Funding you earn now, next payment 22:00 UTC−0.0135%/8h= −14.8% APRpaid last 24h −0.054%
Price spread now: BloFin against Phoenix+0.067%7-day average +0.031% · you sell dearer than you buy
Net, funding: paid 7d − costs−$65as in the Funding arb table
Net, price: spread back to 7d avg − costs−$35as in the Price arb table
costs, in and out, $10k−$390.385% of the position
Funding, last 7 days−0.262%−$26 on $10k
+Price spread, last 3 days (all we have)−0.030%−$3 · spread now +0.067%, 7d avg +0.031%
=The price spread pays, funding is against you. BloFin is 0.036% dearer against Phoenix than usual: you sell high and buy low (spread +0.067% now, against its 7-day average of +0.031%): +$4 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 21 hours.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Phoenix TSM | 445.83 | 0.0162 | pay 0.0020% / 1h | 18m 34s | $217K | $5K | 10x |
| Short | BloFin TSM-USDT | 446.13 | 0.0027 | get 0.0027% / 8h | 1h 18m | $44K | $105K | 20x |
Phoenix TSM
BloFin TSM-USDTFunding history
latest
Range statsloading…
Price spread between the two exchanges
BloFin 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
- −$28.41
- Price spread: +0.067% → +0.031%
- $3.64
- Slippage, 4 orders
- −$19.52
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee BloFin: 6 bp × 2 orders
- −$12
- Net
- −$63.3
- Costs to cover
- 0.385%
- Break-even
- never at this rate
Slippage from Phoenix: live order book, 59 min ago; BloFin: live order book, 48 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, 59 min ago | 2.92 bp | 10.2 bp −$10 | 20.9 bp −$209 | doesn't fit | doesn't fit |
| Sell BloFin live order book, 48 min ago | 0.11 bp | 8.5 bp −$9 | 13.8 bp −$138 | 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 | −0.0482% | 4h | 446.06 | +0.052% | $48K | $215K | 10x | as long as short |
| Aster TSMUSDT | 0.0000% | 8h | 445.87 | +0.008% | $82K | $1K | 20x | as long as short |
| Extended TSM-USD | 0.0000% | 1h | 445.99 | +0.037% | $2K | $167K | 10x | as long as short |
| Binance TSMUSDT | 0.0000% | 8h | 446.08 | +0.055% | $13.2M | $7.0M | 20x | as long as short |
| Bybit TSMUSDT | 0.0000% | 8h | 445.79 | −0.009% | $2.0M | $423K | 50x | as long as short |
| OKX TSM-USDT-SWAP | 0.0000% | 8h | 445.96 | +0.029% | $4.0M | $3.1M | 20x | as long as short |
| Gate TSM_USDT | 0.0000% | 8h | 445.80 | −0.007% | $1.7M | $923K | 100x | as long as short |
| Bitget TSMUSDT | 0.0000% | 8h | 445.90 | +0.016% | $1.6M | $1.5M | 20x | as long as short |
| Variational Omni TSM | 0.0000% | 8h | 446.07 | +0.054% | $552K | $85K | — | as long as short |
| GRVT TSM_USDT_Perp | 0.0000% | 8h | 445.98 | +0.034% | $5K | $1.1M | 10x | as long as short |
edgeX TSMUSDC
Aster TSMUSDT
Extended TSM-USD
Binance TSMUSDT
Bybit TSMUSDT
OKX TSM-USDT-SWAP
Gate TSM_USDT
Bitget TSMUSDT
Variational Omni TSM
GRVT TSM_USDT_PerpShow all 28 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| SunX TSM-USDT | 0.0000% | 8h | 446.03 | +0.045% | $1K | $5.4M | 10x | as long as short |
| HTX TSM-USDT | 0.0000% | 8h | 446.03 | +0.045% | $9K | $9K | 20x | as long as short |
| Phemex TSMUSDT | 0.0000% | 8h | 445.12 | −0.159% | $1.5M | $472K | 10x | as long as short |
| Coinbase International TSM-PERP-INTX | +0.0008% | 1h | 444.60 | −0.276% | $356K | $96K | 10x | as long as short |
| BloFin TSM-USDTshort | +0.0027% | 8h | 446.13 | +0.067% | $44K | $105K | 20x | |
| Lighter RH TSM | +0.0032% | 1h | 446.13 | +0.067% | $226K | $601K | 10x | as long as short |
| Vest TSM-USD-PERP | +0.0046% | 1h | 445.81 | −0.004% | — | — | 25x | as long as short |
| tradeXYZ xyz:TSM | +0.0050% | 1h | 445.78 | −0.011% | $10.3M | $2.6M | 10x | as long as short |
| Polymarket Perps TSM-USD | +0.0050% | 1h | 445.77 | −0.013% | $196K | $91K | 10x | as long as short |
| SoDEX TSM-USD | +0.0050% | 1h | 445.73 | −0.022% | $145 | $3K | 10x | as long as short |
| Ondo Perps TSM-USD.P | +0.0050% | 1h | 445.49 | −0.076% | $159K | $22K | 10x | as long as short |
| KuCoin TSMUSDTM | +0.0100% | 8h | 445.60 | −0.052% | $270K | $334K | 20x | as long as short |
| Orderly PERP_TSM_USDC_mythos | +0.0100% | 8h | 445.98 | +0.034% | $21 | — | 10x | as long as short |
| Aevo TSM-PERP | +0.0104% | 1h | 446.05 | +0.050% | $125 | — | 10x | as long as short |
| Phoenix TSMlong | +0.0162% | 1h | 445.83 | long leg | $217K | $5K | 10x | |
| Injective TSM/USDC PERP | +0.0220% | 1h | 449.91 | +0.915% | $7K | $38K | 12x | as long as short |
| Deribit TSM_USDC-PERPETUAL | +0.0266% | 1h | 446.02 | +0.043% | $4 | $61K | 10x | as long as short |
| Lighter TSM | +0.0424% | 1h | 446.67 | +0.188% | $504K | $167K | 10x | as long as short |
SunX TSM-USDT
HTX TSM-USDT
Phemex TSMUSDT
Coinbase International TSM-PERP-INTX
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
Deribit TSM_USDC-PERPETUAL
Lighter TSM