Funding you earn now, next payment 11:00 UTC−0.0117%/8h= −12.8% APRpaid last 24h −0.023%
Price spread now: Orderly against Phoenix−0.034%66s7-day average — · you buy dearer than you sell
to open and closeno order booka leg has no order-book sample
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
Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and Orderly is 0.034% cheaper against Phoenix than usual: you would sell low and buy high (−$3 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 66 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 | 441.77 | 0.0217 | pay 0.0027% / 1h | 50m 14s | $206K | $14K | 10x |
| Short | Orderly PERP_TSM_USDC_mythos | 441.62 | 0.0100 | get 0.0100% / 8h | 4h 50m | $21 | — | 10x |
Phoenix TSM
Orderly PERP_TSM_USDC_mythosFunding history
latest
Range statsloading…
Price spread between the two exchanges
Orderly 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
- −$24.59
- Price spread: −0.034% → 0.000%
- −$3.4
- Slippage, 4 orders
- no order book: not counted
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee Orderly: 3 bp × 2 orders
- −$6
- Net
- −$40.98
- Costs to cover
- 0.130%
- Break-even
- never at this rate
Slippage unknown: Phoenix: live order book, 50 min ago; Orderly: 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, 50 min ago | 3.62 bp | 11.4 bp −$11 | 24.0 bp −$240 | doesn't fit | doesn't fit |
| Sell Orderly no order-book sample | — | — | — | — | — |
Orderly: 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 exchanges
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 | |
|---|---|---|---|---|---|---|---|---|
| Coinbase International TSM-PERP-INTX | −0.0080% | 1h | 441.94 | +0.038% | $373K | $109K | 10x | as long as short |
| Aster TSMUSDT | 0.0000% | 8h | 441.74 | −0.006% | $82K | $2K | 20x | as long as short |
| Bybit TSMUSDT | 0.0000% | 8h | 441.37 | −0.091% | $2.0M | $398K | 50x | as long as short |
| OKX TSM-USDT-SWAP | 0.0000% | 8h | 441.58 | −0.043% | $4.1M | $2.8M | 20x | as long as short |
| Gate TSM_USDT | 0.0000% | 8h | 441.59 | −0.041% | $1.7M | $1.1M | 100x | as long as short |
| Bitget TSMUSDT | 0.0000% | 8h | 441.59 | −0.041% | $1.8M | $1.5M | 20x | as long as short |
| SunX TSM-USDT | 0.0000% | 8h | 442.05 | +0.063% | $1K | $3.7M | 10x | as long as short |
| HTX TSM-USDT | 0.0000% | 8h | 441.71 | −0.014% | $9K | $8K | 20x | as long as short |
| Phemex TSMUSDT | 0.0000% | 8h | 441.74 | −0.007% | $1.5M | $571K | 10x | as long as short |
| Lighter TSM | +0.0032% | 1h | 441.66 | −0.025% | $497K | $139K | 10x | as long as short |
Coinbase International TSM-PERP-INTX
Aster TSMUSDT
Bybit TSMUSDT
OKX TSM-USDT-SWAP
Gate TSM_USDT
Bitget TSMUSDT
SunX TSM-USDT
HTX TSM-USDT
Phemex TSMUSDT
Lighter TSMShow all 28 exchanges
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Injective TSM/USDC PERP | +0.0033% | 1h | 446.84 | +1.148% | $7K | $38K | 12x | as long as short |
| Vest TSM-USD-PERP | +0.0046% | 1h | 441.74 | −0.007% | — | $2K | 25x | as long as short |
| tradeXYZ xyz:TSM | +0.0050% | 1h | 441.49 | −0.063% | $10.1M | $2.0M | 10x | as long as short |
| Polymarket Perps TSM-USD | +0.0050% | 1h | 441.77 | 0.000% | $187K | $71K | 10x | as long as short |
| SoDEX TSM-USD | +0.0050% | 1h | 441.52 | −0.057% | $135 | $3K | 10x | as long as short |
| Ondo Perps TSM-USD.P | +0.0050% | 1h | 442.02 | +0.057% | $161K | $36K | 10x | as long as short |
| Variational Omni TSM | +0.0066% | 8h | 442.00 | +0.053% | $550K | $47K | — | as long as short |
| Lighter RH TSM | +0.0072% | 1h | 441.75 | −0.005% | $200K | $564K | 10x | as long as short |
| KuCoin TSMUSDTM | +0.0100% | 8h | 441.32 | −0.102% | $268K | $502K | 20x | as long as short |
| Orderly PERP_TSM_USDC_mythosshort | +0.0100% | 8h | 441.62 | −0.034% | $21 | — | 10x | |
| Aevo TSM-PERP | +0.0104% | 1h | 441.70 | −0.015% | $124 | — | 10x | as long as short |
| Extended TSM-USD | +0.0136% | 1h | 441.53 | −0.055% | $6K | $222K | 10x | as long as short |
| Binance TSMUSDT | +0.0140% | 8h | 441.61 | −0.035% | $13.2M | $8.9M | 20x | as long as short |
| BloFin TSM-USDT | +0.0156% | 8h | 442.07 | +0.068% | $46K | $121K | 20x | as long as short |
| Phoenix TSMlong | +0.0217% | 1h | 441.77 | long leg | $206K | $14K | 10x | |
| edgeX TSMUSDC | +0.0288% | 4h | 442.13 | +0.082% | $48K | $216K | 10x | as long as short |
| GRVT TSM_USDT_Perp | +0.0343% | 8h | 442.12 | +0.078% | $8K | $1.4M | 10x | as long as short |
| Deribit TSM_USDC-PERPETUAL | +0.0430% | 1h | 441.43 | −0.077% | $97 | $9K | 10x | as long as short |
Injective TSM/USDC PERP
Vest TSM-USD-PERP
tradeXYZ xyz:TSM
Polymarket Perps TSM-USD
SoDEX TSM-USD
Ondo Perps TSM-USD.P
Variational Omni TSM
Lighter RH TSM
KuCoin TSMUSDTM
Aevo TSM-PERP
Extended TSM-USD
Binance TSMUSDT
BloFin TSM-USDT
edgeX TSMUSDC
GRVT TSM_USDT_Perp
Deribit TSM_USDC-PERPETUAL