Funding you earn now, next payment 02:00 UTC−0.0185%/8h= −20.2% APRnext payment −$0.23 per $10,000 · paid last 24h +0.003%
Price spread now: Lighter against Phoenix+0.034%7-day average +0.099% · you sell dearer than you buy
Net, funding: paid 7d − costs−$51as in the Funding arb table
Net, price: spread back to 7d avg − costs−$71as in the Price arb table
costs, in and out, $10k−$640.643% of the position
Funding, last 7 days+0.130%+$13 on $10k
+Price spread, last 4 days (all we have)−0.043%−$4 · spread now +0.034%, 7d avg +0.099%
=Together, before fees+0.087%+ Points / potential airdropLighter: Season 3 · farm board+$9 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 Lighter is 0.065% cheaper against Phoenix than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of +0.099%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.130%, so the current rate has only just turned against you.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Phoenix TSM | 443.28 | 0.0217 | pay 0.0027% / 1h | 12m 21s | $216K | $5K | 10x |
| Short | Lighter TSM | 443.43 | 0.0032 | get 0.0004% / 1h | 12m 21s | $500K | $173K | 10x |
Phoenix TSM
Lighter TSMFunding history
latest
Range statsloading…
Price spread between the two exchanges
Lighter 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
- −$38.77
- Price spread: +0.034% → +0.099%
- −$6.5
- Slippage, 4 orders
- −$57.34
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee Lighter: 0 bp × 2 orders
- $0
- Net
- −$109.61
- Costs to cover
- 0.643%
- Break-even
- never at this rate
Slippage from Phoenix: live order book, 45 min ago; Lighter: live order book, 43 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, 45 min ago | 3.83 bp | 12.2 bp −$12 | 26.0 bp −$260 | doesn't fit | doesn't fit |
| Sell Lighter live order book, 43 min ago | 9.45 bp | 30.5 bp −$30 | 40.3 bp −$403 | 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 | −0.0698% | 4h | 443.36 | +0.017% | $48K | $217K | 10x | as long as short |
| Aster TSMUSDT | 0.0000% | 8h | 443.47 | +0.043% | $81K | $1K | 20x | as long as short |
| Bybit TSMUSDT | 0.0000% | 8h | 443.21 | −0.016% | $2.0M | $390K | 50x | as long as short |
| OKX TSM-USDT-SWAP | 0.0000% | 8h | 443.27 | −0.002% | $4.0M | $2.4M | 20x | as long as short |
| Gate TSM_USDT | 0.0000% | 8h | 443.19 | −0.020% | $1.7M | $960K | 100x | as long as short |
| Bitget TSMUSDT | 0.0000% | 8h | 443.39 | +0.025% | $1.7M | $1.4M | 20x | as long as short |
| Variational Omni TSM | 0.0000% | 8h | 443.37 | +0.020% | $549K | $61K | — | as long as short |
| SunX TSM-USDT | 0.0000% | 8h | 443.42 | +0.032% | $2K | $4.3M | 10x | as long as short |
| HTX TSM-USDT | 0.0000% | 8h | 443.09 | −0.043% | $9K | $9K | 20x | as long as short |
| Phemex TSMUSDT | 0.0000% | 8h | 443.62 | +0.077% | $1.5M | $446K | 10x | as long as short |
edgeX TSMUSDC
Aster TSMUSDT
Bybit TSMUSDT
OKX TSM-USDT-SWAP
Gate TSM_USDT
Bitget TSMUSDT
Variational Omni TSM
SunX TSM-USDT
HTX TSM-USDT
Phemex TSMUSDTShow all 28 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Lighter TSMshort | +0.0032% | 1h | 443.43 | +0.034% | $500K | $173K | 10x | |
| Lighter RH TSM | +0.0032% | 1h | 443.12 | −0.036% | $221K | $645K | 10x | as long as short |
| Binance TSMUSDT | +0.0038% | 8h | 443.48 | +0.045% | $13.0M | $6.8M | 20x | as long as short |
| Extended TSM-USD | +0.0040% | 1h | 443.36 | +0.019% | $2K | $189K | 10x | as long as short |
| Vest TSM-USD-PERP | +0.0046% | 1h | 442.85 | −0.097% | — | $583 | 25x | as long as short |
| tradeXYZ xyz:TSM | +0.0050% | 1h | 442.93 | −0.079% | $10.2M | $2.3M | 10x | as long as short |
| Polymarket Perps TSM-USD | +0.0050% | 1h | 443.13 | −0.034% | $196K | $51K | 10x | as long as short |
| SoDEX TSM-USD | +0.0050% | 1h | 442.93 | −0.079% | $136 | $3K | 10x | as long as short |
| Ondo Perps TSM-USD.P | +0.0050% | 1h | 442.84 | −0.099% | $158K | $23K | 10x | as long as short |
| BloFin TSM-USDT | +0.0055% | 8h | 443.59 | +0.070% | $45K | $98K | 20x | as long as short |
| GRVT TSM_USDT_Perp | +0.0078% | 8h | 443.47 | +0.043% | $8K | $1.1M | 10x | as long as short |
| KuCoin TSMUSDTM | +0.0100% | 8h | 442.96 | −0.072% | $268K | $319K | 20x | as long as short |
| Orderly PERP_TSM_USDC_mythos | +0.0100% | 8h | 443.36 | +0.018% | $21 | — | 10x | as long as short |
| Aevo TSM-PERP | +0.0104% | 1h | 443.38 | +0.022% | $124 | — | 10x | as long as short |
| Coinbase International TSM-PERP-INTX | +0.0152% | 1h | 443.05 | −0.052% | $369K | $107K | 10x | as long as short |
| Phoenix TSMlong | +0.0217% | 1h | 443.28 | long leg | $216K | $5K | 10x | |
| Injective TSM/USDC PERP | +0.0220% | 1h | 448.46 | +1.169% | $7K | $38K | 12x | as long as short |
| Deribit TSM_USDC-PERPETUAL | +0.0856% | 1h | 443.46 | +0.041% | $4 | $24K | 10x | as long as short |
Lighter RH TSM
Binance TSMUSDT
Extended TSM-USD
Vest TSM-USD-PERP
tradeXYZ xyz:TSM
Polymarket Perps TSM-USD
SoDEX TSM-USD
Ondo Perps TSM-USD.P
BloFin TSM-USDT
GRVT TSM_USDT_Perp
KuCoin TSMUSDTM
Orderly PERP_TSM_USDC_mythos
Aevo TSM-PERP
Coinbase International TSM-PERP-INTX
Injective TSM/USDC PERP
Deribit TSM_USDC-PERPETUAL