Funding you earn now, next payment 00:00 UTC−0.0179%/8h= −19.6% APRpaid last 24h −0.062%
Price spread now: Bybit against Phoenix−0.107%7-day average −0.021% · you buy dearer than you sell
Net, funding: paid 7d − costs−$72as in the Funding arb table
Net, price: spread back to 7d avg − costs−$54as in the Price arb table
costs, in and out, $10k−$450.451% of the position
Funding, last 7 days−0.271%−$27 on $10k
+Price spread, last 3 days (all we have)+0.073%+$7 · spread now −0.107%, 7d avg −0.021%
=Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and Bybit is 0.086% cheaper against Phoenix than usual: you would sell low and buy high (−$9 if the spread goes back to its 7-day average of −0.021%). Swap the legs.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Phoenix TSM | 447.42 | 0.0179 | pay 0.0022% / 1h | 1m 03s | $218K | $5K | 10x |
| Short | Bybit TSMUSDT | 446.94 | 0 | get 0.0000% / 8h | 7h 01m | $2.0M | $413K | 50x |
Phoenix TSM
Bybit TSMUSDTFunding history
latest
Range statsloading…
Price spread between the two exchanges
Bybit 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
- −$37.6
- Price spread: −0.107% → −0.021%
- −$8.62
- Slippage, 4 orders
- −$27.1
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee Bybit: 5.5 bp × 2 orders
- −$11
- Net
- −$91.32
- Costs to cover
- 0.451%
- Break-even
- never at this rate
Slippage from Phoenix: live order book, 66 min ago; Bybit: live order book, 6 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, 66 min ago | 2.68 bp | 9.4 bp −$9 | 18.8 bp −$188 | doesn't fit | doesn't fit |
| Sell Bybit live order book, 6 min ago | 2.12 bp | 14.8 bp −$15 | 60.6 bp −$606 | 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 | |
|---|---|---|---|---|---|---|---|---|
| Coinbase International TSM-PERP-INTX | −0.0024% | 1h | 447.30 | −0.027% | $359K | $100K | 10x | as long as short |
| BloFin TSM-USDT | −0.0012% | 8h | 447.20 | −0.049% | $45K | $100K | 20x | as long as short |
| Aster TSMUSDT | 0.0000% | 8h | 447.18 | −0.053% | $82K | $1K | 20x | as long as short |
| Extended TSM-USD | 0.0000% | 1h | 447.00 | −0.093% | $5K | $204K | 10x | as long as short |
| Binance TSMUSDT | 0.0000% | 8h | 447.15 | −0.059% | $13.2M | $7.0M | 20x | as long as short |
| Bybit TSMUSDTshort | 0.0000% | 8h | 446.94 | −0.107% | $2.0M | $413K | 50x | |
| OKX TSM-USDT-SWAP | 0.0000% | 8h | 447.20 | −0.049% | $4.0M | $3.0M | 20x | as long as short |
| Gate TSM_USDT | 0.0000% | 8h | 446.99 | −0.096% | $1.7M | $930K | 100x | as long as short |
| Bitget TSMUSDT | 0.0000% | 8h | 447.37 | −0.011% | $1.6M | $1.4M | 20x | as long as short |
| Variational Omni TSM | 0.0000% | 8h | 447.08 | −0.077% | $554K | $82K | — | as long as short |
Coinbase International TSM-PERP-INTX
BloFin TSM-USDT
Aster TSMUSDT
Extended TSM-USD
Binance TSMUSDT
OKX TSM-USDT-SWAP
Gate TSM_USDT
Bitget TSMUSDT
Variational Omni TSMShow all 28 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| SunX TSM-USDT | 0.0000% | 8h | 447.14 | −0.063% | $1K | $4.9M | 10x | as long as short |
| HTX TSM-USDT | 0.0000% | 8h | 447.29 | −0.029% | $9K | $9K | 20x | as long as short |
| Phemex TSMUSDT | 0.0000% | 8h | 447.16 | −0.058% | $1.5M | $456K | 10x | as long as short |
| Lighter RH TSM | +0.0032% | 1h | 447.15 | −0.060% | $229K | $657K | 10x | as long as short |
| Vest TSM-USD-PERP | +0.0046% | 1h | 447.08 | −0.076% | — | — | 25x | as long as short |
| tradeXYZ xyz:TSM | +0.0050% | 1h | 446.86 | −0.125% | $10.3M | $2.3M | 10x | as long as short |
| Polymarket Perps TSM-USD | +0.0050% | 1h | 447.00 | −0.094% | $198K | $42K | 10x | as long as short |
| SoDEX TSM-USD | +0.0050% | 1h | 446.88 | −0.121% | $146 | $3K | 10x | as long as short |
| Ondo Perps TSM-USD.P | +0.0050% | 1h | 447.27 | −0.034% | $158K | $22K | 10x | as long as short |
| GRVT TSM_USDT_Perp | +0.0065% | 8h | 447.55 | +0.030% | $13K | $1.1M | 10x | as long as short |
| KuCoin TSMUSDTM | +0.0100% | 8h | 446.98 | −0.098% | $271K | $314K | 20x | as long as short |
| Orderly PERP_TSM_USDC_mythos | +0.0100% | 8h | 447.11 | −0.069% | $21 | — | 10x | as long as short |
| Aevo TSM-PERP | +0.0104% | 1h | 446.85 | −0.127% | $125 | — | 10x | as long as short |
| Phoenix TSMlong | +0.0179% | 1h | 447.42 | long leg | $218K | $5K | 10x | |
| Injective TSM/USDC PERP | +0.0220% | 1h | 452.09 | +1.044% | $7K | $38K | 12x | as long as short |
| Lighter TSM | +0.0320% | 1h | 447.85 | +0.096% | $505K | $167K | 10x | as long as short |
| Deribit TSM_USDC-PERPETUAL | +0.0377% | 1h | 447.07 | −0.078% | $98 | $32K | 10x | as long as short |
| edgeX TSMUSDC | +0.0572% | 4h | 447.21 | −0.048% | $48K | $216K | 10x | as long as short |
SunX TSM-USDT
HTX TSM-USDT
Phemex TSMUSDT
Lighter RH TSM
Vest TSM-USD-PERP
tradeXYZ xyz:TSM
Polymarket Perps TSM-USD
SoDEX TSM-USD
Ondo Perps TSM-USD.P
GRVT TSM_USDT_Perp
KuCoin TSMUSDTM
Orderly PERP_TSM_USDC_mythos
Aevo TSM-PERP
Injective TSM/USDC PERP
Lighter TSM
Deribit TSM_USDC-PERPETUAL
edgeX TSMUSDC