Funding you earn now, next payment 04:00 UTC−0.0141%/8h= −15.5% APRnext payment −$0.18 per $10,000 · paid last 24h −0.041%
Price spread now: Phoenix against Deribit−0.050%70s7-day average — · you buy dearer than you sell
to open and closeno order booka leg has no order-book sample
Funding, last 5 days (all we have)—no history yet
+Price spread, last 7 days—no price history on both exchanges yet
=Together, before fees—needs both histories
Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and Phoenix is 0.050% cheaper against Deribit than usual: you would sell low and buy high (−$5 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 70 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 | Deribit TSM_USDC-PERPETUAL | 440.60 | 0.0340 | pay 0.0043% / 1h | 15m 51s | $4 | $24K | 10x |
| Short | Phoenix TSM | 440.38 | 0.0199 | get 0.0025% / 1h | 15m 51s | $214K | $5K | 10x |
Deribit TSM_USDC-PERPETUAL
Phoenix TSMFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phoenix against Deribit. 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
- −$29.63
- Price spread: −0.050% → 0.000%
- −$4.99
- Slippage, 4 orders
- no order book: not counted
- Fee Deribit: 3.5 bp × 2 orders
- −$7
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Net
- −$48.62
- Costs to cover
- 0.140%
- Break-even
- never at this rate
Slippage unknown: Deribit: no order-book sample; Phoenix: live order book, 31 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 Deribit no order-book sample | — | — | — | — | — |
| Sell Phoenix live order book, 31 min ago | 2.49 bp | 9.4 bp −$9 | 18.9 bp −$189 | doesn't fit | doesn't fit |
Deribit: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.
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 | −0.0208% | 8h | 440.77 | +0.039% | $1.8M | $1.5M | 20x | as long as short |
| edgeX TSMUSDC | −0.0059% | 4h | 440.93 | +0.075% | $47K | $216K | 10x | as long as short |
| Aster TSMUSDT | 0.0000% | 8h | 440.67 | +0.016% | $82K | $2K | 20x | as long as short |
| Bybit TSMUSDT | 0.0000% | 8h | 440.55 | −0.011% | $2.0M | $388K | 50x | as long as short |
| OKX TSM-USDT-SWAP | 0.0000% | 8h | 440.55 | −0.011% | $4.0M | $2.5M | 20x | as long as short |
| Gate TSM_USDT | 0.0000% | 8h | 440.51 | −0.020% | $1.7M | $1.1M | 100x | as long as short |
| Variational Omni TSM | 0.0000% | 8h | 440.72 | +0.028% | $546K | $40K | — | as long as short |
| SunX TSM-USDT | 0.0000% | 8h | 440.78 | +0.041% | $1K | $4.2M | 10x | as long as short |
| HTX TSM-USDT | 0.0000% | 8h | 440.75 | +0.034% | $9K | $8K | 20x | as long as short |
| Phemex TSMUSDT | 0.0000% | 8h | 440.81 | +0.048% | $1.5M | $486K | 10x | as long as short |
Bitget TSMUSDT
edgeX TSMUSDC
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 | |
|---|---|---|---|---|---|---|---|---|
| Lighter TSM | +0.0032% | 1h | 440.82 | +0.050% | $496K | $176K | 10x | as long as short |
| Lighter RH TSM | +0.0032% | 1h | 440.71 | +0.025% | $220K | $676K | 10x | as long as short |
| Vest TSM-USD-PERP | +0.0046% | 1h | 440.31 | −0.066% | — | $583 | 25x | as long as short |
| tradeXYZ xyz:TSM | +0.0050% | 1h | 440.30 | −0.068% | $10.2M | $2.1M | 10x | as long as short |
| Polymarket Perps TSM-USD | +0.0050% | 1h | 440.41 | −0.043% | $192K | $60K | 10x | as long as short |
| SoDEX TSM-USD | +0.0050% | 1h | 440.25 | −0.079% | $140 | $3K | 10x | as long as short |
| BloFin TSM-USDT | +0.0050% | 8h | 440.58 | −0.005% | $45K | $100K | 20x | as long as short |
| Ondo Perps TSM-USD.P | +0.0050% | 1h | 439.97 | −0.143% | $156K | $23K | 10x | as long as short |
| Extended TSM-USD | +0.0064% | 1h | 440.66 | +0.014% | $4K | $194K | 10x | as long as short |
| Binance TSMUSDT | +0.0067% | 8h | 440.80 | +0.044% | $12.9M | $7.5M | 20x | as long as short |
| GRVT TSM_USDT_Perp | +0.0081% | 8h | 440.78 | +0.042% | $8K | $1.3M | 10x | as long as short |
| Coinbase International TSM-PERP-INTX | +0.0088% | 1h | 440.03 | −0.129% | $367K | $102K | 10x | as long as short |
| KuCoin TSMUSDTM | +0.0100% | 8h | 440.31 | −0.066% | $268K | $312K | 20x | as long as short |
| Orderly PERP_TSM_USDC_mythos | +0.0100% | 8h | 440.59 | −0.002% | $21 | — | 10x | as long as short |
| Aevo TSM-PERP | +0.0104% | 1h | 440.67 | +0.016% | $123 | — | 10x | as long as short |
| Phoenix TSMshort | +0.0199% | 1h | 440.38 | −0.050% | $214K | $5K | 10x | |
| Injective TSM/USDC PERP | +0.0220% | 1h | 445.45 | +1.101% | $6K | $38K | 12x | as long as short |
| Deribit TSM_USDC-PERPETUALlong | +0.0340% | 1h | 440.60 | long leg | $4 | $24K | 10x |
Lighter TSM
Lighter RH TSM
Vest TSM-USD-PERP
tradeXYZ xyz:TSM
Polymarket Perps TSM-USD
SoDEX TSM-USD
BloFin TSM-USDT
Ondo Perps TSM-USD.P
Extended TSM-USD
Binance TSMUSDT
GRVT TSM_USDT_Perp
Coinbase International TSM-PERP-INTX
KuCoin TSMUSDTM
Orderly PERP_TSM_USDC_mythos
Aevo TSM-PERP
Injective TSM/USDC PERP