Funding you earn now, next payment 07:00 UTC+0.0090%/8h= +9.8% APRnext payment +$0.11 per $10,000 · paid last 24h +0.056%
Price spread now: Phoenix against Coinbase International+0.016%48s7-day average +0.186% · you sell dearer than you buy
Net, funding: paid 7d − costs+$1as 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−$410.406% of the position
Funding, last 7 days+0.412%+$41 on $10k
+Price spread, last 4 days (all we have)+0.006%+$1 · spread now +0.016%, 7d avg +0.186%
=Funding pays, the price is against you. Phoenix is 0.170% cheaper against Coinbase International than usual: you would sell low and buy high (spread +0.016% now, against its 7-day average of +0.186%). If the spread goes back, that is −$17 on $10k: about 6.3 days of funding at the current rate (+$3 a day). At the pace of the last 7 days (+0.412% in total) that is about 2.9 days. The two prices were read 48 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 | Coinbase International TSM-PERP-INTX | 439.33 | 0.0056 | pay 0.0007% / 1h | 51m 21s | $366K | $99K | 10x |
| Short | Phoenix TSM | 439.40 | 0.0146 | get 0.0018% / 1h | 51m 21s | $214K | $5K | 10x |
Coinbase International TSM-PERP-INTX
Phoenix TSMFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phoenix against Coinbase International. 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
- $18.82
- Price spread: +0.016% → +0.186%
- −$16.97
- Slippage, 4 orders
- −$23.63
- Fee Coinbase International: 5 bp × 2 orders
- −$10
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Net
- −$38.78
- Costs to cover
- 0.406%
- Break-even
- 21.4 days
Slippage from Coinbase International: live order book, 52 min ago; Phoenix: live order book, 46 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 Coinbase International live order book, 52 min ago | 5.01 bp | 10.3 bp −$10 | 12.5 bp −$125 | doesn't fit | doesn't fit |
| Sell Phoenix live order book, 46 min ago | 2.73 bp | 9.7 bp −$10 | 19.5 bp −$195 | 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 | |
|---|---|---|---|---|---|---|---|---|
| edgeX TSMUSDC | −0.0727% | 4h | 439.57 | +0.055% | $47K | $216K | 10x | as long as short |
| Bitget TSMUSDT | −0.0164% | 8h | 439.78 | +0.102% | $1.7M | $1.5M | 20x | as long as short |
| Aster TSMUSDT | 0.0000% | 8h | 439.26 | −0.017% | $82K | $2K | 20x | as long as short |
| Bybit TSMUSDT | 0.0000% | 8h | 439.11 | −0.050% | $2.0M | $400K | 50x | as long as short |
| OKX TSM-USDT-SWAP | 0.0000% | 8h | 439.45 | +0.027% | $4.0M | $2.6M | 20x | as long as short |
| Gate TSM_USDT | 0.0000% | 8h | 439.32 | −0.002% | $1.7M | $1.1M | 100x | as long as short |
| Variational Omni TSM | 0.0000% | 8h | 439.53 | +0.045% | $558K | $38K | — | as long as short |
| SunX TSM-USDT | 0.0000% | 8h | 439.54 | +0.048% | $2K | $4.1M | 10x | as long as short |
| HTX TSM-USDT | 0.0000% | 8h | 439.43 | +0.023% | $9K | $8K | 20x | as long as short |
| Phemex TSMUSDT | 0.0000% | 8h | 440.50 | +0.266% | $1.5M | $525K | 10x | as long as short |
edgeX TSMUSDC
Bitget TSMUSDT
Aster TSMUSDT
Bybit TSMUSDT
OKX TSM-USDT-SWAP
Gate TSM_USDT
Variational Omni TSM
SunX TSM-USDT
HTX TSM-USDT
Phemex TSMUSDTShow all 28 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| tradeXYZ xyz:TSM | +0.0019% | 1h | 438.87 | −0.105% | $10.1M | $1.8M | 10x | as long as short |
| Lighter TSM | +0.0032% | 1h | 439.48 | +0.034% | $495K | $185K | 10x | as long as short |
| Lighter RH TSM | +0.0032% | 1h | 439.24 | −0.020% | $221K | $720K | 10x | as long as short |
| BloFin TSM-USDT | +0.0040% | 8h | 439.56 | +0.052% | $45K | $106K | 20x | as long as short |
| Vest TSM-USD-PERP | +0.0046% | 1h | 438.97 | −0.082% | — | $2K | 25x | as long as short |
| Polymarket Perps TSM-USD | +0.0050% | 1h | 439.05 | −0.064% | $189K | $68K | 10x | as long as short |
| SoDEX TSM-USD | +0.0050% | 1h | 439.18 | −0.034% | $136 | $3K | 10x | as long as short |
| Ondo Perps TSM-USD.P | +0.0050% | 1h | 439.26 | −0.016% | $158K | $27K | 10x | as long as short |
| Extended TSM-USD | +0.0056% | 1h | 439.40 | +0.017% | $3K | $146K | 10x | as long as short |
| Coinbase International TSM-PERP-INTXlong | +0.0056% | 1h | 439.33 | long leg | $366K | $99K | 10x | |
| Binance TSMUSDT | +0.0056% | 8h | 439.38 | +0.011% | $12.8M | $8.0M | 20x | as long as short |
| GRVT TSM_USDT_Perp | +0.0065% | 8h | 439.68 | +0.080% | $6K | $1.3M | 10x | as long as short |
| KuCoin TSMUSDTM | +0.0100% | 8h | 439.09 | −0.055% | $266K | $309K | 20x | as long as short |
| Orderly PERP_TSM_USDC_mythos | +0.0100% | 8h | 439.21 | −0.027% | $21 | — | 10x | as long as short |
| Aevo TSM-PERP | +0.0104% | 1h | 439.40 | +0.016% | $123 | — | 10x | as long as short |
| Phoenix TSMshort | +0.0146% | 1h | 439.40 | +0.016% | $214K | $5K | 10x | |
| Injective TSM/USDC PERP | +0.0220% | 1h | 444.18 | +1.104% | $6K | $38K | 12x | as long as short |
| Deribit TSM_USDC-PERPETUAL | +0.0456% | 1h | 439.38 | +0.011% | $4 | $25K | 10x | as long as short |
tradeXYZ xyz:TSM
Lighter TSM
Lighter RH TSM
BloFin TSM-USDT
Vest TSM-USD-PERP
Polymarket Perps TSM-USD
SoDEX TSM-USD
Ondo Perps TSM-USD.P
Extended TSM-USD
Binance TSMUSDT
GRVT TSM_USDT_Perp
KuCoin TSMUSDTM
Orderly PERP_TSM_USDC_mythos
Aevo TSM-PERP
Injective TSM/USDC PERP
Deribit TSM_USDC-PERPETUAL