TSM

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0195%/8h= −21.4% APRnext payment −$1.95 per $10,000 · paid last 24h +0.013%

Price spread now: Bitget against Phemex−0.088%56s7-day average +0.007% · you buy dearer than you sell

Net, funding: paid 7d − costs−$80as 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−$840.841% of the position

Long on Phemex Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days+0.045%+$4 on $10k

Price spread, last 4 days (all we have)+0.114%+$11 · spread now −0.088%, 7d avg +0.007%

Together, before fees+0.159%+$16 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and Bitget is 0.096% cheaper against Phemex than usual: you would sell low and buy high (−$10 if the spread goes back to its 7-day average of +0.007%). Swap the legs. The two prices were read 56 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 0.045% in total (about 2.3% a year). A funding rate is set anew for every payment; at this rate the next one is about −$1.95 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	Phemex TSMUSDT	441.31	0	get 0.0000% / 8h	2h 54m	$1.5M	$494K	10x
Short	Bitget TSMUSDT	440.92	−0.0195	pay 0.0195% / 8h	2h 54m	$1.7M	$1.5M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against Phemex. 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 PhemexbpFee BitgetbpOrdersPrice spread, now −0.088%Rate

Funding earned: −$40.95
Price spread: −0.088% → +0.007%: −$9.55
Slippage, 4 orders: −$60.14
Fee Phemex: 6 bp × 2 orders: −$12
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$134.65
Costs to cover: 0.841%
Break-even: never at this rate

Slippage from Phemex: live order book, 4 min ago; Bitget: live order book, 3 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 Phemex live order book, 4 min ago	0.34 bp	31.2 bp −$31	doesn't fit	doesn't fit	doesn't fit
Sell Bitget live order book, 3 min ago	3.29 bp	9.5 bp −$9	24.3 bp −$243	56.1 bp −$5,612	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	−0.0309%	4h	440.92	−0.088%	$48K	$216K	10x	as long as short
Bitget TSMUSDTshort	−0.0195%	8h	440.92	−0.088%	$1.7M	$1.5M	20x
Aster TSMUSDT	0.0000%	8h	441.09	−0.051%	$82K	$2K	20x	as long as short
Bybit TSMUSDT	0.0000%	8h	440.82	−0.111%	$2.0M	$395K	50x	as long as short
OKX TSM-USDT-SWAP	0.0000%	8h	441.10	−0.048%	$4.0M	$2.5M	20x	as long as short
Gate TSM_USDT	0.0000%	8h	440.86	−0.102%	$1.7M	$1.1M	100x	as long as short
Variational Omni TSM	0.0000%	8h	441.18	−0.029%	$547K	$40K	—	as long as short
SunX TSM-USDT	0.0000%	8h	441.14	−0.039%	$2K	$4.2M	10x	as long as short
HTX TSM-USDT	0.0000%	8h	441.11	−0.045%	$9K	$8K	20x	as long as short
Phemex TSMUSDTlong	0.0000%	8h	441.31	long leg	$1.5M	$494K	10x

Show all 28 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter TSM	+0.0032%	1h	441.03	−0.063%	$497K	$137K	10x	as long as short
Lighter RH TSM	+0.0032%	1h	441.10	−0.048%	$220K	$676K	10x	as long as short
Vest TSM-USD-PERP	+0.0046%	1h	440.70	−0.138%	—	$583	25x	as long as short
tradeXYZ xyz:TSM	+0.0050%	1h	440.73	−0.131%	$10.2M	$2.0M	10x	as long as short
Polymarket Perps TSM-USD	+0.0050%	1h	440.86	−0.102%	$192K	$63K	10x	as long as short
SoDEX TSM-USD	+0.0050%	1h	440.65	−0.150%	$137	$3K	10x	as long as short
Ondo Perps TSM-USD.P	+0.0050%	1h	440.96	−0.079%	$157K	$23K	10x	as long as short
Binance TSMUSDT	+0.0061%	8h	441.03	−0.062%	$12.9M	$7.6M	20x	as long as short
Extended TSM-USD	+0.0064%	1h	441.02	−0.067%	$6K	$196K	10x	as long as short
Deribit TSM_USDC-PERPETUAL	+0.0068%	1h	440.81	−0.113%	$4	$24K	10x	as long as short
GRVT TSM_USDT_Perp	+0.0069%	8h	440.99	−0.072%	$9K	$1.3M	10x	as long as short
Coinbase International TSM-PERP-INTX	+0.0072%	1h	440.03	−0.290%	$367K	$102K	10x	as long as short
BloFin TSM-USDT	+0.0077%	8h	441.16	−0.034%	$45K	$102K	20x	as long as short
KuCoin TSMUSDTM	+0.0100%	8h	440.71	−0.136%	$267K	$312K	20x	as long as short
Orderly PERP_TSM_USDC_mythos	+0.0100%	8h	440.98	−0.075%	$21	—	10x	as long as short
Aevo TSM-PERP	+0.0104%	1h	441.08	−0.052%	$124	—	10x	as long as short
Phoenix TSM	+0.0199%	1h	440.96	−0.079%	$214K	$5K	10x	as long as short
Injective TSM/USDC PERP	+0.0220%	1h	445.33	+0.911%	$6K	$38K	12x	as long as short