
Phoenix TSM	+0.0162%	1h	445.39	+0.052%	$217K	$5K	10x	as long as short
Injective TSM/USDC PERP	+0.0220%	1h	449.91	+1.067%	$7K	$38K	12x	as long as short
edgeX TSMUSDC	+0.0537%	4h	445.31	+0.033%	$48K	$215K	10x	as long as short
Lighter TSM	+0.0656%	1h	446.02	+0.193%	$503K	$160K	10x	as long as short
Deribit TSM_USDC-PERPETUAL	+0.0694%	1h	445.34	+0.040%	$4	$61K	10x	as long as short