Funding you earn now, next payment 04:00 UTC−0.0149%/8h= −16.4% APRnext payment −$0.19 per $10,000 · paid last 24h −0.046%
Price spread now: Polymarket Perps against Phoenix+0.009%7-day average −0.055% · you sell dearer than you buy
Net, funding: paid 7d − costs−$52as in the Funding arb table
Net, price: spread back to 7d avg − costs−$30as in the Price arb table
costs, in and out, $10k−$360.362% of the position
Funding, last 7 days−0.159%−$16 on $10k
+Price spread, last 4 days (all we have)−0.036%−$4 · spread now +0.009%, 7d avg −0.055%
=The price spread pays, funding is against you. Polymarket Perps is 0.064% dearer against Phoenix than usual: you sell high and buy low (spread +0.009% now, against its 7-day average of −0.055%): +$6 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 34 hours.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Phoenix TSM | 440.92 | 0.0199 | pay 0.0025% / 1h | 50m 46s | $214K | $5K | 10x |
| Short | Polymarket Perps TSM-USD | 440.96 | 0.0050 | get 0.0006% / 1h | 50m 46s | $193K | $56K | 10x |
Phoenix TSM
Polymarket Perps TSM-USDFunding history
latest
Range statsloading…
Price spread between the two exchanges
Polymarket Perps 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
- −$31.36
- Price spread: +0.009% → −0.055%
- $6.44
- Slippage, 4 orders
- −$21.22
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee Polymarket Perps: 4 bp × 2 orders
- −$8
- Net
- −$61.15
- Costs to cover
- 0.362%
- Break-even
- never at this rate
Slippage from Phoenix: live order book, 61 min ago; Polymarket Perps: live order book, 1 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, 61 min ago | 3.16 bp | 10.8 bp −$11 | 22.3 bp −$223 | doesn't fit | doesn't fit |
| Sell Polymarket Perps live order book, 1 min ago | 2.04 bp | 8.5 bp −$9 | 8.5 bp −$85 | 11.1 bp −$1,113 | 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 | |
|---|---|---|---|---|---|---|---|---|
| Bitget TSMUSDT | −0.0108% | 8h | 441.26 | +0.077% | $1.8M | $1.5M | 20x | as long as short |
| Aster TSMUSDT | 0.0000% | 8h | 441.37 | +0.102% | $82K | $2K | 20x | as long as short |
| Bybit TSMUSDT | 0.0000% | 8h | 441.00 | +0.018% | $2.0M | $398K | 50x | as long as short |
| OKX TSM-USDT-SWAP | 0.0000% | 8h | 441.11 | +0.043% | $4.0M | $2.5M | 20x | as long as short |
| Gate TSM_USDT | 0.0000% | 8h | 440.99 | +0.016% | $1.7M | $1.0M | 100x | as long as short |
| Variational Omni TSM | 0.0000% | 8h | 441.19 | +0.061% | $546K | $40K | — | as long as short |
| SunX TSM-USDT | 0.0000% | 8h | 441.12 | +0.045% | $2K | $4.3M | 10x | as long as short |
| HTX TSM-USDT | 0.0000% | 8h | 440.88 | −0.009% | $9K | $8K | 20x | as long as short |
| Phemex TSMUSDT | 0.0000% | 8h | 441.24 | +0.073% | $1.5M | $475K | 10x | as long as short |
| Lighter TSM | +0.0032% | 1h | 441.28 | +0.082% | $497K | $176K | 10x | as long as short |
Bitget TSMUSDT
Aster TSMUSDT
Bybit TSMUSDT
OKX TSM-USDT-SWAP
Gate TSM_USDT
Variational Omni TSM
SunX TSM-USDT
HTX TSM-USDT
Phemex TSMUSDT
Lighter TSMShow all 28 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Lighter RH TSM | +0.0032% | 1h | 441.05 | +0.029% | $231K | $653K | 10x | as long as short |
| BloFin TSM-USDT | +0.0045% | 8h | 441.26 | +0.077% | $45K | $99K | 20x | as long as short |
| Vest TSM-USD-PERP | +0.0046% | 1h | 440.75 | −0.039% | — | $583 | 25x | as long as short |
| tradeXYZ xyz:TSM | +0.0050% | 1h | 440.75 | −0.039% | $10.2M | $2.1M | 10x | as long as short |
| Polymarket Perps TSM-USDshort | +0.0050% | 1h | 440.96 | +0.009% | $193K | $56K | 10x | |
| SoDEX TSM-USD | +0.0050% | 1h | 440.74 | −0.041% | $140 | $3K | 10x | as long as short |
| Ondo Perps TSM-USD.P | +0.0050% | 1h | 440.57 | −0.079% | $158K | $22K | 10x | as long as short |
| Extended TSM-USD | +0.0064% | 1h | 441.11 | +0.043% | $2K | $200K | 10x | as long as short |
| Binance TSMUSDT | +0.0064% | 8h | 441.23 | +0.070% | $12.9M | $7.3M | 20x | as long as short |
| Coinbase International TSM-PERP-INTX | +0.0088% | 1h | 440.79 | −0.029% | $368K | $102K | 10x | as long as short |
| GRVT TSM_USDT_Perp | +0.0088% | 8h | 441.23 | +0.070% | $7K | $1.2M | 10x | as long as short |
| KuCoin TSMUSDTM | +0.0100% | 8h | 440.89 | −0.007% | $267K | $309K | 20x | as long as short |
| Orderly PERP_TSM_USDC_mythos | +0.0100% | 8h | 441.05 | +0.029% | $21 | — | 10x | as long as short |
| Aevo TSM-PERP | +0.0104% | 1h | 441.07 | +0.033% | $123 | — | 10x | as long as short |
| Phoenix TSMlong | +0.0199% | 1h | 440.92 | long leg | $214K | $5K | 10x | |
| Injective TSM/USDC PERP | +0.0220% | 1h | 445.91 | +1.132% | $7K | $38K | 12x | as long as short |
| Deribit TSM_USDC-PERPETUAL | +0.0363% | 1h | 441.04 | +0.027% | $4 | $24K | 10x | as long as short |
| edgeX TSMUSDC | +0.0395% | 4h | 441.13 | +0.048% | $47K | $216K | 10x | as long as short |
Lighter RH TSM
BloFin TSM-USDT
Vest TSM-USD-PERP
tradeXYZ xyz:TSM
SoDEX TSM-USD
Ondo Perps TSM-USD.P
Extended TSM-USD
Binance TSMUSDT
Coinbase International TSM-PERP-INTX
GRVT TSM_USDT_Perp
KuCoin TSMUSDTM
Orderly PERP_TSM_USDC_mythos
Aevo TSM-PERP
Injective TSM/USDC PERP
Deribit TSM_USDC-PERPETUAL
edgeX TSMUSDC