Funding you earn now, next payment 09:00 UTC−0.0016%/8h= −1.8% APRpaid last 24h 0.000%
Price spread now: Coinbase International against Phemex−0.070%7-day average −0.221% · you buy dearer than you sell
Net, funding: paid 7d − costs−$110as in the Funding arb table
Net, price: spread back to 7d avg − costs−$83as in the Price arb table
costs, in and out, $10k−$980.976% of the position
Funding, last 7 days−0.127%−$13 on $10k
+Price spread, last 4 days (all we have)+0.036%+$4 · spread now −0.070%, 7d avg −0.221%
=The price spread pays, funding is against you. Coinbase International is 0.151% dearer against Phemex than usual: you sell high and buy low (spread −0.070% now, against its 7-day average of −0.221%): +$15 on $10k if it goes back. Holding the pair costs $0 a day in funding at the current rate, which eats that in about 31 days. At the pace of the last 7 days (−0.127% in total) that is about 8.3 days.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Phemex TSMUSDT | 439.73 | 0 | get 0.0000% / 8h | 6h 17m | $1.5M | $545K | 10x |
| Short | Coinbase International TSM-PERP-INTX | 439.42 | −0.0016 | pay 0.0002% / 1h | 17m 15s | $372K | $98K | 10x |
Phemex TSMUSDT
Coinbase International TSM-PERP-INTXFunding history
latest
Range statsloading…
Price spread between the two exchanges
Coinbase International against Phemex. 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
- −$3.36
- Price spread: −0.070% → −0.221%
- $15.05
- Slippage, 4 orders
- −$75.57
- Fee Phemex: 6 bp × 2 orders
- −$12
- Fee Coinbase International: 5 bp × 2 orders
- −$10
- Net
- −$85.87
- Costs to cover
- 0.976%
- Break-even
- never at this rate
Slippage from Phemex: live order book, 4 min ago; Coinbase International: live order book, 33 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 | 11.14 bp | 38.8 bp −$39 | doesn't fit | doesn't fit | doesn't fit |
| Sell Coinbase International live order book, 33 min ago | 2.51 bp | 7.5 bp −$8 | 10.7 bp −$107 | doesn't fit | doesn't fit |
TSM on 28 exchanges
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-INTXshort | −0.0016% | 1h | 439.42 | −0.070% | $372K | $98K | 10x | |
| Aster TSMUSDT | 0.0000% | 8h | 440.14 | +0.092% | $82K | $2K | 20x | as long as short |
| Bybit TSMUSDT | 0.0000% | 8h | 440.00 | +0.061% | $2.0M | $397K | 50x | as long as short |
| OKX TSM-USDT-SWAP | 0.0000% | 8h | 440.30 | +0.130% | $4.0M | $2.7M | 20x | as long as short |
| Gate TSM_USDT | 0.0000% | 8h | 440.06 | +0.075% | $1.7M | $1.1M | 100x | as long as short |
| Bitget TSMUSDT | 0.0000% | 8h | 440.28 | +0.125% | $1.8M | $1.5M | 20x | as long as short |
| Variational Omni TSM | 0.0000% | 8h | 440.18 | +0.103% | $551K | $44K | — | as long as short |
| SunX TSM-USDT | 0.0000% | 8h | 440.27 | +0.123% | $2K | $3.8M | 10x | as long as short |
| HTX TSM-USDT | 0.0000% | 8h | 440.23 | +0.114% | $9K | $8K | 20x | as long as short |
| Phemex TSMUSDTlong | 0.0000% | 8h | 439.73 | long leg | $1.5M | $545K | 10x |
Aster TSMUSDT
Bybit TSMUSDT
OKX TSM-USDT-SWAP
Gate TSM_USDT
Bitget TSMUSDT
Variational Omni TSM
SunX TSM-USDT
HTX TSM-USDTShow all 28 exchanges
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Lighter TSM | +0.0032% | 1h | 440.22 | +0.111% | $496K | $143K | 10x | as long as short |
| Vest TSM-USD-PERP | +0.0046% | 1h | 439.76 | +0.007% | — | $2K | 25x | as long as short |
| Lighter RH TSM | +0.0048% | 1h | 440.20 | +0.107% | $195K | $726K | 10x | as long as short |
| Extended TSM-USD | +0.0048% | 1h | 440.13 | +0.090% | $5K | $215K | 10x | as long as short |
| tradeXYZ xyz:TSM | +0.0050% | 1h | 439.93 | +0.045% | $10.1M | $2.0M | 10x | as long as short |
| Polymarket Perps TSM-USD | +0.0050% | 1h | 439.89 | +0.036% | $186K | $71K | 10x | as long as short |
| SoDEX TSM-USD | +0.0050% | 1h | 439.89 | +0.036% | $133 | $3K | 10x | as long as short |
| Ondo Perps TSM-USD.P | +0.0050% | 1h | 440.01 | +0.064% | $158K | $27K | 10x | as long as short |
| Binance TSMUSDT | +0.0051% | 8h | 440.25 | +0.118% | $13.0M | $8.3M | 20x | as long as short |
| BloFin TSM-USDT | +0.0062% | 8h | 440.25 | +0.118% | $45K | $113K | 20x | as long as short |
| KuCoin TSMUSDTM | +0.0100% | 8h | 439.80 | +0.016% | $267K | $415K | 20x | as long as short |
| Orderly PERP_TSM_USDC_mythos | +0.0100% | 8h | 440.21 | +0.109% | $21 | — | 10x | as long as short |
| Aevo TSM-PERP | +0.0104% | 1h | 440.20 | +0.107% | $123 | — | 10x | as long as short |
| Phoenix TSM | +0.0145% | 1h | 440.18 | +0.102% | $209K | $10K | 10x | as long as short |
| Injective TSM/USDC PERP | +0.0220% | 1h | 443.95 | +0.960% | $6K | $38K | 12x | as long as short |
| GRVT TSM_USDT_Perp | +0.0236% | 8h | 440.21 | +0.109% | $9K | $1.3M | 10x | as long as short |
| Deribit TSM_USDC-PERPETUAL | +0.0682% | 1h | 440.13 | +0.091% | $4 | $11K | 10x | as long as short |
| edgeX TSMUSDC | +0.0767% | 4h | 440.20 | +0.107% | $47K | $217K | 10x | as long as short |
Lighter TSM
Vest TSM-USD-PERP
Lighter RH TSM
Extended TSM-USD
tradeXYZ xyz:TSM
Polymarket Perps TSM-USD
SoDEX TSM-USD
Ondo Perps TSM-USD.P
Binance TSMUSDT
BloFin TSM-USDT
KuCoin TSMUSDTM
Orderly PERP_TSM_USDC_mythos
Aevo TSM-PERP
Phoenix TSM
Injective TSM/USDC PERP
GRVT TSM_USDT_Perp
Deribit TSM_USDC-PERPETUAL
edgeX TSMUSDC