Funding you earn now, next payment 00:00 UTC+0.0024%/8h= +2.6% APRpaid last 24h −0.005%
Price spread now: Phemex against Coinbase International+0.067%7-day average +0.228% · you sell dearer than you buy
Net, funding: paid 7d − costs−$64as in the Funding arb table
Net, price: spread back to 7d avg − costs−$95as in the Price arb table
costs, in and out, $10k−$790.794% of the position
Funding, last 7 days+0.157%+$16 on $10k
+Price spread, last 3 days (all we have)−0.013%−$1 · spread now +0.067%, 7d avg +0.228%
=Funding pays, the price is against you. Phemex is 0.161% cheaper against Coinbase International than usual: you would sell low and buy high (spread +0.067% now, against its 7-day average of +0.228%). If the spread goes back, that is −$16 on $10k: about 22 days of funding at the current rate (+$1 a day). At the pace of the last 7 days (+0.157% in total) that is about 7.2 days.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Coinbase International TSM-PERP-INTX | 446.95 | −0.0024 | get 0.0003% / 1h | 54m 40s | $358K | $103K | 10x |
| Short | Phemex TSMUSDT | 447.25 | 0 | get 0.0000% / 8h | 7h 54m | $1.5M | $453K | 10x |
Coinbase International TSM-PERP-INTX
Phemex TSMUSDTFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phemex against Coinbase International. 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
- $5.04
- Price spread: +0.067% → +0.228%
- −$16.13
- Slippage, 4 orders
- −$57.36
- Fee Coinbase International: 5 bp × 2 orders
- −$10
- Fee Phemex: 6 bp × 2 orders
- −$12
- Net
- −$90.45
- Costs to cover
- 0.794%
- Break-even
- 132.6 days
Slippage from Coinbase International: live order book, 18 min ago; Phemex: live order book, 3 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 Coinbase International live order book, 18 min ago | 1.57 bp | 7.8 bp −$8 | 13.1 bp −$131 | doesn't fit | doesn't fit |
| Sell Phemex live order book, 3 min ago | 1.34 bp | 39.0 bp −$39 | doesn't fit | 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 | |
|---|---|---|---|---|---|---|---|---|
| Coinbase International TSM-PERP-INTXlong | −0.0024% | 1h | 446.95 | long leg | $358K | $103K | 10x | |
| BloFin TSM-USDT | −0.0020% | 8h | 447.23 | +0.063% | $44K | $102K | 20x | as long as short |
| Aster TSMUSDT | 0.0000% | 8h | 447.13 | +0.039% | $82K | $1K | 20x | as long as short |
| Extended TSM-USD | 0.0000% | 1h | 447.24 | +0.064% | $4K | $165K | 10x | as long as short |
| Bybit TSMUSDT | 0.0000% | 8h | 447.10 | +0.034% | $2.0M | $412K | 50x | as long as short |
| OKX TSM-USDT-SWAP | 0.0000% | 8h | 447.43 | +0.107% | $4.0M | $3.0M | 20x | as long as short |
| Gate TSM_USDT | 0.0000% | 8h | 446.92 | −0.007% | $1.7M | $885K | 100x | as long as short |
| Bitget TSMUSDT | 0.0000% | 8h | 447.25 | +0.067% | $1.6M | $1.4M | 20x | as long as short |
| Variational Omni TSM | 0.0000% | 8h | 447.30 | +0.079% | $554K | $84K | — | as long as short |
| GRVT TSM_USDT_Perp | 0.0000% | 8h | 447.20 | +0.056% | $7K | $1.1M | 10x | as long as short |
BloFin TSM-USDT
Aster TSMUSDT
Extended TSM-USD
Bybit TSMUSDT
OKX TSM-USDT-SWAP
Gate TSM_USDT
Bitget TSMUSDT
Variational Omni TSM
GRVT TSM_USDT_PerpShow all 28 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| SunX TSM-USDT | 0.0000% | 8h | 447.19 | +0.054% | $2K | $5.1M | 10x | as long as short |
| HTX TSM-USDT | 0.0000% | 8h | 446.77 | −0.040% | $9K | $9K | 20x | as long as short |
| Phemex TSMUSDTshort | 0.0000% | 8h | 447.25 | +0.067% | $1.5M | $453K | 10x | |
| Binance TSMUSDT | +0.0003% | 8h | 447.29 | +0.077% | $13.2M | $6.9M | 20x | as long as short |
| Lighter RH TSM | +0.0032% | 1h | 447.38 | +0.096% | $231K | $617K | 10x | as long as short |
| Deribit TSM_USDC-PERPETUAL | +0.0041% | 1h | 447.17 | +0.049% | $4 | $32K | 10x | as long as short |
| Vest TSM-USD-PERP | +0.0046% | 1h | 447.15 | +0.045% | — | — | 25x | as long as short |
| tradeXYZ xyz:TSM | +0.0050% | 1h | 446.86 | −0.020% | $10.3M | $2.4M | 10x | as long as short |
| Polymarket Perps TSM-USD | +0.0050% | 1h | 446.85 | −0.022% | $197K | $59K | 10x | as long as short |
| SoDEX TSM-USD | +0.0050% | 1h | 446.90 | −0.011% | $143 | $3K | 10x | as long as short |
| Ondo Perps TSM-USD.P | +0.0050% | 1h | 446.34 | −0.136% | $160K | $19K | 10x | as long as short |
| Lighter TSM | +0.0096% | 1h | 447.80 | +0.190% | $505K | $166K | 10x | as long as short |
| KuCoin TSMUSDTM | +0.0100% | 8h | 446.88 | −0.016% | $271K | $312K | 20x | as long as short |
| Orderly PERP_TSM_USDC_mythos | +0.0100% | 8h | 447.18 | +0.051% | $21 | — | 10x | as long as short |
| Aevo TSM-PERP | +0.0104% | 1h | 446.98 | +0.006% | $125 | — | 10x | as long as short |
| Phoenix TSM | +0.0215% | 1h | 447.08 | +0.029% | $217K | $5K | 10x | as long as short |
| Injective TSM/USDC PERP | +0.0220% | 1h | 451.38 | +0.991% | $7K | $38K | 12x | as long as short |
| edgeX TSMUSDC | +0.0448% | 4h | 447.11 | +0.036% | $48K | $215K | 10x | as long as short |
SunX TSM-USDT
HTX TSM-USDT
Binance TSMUSDT
Lighter RH TSM
Deribit TSM_USDC-PERPETUAL
Vest TSM-USD-PERP
tradeXYZ xyz:TSM
Polymarket Perps TSM-USD
SoDEX TSM-USD
Ondo Perps TSM-USD.P
Lighter TSM
KuCoin TSMUSDTM
Orderly PERP_TSM_USDC_mythos
Aevo TSM-PERP
Phoenix TSM
Injective TSM/USDC PERP
edgeX TSMUSDC