Funding you earn now, next payment 05:00 UTC−0.0346%/8h= −37.9% APRpaid last 24h −0.046%
Price spread now: Bitget against Phoenix−0.029%79s7-day average +0.035% · you buy dearer than you sell
Net, funding: paid 7d − costs−$66as 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−$420.423% of the position
Funding, last 7 days−0.238%−$24 on $10k
+Price spread, last 4 days (all we have)+0.005%+$1 · spread now −0.029%, 7d avg +0.035%
=Both sides work against this trade now: funding costs −$10 a day on $10k at the current rate, and Bitget is 0.064% cheaper against Phoenix than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of +0.035%). Swap the legs. The two prices were read 79 seconds apart, so part of this spread may be the market moving, not a spread.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.238% in total (about -12.4% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Phoenix TSM | 441.05 | 0.0163 | pay 0.0020% / 1h | 50m 00s | $215K | $5K | 10x |
| Short | Bitget TSMUSDT | 440.92 | −0.0183 | pay 0.0183% / 8h | 2h 50m | $1.7M | $1.5M | 20x |
Phoenix TSM
Bitget TSMUSDTFunding history
latest
Range statsloading…
Price spread between the two exchanges
Bitget 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
- −$72.74
- Price spread: −0.029% → +0.035%
- −$6.4
- Slippage, 4 orders
- −$23.29
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee Bitget: 6 bp × 2 orders
- −$12
- Net
- −$121.43
- Costs to cover
- 0.423%
- Break-even
- never at this rate
Slippage from Phoenix: live order book, 57 min ago; Bitget: live order book, 2 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, 57 min ago | 2.49 bp | 9.4 bp −$9 | 18.8 bp −$188 | doesn't fit | doesn't fit |
| Sell Bitget live order book, 2 min ago | 4.31 bp | 12.6 bp −$13 | 27.3 bp −$273 | 55.1 bp −$5,510 | 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 | |
|---|---|---|---|---|---|---|---|---|
| Bitget TSMUSDTshort | −0.0183% | 8h | 440.92 | −0.029% | $1.7M | $1.5M | 20x | |
| Aster TSMUSDT | 0.0000% | 8h | 440.83 | −0.051% | $82K | $2K | 20x | as long as short |
| Bybit TSMUSDT | 0.0000% | 8h | 440.69 | −0.082% | $2.0M | $395K | 50x | as long as short |
| OKX TSM-USDT-SWAP | 0.0000% | 8h | 441.10 | +0.011% | $4.0M | $2.5M | 20x | as long as short |
| Gate TSM_USDT | 0.0000% | 8h | 440.82 | −0.052% | $1.7M | $1.1M | 100x | as long as short |
| Variational Omni TSM | 0.0000% | 8h | 441.03 | −0.005% | $546K | $40K | — | as long as short |
| SunX TSM-USDT | 0.0000% | 8h | 440.99 | −0.014% | $2K | $4.2M | 10x | as long as short |
| HTX TSM-USDT | 0.0000% | 8h | 441.20 | +0.034% | $9K | $8K | 20x | as long as short |
| Phemex TSMUSDT | 0.0000% | 8h | 441.29 | +0.054% | $1.5M | $494K | 10x | as long as short |
| Lighter TSM | +0.0032% | 1h | 440.91 | −0.032% | $496K | $137K | 10x | as long as short |
Aster TSMUSDT
Bybit TSMUSDT
OKX TSM-USDT-SWAP
Gate TSM_USDT
Variational Omni TSM
SunX TSM-USDT
HTX TSM-USDT
Phemex TSMUSDT
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 | 440.92 | −0.029% | $220K | $676K | 10x | as long as short |
| Vest TSM-USD-PERP | +0.0046% | 1h | 440.62 | −0.097% | — | $583 | 25x | as long as short |
| tradeXYZ xyz:TSM | +0.0050% | 1h | 440.50 | −0.125% | $10.2M | $2.0M | 10x | as long as short |
| Polymarket Perps TSM-USD | +0.0050% | 1h | 440.66 | −0.088% | $192K | $63K | 10x | as long as short |
| SoDEX TSM-USD | +0.0050% | 1h | 440.62 | −0.097% | $134 | $3K | 10x | as long as short |
| Ondo Perps TSM-USD.P | +0.0050% | 1h | 440.62 | −0.097% | $157K | $23K | 10x | as long as short |
| Extended TSM-USD | +0.0056% | 1h | 440.89 | −0.036% | $6K | $196K | 10x | as long as short |
| Binance TSMUSDT | +0.0058% | 8h | 441.00 | −0.011% | $12.9M | $7.6M | 20x | as long as short |
| GRVT TSM_USDT_Perp | +0.0060% | 8h | 440.91 | −0.032% | $9K | $1.3M | 10x | as long as short |
| Coinbase International TSM-PERP-INTX | +0.0072% | 1h | 440.03 | −0.231% | $367K | $102K | 10x | as long as short |
| BloFin TSM-USDT | +0.0072% | 8h | 441.14 | +0.020% | $45K | $102K | 20x | as long as short |
| KuCoin TSMUSDTM | +0.0100% | 8h | 440.58 | −0.107% | $267K | $312K | 20x | as long as short |
| Orderly PERP_TSM_USDC_mythos | +0.0100% | 8h | 440.92 | −0.029% | $21 | — | 10x | as long as short |
| Aevo TSM-PERP | +0.0104% | 1h | 440.99 | −0.013% | $123 | — | 10x | as long as short |
| Phoenix TSMlong | +0.0163% | 1h | 441.05 | long leg | $215K | $5K | 10x | |
| Injective TSM/USDC PERP | +0.0220% | 1h | 445.33 | +0.970% | $6K | $38K | 12x | as long as short |
| Deribit TSM_USDC-PERPETUAL | +0.0499% | 1h | 440.93 | −0.027% | $97 | $24K | 10x | as long as short |
| edgeX TSMUSDC | +0.0999% | 4h | 441.02 | −0.007% | $48K | $216K | 10x | as long as short |
Lighter RH TSM
Vest TSM-USD-PERP
tradeXYZ xyz:TSM
Polymarket Perps TSM-USD
SoDEX TSM-USD
Ondo Perps TSM-USD.P
Extended TSM-USD
Binance TSMUSDT
GRVT TSM_USDT_Perp
Coinbase International TSM-PERP-INTX
BloFin TSM-USDT
KuCoin TSMUSDTM
Orderly PERP_TSM_USDC_mythos
Aevo TSM-PERP
Injective TSM/USDC PERP
Deribit TSM_USDC-PERPETUAL
edgeX TSMUSDC