Funding arb · Price arb /

TSM

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0050%/8h= −5.5% APRpaid last 24h −0.002%

Price spread now: Bitget against SoDEX+0.108%7-day average — · you sell dearer than you buy

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

Long on SoDEX Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 3 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

The price spread pays, funding is against you. Bitget is 0.108% dearer against SoDEX than usual: you sell high and buy low (spread +0.108% now, against zero (this spread has no 7-day history yet)): +$11 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 7.2 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SoDEX TSM-USD	444.30	0.0050	pay 0.0006% / 1h	39m 16s	$142	$3K	10x
Short	Bitget TSMUSDT	444.78	0	get 0.0000% / 8h	6h 39m	$1.6M	$1.4M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against SoDEX. 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 SoDEXbpFee BitgetbpOrdersPrice spread, now +0.108%Rate

Funding earned: −$10.5
Price spread: +0.108% → 0.000%: $10.8
Slippage, 4 orders: no order book: not counted
Fee SoDEX: 4 bp × 2 orders: −$8
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$19.7
Costs to cover: 0.200%
Break-even: never at this rate

Slippage unknown: SoDEX: no order-book sample; Bitget: live order book, 2 min ago. 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 SoDEX no order-book sample	—	—	—	—	—
Sell Bitget live order book, 2 min ago	3.03 bp	11.8 bp −$12	15.4 bp −$154	44.8 bp −$4,484	doesn't fit

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
edgeX TSMUSDC	−0.0896%	4h	445.28	+0.221%	$48K	$215K	10x	as long as short
Aster TSMUSDT	0.0000%	8h	444.77	+0.106%	$82K	$1K	20x	as long as short
Extended TSM-USD	0.0000%	1h	444.61	+0.071%	$5K	$198K	10x	as long as short
Bybit TSMUSDT	0.0000%	8h	444.41	+0.025%	$2.0M	$401K	50x	as long as short
OKX TSM-USDT-SWAP	0.0000%	8h	444.67	+0.083%	$4.0M	$2.6M	20x	as long as short
Gate TSM_USDT	0.0000%	8h	444.55	+0.056%	$1.7M	$914K	100x	as long as short
Bitget TSMUSDTshort	0.0000%	8h	444.78	+0.108%	$1.6M	$1.4M	20x
Variational Omni TSM	0.0000%	8h	444.96	+0.148%	$551K	$82K	—	as long as short
SunX TSM-USDT	0.0000%	8h	444.74	+0.099%	$1K	$4.7M	10x	as long as short
HTX TSM-USDT	0.0000%	8h	444.87	+0.128%	$9K	$9K	20x	as long as short

Show all 28 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex TSMUSDT	0.0000%	8h	444.93	+0.142%	$1.5M	$453K	10x	as long as short
Binance TSMUSDT	+0.0001%	8h	444.73	+0.097%	$13.1M	$6.9M	20x	as long as short
Coinbase International TSM-PERP-INTX	+0.0016%	1h	445.16	+0.194%	$367K	$104K	10x	as long as short
BloFin TSM-USDT	+0.0017%	8h	445.69	+0.313%	$45K	$99K	20x	as long as short
Lighter RH TSM	+0.0032%	1h	444.83	+0.119%	$222K	$630K	10x	as long as short
Vest TSM-USD-PERP	+0.0046%	1h	444.41	+0.025%	—	$583	25x	as long as short
tradeXYZ xyz:TSM	+0.0050%	1h	444.28	−0.005%	$10.2M	$2.3M	10x	as long as short
Polymarket Perps TSM-USD	+0.0050%	1h	444.58	+0.063%	$200K	$45K	10x	as long as short
SoDEX TSM-USDlong	+0.0050%	1h	444.30	long leg	$142	$3K	10x
Ondo Perps TSM-USD.P	+0.0050%	1h	444.59	+0.065%	$160K	$25K	10x	as long as short
GRVT TSM_USDT_Perp	+0.0056%	8h	444.86	+0.127%	$17K	$1.1M	10x	as long as short
KuCoin TSMUSDTM	+0.0100%	8h	444.41	+0.025%	$269K	$317K	20x	as long as short
Orderly PERP_TSM_USDC_mythos	+0.0100%	8h	444.67	+0.083%	$21	—	10x	as long as short
Aevo TSM-PERP	+0.0104%	1h	444.73	+0.096%	$125	—	10x	as long as short
Phoenix TSM	+0.0179%	1h	444.61	+0.070%	$216K	$5K	10x	as long as short
Injective TSM/USDC PERP	+0.0220%	1h	450.67	+1.434%	$7K	$38K	12x	as long as short
Lighter TSM	+0.0432%	1h	445.24	+0.212%	$502K	$170K	10x	as long as short
Deribit TSM_USDC-PERPETUAL	+0.0741%	1h	444.63	+0.074%	$4	$23K	10x	as long as short