Funding you earn now, next payment 06:00 UTC+0.0132%/8h= +14.4% APRnext payment +$0.16 per $10,000 · paid last 24h +0.010%
Price spread now: Phoenix against Lighter−0.055%7-day average −0.095% · you buy dearer than you sell
Net, funding: paid 7d − costs−$68as in the Funding arb table
Net, price: spread back to 7d avg − costs−$53as in the Price arb table
costs, in and out, $10k−$570.569% of the position
Funding, last 7 days−0.113%−$11 on $10k
+Price spread, last 4 days (all we have)+0.040%+$4 · spread now −0.055%, 7d avg −0.095%
=Together, before fees−0.073%+ Points / potential airdropLighter: Season 3 · farm board−$7 on $10k · with fees, hour by hour
Both sides work for this trade now. Funding pays +$4 a day on $10k at the current rate, and Phoenix is 0.041% dearer against Lighter than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of −0.095%. Mind the row above: over the last 7 days funding on this pair cost −0.113%, so the current rate has only just turned in your favour.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Lighter TSM | 439.67 | 0.0032 | pay 0.0004% / 1h | 41m 17s | $495K | $137K | 10x |
| Short | Phoenix TSM | 439.43 | 0.0164 | get 0.0020% / 1h | 41m 17s | $214K | $5K | 10x |
Lighter TSM
Phoenix TSMFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phoenix against Lighter. 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
- $27.63
- Price spread: −0.055% → −0.095%
- $4.05
- Slippage, 4 orders
- −$49.88
- Fee Lighter: 0 bp × 2 orders
- $0
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Net
- −$25.2
- Costs to cover
- 0.569%
- Break-even
- 13.4 days
Slippage from Lighter: live order book, 59 min ago; Phoenix: live order book, 61 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 live order book, 59 min ago | 13.16 bp | 13.2 bp −$13 | 17.3 bp −$173 | doesn't fit | doesn't fit |
| Sell Phoenix live order book, 61 min ago | 2.95 bp | 10.4 bp −$10 | 21.4 bp −$214 | 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 | |
|---|---|---|---|---|---|---|---|---|
| Bitget TSMUSDT | −0.0209% | 8h | 439.69 | +0.005% | $1.7M | $1.5M | 20x | as long as short |
| Aster TSMUSDT | 0.0000% | 8h | 439.58 | −0.020% | $82K | $2K | 20x | as long as short |
| Bybit TSMUSDT | 0.0000% | 8h | 439.39 | −0.064% | $2.0M | $396K | 50x | as long as short |
| OKX TSM-USDT-SWAP | 0.0000% | 8h | 439.58 | −0.020% | $4.0M | $2.6M | 20x | as long as short |
| Gate TSM_USDT | 0.0000% | 8h | 439.41 | −0.059% | $1.7M | $1.1M | 100x | as long as short |
| Variational Omni TSM | 0.0000% | 8h | 439.56 | −0.025% | $557K | $36K | — | as long as short |
| SunX TSM-USDT | 0.0000% | 8h | 439.54 | −0.030% | $2K | $4.1M | 10x | as long as short |
| HTX TSM-USDT | 0.0000% | 8h | 439.22 | −0.102% | $9K | $8K | 20x | as long as short |
| Phemex TSMUSDT | 0.0000% | 8h | 440.74 | +0.243% | $1.5M | $514K | 10x | as long as short |
| Lighter TSMlong | +0.0032% | 1h | 439.67 | long leg | $495K | $137K | 10x |
Bitget TSMUSDT
Aster TSMUSDT
Bybit TSMUSDT
OKX TSM-USDT-SWAP
Gate TSM_USDT
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 | |
|---|---|---|---|---|---|---|---|---|
| Lighter RH TSM | +0.0032% | 1h | 439.47 | −0.045% | $224K | $684K | 10x | as long as short |
| Vest TSM-USD-PERP | +0.0046% | 1h | 439.25 | −0.096% | — | $1K | 25x | as long as short |
| Coinbase International TSM-PERP-INTX | +0.0048% | 1h | 439.33 | −0.077% | $366K | $102K | 10x | as long as short |
| tradeXYZ xyz:TSM | +0.0050% | 1h | 439.12 | −0.125% | $10.2M | $1.8M | 10x | as long as short |
| Polymarket Perps TSM-USD | +0.0050% | 1h | 439.35 | −0.073% | $192K | $63K | 10x | as long as short |
| SoDEX TSM-USD | +0.0050% | 1h | 439.12 | −0.125% | $134 | $3K | 10x | as long as short |
| Ondo Perps TSM-USD.P | +0.0050% | 1h | 439.12 | −0.125% | $157K | $27K | 10x | as long as short |
| Extended TSM-USD | +0.0064% | 1h | 439.47 | −0.045% | $3K | $181K | 10x | as long as short |
| Binance TSMUSDT | +0.0067% | 8h | 439.57 | −0.022% | $12.9M | $7.8M | 20x | as long as short |
| GRVT TSM_USDT_Perp | +0.0073% | 8h | 439.60 | −0.016% | $4K | $1.3M | 10x | as long as short |
| BloFin TSM-USDT | +0.0077% | 8h | 439.74 | +0.016% | $45K | $105K | 20x | as long as short |
| KuCoin TSMUSDTM | +0.0100% | 8h | 439.28 | −0.089% | $267K | $310K | 20x | as long as short |
| Orderly PERP_TSM_USDC_mythos | +0.0100% | 8h | 439.54 | −0.030% | $21 | — | 10x | as long as short |
| Aevo TSM-PERP | +0.0104% | 1h | 439.57 | −0.022% | $123 | — | 10x | as long as short |
| Phoenix TSMshort | +0.0164% | 1h | 439.43 | −0.055% | $214K | $5K | 10x | |
| Injective TSM/USDC PERP | +0.0220% | 1h | 444.69 | +1.142% | $6K | $38K | 12x | as long as short |
| edgeX TSMUSDC | +0.0243% | 4h | 439.65 | −0.005% | $47K | $217K | 10x | as long as short |
| Deribit TSM_USDC-PERPETUAL | +0.0501% | 1h | 439.47 | −0.045% | $4 | $25K | 10x | as long as short |
Lighter RH TSM
Vest TSM-USD-PERP
Coinbase International TSM-PERP-INTX
tradeXYZ xyz:TSM
Polymarket Perps TSM-USD
SoDEX TSM-USD
Ondo Perps TSM-USD.P
Extended TSM-USD
Binance TSMUSDT
GRVT TSM_USDT_Perp
BloFin TSM-USDT
KuCoin TSMUSDTM
Orderly PERP_TSM_USDC_mythos
Aevo TSM-PERP
Injective TSM/USDC PERP
edgeX TSMUSDC
Deribit TSM_USDC-PERPETUAL