Funding you earn now, next payment 23:00 UTC−0.0005%/8h= −0.5% APRnext payment −$0.01 per $10,000 · paid last 24h −0.007%
Price spread now: Phoenix against Injective−0.953%7-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
Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Phoenix is 0.953% cheaper against Injective than usual: you would sell low and buy high, −$95 on $10k if it goes back to zero (this spread has no 7-day history yet).
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Injective TSM/USDC PERP | 451.38 | 0.0220 | pay 0.0028% / 1h | 57m 01s | $7K | $38K | 12x |
| Short | Phoenix TSM | 447.08 | 0.0215 | get 0.0027% / 1h | 57m 01s | $217K | $5K | 10x |
Injective TSM/USDC PERP
Phoenix TSMFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phoenix 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
- −$1.02
- Price spread: −0.953% → 0.000%
- −$95.26
- Slippage, 4 orders
- no order book: not counted
- Fee Injective: 0.01 bp × 2 orders
- −$0.02
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Net
- −$103.3
- Costs to cover
- 0.070%
- Break-even
- never at this rate
Slippage unknown: Injective: no order-book sample; Phoenix: live order book, 10 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 Phoenix live order book, 10 min ago | 2.68 bp | 9.4 bp −$9 | 18.8 bp −$188 | 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 | |
|---|---|---|---|---|---|---|---|---|
| Coinbase International TSM-PERP-INTX | −0.0024% | 1h | 446.95 | −0.981% | $358K | $103K | 10x | as long as short |
| BloFin TSM-USDT | −0.0001% | 8h | 447.29 | −0.906% | $44K | $102K | 20x | as long as short |
| Aster TSMUSDT | 0.0000% | 8h | 447.19 | −0.928% | $82K | $1K | 20x | as long as short |
| Extended TSM-USD | 0.0000% | 1h | 447.19 | −0.928% | $4K | $165K | 10x | as long as short |
| Bybit TSMUSDT | 0.0000% | 8h | 447.04 | −0.961% | $2.0M | $414K | 50x | as long as short |
| OKX TSM-USDT-SWAP | 0.0000% | 8h | 447.29 | −0.906% | $4.0M | $3.0M | 20x | as long as short |
| Gate TSM_USDT | 0.0000% | 8h | 446.98 | −0.975% | $1.7M | $876K | 100x | as long as short |
| Bitget TSMUSDT | 0.0000% | 8h | 447.29 | −0.906% | $1.6M | $1.4M | 20x | as long as short |
| Variational Omni TSM | 0.0000% | 8h | 446.85 | −1.003% | $553K | $84K | — | as long as short |
| SunX TSM-USDT | 0.0000% | 8h | 447.28 | −0.908% | $1K | $5.1M | 10x | as long as short |
Coinbase International TSM-PERP-INTX
BloFin TSM-USDT
Aster TSMUSDT
Extended TSM-USD
Bybit TSMUSDT
OKX TSM-USDT-SWAP
Gate TSM_USDT
Bitget TSMUSDT
Variational Omni TSM
SunX TSM-USDTShow all 28 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Deribit TSM_USDC-PERPETUAL | 0.0000% | 1h | 447.13 | −0.942% | $4 | $36K | 10x | as long as short |
| HTX TSM-USDT | 0.0000% | 8h | 446.77 | −1.021% | $9K | $9K | 20x | as long as short |
| Phemex TSMUSDT | 0.0000% | 8h | 447.26 | −0.913% | $1.5M | $454K | 10x | as long as short |
| Binance TSMUSDT | +0.0003% | 8h | 447.25 | −0.916% | $13.2M | $7.0M | 20x | as long as short |
| GRVT TSM_USDT_Perp | +0.0007% | 8h | 446.86 | −1.001% | $7K | $1.1M | 10x | as long as short |
| Lighter RH TSM | +0.0032% | 1h | 447.37 | −0.888% | $231K | $615K | 10x | as long as short |
| Vest TSM-USD-PERP | +0.0046% | 1h | 447.11 | −0.946% | — | — | 25x | as long as short |
| tradeXYZ xyz:TSM | +0.0050% | 1h | 446.72 | −1.032% | $10.3M | $2.4M | 10x | as long as short |
| Polymarket Perps TSM-USD | +0.0050% | 1h | 446.67 | −1.043% | $197K | $59K | 10x | as long as short |
| SoDEX TSM-USD | +0.0050% | 1h | 446.74 | −1.028% | $143 | $3K | 10x | as long as short |
| Ondo Perps TSM-USD.P | +0.0050% | 1h | 446.34 | −1.117% | $159K | $21K | 10x | as long as short |
| Lighter TSM | +0.0096% | 1h | 447.80 | −0.793% | $505K | $166K | 10x | as long as short |
| KuCoin TSMUSDTM | +0.0100% | 8h | 446.77 | −1.021% | $271K | $312K | 20x | as long as short |
| Orderly PERP_TSM_USDC_mythos | +0.0100% | 8h | 447.22 | −0.922% | $21 | — | 10x | as long as short |
| Aevo TSM-PERP | +0.0104% | 1h | 447.08 | −0.952% | $125 | — | 10x | as long as short |
| Phoenix TSMshort | +0.0215% | 1h | 447.08 | −0.953% | $217K | $5K | 10x | |
| Injective TSM/USDC PERPlong | +0.0220% | 1h | 451.38 | long leg | $7K | $38K | 12x | |
| edgeX TSMUSDC | +0.0269% | 4h | 446.87 | −1.000% | $48K | $215K | 10x | as long as short |
Deribit TSM_USDC-PERPETUAL
HTX TSM-USDT
Phemex TSMUSDT
Binance TSMUSDT
GRVT TSM_USDT_Perp
Lighter RH TSM
Vest TSM-USD-PERP
tradeXYZ xyz:TSM
Polymarket Perps TSM-USD
SoDEX TSM-USD
Ondo Perps TSM-USD.P
Lighter TSM
KuCoin TSMUSDTM
Orderly PERP_TSM_USDC_mythos
Aevo TSM-PERP
edgeX TSMUSDC