Funding you earn now, next payment 03:00 UTC+0.0167%/8h= +18.3% APRnext payment +$0.21 per $10,000 · paid last 24h +0.038%
Price spread now: Phoenix against Lighter RH+0.039%105s7-day average −0.045% · you sell dearer than you buy
Net, funding: paid 7d − costs−$7as 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−$250.254% of the position
Funding, last 7 days+0.188%+$19 on $10k
+Price spread, last 4 days (all we have)−0.012%−$1 · spread now +0.039%, 7d avg −0.045%
=Together, before fees+0.177%+ Points / potential airdropLighter RH: Points live · farm board+$18 on $10k · with fees, hour by hour
Both sides work for this trade now. Funding pays +$5 a day on $10k at the current rate, and Phoenix is 0.084% dearer against Lighter RH than usual: you sell high and buy low: +$8 more if the spread goes back to its 7-day average of −0.045%. The two prices were read 105 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 RH TSM | 441.55 | 0.0032 | pay 0.0004% / 1h | 17m 47s | $220K | $643K | 10x |
| Short | Phoenix TSM | 441.72 | 0.0199 | get 0.0025% / 1h | 17m 47s | $215K | $5K | 10x |
Lighter RH TSM
Phoenix TSMFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phoenix against Lighter RH. 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
- $35.01
- Price spread: +0.039% → −0.045%
- $8.35
- Slippage, 4 orders
- −$18.36
- Fee Lighter RH: 0 bp × 2 orders
- $0
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Net
- $18.01
- Costs to cover
- 0.254%
- Break-even
- 3.4 days
Slippage from Lighter RH: live order book, 40 min ago; Phoenix: live order book, 34 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 RH live order book, 40 min ago | 1.58 bp | 2.1 bp −$2 | 17.4 bp −$174 | doesn't fit | doesn't fit |
| Sell Phoenix live order book, 34 min ago | 3.16 bp | 10.8 bp −$11 | 22.3 bp −$223 | 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 | −0.0176% | 4h | 441.66 | +0.026% | $48K | $216K | 10x | as long as short |
| Bitget TSMUSDT | −0.0079% | 8h | 441.92 | +0.084% | $1.8M | $1.5M | 20x | as long as short |
| Aster TSMUSDT | 0.0000% | 8h | 441.93 | +0.086% | $82K | $2K | 20x | as long as short |
| Bybit TSMUSDT | 0.0000% | 8h | 441.60 | +0.011% | $2.0M | $395K | 50x | as long as short |
| OKX TSM-USDT-SWAP | 0.0000% | 8h | 441.64 | +0.020% | $4.0M | $2.5M | 20x | as long as short |
| Gate TSM_USDT | 0.0000% | 8h | 441.54 | −0.002% | $1.7M | $1.0M | 100x | as long as short |
| Variational Omni TSM | 0.0000% | 8h | 441.83 | +0.064% | $547K | $40K | — | as long as short |
| SunX TSM-USDT | 0.0000% | 8h | 441.65 | +0.023% | $1K | $4.3M | 10x | as long as short |
| HTX TSM-USDT | 0.0000% | 8h | 441.47 | −0.018% | $9K | $8K | 20x | as long as short |
| Phemex TSMUSDT | 0.0000% | 8h | 441.76 | +0.048% | $1.5M | $469K | 10x | as long as short |
edgeX TSMUSDC
Bitget TSMUSDT
Aster TSMUSDT
Bybit TSMUSDT
OKX TSM-USDT-SWAP
Gate TSM_USDT
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 | 441.87 | +0.072% | $497K | $176K | 10x | as long as short |
| Lighter RH TSMlong | +0.0032% | 1h | 441.55 | long leg | $220K | $643K | 10x | |
| Vest TSM-USD-PERP | +0.0046% | 1h | 441.37 | −0.041% | — | $583 | 25x | as long as short |
| tradeXYZ xyz:TSM | +0.0050% | 1h | 441.31 | −0.054% | $10.2M | $2.2M | 10x | as long as short |
| Polymarket Perps TSM-USD | +0.0050% | 1h | 441.38 | −0.039% | $194K | $53K | 10x | as long as short |
| SoDEX TSM-USD | +0.0050% | 1h | 441.32 | −0.052% | $139 | $3K | 10x | as long as short |
| Ondo Perps TSM-USD.P | +0.0050% | 1h | 441.52 | −0.007% | $158K | $23K | 10x | as long as short |
| BloFin TSM-USDT | +0.0064% | 8h | 442.03 | +0.109% | $45K | $99K | 20x | as long as short |
| Binance TSMUSDT | +0.0078% | 8h | 441.70 | +0.034% | $13.0M | $7.2M | 20x | as long as short |
| Extended TSM-USD | +0.0080% | 1h | 441.58 | +0.007% | $1K | $190K | 10x | as long as short |
| Deribit TSM_USDC-PERPETUAL | +0.0090% | 1h | 441.65 | +0.023% | $4 | $24K | 10x | as long as short |
| KuCoin TSMUSDTM | +0.0100% | 8h | 441.37 | −0.041% | $268K | $310K | 20x | as long as short |
| Orderly PERP_TSM_USDC_mythos | +0.0100% | 8h | 441.64 | +0.020% | $21 | — | 10x | as long as short |
| Aevo TSM-PERP | +0.0104% | 1h | 441.58 | +0.007% | $124 | — | 10x | as long as short |
| Coinbase International TSM-PERP-INTX | +0.0120% | 1h | 440.79 | −0.172% | $368K | $102K | 10x | as long as short |
| GRVT TSM_USDT_Perp | +0.0146% | 8h | 441.74 | +0.043% | $11K | $1.2M | 10x | as long as short |
| Phoenix TSMshort | +0.0199% | 1h | 441.72 | +0.039% | $215K | $5K | 10x | |
| Injective TSM/USDC PERP | +0.0220% | 1h | 447.69 | +1.391% | $7K | $38K | 12x | as long as short |
Lighter TSM
Vest TSM-USD-PERP
tradeXYZ xyz:TSM
Polymarket Perps TSM-USD
SoDEX TSM-USD
Ondo Perps TSM-USD.P
BloFin TSM-USDT
Binance TSMUSDT
Extended TSM-USD
Deribit TSM_USDC-PERPETUAL
KuCoin TSMUSDTM
Orderly PERP_TSM_USDC_mythos
Aevo TSM-PERP
Coinbase International TSM-PERP-INTX
GRVT TSM_USDT_Perp
Injective TSM/USDC PERP