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: Lighter RH against Phoenix−0.070%75s7-day average +0.047% · you buy dearer than you sell
Net, funding: paid 7d − costs−$48as 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−$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 against this trade now: funding costs −$6 a day on $10k at the current rate, and Lighter RH is 0.117% cheaper against Phoenix than usual: you would sell low and buy high (−$12 if the spread goes back to its 7-day average of +0.047%). Swap the legs. The two prices were read 75 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 | Phoenix TSM | 443.77 | 0.0217 | pay 0.0027% / 1h | 46m 07s | $216K | $5K | 10x |
| Short | Lighter RH TSM | 443.46 | 0.0032 | get 0.0004% / 1h | 46m 07s | $222K | $644K | 10x |
Phoenix TSM
Lighter RH TSMFunding history
latest
Range statsloading…
Price spread between the two exchanges
Lighter RH 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
- −$38.77
- Price spread: −0.070% → +0.047%
- −$11.67
- Slippage, 4 orders
- −$22.72
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee Lighter RH: 0 bp × 2 orders
- $0
- Net
- −$80.17
- Costs to cover
- 0.297%
- Break-even
- never at this rate
Slippage from Phoenix: live order book, 11 min ago; Lighter RH: live order book, 16 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, 11 min ago | 3.83 bp | 12.2 bp −$12 | 26.0 bp −$260 | doesn't fit | doesn't fit |
| Sell Lighter RH live order book, 16 min ago | 2.48 bp | 2.6 bp −$3 | 8.2 bp −$82 | 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 | −0.015% | $48K | $217K | 10x | as long as short |
| Aster TSMUSDT | 0.0000% | 8h | 443.72 | −0.011% | $81K | $1K | 20x | as long as short |
| Bybit TSMUSDT | 0.0000% | 8h | 443.25 | −0.117% | $2.0M | $391K | 50x | as long as short |
| OKX TSM-USDT-SWAP | 0.0000% | 8h | 443.50 | −0.061% | $4.0M | $2.4M | 20x | as long as short |
| Gate TSM_USDT | 0.0000% | 8h | 443.40 | −0.083% | $1.7M | $951K | 100x | as long as short |
| Bitget TSMUSDT | 0.0000% | 8h | 443.84 | +0.016% | $1.7M | $1.4M | 20x | as long as short |
| Variational Omni TSM | 0.0000% | 8h | 443.50 | −0.061% | $549K | $61K | — | as long as short |
| SunX TSM-USDT | 0.0000% | 8h | 443.57 | −0.045% | $2K | $4.4M | 10x | as long as short |
| HTX TSM-USDT | 0.0000% | 8h | 443.58 | −0.043% | $9K | $9K | 20x | as long as short |
| Phemex TSMUSDT | 0.0000% | 8h | 443.68 | −0.020% | $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 | −0.059% | — | $98K | 20x | as long as short |
| Lighter TSM | +0.0032% | 1h | 443.83 | +0.014% | $501K | $173K | 10x | as long as short |
| Lighter RH TSMshort | +0.0032% | 1h | 443.46 | −0.070% | $222K | $644K | 10x | |
| Binance TSMUSDT | +0.0046% | 8h | 443.58 | −0.043% | $13.0M | $6.8M | 20x | as long as short |
| Vest TSM-USD-PERP | +0.0046% | 1h | 443.24 | −0.119% | — | $583 | 25x | as long as short |
| Extended TSM-USD | +0.0048% | 1h | 443.46 | −0.069% | $1K | $197K | 10x | as long as short |
| tradeXYZ xyz:TSM | +0.0050% | 1h | 443.23 | −0.122% | $10.2M | $2.3M | 10x | as long as short |
| Polymarket Perps TSM-USD | +0.0050% | 1h | 443.29 | −0.108% | $196K | $51K | 10x | as long as short |
| SoDEX TSM-USD | +0.0050% | 1h | 443.13 | −0.144% | $136 | $3K | 10x | as long as short |
| Ondo Perps TSM-USD.P | +0.0050% | 1h | 442.86 | −0.205% | $158K | $24K | 10x | as long as short |
| KuCoin TSMUSDTM | +0.0100% | 8h | 443.15 | −0.140% | $269K | $319K | 20x | as long as short |
| Orderly PERP_TSM_USDC_mythos | +0.0100% | 8h | 443.45 | −0.072% | $21 | — | 10x | as long as short |
| Aevo TSM-PERP | +0.0104% | 1h | 443.50 | −0.061% | $124 | — | 10x | as long as short |
| Coinbase International TSM-PERP-INTX | +0.0152% | 1h | 443.28 | −0.110% | $370K | $107K | 10x | as long as short |
| GRVT TSM_USDT_Perp | +0.0187% | 8h | 443.91 | +0.032% | $8K | $1.1M | 10x | as long as short |
| Phoenix TSMlong | +0.0217% | 1h | 443.77 | long leg | $216K | $5K | 10x | |
| Injective TSM/USDC PERP | +0.0220% | 1h | 448.49 | +1.064% | $7K | $38K | 12x | as long as short |
| Deribit TSM_USDC-PERPETUAL | +0.0450% | 1h | 443.45 | −0.072% | $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