Funding you earn now, next payment 23:00 UTC−0.0215%/8h= −23.6% APRpaid last 24h −0.059%
Price spread now: Variational Omni against Phoenix−0.024%7-day average +0.011% · you buy dearer than you sell
to open and closeno order booka leg has no order-book sample
Funding, last 3 days (all we have)−0.069%−$7 on $10k
+Price spread, last 3 days (all we have)−0.040%−$4 · spread now −0.024%, 7d avg +0.011%
=Together, before fees−0.109%+ Points / potential airdropVariational Omni: Active · farm board−$11 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 Variational Omni is 0.035% cheaper against Phoenix than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of +0.011%). Swap the legs.
The current funding rate is far above what this pair has been paying: over the last 3 days it paid -0.069% in total (about -7.6% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Phoenix TSM | 446.96 | 0.0215 | pay 0.0027% / 1h | 59m 07s | $217K | $5K | 10x |
| Short | Variational Omni TSM | 446.85 | 0 | get 0.0000% / 8h | 7h 59m | $553K | $84K | — |
Phoenix TSM
Variational Omni TSMFunding history
latest
Range statsloading…
Price spread between the two exchanges
Variational Omni 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
- −$45.18
- Price spread: −0.024% → +0.011%
- −$3.45
- Slippage, 4 orders
- no order book: not counted
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee Variational Omni: 0 bp × 2 orders
- $0
- Net
- −$55.64
- Costs to cover
- 0.070%
- Break-even
- never at this rate
Slippage unknown: Phoenix: live order book, 8 min ago; Variational Omni: RFQ quote, 15 min ago. 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, 8 min ago | 2.68 bp | 9.4 bp −$9 | 18.8 bp −$188 | doesn't fit | doesn't fit |
| Sell Variational Omni RFQ quote, 15 min ago | 2.34 bp | doesn't fit | 14.9 bp −$149 | 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 | |
|---|---|---|---|---|---|---|---|---|
| Coinbase International TSM-PERP-INTX | −0.0024% | 1h | 446.18 | −0.175% | $357K | $97K | 10x | as long as short |
| Aster TSMUSDT | 0.0000% | 8h | 446.56 | −0.090% | $82K | $1K | 20x | as long as short |
| Extended TSM-USD | 0.0000% | 1h | 446.77 | −0.042% | $4K | $169K | 10x | as long as short |
| Bybit TSMUSDT | 0.0000% | 8h | 446.74 | −0.049% | $2.0M | $415K | 50x | as long as short |
| OKX TSM-USDT-SWAP | 0.0000% | 8h | 446.84 | −0.027% | $4.0M | $3.0M | 20x | as long as short |
| Gate TSM_USDT | 0.0000% | 8h | 446.75 | −0.047% | $1.7M | $875K | 100x | as long as short |
| Bitget TSMUSDT | 0.0000% | 8h | 446.84 | −0.027% | $1.6M | $1.4M | 20x | as long as short |
| Variational Omni TSMshort | 0.0000% | 8h | 446.85 | −0.024% | $553K | $84K | — | |
| SunX TSM-USDT | 0.0000% | 8h | 446.84 | −0.027% | $2K | $5.1M | 10x | as long as short |
| HTX TSM-USDT | 0.0000% | 8h | 446.75 | −0.047% | $9K | $9K | 20x | as long as short |
Coinbase International TSM-PERP-INTX
Aster TSMUSDT
Extended TSM-USD
Bybit TSMUSDT
OKX TSM-USDT-SWAP
Gate TSM_USDT
Bitget TSMUSDT
SunX TSM-USDT
HTX TSM-USDTShow all 28 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Phemex TSMUSDT | 0.0000% | 8h | 447.11 | +0.034% | $1.5M | $454K | 10x | as long as short |
| Binance TSMUSDT | +0.0004% | 8h | 446.87 | −0.020% | $13.2M | $6.8M | 20x | as long as short |
| GRVT TSM_USDT_Perp | +0.0007% | 8h | 446.86 | −0.022% | $7K | $1.1M | 10x | as long as short |
| BloFin TSM-USDT | +0.0013% | 8h | 446.83 | −0.029% | $44K | $102K | 20x | as long as short |
| Lighter RH TSM | +0.0032% | 1h | 446.91 | −0.011% | $230K | $613K | 10x | as long as short |
| Vest TSM-USD-PERP | +0.0046% | 1h | 446.87 | −0.020% | — | — | 25x | as long as short |
| tradeXYZ xyz:TSM | +0.0050% | 1h | 446.64 | −0.072% | $10.3M | $2.4M | 10x | as long as short |
| Polymarket Perps TSM-USD | +0.0050% | 1h | 446.65 | −0.069% | $197K | $65K | 10x | as long as short |
| SoDEX TSM-USD | +0.0050% | 1h | 446.54 | −0.094% | $143 | $3K | 10x | as long as short |
| Ondo Perps TSM-USD.P | +0.0050% | 1h | 446.77 | −0.043% | $159K | $22K | 10x | as long as short |
| KuCoin TSMUSDTM | +0.0100% | 8h | 446.34 | −0.139% | $271K | $311K | 20x | as long as short |
| Orderly PERP_TSM_USDC_mythos | +0.0100% | 8h | 446.70 | −0.058% | $21 | — | 10x | as long as short |
| Aevo TSM-PERP | +0.0104% | 1h | 446.86 | −0.023% | $125 | — | 10x | as long as short |
| Phoenix TSMlong | +0.0215% | 1h | 446.96 | long leg | $217K | $5K | 10x | |
| Injective TSM/USDC PERP | +0.0220% | 1h | 451.38 | +0.989% | $7K | $38K | 12x | as long as short |
| Lighter TSM | +0.0280% | 1h | 447.34 | +0.085% | $505K | $166K | 10x | as long as short |
| Deribit TSM_USDC-PERPETUAL | +0.0490% | 1h | 446.39 | −0.128% | $4 | $61K | 10x | as long as short |
| edgeX TSMUSDC | +0.0656% | 4h | 446.85 | −0.024% | $48K | $217K | 10x | as long as short |
Phemex TSMUSDT
Binance TSMUSDT
GRVT TSM_USDT_Perp
BloFin TSM-USDT
Lighter RH TSM
Vest TSM-USD-PERP
tradeXYZ xyz:TSM
Polymarket Perps TSM-USD
SoDEX TSM-USD
Ondo Perps TSM-USD.P
KuCoin TSMUSDTM
Orderly PERP_TSM_USDC_mythos
Aevo TSM-PERP
Injective TSM/USDC PERP
Lighter TSM
Deribit TSM_USDC-PERPETUAL
edgeX TSMUSDC