Funding you earn now, next payment 02:00 UTC−0.0185%/8h= −20.2% APRnext payment −$0.23 per $10,000 · paid last 24h −0.038%
Price spread now: Lighter RH against Phoenix−0.137%75s7-day average +0.047% · you buy dearer than you sell
Net, funding: paid 7d − costs−$48as in the Funding arb table
Net, price: spread back to 7d avg − costs—prices read too far apart to compare
costs, in and out, $10k−$300.297% of the position
Funding, last 7 days−0.187%−$19 on $10k
+Price spread, last 4 days (all we have)+0.052%+$5 · spread now −0.137%, 7d avg +0.047%
=Together, before fees−0.135%+ Points / potential airdropLighter RH: Points live · farm board−$13 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 RH is 0.184% cheaper against Phoenix than usual: you would sell low and buy high (−$18 if the spread goes back to its 7-day average of +0.047%). Swap the legs. The two prices were read 75 seconds apart, so part of this spread may be the market moving, not a spread.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Phoenix TSM | 443.70 | 0.0217 | pay 0.0027% / 1h | 8m 03s | $216K | $5K | 10x |
| Short | Lighter RH TSM | 443.09 | 0.0032 | get 0.0004% / 1h | 8m 03s | $221K | $645K | 10x |
Phoenix TSM
Lighter RH TSMFunding history
latest
Range statsloading…
Price spread between the two exchanges
Lighter RH 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: −0.137% → +0.047%
- −$18.44
- Slippage, 4 orders
- −$22.72
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee Lighter RH: 0 bp × 2 orders
- $0
- Net
- −$86.93
- Costs to cover
- 0.297%
- Break-even
- never at this rate
Slippage from Phoenix: live order book, 49 min ago; Lighter RH: live order book, 54 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, 49 min ago | 3.83 bp | 12.2 bp −$12 | 26.0 bp −$260 | doesn't fit | doesn't fit |
| Sell Lighter RH live order book, 54 min ago | 2.48 bp | 2.6 bp −$3 | 8.2 bp −$82 | 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 | −0.0154% | 4h | 443.50 | −0.046% | $48K | $216K | 10x | as long as short |
| Aster TSMUSDT | 0.0000% | 8h | 443.40 | −0.068% | $81K | $1K | 20x | as long as short |
| Bybit TSMUSDT | 0.0000% | 8h | 442.98 | −0.162% | $2.0M | $382K | 50x | as long as short |
| OKX TSM-USDT-SWAP | 0.0000% | 8h | 443.11 | −0.133% | $4.0M | $2.4M | 20x | as long as short |
| Gate TSM_USDT | 0.0000% | 8h | 443.14 | −0.126% | $1.7M | $961K | 100x | as long as short |
| Bitget TSMUSDT | 0.0000% | 8h | 443.45 | −0.056% | $1.7M | $1.4M | 20x | as long as short |
| Variational Omni TSM | 0.0000% | 8h | 443.57 | −0.030% | $549K | $61K | — | as long as short |
| SunX TSM-USDT | 0.0000% | 8h | 443.28 | −0.095% | $2K | $4.3M | 10x | as long as short |
| HTX TSM-USDT | 0.0000% | 8h | 443.21 | −0.110% | $9K | $9K | 20x | as long as short |
| Phemex TSMUSDT | 0.0000% | 8h | 443.36 | −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 TSM | +0.0032% | 1h | 443.35 | −0.079% | $500K | $173K | 10x | as long as short |
| Lighter RH TSMshort | +0.0032% | 1h | 443.09 | −0.137% | $221K | $645K | 10x | |
| Extended TSM-USD | +0.0040% | 1h | 443.17 | −0.119% | $2K | $189K | 10x | as long as short |
| Binance TSMUSDT | +0.0041% | 8h | 443.26 | −0.099% | $13.0M | $6.8M | 20x | as long as short |
| Vest TSM-USD-PERP | +0.0046% | 1h | 442.79 | −0.205% | — | $583 | 25x | as long as short |
| tradeXYZ xyz:TSM | +0.0050% | 1h | 442.77 | −0.210% | $10.2M | $2.3M | 10x | as long as short |
| Polymarket Perps TSM-USD | +0.0050% | 1h | 443.05 | −0.146% | $196K | $51K | 10x | as long as short |
| SoDEX TSM-USD | +0.0050% | 1h | 442.90 | −0.180% | $136 | $3K | 10x | as long as short |
| Ondo Perps TSM-USD.P | +0.0050% | 1h | 443.12 | −0.131% | $158K | $23K | 10x | as long as short |
| BloFin TSM-USDT | +0.0051% | 8h | 443.45 | −0.056% | $45K | $98K | 20x | as long as short |
| GRVT TSM_USDT_Perp | +0.0084% | 8h | 443.55 | −0.034% | $11K | $1.2M | 10x | as long as short |
| KuCoin TSMUSDTM | +0.0100% | 8h | 442.90 | −0.180% | $268K | $318K | 20x | as long as short |
| Orderly PERP_TSM_USDC_mythos | +0.0100% | 8h | 443.20 | −0.113% | $21 | — | 10x | as long as short |
| Aevo TSM-PERP | +0.0104% | 1h | 443.17 | −0.118% | $124 | — | 10x | as long as short |
| Coinbase International TSM-PERP-INTX | +0.0152% | 1h | 443.05 | −0.146% | $369K | $107K | 10x | as long as short |
| Phoenix TSMlong | +0.0217% | 1h | 443.70 | long leg | $216K | $5K | 10x | |
| Injective TSM/USDC PERP | +0.0220% | 1h | 448.46 | +1.073% | $7K | $38K | 12x | as long as short |
| Deribit TSM_USDC-PERPETUAL | +0.0789% | 1h | 443.19 | −0.115% | $4 | $24K | 10x | as long as short |
Lighter TSM
Extended TSM-USD
Binance TSMUSDT
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