Funding you earn now, next payment 08:00 UTC−0.0220%/8h= −24.1% APRpaid last 24h −0.066%
Price spread now: Phemex against Injective−0.732%65s7-day average — · you buy dearer than you sell
to open and closeno order booka leg has no order-book sample
Funding, last 4 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 −$7 a day on $10k at the current rate, and Phemex is 0.732% cheaper against Injective than usual: you would sell low and buy high (−$73 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 65 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 | Injective TSM/USDC PERP | 444.02 | 0.0220 | pay 0.0028% / 1h | 9m 47s | $6K | $38K | 12x |
| Short | Phemex TSMUSDT | 440.77 | 0 | get 0.0000% / 8h | 9m 47s | $1.5M | $522K | 10x |
Injective TSM/USDC PERP
Phemex TSMUSDTFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phemex against Injective. 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
- −$46.2
- Price spread: −0.732% → 0.000%
- −$73.19
- Slippage, 4 orders
- no order book: not counted
- Fee Injective: 0.01 bp × 2 orders
- −$0.02
- Fee Phemex: 6 bp × 2 orders
- −$12
- Net
- −$131.41
- Costs to cover
- 0.120%
- Break-even
- never at this rate
Slippage unknown: Injective: no order-book sample; Phemex: live order book, 3 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 Injective no order-book sample | — | — | — | — | — |
| Sell Phemex live order book, 3 min ago | 1.25 bp | 44.8 bp −$45 | doesn't fit | doesn't fit | doesn't fit |
Injective: 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 | −0.0043% | 8h | 440.06 | −0.892% | $1.7M | $1.5M | 20x | as long as short |
| Aster TSMUSDT | 0.0000% | 8h | 440.13 | −0.876% | $82K | $2K | 20x | as long as short |
| Bybit TSMUSDT | 0.0000% | 8h | 439.99 | −0.908% | $2.0M | $400K | 50x | as long as short |
| OKX TSM-USDT-SWAP | 0.0000% | 8h | 440.22 | −0.856% | $4.0M | $2.6M | 20x | as long as short |
| Gate TSM_USDT | 0.0000% | 8h | 440.01 | −0.903% | $1.7M | $1.1M | 100x | as long as short |
| Variational Omni TSM | 0.0000% | 8h | 440.07 | −0.890% | $559K | $38K | — | as long as short |
| SunX TSM-USDT | 0.0000% | 8h | 440.27 | −0.845% | $2K | $4.0M | 10x | as long as short |
| HTX TSM-USDT | 0.0000% | 8h | 440.16 | −0.869% | $9K | $8K | 20x | as long as short |
| Phemex TSMUSDTshort | 0.0000% | 8h | 440.77 | −0.732% | $1.5M | $522K | 10x | |
| Lighter TSM | +0.0032% | 1h | 439.99 | −0.908% | $495K | $190K | 10x | as long as short |
Bitget TSMUSDT
Aster TSMUSDT
Bybit TSMUSDT
OKX TSM-USDT-SWAP
Gate TSM_USDT
Variational Omni TSM
SunX TSM-USDT
HTX TSM-USDT
Lighter TSMShow all 28 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Lighter RH TSM | +0.0032% | 1h | 440.01 | −0.903% | $222K | $725K | 10x | as long as short |
| Vest TSM-USD-PERP | +0.0046% | 1h | 439.86 | −0.937% | — | $2K | 25x | as long as short |
| BloFin TSM-USDT | +0.0049% | 8h | 440.36 | −0.824% | $45K | $107K | 20x | as long as short |
| tradeXYZ xyz:TSM | +0.0050% | 1h | 439.82 | −0.946% | $10.1M | $1.8M | 10x | as long as short |
| Polymarket Perps TSM-USD | +0.0050% | 1h | 439.89 | −0.930% | $190K | $68K | 10x | as long as short |
| SoDEX TSM-USD | +0.0050% | 1h | 439.77 | −0.957% | $135 | $3K | 10x | as long as short |
| Ondo Perps TSM-USD.P | +0.0050% | 1h | 439.93 | −0.921% | $157K | $28K | 10x | as long as short |
| Coinbase International TSM-PERP-INTX | +0.0056% | 1h | 439.33 | −1.056% | $366K | $97K | 10x | as long as short |
| Binance TSMUSDT | +0.0061% | 8h | 440.23 | −0.854% | $12.9M | $7.9M | 20x | as long as short |
| Extended TSM-USD | +0.0064% | 1h | 440.12 | −0.878% | $3K | $219K | 10x | as long as short |
| GRVT TSM_USDT_Perp | +0.0078% | 8h | 440.24 | −0.851% | $15K | $1.3M | 10x | as long as short |
| KuCoin TSMUSDTM | +0.0100% | 8h | 439.81 | −0.948% | $267K | $310K | 20x | as long as short |
| Orderly PERP_TSM_USDC_mythos | +0.0100% | 8h | 440.16 | −0.869% | $21 | — | 10x | as long as short |
| Aevo TSM-PERP | +0.0104% | 1h | 440.16 | −0.869% | $123 | — | 10x | as long as short |
| Deribit TSM_USDC-PERPETUAL | +0.0114% | 1h | 440.08 | −0.887% | $4 | $25K | 10x | as long as short |
| Phoenix TSM | +0.0146% | 1h | 439.85 | −0.939% | $214K | $5K | 10x | as long as short |
| Injective TSM/USDC PERPlong | +0.0220% | 1h | 444.02 | long leg | $6K | $38K | 12x | |
| edgeX TSMUSDC | +0.0873% | 4h | 440.19 | −0.863% | $47K | $217K | 10x | as long as short |
Lighter RH TSM
Vest TSM-USD-PERP
BloFin TSM-USDT
tradeXYZ xyz:TSM
Polymarket Perps TSM-USD
SoDEX TSM-USD
Ondo Perps TSM-USD.P
Coinbase International TSM-PERP-INTX
Binance TSMUSDT
Extended TSM-USD
GRVT TSM_USDT_Perp
KuCoin TSMUSDTM
Orderly PERP_TSM_USDC_mythos
Aevo TSM-PERP
Deribit TSM_USDC-PERPETUAL
Phoenix TSM
edgeX TSMUSDC