Funding arb · Price arb /

TSM

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0050%/8h= +5.5% APRpaid last 24h +0.015%

Price spread now: SoDEX against Variational Omni−0.097%7-day average — · you buy dearer than you sell

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

Long on Variational Omni Short on SoDEX

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—+ Points / potential airdropVariational Omni: Active · farm boardneeds both histories

Funding pays, the price is against you. SoDEX is 0.097% cheaper against Variational Omni than usual: you would sell low and buy high (spread −0.097% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$10 on $10k: about 6.4 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	Variational Omni TSM	443.27	0	get 0.0000% / 8h	5h 02m	$549K	$61K	—
Short	SoDEX TSM-USD	442.84	0.0050	get 0.0006% / 1h	2m 44s	$136	$3K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SoDEX against Variational Omni. 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 Variational OmnibpFee SoDEXbpOrdersPrice spread, now −0.097%Rate

Funding earned: $10.5
Price spread: −0.097% → 0.000%: −$9.67
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee SoDEX: 4 bp × 2 orders: −$8
Net: −$7.17
Costs to cover: 0.080%
Break-even: 11.8 days

Slippage unknown: Variational Omni: RFQ quote, 61 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 Variational Omni RFQ quote, 61 min ago	2.35 bp	doesn't fit	32.5 bp −$325	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
edgeX TSMUSDC	−0.0717%	4h	443.25	−0.005%	$48K	$217K	10x	as long as short
Aster TSMUSDT	0.0000%	8h	443.44	+0.039%	$81K	$1K	20x	as long as short
Bybit TSMUSDT	0.0000%	8h	442.90	−0.083%	$2.0M	$381K	50x	as long as short
OKX TSM-USDT-SWAP	0.0000%	8h	443.11	−0.036%	$4.0M	$2.4M	20x	as long as short
Gate TSM_USDT	0.0000%	8h	443.05	−0.049%	$1.7M	$962K	100x	as long as short
Bitget TSMUSDT	0.0000%	8h	443.45	+0.041%	$1.7M	$1.4M	20x	as long as short
Variational Omni TSMlong	0.0000%	8h	443.27	long leg	$549K	$61K	—
SunX TSM-USDT	0.0000%	8h	443.19	−0.018%	$2K	$4.3M	10x	as long as short
HTX TSM-USDT	0.0000%	8h	443.12	−0.034%	$9K	$9K	20x	as long as short
Phemex TSMUSDT	0.0000%	8h	443.27	0.000%	$1.5M	$445K	10x	as long as short

Show all 28 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BloFin TSM-USDT	+0.0021%	8h	443.20	−0.015%	$45K	$98K	20x	as long as short
Lighter TSM	+0.0032%	1h	443.39	+0.027%	$500K	$173K	10x	as long as short
Lighter RH TSM	+0.0032%	1h	443.05	−0.049%	$221K	$645K	10x	as long as short
Vest TSM-USD-PERP	+0.0046%	1h	442.72	−0.124%	—	$583	25x	as long as short
Binance TSMUSDT	+0.0047%	8h	443.20	−0.016%	$13.0M	$6.8M	20x	as long as short
Extended TSM-USD	+0.0048%	1h	443.08	−0.043%	$2K	$189K	10x	as long as short
tradeXYZ xyz:TSM	+0.0050%	1h	442.88	−0.088%	$10.3M	$2.3M	10x	as long as short
Polymarket Perps TSM-USD	+0.0050%	1h	442.96	−0.070%	$196K	$51K	10x	as long as short
SoDEX TSM-USDshort	+0.0050%	1h	442.84	−0.097%	$136	$3K	10x
Ondo Perps TSM-USD.P	+0.0050%	1h	442.72	−0.124%	$158K	$23K	10x	as long as short
GRVT TSM_USDT_Perp	+0.0097%	8h	443.38	+0.025%	$11K	$1.2M	10x	as long as short
KuCoin TSMUSDTM	+0.0100%	8h	442.86	−0.092%	$268K	$318K	20x	as long as short
Orderly PERP_TSM_USDC_mythos	+0.0100%	8h	443.08	−0.043%	$21	—	10x	as long as short
Aevo TSM-PERP	+0.0104%	1h	443.12	−0.033%	$124	—	10x	as long as short
Coinbase International TSM-PERP-INTX	+0.0152%	1h	443.05	−0.049%	$369K	$107K	10x	as long as short
Phoenix TSM	+0.0217%	1h	443.04	−0.052%	$215K	$5K	10x	as long as short
Injective TSM/USDC PERP	+0.0220%	1h	448.46	+1.171%	$7K	$38K	12x	as long as short
Deribit TSM_USDC-PERPETUAL	+0.0631%	1h	443.05	−0.049%	$4	$24K	10x	as long as short