Funding you earn now, next payment 06:00 UTC−0.0220%/8h= −24.1% APRpaid last 24h −0.066%
Price spread now: Phemex against Injective−1.165%65s7-day average — · you buy dearer than you sell
to open and closeno order booka leg has no order-book sample
Funding, last 4 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 −$7 a day on $10k at the current rate, and Phemex is 1.165% cheaper against Injective than usual: you would sell low and buy high (−$116 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 65 seconds apart, so part of this spread may be the market moving, not a spread.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Injective TSM/USDC PERP | 445.58 | 0.0220 | pay 0.0028% / 1h | 33m 38s | $6K | $38K | 12x |
| Short | Phemex TSMUSDT | 440.39 | 0 | get 0.0000% / 8h | 2h 33m | $1.5M | $501K | 10x |
Injective TSM/USDC PERP
Phemex TSMUSDTFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phemex against Injective. 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
- −$46.2
- Price spread: −1.165% → 0.000%
- −$116.48
- Slippage, 4 orders
- no order book: not counted
- Fee Injective: 0.01 bp × 2 orders
- −$0.02
- Fee Phemex: 6 bp × 2 orders
- −$12
- Net
- −$174.7
- Costs to cover
- 0.120%
- Break-even
- never at this rate
Slippage unknown: Injective: no order-book sample; Phemex: live order book, 4 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 Injective no order-book sample | — | — | — | — | — |
| Sell Phemex live order book, 4 min ago | 0.79 bp | 51.6 bp −$52 | doesn't fit | doesn't fit | doesn't fit |
Injective: 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 | |
|---|---|---|---|---|---|---|---|---|
| Bitget TSMUSDT | −0.0191% | 8h | 439.79 | −1.299% | $1.7M | $1.5M | 20x | as long as short |
| Aster TSMUSDT | 0.0000% | 8h | 439.82 | −1.294% | $82K | $2K | 20x | as long as short |
| Bybit TSMUSDT | 0.0000% | 8h | 439.56 | −1.351% | $2.0M | $399K | 50x | as long as short |
| OKX TSM-USDT-SWAP | 0.0000% | 8h | 439.55 | −1.353% | $4.0M | $2.5M | 20x | as long as short |
| Gate TSM_USDT | 0.0000% | 8h | 439.48 | −1.369% | $1.7M | $1.1M | 100x | as long as short |
| Variational Omni TSM | 0.0000% | 8h | 440.11 | −1.228% | $545K | $40K | — | as long as short |
| SunX TSM-USDT | 0.0000% | 8h | 439.92 | −1.270% | $1K | $4.2M | 10x | as long as short |
| HTX TSM-USDT | 0.0000% | 8h | 439.93 | −1.268% | $9K | $8K | 20x | as long as short |
| Phemex TSMUSDTshort | 0.0000% | 8h | 440.39 | −1.165% | $1.5M | $501K | 10x | |
| Lighter TSM | +0.0032% | 1h | 439.77 | −1.304% | $495K | $137K | 10x | as long as short |
Bitget TSMUSDT
Aster TSMUSDT
Bybit TSMUSDT
OKX TSM-USDT-SWAP
Gate TSM_USDT
Variational Omni TSM
SunX TSM-USDT
HTX TSM-USDT
Lighter TSMShow all 28 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Lighter RH TSM | +0.0032% | 1h | 439.51 | −1.362% | $219K | $681K | 10x | as long as short |
| Vest TSM-USD-PERP | +0.0046% | 1h | 439.42 | −1.382% | — | $583 | 25x | as long as short |
| tradeXYZ xyz:TSM | +0.0050% | 1h | 439.28 | −1.414% | $10.2M | $1.9M | 10x | as long as short |
| Polymarket Perps TSM-USD | +0.0050% | 1h | 439.68 | −1.324% | $192K | $63K | 10x | as long as short |
| SoDEX TSM-USD | +0.0050% | 1h | 439.51 | −1.362% | $134 | $3K | 10x | as long as short |
| Ondo Perps TSM-USD.P | +0.0050% | 1h | 439.31 | −1.407% | $159K | $25K | 10x | as long as short |
| GRVT TSM_USDT_Perp | +0.0052% | 8h | 440.15 | −1.218% | $8K | $1.3M | 10x | as long as short |
| Extended TSM-USD | +0.0056% | 1h | 439.51 | −1.361% | $6K | $196K | 10x | as long as short |
| BloFin TSM-USDT | +0.0060% | 8h | 440.20 | −1.207% | $45K | $103K | 20x | as long as short |
| Binance TSMUSDT | +0.0060% | 8h | 439.63 | −1.335% | $12.8M | $7.7M | 20x | as long as short |
| Coinbase International TSM-PERP-INTX | +0.0072% | 1h | 439.33 | −1.403% | $366K | $102K | 10x | as long as short |
| KuCoin TSMUSDTM | +0.0100% | 8h | 439.43 | −1.380% | $266K | $311K | 20x | as long as short |
| Orderly PERP_TSM_USDC_mythos | +0.0100% | 8h | 439.91 | −1.272% | $21 | — | 10x | as long as short |
| Aevo TSM-PERP | +0.0104% | 1h | 439.85 | −1.286% | $123 | — | 10x | as long as short |
| Phoenix TSM | +0.0163% | 1h | 439.78 | −1.302% | $214K | $5K | 10x | as long as short |
| Injective TSM/USDC PERPlong | +0.0220% | 1h | 445.58 | long leg | $6K | $38K | 12x | |
| Deribit TSM_USDC-PERPETUAL | +0.0683% | 1h | 439.84 | −1.288% | $4 | $24K | 10x | as long as short |
| edgeX TSMUSDC | +0.0738% | 4h | 440.23 | −1.201% | $47K | $216K | 10x | as long as short |
Lighter RH TSM
Vest TSM-USD-PERP
tradeXYZ xyz:TSM
Polymarket Perps TSM-USD
SoDEX TSM-USD
Ondo Perps TSM-USD.P
GRVT TSM_USDT_Perp
Extended TSM-USD
BloFin TSM-USDT
Binance TSMUSDT
Coinbase International TSM-PERP-INTX
KuCoin TSMUSDTM
Orderly PERP_TSM_USDC_mythos
Aevo TSM-PERP
Phoenix TSM
Deribit TSM_USDC-PERPETUAL
edgeX TSMUSDC