Funding you earn now, next payment 06:00 UTC+0.0164%/8h= +17.9% APRpaid last 24h +0.057%
Price spread now: Phoenix against Gate+0.102%7-day average +0.041% · you sell dearer than you buy
Net, funding: paid 7d − costs−$25as in the Funding arb table
Net, price: spread back to 7d avg − costs−$47as in the Price arb table
costs, in and out, $10k−$540.536% of the position
Funding, last 7 days+0.282%+$28 on $10k
+Price spread, last 4 days (all we have)−0.054%−$5 · spread now +0.102%, 7d avg +0.041%
=Both sides work for this trade now. Funding pays +$5 a day on $10k at the current rate, and Phoenix is 0.062% dearer against Gate than usual: you sell high and buy low: +$6 more if the spread goes back to its 7-day average of +0.041%.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Gate TSM_USDT | 439.08 | 0 | get 0.0000% / 8h | 1h 35m | $1.7M | $1.1M | 100x |
| Short | Phoenix TSM | 439.53 | 0.0164 | get 0.0020% / 1h | 35m 07s | $214K | $5K | 10x |
Gate TSM_USDT
Phoenix TSMFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phoenix against Gate. 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
- $34.35
- Price spread: +0.102% → +0.041%
- $6.19
- Slippage, 4 orders
- −$31.61
- Fee Gate: 7.5 bp × 2 orders
- −$15
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Net
- −$13.07
- Costs to cover
- 0.536%
- Break-even
- 9.7 days
Slippage from Gate: live order book, 2 min ago; Phoenix: live order book, 67 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 Gate live order book, 2 min ago | 5.69 bp | 15.1 bp −$15 | 89.0 bp −$890 | 145.3 bp −$14.5K | doesn't fit |
| Sell Phoenix live order book, 67 min ago | 2.95 bp | 10.4 bp −$10 | 21.4 bp −$214 | 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 | |
|---|---|---|---|---|---|---|---|---|
| edgeX TSMUSDC | −0.0859% | 4h | 439.77 | +0.156% | $47K | $216K | 10x | as long as short |
| Bitget TSMUSDT | −0.0214% | 8h | 439.50 | +0.096% | $1.7M | $1.5M | 20x | as long as short |
| Aster TSMUSDT | 0.0000% | 8h | 439.04 | −0.010% | $81K | $2K | 20x | as long as short |
| Bybit TSMUSDT | 0.0000% | 8h | 439.08 | 0.000% | $2.0M | $398K | 50x | as long as short |
| OKX TSM-USDT-SWAP | 0.0000% | 8h | 439.18 | +0.023% | $4.0M | $2.6M | 20x | as long as short |
| Gate TSM_USDTlong | 0.0000% | 8h | 439.08 | long leg | $1.7M | $1.1M | 100x | |
| Variational Omni TSM | 0.0000% | 8h | 439.75 | +0.152% | $556K | $36K | — | as long as short |
| SunX TSM-USDT | 0.0000% | 8h | 439.27 | +0.043% | $1K | $4.1M | 10x | as long as short |
| HTX TSM-USDT | 0.0000% | 8h | 439.64 | +0.128% | $9K | $8K | 20x | as long as short |
| Phemex TSMUSDT | 0.0000% | 8h | 440.35 | +0.289% | $1.5M | $515K | 10x | as long as short |
edgeX TSMUSDC
Bitget TSMUSDT
Aster TSMUSDT
Bybit TSMUSDT
OKX TSM-USDT-SWAP
Variational Omni TSM
SunX TSM-USDT
HTX TSM-USDT
Phemex TSMUSDTShow all 28 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Lighter TSM | +0.0032% | 1h | 439.21 | +0.030% | $495K | $137K | 10x | as long as short |
| Lighter RH TSM | +0.0032% | 1h | 439.04 | −0.009% | $224K | $684K | 10x | as long as short |
| Vest TSM-USD-PERP | +0.0046% | 1h | 438.81 | −0.061% | — | $1K | 25x | as long as short |
| Coinbase International TSM-PERP-INTX | +0.0048% | 1h | 439.33 | +0.057% | $366K | $102K | 10x | as long as short |
| tradeXYZ xyz:TSM | +0.0050% | 1h | 438.65 | −0.098% | $10.2M | $1.8M | 10x | as long as short |
| Polymarket Perps TSM-USD | +0.0050% | 1h | 439.05 | −0.007% | $191K | $65K | 10x | as long as short |
| SoDEX TSM-USD | +0.0050% | 1h | 438.94 | −0.032% | $134 | $3K | 10x | as long as short |
| Ondo Perps TSM-USD.P | +0.0050% | 1h | 439.33 | +0.057% | $157K | $27K | 10x | as long as short |
| BloFin TSM-USDT | +0.0064% | 8h | 439.32 | +0.055% | $45K | $105K | 20x | as long as short |
| Binance TSMUSDT | +0.0068% | 8h | 439.28 | +0.045% | $12.8M | $7.8M | 20x | as long as short |
| Extended TSM-USD | +0.0072% | 1h | 439.20 | +0.027% | $3K | $176K | 10x | as long as short |
| GRVT TSM_USDT_Perp | +0.0076% | 8h | 439.79 | +0.163% | $4K | $1.3M | 10x | as long as short |
| KuCoin TSMUSDTM | +0.0100% | 8h | 438.71 | −0.084% | $266K | $310K | 20x | as long as short |
| Orderly PERP_TSM_USDC_mythos | +0.0100% | 8h | 439.16 | +0.018% | $21 | — | 10x | as long as short |
| Aevo TSM-PERP | +0.0104% | 1h | 439.22 | +0.032% | $123 | — | 10x | as long as short |
| Phoenix TSMshort | +0.0164% | 1h | 439.53 | +0.102% | $214K | $5K | 10x | |
| Injective TSM/USDC PERP | +0.0220% | 1h | 444.69 | +1.278% | $6K | $38K | 12x | as long as short |
| Deribit TSM_USDC-PERPETUAL | +0.0913% | 1h | 439.17 | +0.020% | $4 | $25K | 10x | as long as short |
Lighter TSM
Lighter RH TSM
Vest TSM-USD-PERP
Coinbase International TSM-PERP-INTX
tradeXYZ xyz:TSM
Polymarket Perps TSM-USD
SoDEX TSM-USD
Ondo Perps TSM-USD.P
BloFin TSM-USDT
Binance TSMUSDT
Extended TSM-USD
GRVT TSM_USDT_Perp
KuCoin TSMUSDTM
Orderly PERP_TSM_USDC_mythos
Aevo TSM-PERP
Injective TSM/USDC PERP
Deribit TSM_USDC-PERPETUAL