Funding you earn now, next payment 02:00 UTC+0.0185%/8h= +20.2% APRnext payment +$0.23 per $10,000 · paid last 24h +0.038%
Price spread now: Phoenix against Lighter RH+0.070%7-day average −0.047% · you sell dearer than you buy
Net, funding: paid 7d − costs−$11as in the Funding arb table
Net, price: spread back to 7d avg − costs−$18as in the Price arb table
costs, in and out, $10k−$300.297% of the position
Funding, last 7 days+0.187%+$19 on $10k
+Price spread, last 4 days (all we have)+0.015%+$2 · spread now +0.070%, 7d avg −0.047%
=Together, before fees+0.202%+ Points / potential airdropLighter RH: Points live · farm board+$20 on $10k · with fees, hour by hour
Both sides work for this trade now. Funding pays +$6 a day on $10k at the current rate, and Phoenix is 0.117% dearer against Lighter RH than usual: you sell high and buy low: +$12 more if the spread goes back to its 7-day average of −0.047%.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Lighter RH TSM | 443.46 | 0.0032 | pay 0.0004% / 1h | 46m 39s | $222K | $644K | 10x |
| Short | Phoenix TSM | 443.77 | 0.0217 | get 0.0027% / 1h | 46m 39s | $216K | $5K | 10x |
Lighter RH TSM
Phoenix TSMFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phoenix against Lighter RH. 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
- $38.77
- Price spread: +0.070% → −0.047%
- $11.68
- Slippage, 4 orders
- −$22.72
- Fee Lighter RH: 0 bp × 2 orders
- $0
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Net
- $20.73
- Costs to cover
- 0.297%
- Break-even
- 3.3 days
Slippage from Lighter RH: live order book, 16 min ago; Phoenix: live order book, 10 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 Lighter RH live order book, 16 min ago | 2.48 bp | 2.8 bp −$3 | 15.1 bp −$151 | doesn't fit | doesn't fit |
| Sell Phoenix live order book, 10 min ago | 3.83 bp | 12.2 bp −$12 | 26.0 bp −$260 | 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 | −0.0891% | 4h | 443.70 | +0.055% | $48K | $217K | 10x | as long as short |
| Aster TSMUSDT | 0.0000% | 8h | 443.70 | +0.055% | $81K | $1K | 20x | as long as short |
| Bybit TSMUSDT | 0.0000% | 8h | 443.26 | −0.045% | $2.0M | $391K | 50x | as long as short |
| OKX TSM-USDT-SWAP | 0.0000% | 8h | 443.50 | +0.009% | $4.0M | $2.4M | 20x | as long as short |
| Gate TSM_USDT | 0.0000% | 8h | 443.34 | −0.027% | $1.7M | $951K | 100x | as long as short |
| Bitget TSMUSDT | 0.0000% | 8h | 443.84 | +0.086% | $1.7M | $1.4M | 20x | as long as short |
| Variational Omni TSM | 0.0000% | 8h | 443.88 | +0.094% | $550K | $61K | — | as long as short |
| SunX TSM-USDT | 0.0000% | 8h | 443.57 | +0.025% | $1K | $4.4M | 10x | as long as short |
| HTX TSM-USDT | 0.0000% | 8h | 443.61 | +0.034% | $9K | $9K | 20x | as long as short |
| Phemex TSMUSDT | 0.0000% | 8h | 443.63 | +0.038% | $1.5M | $442K | 10x | as long as short |
edgeX TSMUSDC
Aster TSMUSDT
Bybit TSMUSDT
OKX TSM-USDT-SWAP
Gate TSM_USDT
Bitget TSMUSDT
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 | |
|---|---|---|---|---|---|---|---|---|
| BloFin TSM-USDT | +0.0019% | 8h | 443.51 | +0.011% | — | $98K | 20x | as long as short |
| Lighter TSM | +0.0032% | 1h | 443.82 | +0.081% | $501K | $173K | 10x | as long as short |
| Lighter RH TSMlong | +0.0032% | 1h | 443.46 | long leg | $222K | $644K | 10x | |
| Binance TSMUSDT | +0.0046% | 8h | 443.58 | +0.027% | $13.0M | $6.8M | 20x | as long as short |
| Vest TSM-USD-PERP | +0.0046% | 1h | 443.24 | −0.050% | — | $583 | 25x | as long as short |
| Extended TSM-USD | +0.0048% | 1h | 443.47 | +0.002% | $1K | $197K | 10x | as long as short |
| tradeXYZ xyz:TSM | +0.0050% | 1h | 443.13 | −0.074% | $10.2M | $2.3M | 10x | as long as short |
| Polymarket Perps TSM-USD | +0.0050% | 1h | 443.29 | −0.038% | $196K | $51K | 10x | as long as short |
| SoDEX TSM-USD | +0.0050% | 1h | 443.16 | −0.068% | $136 | $3K | 10x | as long as short |
| Ondo Perps TSM-USD.P | +0.0050% | 1h | 442.86 | −0.135% | $158K | $24K | 10x | as long as short |
| KuCoin TSMUSDTM | +0.0100% | 8h | 443.15 | −0.070% | $269K | $319K | 20x | as long as short |
| Orderly PERP_TSM_USDC_mythos | +0.0100% | 8h | 443.48 | +0.005% | $21 | — | 10x | as long as short |
| Aevo TSM-PERP | +0.0104% | 1h | 443.50 | +0.008% | $124 | — | 10x | as long as short |
| Coinbase International TSM-PERP-INTX | +0.0152% | 1h | 443.28 | −0.041% | $370K | $107K | 10x | as long as short |
| GRVT TSM_USDT_Perp | +0.0187% | 8h | 443.91 | +0.102% | $8K | $1.1M | 10x | as long as short |
| Phoenix TSMshort | +0.0217% | 1h | 443.77 | +0.070% | $216K | $5K | 10x | |
| Injective TSM/USDC PERP | +0.0220% | 1h | 448.49 | +1.134% | $7K | $38K | 12x | as long as short |
| Deribit TSM_USDC-PERPETUAL | +0.0359% | 1h | 443.38 | −0.018% | $4 | $24K | 10x | as long as short |
BloFin TSM-USDT
Lighter TSM
Binance TSMUSDT
Vest TSM-USD-PERP
Extended TSM-USD
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
Coinbase International TSM-PERP-INTX
GRVT TSM_USDT_Perp
Injective TSM/USDC PERP
Deribit TSM_USDC-PERPETUAL