TSM

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0098%/8h= +10.7% APRnext payment +$0.12 per $10,000 · paid last 24h −0.042%

Price spread now: Phoenix against Deribit−0.070%7-day average — · you buy dearer than you sell

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

Long on Deribit Short on Phoenix

What this pair did over the last

the charts below follow

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

Funding pays, the price is against you. Phoenix is 0.070% cheaper against Deribit than usual: you would sell low and buy high (spread −0.070% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$7 on $10k: about 2.4 days of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit TSM_USDC-PERPETUAL	445.82	0.0064	pay 0.0008% / 1h	27m 23s	$4	$61K	10x
Short	Phoenix TSM	445.51	0.0162	get 0.0020% / 1h	27m 23s	$217K	$5K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Deribit. 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 DeribitbpFee PhoenixbpOrdersPrice spread, now −0.070%Rate

Funding earned: $20.52
Price spread: −0.070% → 0.000%: −$6.95
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$0.44
Costs to cover: 0.140%
Break-even: 7.1 days

Slippage unknown: Deribit: no order-book sample; Phoenix: live order book, 50 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 Phoenix live order book, 50 min ago	2.92 bp	10.2 bp −$10	21.0 bp −$210	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 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
Aster TSMUSDT	0.0000%	8h	445.73	−0.021%	$82K	$1K	20x	as long as short
Extended TSM-USD	0.0000%	1h	445.79	−0.006%	$2K	$167K	10x	as long as short
Binance TSMUSDT	0.0000%	8h	445.87	+0.011%	$13.1M	$6.9M	20x	as long as short
Bybit TSMUSDT	0.0000%	8h	445.64	−0.040%	$2.0M	$421K	50x	as long as short
OKX TSM-USDT-SWAP	0.0000%	8h	445.84	+0.004%	$4.0M	$3.1M	20x	as long as short
Gate TSM_USDT	0.0000%	8h	445.60	−0.049%	$1.7M	$921K	100x	as long as short
Bitget TSMUSDT	0.0000%	8h	445.82	0.000%	$1.6M	$1.5M	20x	as long as short
Variational Omni TSM	0.0000%	8h	445.64	−0.041%	$552K	$85K	—	as long as short
GRVT TSM_USDT_Perp	0.0000%	8h	445.82	0.000%	$15K	$1.1M	10x	as long as short
SunX TSM-USDT	0.0000%	8h	445.91	+0.020%	$1K	$5.4M	10x	as long as short

Show all 28 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX TSM-USDT	0.0000%	8h	445.42	−0.090%	$9K	$9K	20x	as long as short
Phemex TSMUSDT	0.0000%	8h	445.21	−0.137%	$1.5M	$469K	10x	as long as short
Coinbase International TSM-PERP-INTX	+0.0008%	1h	444.60	−0.274%	$356K	$96K	10x	as long as short
BloFin TSM-USDT	+0.0018%	8h	445.84	+0.004%	$44K	$104K	20x	as long as short
Lighter RH TSM	+0.0032%	1h	446.00	+0.040%	$225K	$598K	10x	as long as short
Vest TSM-USD-PERP	+0.0046%	1h	445.73	−0.020%	—	—	25x	as long as short
tradeXYZ xyz:TSM	+0.0050%	1h	445.64	−0.040%	$10.3M	$2.6M	10x	as long as short
Polymarket Perps TSM-USD	+0.0050%	1h	445.70	−0.027%	$196K	$91K	10x	as long as short
SoDEX TSM-USD	+0.0050%	1h	445.62	−0.045%	$147	$3K	10x	as long as short
Ondo Perps TSM-USD.P	+0.0050%	1h	445.78	−0.009%	$159K	$22K	10x	as long as short
edgeX TSMUSDC	+0.0058%	4h	445.72	−0.021%	$48K	$214K	10x	as long as short
Deribit TSM_USDC-PERPETUALlong	+0.0064%	1h	445.82	long leg	$4	$61K	10x
KuCoin TSMUSDTM	+0.0100%	8h	445.43	−0.087%	$270K	$336K	20x	as long as short
Orderly PERP_TSM_USDC_mythos	+0.0100%	8h	445.77	−0.011%	$21	—	10x	as long as short
Aevo TSM-PERP	+0.0104%	1h	445.93	+0.025%	$125	—	10x	as long as short
Phoenix TSMshort	+0.0162%	1h	445.51	−0.070%	$217K	$5K	10x
Injective TSM/USDC PERP	+0.0220%	1h	449.91	+0.917%	$7K	$38K	12x	as long as short
Lighter TSM	+0.0456%	1h	446.52	+0.157%	$504K	$167K	10x	as long as short