Funding you earn now, next payment 16:00 UTC−0.0130%/8h= −14.2% APRnext payment −$1.30 per $10,000 · paid last 24h −0.005%
Price spread now: Phemex against BloFin−0.102%59s7-day average +0.005% · you buy dearer than you sell
Net, funding: paid 7d − costs−$100as in the Funding arb table
Net, price: spread back to 7d avg − costs—prices read too far apart to compare
costs, in and out, $10k−$980.985% of the position
Funding, last 7 days−0.019%−$2 on $10k
+Price spread, last 4 days (all we have)+0.094%+$9 · spread now −0.102%, 7d avg +0.005%
=Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and Phemex is 0.107% cheaper against BloFin than usual: you would sell low and buy high (−$11 if the spread goes back to its 7-day average of +0.005%). Swap the legs. The two prices were read 59 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 | BloFin TSM-USDT | 442.20 | 0.0130 | pay 0.0130% / 8h | 5h 43m | $45K | $117K | 20x |
| Short | Phemex TSMUSDT | 441.75 | 0 | get 0.0000% / 8h | 5h 43m | $1.5M | $562K | 10x |
BloFin TSM-USDT
Phemex TSMUSDTFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phemex against BloFin. 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
- −$27.28
- Price spread: −0.102% → +0.005%
- −$10.66
- Slippage, 4 orders
- −$74.48
- Fee BloFin: 6 bp × 2 orders
- −$12
- Fee Phemex: 6 bp × 2 orders
- −$12
- Net
- −$136.42
- Costs to cover
- 0.985%
- Break-even
- never at this rate
Slippage from BloFin: live order book, 59 min ago; Phemex: live order book, 2 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 BloFin live order book, 59 min ago | 0.68 bp | 10.0 bp −$10 | 17.1 bp −$171 | doesn't fit | doesn't fit |
| Sell Phemex live order book, 2 min ago | 14.15 bp | 41.4 bp −$41 | doesn't fit | doesn't fit | doesn't fit |
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 | |
|---|---|---|---|---|---|---|---|---|
| edgeX TSMUSDC | −0.0801% | 4h | 442.44 | +0.055% | $48K | $217K | 10x | as long as short |
| Coinbase International TSM-PERP-INTX | −0.0056% | 1h | 441.37 | −0.188% | $373K | $109K | 10x | as long as short |
| Aster TSMUSDT | 0.0000% | 8h | 442.26 | +0.014% | $82K | $2K | 20x | as long as short |
| Bybit TSMUSDT | 0.0000% | 8h | 442.04 | −0.036% | $2.0M | $394K | 50x | as long as short |
| OKX TSM-USDT-SWAP | 0.0000% | 8h | 442.16 | −0.009% | $4.1M | $2.8M | 20x | as long as short |
| Gate TSM_USDT | 0.0000% | 8h | 441.98 | −0.050% | $1.7M | $1.1M | 100x | as long as short |
| Bitget TSMUSDT | 0.0000% | 8h | 442.28 | +0.018% | $1.8M | $1.5M | 20x | as long as short |
| SunX TSM-USDT | 0.0000% | 8h | 442.17 | −0.007% | $2K | $3.8M | 10x | as long as short |
| HTX TSM-USDT | 0.0000% | 8h | 442.18 | −0.005% | $9K | $8K | 20x | as long as short |
| Phemex TSMUSDTshort | 0.0000% | 8h | 441.75 | −0.102% | $1.5M | $562K | 10x |
edgeX TSMUSDC
Coinbase International TSM-PERP-INTX
Aster TSMUSDT
Bybit TSMUSDT
OKX TSM-USDT-SWAP
Gate TSM_USDT
Bitget TSMUSDT
SunX TSM-USDT
HTX TSM-USDTShow all 28 exchanges
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Lighter TSM | +0.0032% | 1h | 442.21 | +0.002% | $498K | $143K | 10x | as long as short |
| Lighter RH TSM | +0.0032% | 1h | 442.17 | −0.007% | $198K | $687K | 10x | as long as short |
| Injective TSM/USDC PERP | +0.0033% | 1h | 443.95 | +0.396% | $6K | $38K | 12x | as long as short |
| Vest TSM-USD-PERP | +0.0046% | 1h | 441.86 | −0.077% | — | $2K | 25x | as long as short |
| Variational Omni TSM | +0.0049% | 8h | 442.20 | +0.001% | $554K | $44K | — | as long as short |
| tradeXYZ xyz:TSM | +0.0050% | 1h | 441.88 | −0.072% | $10.1M | $2.0M | 10x | as long as short |
| Polymarket Perps TSM-USD | +0.0050% | 1h | 441.82 | −0.086% | $187K | $71K | 10x | as long as short |
| SoDEX TSM-USD | +0.0050% | 1h | 441.79 | −0.093% | $136 | $3K | 10x | as long as short |
| Ondo Perps TSM-USD.P | +0.0050% | 1h | 441.40 | −0.181% | $156K | $31K | 10x | as long as short |
| KuCoin TSMUSDTM | +0.0100% | 8h | 441.85 | −0.079% | $269K | $449K | 20x | as long as short |
| Orderly PERP_TSM_USDC_mythos | +0.0100% | 8h | 442.23 | +0.007% | $21 | — | 10x | as long as short |
| Aevo TSM-PERP | +0.0104% | 1h | 442.11 | −0.020% | $124 | — | 10x | as long as short |
| Extended TSM-USD | +0.0120% | 1h | 442.08 | −0.028% | $1K | $217K | 10x | as long as short |
| Binance TSMUSDT | +0.0123% | 8h | 442.23 | +0.008% | $13.0M | $8.6M | 20x | as long as short |
| BloFin TSM-USDTlong | +0.0130% | 8h | 442.20 | long leg | $45K | $117K | 20x | |
| Phoenix TSM | +0.0253% | 1h | 442.43 | +0.052% | $210K | $10K | 10x | as long as short |
| Deribit TSM_USDC-PERPETUAL | +0.0316% | 1h | 442.09 | −0.025% | $4 | $10K | 10x | as long as short |
| GRVT TSM_USDT_Perp | +0.0411% | 8h | 442.50 | +0.069% | $8K | $1.3M | 10x | as long as short |
Lighter TSM
Lighter RH TSM
Injective TSM/USDC PERP
Vest TSM-USD-PERP
Variational Omni TSM
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
Extended TSM-USD
Binance TSMUSDT
Phoenix TSM
Deribit TSM_USDC-PERPETUAL
GRVT TSM_USDT_Perp