Funding you earn now, next payment 11:00 UTC−0.0655%/8h= −71.7% APRpaid last 24h −0.099%
Price spread now: Phemex against Deribit−0.102%7-day average — · you buy dearer than you sell
to open and closeno order booka leg has no order-book sample
Funding, last 5 days (all we have)—no history yet
+Price spread, last 7 days—no price history on both exchanges yet
=Together, before fees—needs both histories
Both sides work against this trade now: funding costs −$20 a day on $10k at the current rate, and Phemex is 0.102% cheaper against Deribit than usual: you would sell low and buy high (−$10 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Deribit TSM_USDC-PERPETUAL | 442.50 | 0.0655 | pay 0.0082% / 1h | 8m 44s | $97 | $10K | 10x |
| Short | Phemex TSMUSDT | 442.05 | 0 | get 0.0000% / 8h | 5h 08m | $1.5M | $568K | 10x |
Deribit TSM_USDC-PERPETUAL
Phemex TSMUSDTFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phemex against Deribit. 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
- −$137.5
- Price spread: −0.102% → 0.000%
- −$10.17
- Slippage, 4 orders
- no order book: not counted
- Fee Deribit: 3.5 bp × 2 orders
- −$7
- Fee Phemex: 6 bp × 2 orders
- −$12
- Net
- −$166.67
- Costs to cover
- 0.190%
- Break-even
- never at this rate
Slippage unknown: Deribit: no order-book sample; Phemex: live order book, 2 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 Deribit no order-book sample | — | — | — | — | — |
| Sell Phemex live order book, 2 min ago | 14.25 bp | 50.7 bp −$51 | doesn't fit | doesn't fit | doesn't fit |
Deribit: 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 exchanges
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 | −0.0427% | 4h | 442.35 | −0.033% | $48K | $215K | 10x | as long as short |
| Coinbase International TSM-PERP-INTX | −0.0056% | 1h | 441.94 | −0.127% | $373K | $110K | 10x | as long as short |
| Aster TSMUSDT | 0.0000% | 8h | 442.42 | −0.019% | $82K | $2K | 20x | as long as short |
| Bybit TSMUSDT | 0.0000% | 8h | 442.41 | −0.020% | $2.0M | $397K | 50x | as long as short |
| OKX TSM-USDT-SWAP | 0.0000% | 8h | 442.51 | +0.002% | $4.1M | $2.8M | 20x | as long as short |
| Gate TSM_USDT | 0.0000% | 8h | 442.37 | −0.029% | $1.7M | $1.1M | 100x | as long as short |
| Bitget TSMUSDT | 0.0000% | 8h | 442.65 | +0.034% | $1.8M | $1.5M | 20x | as long as short |
| SunX TSM-USDT | 0.0000% | 8h | 442.64 | +0.032% | $1K | $3.7M | 10x | as long as short |
| HTX TSM-USDT | 0.0000% | 8h | 442.24 | −0.059% | $9K | $8K | 20x | as long as short |
| Phemex TSMUSDTshort | 0.0000% | 8h | 442.05 | −0.102% | $1.5M | $568K | 10x |
edgeX TSMUSDC
Coinbase International TSM-PERP-INTX
Aster TSMUSDT
Bybit TSMUSDT
OKX TSM-USDT-SWAP
Gate TSM_USDT
Bitget TSMUSDT
SunX TSM-USDT
HTX TSM-USDTShow all 28 exchanges
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Variational Omni TSM | +0.0030% | 8h | 442.47 | −0.006% | $554K | $44K | — | as long as short |
| Lighter TSM | +0.0032% | 1h | 442.61 | +0.025% | $498K | $143K | 10x | as long as short |
| Lighter RH TSM | +0.0032% | 1h | 442.64 | +0.032% | $203K | $692K | 10x | as long as short |
| Injective TSM/USDC PERP | +0.0033% | 1h | 443.95 | +0.328% | $6K | $38K | 12x | as long as short |
| Vest TSM-USD-PERP | +0.0046% | 1h | 441.94 | −0.127% | — | $2K | 25x | as long as short |
| tradeXYZ xyz:TSM | +0.0050% | 1h | 442.06 | −0.099% | $10.2M | $2.0M | 10x | as long as short |
| Polymarket Perps TSM-USD | +0.0050% | 1h | 442.27 | −0.052% | $187K | $71K | 10x | as long as short |
| SoDEX TSM-USD | +0.0050% | 1h | 442.17 | −0.075% | $135 | $3K | 10x | as long as short |
| Ondo Perps TSM-USD.P | +0.0050% | 1h | 442.44 | −0.014% | $161K | $36K | 10x | as long as short |
| KuCoin TSMUSDTM | +0.0100% | 8h | 442.02 | −0.108% | $268K | $483K | 20x | as long as short |
| Orderly PERP_TSM_USDC_mythos | +0.0100% | 8h | 442.44 | −0.014% | $21 | — | 10x | as long as short |
| Aevo TSM-PERP | +0.0104% | 1h | 442.66 | +0.035% | $124 | — | 10x | as long as short |
| Extended TSM-USD | +0.0112% | 1h | 442.50 | +0.001% | $2K | $220K | 10x | as long as short |
| Binance TSMUSDT | +0.0115% | 8h | 442.71 | +0.047% | $13.2M | $8.9M | 20x | as long as short |
| BloFin TSM-USDT | +0.0125% | 8h | 442.66 | +0.036% | $46K | $118K | 20x | as long as short |
| Phoenix TSM | +0.0253% | 1h | 442.24 | −0.059% | $209K | $10K | 10x | as long as short |
| GRVT TSM_USDT_Perp | +0.0302% | 8h | 442.43 | −0.015% | $8K | $1.4M | 10x | as long as short |
| Deribit TSM_USDC-PERPETUALlong | +0.0655% | 1h | 442.50 | long leg | $97 | $10K | 10x |
Variational Omni TSM
Lighter TSM
Lighter RH TSM
Injective TSM/USDC PERP
Vest TSM-USD-PERP
tradeXYZ xyz:TSM
Polymarket Perps TSM-USD
SoDEX TSM-USD
Ondo Perps TSM-USD.P
KuCoin TSMUSDTM
Orderly PERP_TSM_USDC_mythos
Aevo TSM-PERP
Extended TSM-USD
Binance TSMUSDT
BloFin TSM-USDT
Phoenix TSM
GRVT TSM_USDT_Perp