Funding you earn now, next payment 23:00 UTC+0.0215%/8h= +23.6% APRpaid last 24h +0.053%
Price spread now: Phoenix against Binance−0.061%7-day average −0.011% · you buy dearer than you sell
Net, funding: paid 7d − costs+$17as in the Funding arb table
Net, price: spread back to 7d avg − costs−$40as in the Price arb table
costs, in and out, $10k−$350.347% of the position
Funding, last 7 days+0.520%+$52 on $10k
+Price spread, last 2 days (all we have)+0.031%+$3 · spread now −0.061%, 7d avg −0.011%
=Funding pays, the price is against you. Phoenix is 0.049% cheaper against Binance than usual: you would sell low and buy high (spread −0.061% now, against its 7-day average of −0.011%). If the spread goes back, that is −$5 on $10k: about 18 hours of funding at the current rate (+$6 a day).
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Binance TSMUSDT | 446.50 | 0 | get 0.0000% / 8h | 38m 37s | $13.2M | $6.7M | 20x |
| Short | Phoenix TSM | 446.23 | 0.0215 | get 0.0027% / 1h | 38m 37s | $217K | $5K | 10x |
Binance TSMUSDT
Phoenix TSMFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phoenix against Binance. 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: −0.061% → −0.011%
- −$4.95
- Slippage, 4 orders
- −$17.72
- Fee Binance: 5 bp × 2 orders
- −$10
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Net
- $5.51
- Costs to cover
- 0.347%
- Break-even
- 6.1 days
Slippage from Binance: live order book, 2 min ago; Phoenix: live order book, 34 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 Binance live order book, 2 min ago | 0.11 bp | 7.9 bp −$8 | 14.2 bp −$142 | 67.0 bp −$6,702 | doesn't fit |
| Sell Phoenix live order book, 34 min ago | 2.69 bp | 9.6 bp −$10 | 19.1 bp −$191 | 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 | 446.07 | −0.096% | $357K | $97K | 10x | as long as short |
| Aster TSMUSDT | 0.0000% | 8h | 446.34 | −0.037% | $82K | $1K | 20x | as long as short |
| Extended TSM-USD | 0.0000% | 1h | 446.43 | −0.015% | $2K | $167K | 10x | as long as short |
| Binance TSMUSDTlong | 0.0000% | 8h | 446.50 | long leg | $13.2M | $6.7M | 20x | |
| Bybit TSMUSDT | 0.0000% | 8h | 446.13 | −0.083% | $2.0M | $415K | 50x | as long as short |
| OKX TSM-USDT-SWAP | 0.0000% | 8h | 446.50 | 0.000% | $4.0M | $2.9M | 20x | as long as short |
| Gate TSM_USDT | 0.0000% | 8h | 446.07 | −0.096% | $1.7M | $907K | 100x | as long as short |
| Bitget TSMUSDT | 0.0000% | 8h | 446.45 | −0.011% | $1.6M | $1.5M | 20x | as long as short |
| Variational Omni TSM | 0.0000% | 8h | 446.48 | −0.005% | $553K | $84K | — | as long as short |
| GRVT TSM_USDT_Perp | 0.0000% | 8h | 446.47 | −0.007% | $7K | $1.1M | 10x | 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
Variational Omni TSM
GRVT TSM_USDT_PerpShow all 28 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| SunX TSM-USDT | 0.0000% | 8h | 446.48 | −0.005% | $2K | $5.2M | 10x | as long as short |
| HTX TSM-USDT | 0.0000% | 8h | 446.37 | −0.029% | $9K | $9K | 20x | as long as short |
| Phemex TSMUSDT | 0.0000% | 8h | 444.97 | −0.343% | $1.5M | $454K | 10x | as long as short |
| BloFin TSM-USDT | +0.0029% | 8h | 446.49 | −0.002% | $44K | $102K | 20x | as long as short |
| Lighter RH TSM | +0.0032% | 1h | 446.53 | +0.007% | $224K | $591K | 10x | as long as short |
| Vest TSM-USD-PERP | +0.0046% | 1h | 446.25 | −0.056% | — | — | 25x | as long as short |
| tradeXYZ xyz:TSM | +0.0050% | 1h | 446.12 | −0.085% | $10.3M | $2.4M | 10x | as long as short |
| Polymarket Perps TSM-USD | +0.0050% | 1h | 446.25 | −0.056% | $196K | $90K | 10x | as long as short |
| SoDEX TSM-USD | +0.0050% | 1h | 446.12 | −0.085% | $145 | $3K | 10x | as long as short |
| Ondo Perps TSM-USD.P | +0.0050% | 1h | 446.31 | −0.043% | $159K | $22K | 10x | as long as short |
| KuCoin TSMUSDTM | +0.0100% | 8h | 446.16 | −0.076% | $271K | $323K | 20x | as long as short |
| Orderly PERP_TSM_USDC_mythos | +0.0100% | 8h | 446.42 | −0.018% | $21 | — | 10x | as long as short |
| Aevo TSM-PERP | +0.0104% | 1h | 446.47 | −0.006% | $125 | — | 10x | as long as short |
| Phoenix TSMshort | +0.0215% | 1h | 446.23 | −0.061% | $217K | $5K | 10x | |
| Injective TSM/USDC PERP | +0.0220% | 1h | 450.72 | +0.945% | $7K | $38K | 12x | as long as short |
| Lighter TSM | +0.0320% | 1h | 446.93 | +0.096% | $504K | $166K | 10x | as long as short |
| Deribit TSM_USDC-PERPETUAL | +0.0333% | 1h | 446.35 | −0.034% | $4 | $61K | 10x | as long as short |
| edgeX TSMUSDC | +0.0908% | 4h | 446.47 | −0.008% | $48K | $215K | 10x | as long as short |
SunX TSM-USDT
HTX TSM-USDT
Phemex TSMUSDT
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