Funding you earn now, next payment 23:00 UTC−0.0215%/8h= −23.6% APRpaid last 24h −0.053%
Price spread now: Binance against Phoenix+0.054%7-day average +0.011% · you sell dearer than you buy
Net, funding: paid 7d − costs−$88as in the Funding arb table
Net, price: spread back to 7d avg − costs−$32as in the Price arb table
costs, in and out, $10k−$360.364% of the position
Funding, last 7 days−0.520%−$52 on $10k
+Price spread, last 2 days (all we have)−0.025%−$3 · spread now +0.054%, 7d avg +0.011%
=The price spread pays, funding is against you. Binance is 0.043% dearer against Phoenix than usual: you sell high and buy low (spread +0.054% now, against its 7-day average of +0.011%): +$4 on $10k if it goes back. Holding the pair costs −$6 a day in funding at the current rate, which eats that in about 16 hours.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Phoenix TSM | 446.19 | 0.0215 | pay 0.0027% / 1h | 49m 02s | $217K | $5K | 10x |
| Short | Binance TSMUSDT | 446.43 | 0 | get 0.0000% / 8h | 49m 02s | $13.2M | $6.8M | 20x |
Phoenix TSM
Binance TSMUSDTFunding history
latest
Range statsloading…
Price spread between the two exchanges
Binance against Phoenix. 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
- −$45.18
- Price spread: +0.054% → +0.011%
- $4.31
- Slippage, 4 orders
- −$19.42
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee Binance: 5 bp × 2 orders
- −$10
- Net
- −$77.29
- Costs to cover
- 0.364%
- Break-even
- never at this rate
Slippage from Phoenix: live order book, 23 min ago; Binance: live order book, 6 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 Phoenix live order book, 23 min ago | 2.69 bp | 9.6 bp −$10 | 19.1 bp −$191 | doesn't fit | doesn't fit |
| Sell Binance live order book, 6 min ago | 0.11 bp | 9.9 bp −$10 | 22.8 bp −$228 | 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 | −0.0115% | 4h | 446.41 | +0.049% | $48K | $215K | 10x | as long as short |
| Coinbase International TSM-PERP-INTX | −0.0024% | 1h | 446.07 | −0.027% | $357K | $97K | 10x | as long as short |
| Aster TSMUSDT | 0.0000% | 8h | 446.25 | +0.013% | $82K | $1K | 20x | as long as short |
| Extended TSM-USD | 0.0000% | 1h | 446.30 | +0.026% | $2K | $167K | 10x | as long as short |
| Binance TSMUSDTshort | 0.0000% | 8h | 446.43 | +0.054% | $13.2M | $6.8M | 20x | |
| Bybit TSMUSDT | 0.0000% | 8h | 446.01 | −0.040% | $2.0M | $417K | 50x | as long as short |
| OKX TSM-USDT-SWAP | 0.0000% | 8h | 446.44 | +0.056% | $4.0M | $3.0M | 20x | as long as short |
| Gate TSM_USDT | 0.0000% | 8h | 446.03 | −0.036% | $1.7M | $906K | 100x | as long as short |
| Bitget TSMUSDT | 0.0000% | 8h | 446.29 | +0.022% | $1.6M | $1.5M | 20x | as long as short |
| Variational Omni TSM | 0.0000% | 8h | 446.41 | +0.049% | $553K | $84K | — | as long as short |
edgeX TSMUSDC
Coinbase International TSM-PERP-INTX
Aster TSMUSDT
Extended TSM-USD
Bybit TSMUSDT
OKX TSM-USDT-SWAP
Gate TSM_USDT
Bitget TSMUSDT
Variational Omni TSMShow all 28 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| GRVT TSM_USDT_Perp | 0.0000% | 8h | 446.25 | +0.013% | $15K | $1.1M | 10x | as long as short |
| SunX TSM-USDT | 0.0000% | 8h | 446.44 | +0.056% | $2K | $5.2M | 10x | as long as short |
| HTX TSM-USDT | 0.0000% | 8h | 446.25 | +0.013% | $9K | $9K | 20x | as long as short |
| Phemex TSMUSDT | 0.0000% | 8h | 445.04 | −0.258% | $1.5M | $456K | 10x | as long as short |
| BloFin TSM-USDT | +0.0029% | 8h | 446.43 | +0.054% | $44K | $102K | 20x | as long as short |
| Lighter RH TSM | +0.0032% | 1h | 446.41 | +0.049% | $231K | $585K | 10x | as long as short |
| Vest TSM-USD-PERP | +0.0046% | 1h | 446.02 | −0.038% | — | — | 25x | as long as short |
| tradeXYZ xyz:TSM | +0.0050% | 1h | 445.98 | −0.047% | $10.3M | $2.5M | 10x | as long as short |
| Polymarket Perps TSM-USD | +0.0050% | 1h | 446.18 | −0.002% | $196K | $90K | 10x | as long as short |
| SoDEX TSM-USD | +0.0050% | 1h | 446.04 | −0.034% | $145 | $3K | 10x | as long as short |
| Ondo Perps TSM-USD.P | +0.0050% | 1h | 445.88 | −0.069% | $159K | $22K | 10x | as long as short |
| KuCoin TSMUSDTM | +0.0100% | 8h | 445.93 | −0.058% | $271K | $323K | 20x | as long as short |
| Orderly PERP_TSM_USDC_mythos | +0.0100% | 8h | 446.33 | +0.031% | $21 | — | 10x | as long as short |
| Aevo TSM-PERP | +0.0104% | 1h | 446.45 | +0.057% | $125 | — | 10x | as long as short |
| Phoenix TSMlong | +0.0215% | 1h | 446.19 | long leg | $217K | $5K | 10x | |
| Injective TSM/USDC PERP | +0.0220% | 1h | 450.72 | +1.015% | $7K | $38K | 12x | as long as short |
| Lighter TSM | +0.0360% | 1h | 446.92 | +0.164% | $504K | $166K | 10x | as long as short |
| Deribit TSM_USDC-PERPETUAL | +0.0423% | 1h | 446.34 | +0.034% | $4 | $61K | 10x | as long as short |
GRVT TSM_USDT_Perp
SunX TSM-USDT
HTX TSM-USDT
Phemex TSMUSDT
BloFin TSM-USDT
Lighter RH TSM
Vest TSM-USD-PERP
tradeXYZ xyz:TSM
Polymarket Perps TSM-USD
SoDEX TSM-USD
Ondo Perps TSM-USD.P
KuCoin TSMUSDTM
Orderly PERP_TSM_USDC_mythos
Aevo TSM-PERP
Injective TSM/USDC PERP
Lighter TSM
Deribit TSM_USDC-PERPETUAL