TSM

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0245%/8h= +26.8% APRnext payment +$0.31 per $10,000 · paid last 24h +0.042%

Price spread now: Deribit against Phoenix−0.020%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Phoenix Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Funding pays, the price is against you. Deribit is 0.020% cheaper against Phoenix than usual: you would sell low and buy high (spread −0.020% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$2 on $10k: about 7 hours of funding at the current rate (+$7 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix TSM	441.05	0.0163	pay 0.0020% / 1h	53m 12s	$215K	$5K	10x
Short	Deribit TSM_USDC-PERPETUAL	440.96	0.0408	get 0.0051% / 1h	53m 12s	$4	$24K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Phoenix. 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 PhoenixbpFee DeribitbpOrdersPrice spread, now −0.020%Rate

Funding earned: $51.39
Price spread: −0.020% → 0.000%: −$2.04
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $35.35
Costs to cover: 0.140%
Break-even: 2.2 days

Slippage unknown: Phoenix: live order book, 54 min ago; Deribit: no order-book sample. Net counts fees only.

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, 54 min ago	2.49 bp	9.4 bp −$9	18.8 bp −$188	doesn't fit	doesn't fit
Sell Deribit no order-book sample	—	—	—	—	—

Deribit: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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
Bitget TSMUSDT	−0.0192%	8h	440.92	−0.029%	$1.7M	$1.5M	20x	as long as short
Aster TSMUSDT	0.0000%	8h	440.88	−0.038%	$82K	$2K	20x	as long as short
Bybit TSMUSDT	0.0000%	8h	440.76	−0.066%	$2.0M	$395K	50x	as long as short
OKX TSM-USDT-SWAP	0.0000%	8h	440.98	−0.016%	$4.0M	$2.5M	20x	as long as short
Gate TSM_USDT	0.0000%	8h	440.78	−0.061%	$1.7M	$1.1M	100x	as long as short
Variational Omni TSM	0.0000%	8h	441.18	+0.030%	$547K	$40K	—	as long as short
SunX TSM-USDT	0.0000%	8h	441.07	+0.005%	$2K	$4.2M	10x	as long as short
HTX TSM-USDT	0.0000%	8h	441.11	+0.014%	$9K	$8K	20x	as long as short
Phemex TSMUSDT	0.0000%	8h	441.27	+0.050%	$1.5M	$494K	10x	as long as short
Lighter TSM	+0.0032%	1h	440.96	−0.020%	$496K	$137K	10x	as long as short

Show all 28 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH TSM	+0.0032%	1h	440.97	−0.018%	$220K	$676K	10x	as long as short
BloFin TSM-USDT	+0.0044%	8h	441.12	+0.016%	$45K	$101K	20x	as long as short
Vest TSM-USD-PERP	+0.0046%	1h	440.70	−0.079%	—	$583	25x	as long as short
tradeXYZ xyz:TSM	+0.0050%	1h	440.62	−0.097%	$10.2M	$2.0M	10x	as long as short
Polymarket Perps TSM-USD	+0.0050%	1h	440.81	−0.054%	$192K	$63K	10x	as long as short
SoDEX TSM-USD	+0.0050%	1h	440.58	−0.107%	$137	$3K	10x	as long as short
Ondo Perps TSM-USD.P	+0.0050%	1h	440.96	−0.020%	$157K	$23K	10x	as long as short
Extended TSM-USD	+0.0056%	1h	440.97	−0.018%	$6K	$196K	10x	as long as short
Binance TSMUSDT	+0.0059%	8h	441.09	+0.009%	$12.9M	$7.6M	20x	as long as short
GRVT TSM_USDT_Perp	+0.0069%	8h	440.99	−0.013%	$9K	$1.3M	10x	as long as short
Coinbase International TSM-PERP-INTX	+0.0072%	1h	440.03	−0.231%	$367K	$102K	10x	as long as short
edgeX TSMUSDC	+0.0077%	4h	441.07	+0.004%	$48K	$216K	10x	as long as short
KuCoin TSMUSDTM	+0.0100%	8h	440.59	−0.104%	$267K	$311K	20x	as long as short
Orderly PERP_TSM_USDC_mythos	+0.0100%	8h	440.91	−0.032%	$21	—	10x	as long as short
Aevo TSM-PERP	+0.0104%	1h	440.98	−0.015%	$123	—	10x	as long as short
Phoenix TSMlong	+0.0163%	1h	441.05	long leg	$215K	$5K	10x
Injective TSM/USDC PERP	+0.0220%	1h	445.33	+0.970%	$6K	$38K	12x	as long as short
Deribit TSM_USDC-PERPETUALshort	+0.0408%	1h	440.96	−0.020%	$4	$24K	10x