TSM

Alert: funding

Alert: spread

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: Phoenix against Polymarket Perps−0.009%7-day average +0.055% · you buy dearer than you sell

Net, funding: paid 7d − costs−$20as in the Funding arb table

Net, price: spread back to 7d avg − costs−$43as in the Price arb table

costs, in and out, $10k−$360.362% of the position

Long on Polymarket Perps Short on Phoenix

What this pair did over the last

the charts below follow

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%

Together, before fees+0.195%+$19 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phoenix is 0.064% cheaper against Polymarket Perps than usual: you would sell low and buy high (spread −0.009% now, against its 7-day average of +0.055%). If the spread goes back, that is −$6 on $10k: about 34 hours of funding at the current rate (+$4 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Polymarket Perps TSM-USD	440.96	0.0050	pay 0.0006% / 1h	51m 22s	$193K	$56K	10x
Short	Phoenix TSM	440.92	0.0199	get 0.0025% / 1h	51m 22s	$214K	$5K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Polymarket Perps. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee Polymarket PerpsbpFee PhoenixbpOrdersPrice spread, now −0.009%Rate

Funding earned: $31.36
Price spread: −0.009% → +0.055%: −$6.44
Slippage, 4 orders: −$21.22
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$11.3
Costs to cover: 0.362%
Break-even: 9.5 days

Slippage from Polymarket Perps: live order book, just now; Phoenix: live order book, 61 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 Polymarket Perps live order book, just now	2.04 bp	6.0 bp −$6	6.0 bp −$60	8.8 bp −$877	doesn't fit
Sell Phoenix live order book, 61 min ago	3.16 bp	10.8 bp −$11	22.3 bp −$223	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
Bitget TSMUSDT	−0.0104%	8h	441.26	+0.068%	$1.8M	$1.5M	20x	as long as short
Aster TSMUSDT	0.0000%	8h	441.37	+0.094%	$82K	$2K	20x	as long as short
Bybit TSMUSDT	0.0000%	8h	440.93	−0.007%	$2.0M	$398K	50x	as long as short
OKX TSM-USDT-SWAP	0.0000%	8h	441.09	+0.029%	$4.0M	$2.5M	20x	as long as short
Gate TSM_USDT	0.0000%	8h	441.01	+0.011%	$1.7M	$1.0M	100x	as long as short
Variational Omni TSM	0.0000%	8h	441.44	+0.108%	$547K	$40K	—	as long as short
SunX TSM-USDT	0.0000%	8h	441.18	+0.050%	$2K	$4.3M	10x	as long as short
HTX TSM-USDT	0.0000%	8h	440.88	−0.018%	$9K	$8K	20x	as long as short
Phemex TSMUSDT	0.0000%	8h	441.14	+0.041%	$1.5M	$475K	10x	as long as short
Lighter TSM	+0.0032%	1h	441.27	+0.070%	$497K	$176K	10x	as long as short

Show all 28 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH TSM	+0.0032%	1h	440.99	+0.007%	$231K	$653K	10x	as long as short
BloFin TSM-USDT	+0.0045%	8h	441.51	+0.125%	$45K	$99K	20x	as long as short
Vest TSM-USD-PERP	+0.0046%	1h	440.75	−0.048%	—	$583	25x	as long as short
tradeXYZ xyz:TSM	+0.0050%	1h	440.74	−0.050%	$10.2M	$2.1M	10x	as long as short
Polymarket Perps TSM-USDlong	+0.0050%	1h	440.96	long leg	$193K	$56K	10x
SoDEX TSM-USD	+0.0050%	1h	440.78	−0.041%	$140	$3K	10x	as long as short
Ondo Perps TSM-USD.P	+0.0050%	1h	441.27	+0.070%	$158K	$22K	10x	as long as short
Extended TSM-USD	+0.0064%	1h	441.04	+0.019%	$2K	$200K	10x	as long as short
Binance TSMUSDT	+0.0064%	8h	441.16	+0.044%	$12.9M	$7.3M	20x	as long as short
Coinbase International TSM-PERP-INTX	+0.0088%	1h	440.79	−0.039%	$368K	$102K	10x	as long as short
GRVT TSM_USDT_Perp	+0.0088%	8h	441.23	+0.061%	$7K	$1.2M	10x	as long as short
KuCoin TSMUSDTM	+0.0100%	8h	440.87	−0.020%	$267K	$309K	20x	as long as short
Orderly PERP_TSM_USDC_mythos	+0.0100%	8h	441.05	+0.020%	$21	—	10x	as long as short
Aevo TSM-PERP	+0.0104%	1h	441.07	+0.024%	$123	—	10x	as long as short
Phoenix TSMshort	+0.0199%	1h	440.92	−0.009%	$214K	$5K	10x
Injective TSM/USDC PERP	+0.0220%	1h	445.91	+1.123%	$7K	$38K	12x	as long as short
Deribit TSM_USDC-PERPETUAL	+0.0272%	1h	441.01	+0.011%	$4	$24K	10x	as long as short
edgeX TSMUSDC	+0.0395%	4h	441.13	+0.039%	$47K	$216K	10x	as long as short