TSM Funding Rate — TSMC tokenized stock perpetuals across 10 venues

Tokenized stock (xStock) perpetual · compared across 10 venues · net of estimated fees · updated every few minutes

TSM represents tokenized exposure to TSMC shares (a Backed.fi xStock) traded as a perpetual. The perp, its funding and the underlying share are three different things — read the rate with liquidity and the backtest below.

Live annualized TSM perpetual funding across all 10 venues Perpia tracks. Right now TSM funding is positive on 7 and negative on 0, ranging from +19.8% on Bitget to +0.0% on Gate.io — a spread of 19.8%. The widest delta-neutral trade is long Variational / short Bitget at 17.2% net APR.

10venues

7paying positive

19.8%funding spread

Best TSM spread now

17.2%

net APR after fees

LongVariational↗→ShortBitget↗

size depends on live venue depth — see the real cap in the scanner

TSM funding trend & liquidity

167h of history

19.8%current gross APR

5.6%24h average

6.2%7-day average

$430Kpair OI · lower leg

$784K24h volume · lower leg

Averages are historical funding over the window shown. A current rate near the 7-day average may indicate the spread has persisted; a rate far above it is usually a short-lived spike. OI and volume are the smaller (binding) leg of the best pair — the ceiling on tradeable size.

TSM · Variational → Bitget — no history

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Build a route

any two of the 10 venues

Long (pays you)every 8hShort (you collect)every 8h

Gross spread+19.8%+$5.43 / day on $10,000

Widest routes

This is the widest route right now. The number is gross: fees, the entry spread and slippage are not in it, and both legs must be tradeable for you. The scanner carries the same pairs net of costs.

Venues: pick the two legs

sorted by rate · 10 venues

Venue	Funding APR ↓	Interval
Bitget↗short	+19.8%	every 8h
trade.xyz↗	+13.7%	every 1h
Hyperliquid↗	+13.7%	every 1h
Bybit↗	+6.2%	every 8h
Ondo Perps	+5.5%	every 1h
Lighter↗	+3.5%	every 8h
OKX↗	+0.7%	every 8h
Variational↗long	+0.0%	every 8h
KuCoin↗	+0.0%	every 8h
Gate.io↗	+0.0%	every 8h

Rates annualized; updated ~every few minutes from live venue data. Venue names link to that exchange's full funding table; ↗ opens the market on the exchange itself. Every spread between these two venues is on the Variational vs Bitget page. 31 pairs scanned for TSM.

TSM arbitrage — 30-day backtest

long Variational · short Bitget

3.1%backtested APR

+$25historical net P&L on $10,000

0.02%max drawdown

$10,000$10,025

30 days agostarting capital $10,000today

Over the last 30 days, holding long Variational / short Bitget would have produced 3.1% APR — versus the 17.2% the live spread implies right now (equity $10,000 → $10,025). This is a backtest on historical funding, not a live result: funding drifts and decays, so backtested results rarely match the current headline rate — which is why size and holding window matter more than the top-line number.

Open full interactive backtest →

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TSM — FAQ

Is TSM funding positive right now?

TSM perpetual funding is positive on 7 of 10 venues Perpia tracks. The highest is +19.8% on Bitget; the lowest is +0.0% on Gate.io.

What is the best TSM funding arbitrage right now?

Go long Variational and short Bitget for about 17.2% net APR after fees — the widest delta-neutral TSM spread Perpia currently sees.

Which exchange has the highest TSM funding rate?

Bitget, at +19.8% annualized. Funding shifts continuously, so check the live table above before trading.

How TSM funding arbitrage works

Funding arbitrage combines opposing positions on two venues — long the one paying the most negative funding, short the one paying the most positive — to reduce directional exposure and capture the difference between their funding payments. Fees, slippage, basis divergence and liquidation risk can reduce the result. See the methodology for how it is measured and the guide for the full walkthrough.

Related tokenized stocks

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See the full list on the tokenized stocks hub.

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