TSM

Alert: funding

Alert: spread

Funding you earn now, next payment 16:00 UTC−0.0238%/8h= −26.1% APRnext payment −$2.38 per $10,000 · paid last 24h −0.009%

Price spread now: Phemex against GRVT+0.081%77s7-day average 0.000% · you sell dearer than you buy

Net, funding: paid 7d − costs−$102as 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−$980.984% of the position

Long on GRVT Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.039%−$4 on $10k

Price spread, last 4 days (all we have)+0.099%+$10 · spread now +0.081%, 7d avg 0.000%

Together, before fees+0.059%+ Points / potential airdropGRVT: Active · farm board+$6 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phemex is 0.081% dearer against GRVT than usual: you sell high and buy low (spread +0.081% now, against its 7-day average of 0.000%): +$8 on $10k if it goes back. Holding the pair costs −$7 a day in funding at the current rate, which eats that in about 27 hours. At the pace of the last 7 days (−0.039% in total) that is about 15 days. The two prices were read 77 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.039% in total (about -2.0% a year). A funding rate is set anew for every payment; at this rate the next one is about −$2.38 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GRVT TSM_USDT_Perp	439.96	0.0238	pay 0.0238% / 8h	6h 58m	$12K	$1.3M	10x
Short	Phemex TSMUSDT	440.32	0	get 0.0000% / 8h	6h 58m	$1.5M	$543K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against GRVT. 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 GRVTbpFee PhemexbpOrdersPrice spread, now +0.081%Rate

Funding earned: −$49.98
Price spread: +0.081% → 0.000%: $8.14
Slippage, 4 orders: −$77.35
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$140.19
Costs to cover: 0.984%
Break-even: never at this rate

Slippage from GRVT: live order book, 10 min ago; Phemex: live order book, 5 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 GRVT live order book, 10 min ago	1.25 bp	12.7 bp −$13	20.4 bp −$204	doesn't fit	doesn't fit
Sell Phemex live order book, 5 min ago	11.26 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-INTX	−0.0016%	1h	439.24	−0.164%	$371K	$98K	10x	as long as short
Aster TSMUSDT	0.0000%	8h	439.85	−0.025%	$82K	$2K	20x	as long as short
Bybit TSMUSDT	0.0000%	8h	439.71	−0.057%	$2.0M	$401K	50x	as long as short
OKX TSM-USDT-SWAP	0.0000%	8h	440.10	+0.031%	$4.0M	$2.7M	20x	as long as short
Gate TSM_USDT	0.0000%	8h	439.88	−0.019%	$1.7M	$1.1M	100x	as long as short
Bitget TSMUSDT	0.0000%	8h	440.03	+0.015%	$1.8M	$1.5M	20x	as long as short
Variational Omni TSM	0.0000%	8h	440.05	+0.021%	$551K	$44K	—	as long as short
SunX TSM-USDT	0.0000%	8h	440.19	+0.052%	$2K	$3.9M	10x	as long as short
HTX TSM-USDT	0.0000%	8h	440.26	+0.068%	$9K	$8K	20x	as long as short
Phemex TSMUSDTshort	0.0000%	8h	440.32	+0.081%	$1.5M	$543K	10x

Show all 28 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended TSM-USD	+0.0024%	1h	439.93	−0.007%	$1K	$214K	10x	as long as short
Binance TSMUSDT	+0.0028%	8h	440.05	+0.020%	$12.9M	$8.3M	20x	as long as short
Lighter TSM	+0.0032%	1h	439.93	−0.007%	$495K	$142K	10x	as long as short
BloFin TSM-USDT	+0.0044%	8h	440.17	+0.047%	$45K	$111K	20x	as long as short
Vest TSM-USD-PERP	+0.0046%	1h	439.82	−0.032%	—	$2K	25x	as long as short
tradeXYZ xyz:TSM	+0.0050%	1h	439.57	−0.089%	$10.0M	$1.9M	10x	as long as short
Polymarket Perps TSM-USD	+0.0050%	1h	439.72	−0.055%	$190K	$67K	10x	as long as short
SoDEX TSM-USD	+0.0050%	1h	439.68	−0.064%	$136	$3K	10x	as long as short
Ondo Perps TSM-USD.P	+0.0050%	1h	439.48	−0.110%	$158K	$27K	10x	as long as short
Lighter RH TSM	+0.0072%	1h	439.96	−0.001%	$196K	$724K	10x	as long as short
KuCoin TSMUSDTM	+0.0100%	8h	439.60	−0.082%	$267K	$372K	20x	as long as short
Orderly PERP_TSM_USDC_mythos	+0.0100%	8h	439.99	+0.006%	$21	—	10x	as long as short
Aevo TSM-PERP	+0.0104%	1h	440.05	+0.019%	$123	—	10x	as long as short
Phoenix TSM	+0.0145%	1h	439.86	−0.023%	$209K	$10K	10x	as long as short
Injective TSM/USDC PERP	+0.0220%	1h	443.95	+0.906%	$6K	$38K	12x	as long as short
GRVT TSM_USDT_Perplong	+0.0238%	8h	439.96	long leg	$12K	$1.3M	10x
edgeX TSMUSDC	+0.0242%	4h	440.12	+0.037%	$47K	$217K	10x	as long as short
Deribit TSM_USDC-PERPETUAL	+0.0910%	1h	440.13	+0.038%	$4	$13K	10x	as long as short