Funding arb · Price arb /

TSM

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0046%/8h= −5.0% APRpaid last 24h −0.014%

Price spread now: Phemex against Vest+0.161%7-day average — · you sell dearer than you buy

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

Long on Vest Short on Phemex

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 airdropVest: Active · farm boardneeds both histories

The price spread pays, funding is against you. Phemex is 0.161% dearer against Vest than usual: you sell high and buy low (spread +0.161% now, against zero (this spread has no 7-day history yet)): +$16 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 12 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Vest TSM-USD-PERP	440.07	0.0046	pay 0.0006% / 1h	40m 07s	—	$583	25x
Short	Phemex TSMUSDT	440.78	0	get 0.0000% / 8h	3h 40m	$1.5M	$479K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Vest. 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 VestbpFee PhemexbpOrdersPrice spread, now +0.161%Rate

Funding earned: −$9.59
Price spread: +0.161% → 0.000%: $16.13
Slippage, 4 orders: no order book: not counted
Fee Vest: 1 bp × 2 orders: −$2
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$7.46
Costs to cover: 0.140%
Break-even: from the start

Slippage unknown: Vest: no order-book sample; Phemex: live order book, 3 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 Vest no order-book sample	—	—	—	—	—
Sell Phemex live order book, 3 min ago	1.47 bp	26.6 bp −$27	doesn't fit	doesn't fit	doesn't fit

Vest: 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
Bitget TSMUSDT	−0.0149%	8h	440.60	+0.120%	$1.8M	$1.5M	20x	as long as short
Aster TSMUSDT	0.0000%	8h	441.00	+0.212%	$82K	$2K	20x	as long as short
Bybit TSMUSDT	0.0000%	8h	440.37	+0.068%	$2.0M	$399K	50x	as long as short
OKX TSM-USDT-SWAP	0.0000%	8h	440.52	+0.102%	$4.0M	$2.5M	20x	as long as short
Gate TSM_USDT	0.0000%	8h	440.36	+0.066%	$1.7M	$1.0M	100x	as long as short
Variational Omni TSM	0.0000%	8h	440.54	+0.107%	$546K	$40K	—	as long as short
SunX TSM-USDT	0.0000%	8h	440.59	+0.118%	$2K	$4.3M	10x	as long as short
HTX TSM-USDT	0.0000%	8h	440.50	+0.098%	$9K	$8K	20x	as long as short
Phemex TSMUSDTshort	0.0000%	8h	440.78	+0.161%	$1.5M	$479K	10x
Lighter TSM	+0.0032%	1h	440.57	+0.114%	$496K	$176K	10x	as long as short

Show all 28 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH TSM	+0.0032%	1h	440.34	+0.061%	$223K	$669K	10x	as long as short
Vest TSM-USD-PERPlong	+0.0046%	1h	440.07	long leg	—	$583	25x
tradeXYZ xyz:TSM	+0.0050%	1h	440.11	+0.009%	$10.2M	$2.1M	10x	as long as short
Polymarket Perps TSM-USD	+0.0050%	1h	440.37	+0.068%	$192K	$58K	10x	as long as short
SoDEX TSM-USD	+0.0050%	1h	440.16	+0.020%	$142	$3K	10x	as long as short
Ondo Perps TSM-USD.P	+0.0050%	1h	440.66	+0.134%	$157K	$22K	10x	as long as short
BloFin TSM-USDT	+0.0052%	8h	440.72	+0.148%	$45K	$99K	20x	as long as short
Extended TSM-USD	+0.0064%	1h	440.42	+0.079%	$2K	$195K	10x	as long as short
Binance TSMUSDT	+0.0064%	8h	440.54	+0.107%	$12.9M	$7.4M	20x	as long as short
GRVT TSM_USDT_Perp	+0.0083%	8h	441.04	+0.220%	$13K	$1.2M	10x	as long as short
Coinbase International TSM-PERP-INTX	+0.0088%	1h	440.79	+0.164%	$368K	$102K	10x	as long as short
KuCoin TSMUSDTM	+0.0100%	8h	440.15	+0.018%	$267K	$309K	20x	as long as short
Orderly PERP_TSM_USDC_mythos	+0.0100%	8h	440.39	+0.073%	$21	—	10x	as long as short
Aevo TSM-PERP	+0.0104%	1h	440.52	+0.102%	$123	—	10x	as long as short
Phoenix TSM	+0.0199%	1h	440.57	+0.114%	$214K	$5K	10x	as long as short
Injective TSM/USDC PERP	+0.0220%	1h	445.60	+1.257%	$6K	$38K	12x	as long as short
Deribit TSM_USDC-PERPETUAL	+0.0705%	1h	440.42	+0.080%	$4	$24K	10x	as long as short
edgeX TSMUSDC	+0.0748%	4h	440.87	+0.181%	$47K	$216K	10x	as long as short