Funding you earn now, next payment 01:00 UTC−0.0181%/8h= −19.8% APRnext payment −$0.23 per $10,000 · paid last 24h 0.000%
Price spread now: Phoenix against Lighter−0.068%104s7-day average −0.099% · you buy dearer than you sell
Net, funding: paid 7d − costs−$64as 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−$510.512% of the position
Funding, last 7 days−0.130%−$13 on $10k
+Price spread, last 4 days (all we have)+0.281%+$28 · spread now −0.068%, 7d avg −0.099%
=Together, before fees+0.151%+ Points / potential airdropLighter: Season 3 · farm board+$15 on $10k · with fees, hour by hour
The price spread pays, funding is against you. Phoenix is 0.032% dearer against Lighter than usual: you sell high and buy low (spread −0.068% now, against its 7-day average of −0.099%): +$3 on $10k if it goes back. Holding the pair costs −$5 a day in funding at the current rate, which eats that in about 14 hours. At the pace of the last 7 days (−0.130% in total) that is about 41 hours. The two prices were read 104 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 | Lighter TSM | 443.44 | 0.0360 | pay 0.0045% / 1h | 59m 40s | $500K | $173K | 10x |
| Short | Phoenix TSM | 443.14 | 0.0179 | get 0.0022% / 1h | 59m 40s | $216K | $5K | 10x |
Lighter TSM
Phoenix TSMFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phoenix against Lighter. 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
- −$38.02
- Price spread: −0.068% → −0.099%
- $3.15
- Slippage, 4 orders
- −$44.21
- Fee Lighter: 0 bp × 2 orders
- $0
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Net
- −$86.07
- Costs to cover
- 0.512%
- Break-even
- never at this rate
Slippage from Lighter: live order book, 60 min ago; Phoenix: live order book, 62 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 Lighter live order book, 60 min ago | 8.70 bp | 8.7 bp −$9 | 13.0 bp −$130 | doesn't fit | doesn't fit |
| Sell Phoenix live order book, 62 min ago | 2.68 bp | 9.4 bp −$9 | 18.8 bp −$188 | doesn't fit | doesn't fit |
TSM on 27 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 | −0.0600% | 4h | 443.42 | −0.005% | $48K | $217K | 10x | as long as short |
| Aster TSMUSDT | 0.0000% | 8h | 443.61 | +0.039% | $81K | $1K | 20x | as long as short |
| Bybit TSMUSDT | 0.0000% | 8h | 442.88 | −0.126% | $2.0M | $390K | 50x | as long as short |
| OKX TSM-USDT-SWAP | 0.0000% | 8h | 443.10 | −0.077% | $4.0M | $2.4M | 20x | as long as short |
| Gate TSM_USDT | 0.0000% | 8h | 442.92 | −0.117% | $1.7M | $909K | 100x | as long as short |
| Bitget TSMUSDT | 0.0000% | 8h | 443.22 | −0.050% | $1.7M | $1.4M | 20x | as long as short |
| Variational Omni TSM | 0.0000% | 8h | 443.52 | +0.017% | $549K | $61K | — | as long as short |
| SunX TSM-USDT | 0.0000% | 8h | 443.44 | 0.000% | $2K | $4.4M | 10x | as long as short |
| HTX TSM-USDT | 0.0000% | 8h | 443.27 | −0.038% | $9K | $9K | 20x | as long as short |
| Phemex TSMUSDT | 0.0000% | 8h | 443.66 | +0.050% | $1.5M | $439K | 10x | as long as short |
edgeX TSMUSDC
Aster TSMUSDT
Bybit TSMUSDT
OKX TSM-USDT-SWAP
Gate TSM_USDT
Bitget TSMUSDT
Variational Omni TSM
SunX TSM-USDT
HTX TSM-USDT
Phemex TSMUSDTShow all 27 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Coinbase International TSM-PERP-INTX | +0.0016% | 1h | 443.28 | −0.036% | $370K | $107K | 10x | as long as short |
| Lighter RH TSM | +0.0032% | 1h | 443.10 | −0.077% | $221K | $648K | 10x | as long as short |
| Vest TSM-USD-PERP | +0.0046% | 1h | 442.89 | −0.124% | — | $583 | 25x | as long as short |
| Binance TSMUSDT | +0.0047% | 8h | 443.16 | −0.063% | $13.0M | $6.8M | 20x | as long as short |
| Extended TSM-USD | +0.0048% | 1h | 443.08 | −0.080% | $4K | $195K | 10x | as long as short |
| tradeXYZ xyz:TSM | +0.0050% | 1h | 442.80 | −0.144% | $10.2M | $2.3M | 10x | as long as short |
| SoDEX TSM-USD | +0.0050% | 1h | 442.97 | −0.106% | $138 | $3K | 10x | as long as short |
| Ondo Perps TSM-USD.P | +0.0050% | 1h | 443.02 | −0.095% | $159K | $23K | 10x | as long as short |
| Polymarket Perps TSM-USD | +0.0056% | 1h | 443.22 | −0.050% | $196K | $51K | 10x | as long as short |
| KuCoin TSMUSDTM | +0.0100% | 8h | 442.90 | −0.122% | $269K | $319K | 20x | as long as short |
| Orderly PERP_TSM_USDC_mythos | +0.0100% | 8h | 443.40 | −0.009% | $21 | — | 10x | as long as short |
| Aevo TSM-PERP | +0.0104% | 1h | 443.25 | −0.042% | $124 | — | 10x | as long as short |
| Phoenix TSMshort | +0.0179% | 1h | 443.14 | −0.068% | $216K | $5K | 10x | |
| GRVT TSM_USDT_Perp | +0.0192% | 8h | 443.55 | +0.025% | $9K | $1.1M | 10x | as long as short |
| Injective TSM/USDC PERP | +0.0220% | 1h | 449.49 | +1.364% | $7K | $38K | 12x | as long as short |
| Lighter TSMlong | +0.0360% | 1h | 443.44 | long leg | $500K | $173K | 10x | |
| Deribit TSM_USDC-PERPETUAL | +0.0834% | 1h | 443.39 | −0.011% | $4 | $24K | 10x | as long as short |
Coinbase International TSM-PERP-INTX
Lighter RH TSM
Vest TSM-USD-PERP
Binance TSMUSDT
Extended TSM-USD
tradeXYZ xyz:TSM
SoDEX TSM-USD
Ondo Perps TSM-USD.P
Polymarket Perps TSM-USD
KuCoin TSMUSDTM
Orderly PERP_TSM_USDC_mythos
Aevo TSM-PERP
GRVT TSM_USDT_Perp
Injective TSM/USDC PERP
Deribit TSM_USDC-PERPETUAL