Funding you earn now, next payment 10:00 UTC−0.0123%/8h= −13.4% APRpaid last 24h −0.046%
Price spread now: Binance against Phoenix−0.059%7-day average +0.032% · you buy dearer than you sell
Net, funding: paid 7d − costs−$93as in the Funding arb table
Net, price: spread back to 7d avg − costs−$50as in the Price arb table
costs, in and out, $10k−$410.409% of the position
Funding, last 7 days−0.526%−$53 on $10k
+Price spread, last 4 days (all we have)+0.244%+$24 · spread now −0.059%, 7d avg +0.032%
=Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and Binance is 0.090% cheaper against Phoenix than usual: you would sell low and buy high (−$9 if the spread goes back to its 7-day average of +0.032%). Swap the legs.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Phoenix TSM | 442.61 | 0.0253 | pay 0.0032% / 1h | 3m 28s | $206K | $10K | 10x |
| Short | Binance TSMUSDT | 442.35 | 0.0131 | get 0.0131% / 8h | 5h 03m | $13.2M | $8.8M | 20x |
Phoenix TSM
Binance TSMUSDTFunding history
latest
Range statsloading…
Price spread between the two exchanges
Binance against Phoenix. 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
- −$25.75
- Price spread: −0.059% → +0.032%
- −$9.01
- Slippage, 4 orders
- −$23.88
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee Binance: 5 bp × 2 orders
- −$10
- Net
- −$75.63
- Costs to cover
- 0.409%
- Break-even
- never at this rate
Slippage from Phoenix: live order book, 37 min ago; Binance: live order book, 15 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 Phoenix live order book, 37 min ago | 3.62 bp | 11.4 bp −$11 | 24.0 bp −$240 | doesn't fit | doesn't fit |
| Sell Binance live order book, 15 min ago | 0.11 bp | 8.0 bp −$8 | 23.9 bp −$239 | 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 | |
|---|---|---|---|---|---|---|---|---|
| Coinbase International TSM-PERP-INTX | −0.0056% | 1h | 441.94 | −0.151% | $373K | $110K | 10x | as long as short |
| Aster TSMUSDT | 0.0000% | 8h | 442.18 | −0.096% | $82K | $2K | 20x | as long as short |
| Bybit TSMUSDT | 0.0000% | 8h | 441.97 | −0.145% | $2.0M | $397K | 50x | as long as short |
| OKX TSM-USDT-SWAP | 0.0000% | 8h | 442.29 | −0.072% | $4.1M | $2.8M | 20x | as long as short |
| Gate TSM_USDT | 0.0000% | 8h | 442.10 | −0.115% | $1.7M | $1.1M | 100x | as long as short |
| Bitget TSMUSDT | 0.0000% | 8h | 442.45 | −0.036% | $1.8M | $1.5M | 20x | as long as short |
| SunX TSM-USDT | 0.0000% | 8h | 442.62 | +0.002% | $2K | $3.7M | 10x | as long as short |
| HTX TSM-USDT | 0.0000% | 8h | 442.63 | +0.005% | $9K | $8K | 20x | as long as short |
| Phemex TSMUSDT | 0.0000% | 8h | 442.09 | −0.117% | $1.5M | $570K | 10x | as long as short |
| Lighter TSM | +0.0032% | 1h | 442.21 | −0.090% | $498K | $143K | 10x | as long as short |
Coinbase International TSM-PERP-INTX
Aster TSMUSDT
Bybit TSMUSDT
OKX TSM-USDT-SWAP
Gate TSM_USDT
Bitget TSMUSDT
SunX TSM-USDT
HTX TSM-USDT
Phemex TSMUSDT
Lighter TSMShow all 28 exchanges
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Lighter RH TSM | +0.0032% | 1h | 442.28 | −0.075% | $203K | $693K | 10x | as long as short |
| Injective TSM/USDC PERP | +0.0033% | 1h | 443.95 | +0.303% | $6K | $38K | 12x | as long as short |
| Vest TSM-USD-PERP | +0.0046% | 1h | 442.02 | −0.133% | — | $2K | 25x | as long as short |
| Variational Omni TSM | +0.0048% | 8h | 442.58 | −0.007% | $551K | $47K | — | as long as short |
| tradeXYZ xyz:TSM | +0.0050% | 1h | 441.86 | −0.169% | $10.2M | $2.0M | 10x | as long as short |
| Polymarket Perps TSM-USD | +0.0050% | 1h | 442.07 | −0.122% | $187K | $71K | 10x | as long as short |
| SoDEX TSM-USD | +0.0050% | 1h | 442.17 | −0.099% | $135 | $3K | 10x | as long as short |
| Ondo Perps TSM-USD.P | +0.0050% | 1h | 441.98 | −0.142% | $161K | $36K | 10x | as long as short |
| KuCoin TSMUSDTM | +0.0100% | 8h | 442.01 | −0.136% | $270K | $488K | 20x | as long as short |
| Orderly PERP_TSM_USDC_mythos | +0.0100% | 8h | 442.36 | −0.056% | $21 | — | 10x | as long as short |
| Aevo TSM-PERP | +0.0104% | 1h | 442.57 | −0.009% | $124 | — | 10x | as long as short |
| BloFin TSM-USDT | +0.0114% | 8h | 442.64 | +0.007% | $46K | $119K | 20x | as long as short |
| Extended TSM-USD | +0.0128% | 1h | 442.20 | −0.093% | $6K | $222K | 10x | as long as short |
| Binance TSMUSDTshort | +0.0131% | 8h | 442.35 | −0.059% | $13.2M | $8.8M | 20x | |
| Phoenix TSMlong | +0.0253% | 1h | 442.61 | long leg | $206K | $10K | 10x | |
| GRVT TSM_USDT_Perp | +0.0339% | 8h | 442.59 | −0.004% | $8K | $1.4M | 10x | as long as short |
| edgeX TSMUSDC | +0.0472% | 4h | 442.55 | −0.013% | $48K | $216K | 10x | as long as short |
| Deribit TSM_USDC-PERPETUAL | +0.0768% | 1h | 442.64 | +0.007% | $97 | $10K | 10x | as long as short |
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
BloFin TSM-USDT
Extended TSM-USD
GRVT TSM_USDT_Perp
edgeX TSMUSDC
Deribit TSM_USDC-PERPETUAL