Funding you earn now, next payment 07:00 UTC+0.0083%/8h= +9.1% APRpaid last 24h +0.050%
Price spread now: Phoenix against Binance−0.166%55s7-day average −0.031% · you buy dearer than you sell
Net, funding: paid 7d − costs+$15as in the Funding arb table
Net, price: spread back to 7d avg − costs—prices read too far apart to compare
costs, in and out, $10k−$380.385% of the position
Funding, last 7 days+0.532%+$53 on $10k
+Price spread, last 4 days (all we have)−0.582%−$58 · spread now −0.166%, 7d avg −0.031%
=Funding pays, the price is against you. Phoenix is 0.135% cheaper against Binance than usual: you would sell low and buy high (spread −0.166% now, against its 7-day average of −0.031%). If the spread goes back, that is −$14 on $10k: about 5.4 days of funding at the current rate (+$3 a day). At the pace of the last 7 days (+0.532% in total) that is about 43 hours. The two prices were read 55 seconds apart, so part of this spread may be the market moving, not a spread.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Binance TSMUSDT | 439.84 | 0.0062 | pay 0.0062% / 8h | 40m 30s | $12.9M | $8.0M | 20x |
| Short | Phoenix TSM | 439.11 | 0.0146 | get 0.0018% / 1h | 40m 30s | $214K | $5K | 10x |
Binance TSMUSDT
Phoenix TSMFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phoenix against Binance. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- $17.52
- Price spread: −0.166% → −0.031%
- −$13.53
- Slippage, 4 orders
- −$21.46
- Fee Binance: 5 bp × 2 orders
- −$10
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Net
- −$34.47
- Costs to cover
- 0.385%
- Break-even
- 20.8 days
Slippage from Binance: live order book, 15 min ago; Phoenix: live order book, 57 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 Binance live order book, 15 min ago | 1.02 bp | 9.9 bp −$10 | 26.4 bp −$264 | doesn't fit | doesn't fit |
| Sell Phoenix live order book, 57 min ago | 2.73 bp | 9.7 bp −$10 | 19.5 bp −$195 | 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 | |
|---|---|---|---|---|---|---|---|---|
| Bitget TSMUSDT | −0.0158% | 8h | 439.81 | −0.007% | $1.7M | $1.5M | 20x | as long as short |
| Aster TSMUSDT | 0.0000% | 8h | 440.97 | +0.256% | $82K | $2K | 20x | as long as short |
| Bybit TSMUSDT | 0.0000% | 8h | 439.35 | −0.111% | $2.0M | $400K | 50x | as long as short |
| OKX TSM-USDT-SWAP | 0.0000% | 8h | 439.82 | −0.005% | $4.0M | $2.6M | 20x | as long as short |
| Gate TSM_USDT | 0.0000% | 8h | 439.58 | −0.059% | $1.7M | $1.1M | 100x | as long as short |
| Variational Omni TSM | 0.0000% | 8h | 439.82 | −0.004% | $558K | $38K | — | as long as short |
| SunX TSM-USDT | 0.0000% | 8h | 439.87 | +0.007% | $1K | $4.1M | 10x | as long as short |
| HTX TSM-USDT | 0.0000% | 8h | 439.39 | −0.102% | $9K | $8K | 20x | as long as short |
| Phemex TSMUSDT | 0.0000% | 8h | 440.74 | +0.205% | $1.5M | $528K | 10x | as long as short |
| Lighter TSM | +0.0032% | 1h | 439.73 | −0.025% | $496K | $188K | 10x | as long as short |
Bitget TSMUSDT
Aster TSMUSDT
Bybit TSMUSDT
OKX TSM-USDT-SWAP
Gate TSM_USDT
Variational Omni TSM
SunX TSM-USDT
HTX TSM-USDT
Phemex TSMUSDT
Lighter TSMShow all 28 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Lighter RH TSM | +0.0032% | 1h | 439.51 | −0.075% | $221K | $720K | 10x | as long as short |
| Vest TSM-USD-PERP | +0.0046% | 1h | 439.38 | −0.105% | — | $2K | 25x | as long as short |
| BloFin TSM-USDT | +0.0048% | 8h | 439.72 | −0.027% | $45K | $106K | 20x | as long as short |
| tradeXYZ xyz:TSM | +0.0050% | 1h | 439.30 | −0.123% | $10.1M | $1.8M | 10x | as long as short |
| Polymarket Perps TSM-USD | +0.0050% | 1h | 439.52 | −0.073% | $190K | $68K | 10x | as long as short |
| SoDEX TSM-USD | +0.0050% | 1h | 439.19 | −0.148% | $135 | $3K | 10x | as long as short |
| Ondo Perps TSM-USD.P | +0.0050% | 1h | 439.55 | −0.066% | $158K | $27K | 10x | as long as short |
| Coinbase International TSM-PERP-INTX | +0.0056% | 1h | 439.33 | −0.116% | $366K | $97K | 10x | as long as short |
| Binance TSMUSDTlong | +0.0062% | 8h | 439.84 | long leg | $12.9M | $8.0M | 20x | |
| Extended TSM-USD | +0.0064% | 1h | 439.72 | −0.027% | $8K | $186K | 10x | as long as short |
| GRVT TSM_USDT_Perp | +0.0064% | 8h | 439.36 | −0.109% | $6K | $1.3M | 10x | as long as short |
| KuCoin TSMUSDTM | +0.0100% | 8h | 439.37 | −0.107% | $266K | $310K | 20x | as long as short |
| Orderly PERP_TSM_USDC_mythos | +0.0100% | 8h | 439.68 | −0.036% | $21 | — | 10x | as long as short |
| Aevo TSM-PERP | +0.0104% | 1h | 439.75 | −0.020% | $123 | — | 10x | as long as short |
| Phoenix TSMshort | +0.0146% | 1h | 439.11 | −0.166% | $214K | $5K | 10x | |
| edgeX TSMUSDC | +0.0167% | 4h | 439.47 | −0.083% | $47K | $215K | 10x | as long as short |
| Injective TSM/USDC PERP | +0.0220% | 1h | 444.02 | +0.950% | $6K | $38K | 12x | as long as short |
| Deribit TSM_USDC-PERPETUAL | +0.0774% | 1h | 439.71 | −0.030% | $4 | $25K | 10x | as long as short |
Lighter RH TSM
Vest TSM-USD-PERP
BloFin TSM-USDT
tradeXYZ xyz:TSM
Polymarket Perps TSM-USD
SoDEX TSM-USD
Ondo Perps TSM-USD.P
Coinbase International TSM-PERP-INTX
Extended TSM-USD
GRVT TSM_USDT_Perp
KuCoin TSMUSDTM
Orderly PERP_TSM_USDC_mythos
Aevo TSM-PERP
edgeX TSMUSDC
Injective TSM/USDC PERP
Deribit TSM_USDC-PERPETUAL