Funding you earn now, next payment 05:00 UTC−0.0120%/8h= −13.2% APRpaid last 24h −0.051%
Price spread now: BloFin against Phoenix−0.070%7-day average +0.030% · you buy dearer than you sell
Net, funding: paid 7d − costs−$67as in the Funding arb table
Net, price: spread back to 7d avg − costs−$50as in the Price arb table
costs, in and out, $10k−$400.399% of the position
Funding, last 7 days−0.269%−$27 on $10k
+Price spread, last 4 days (all we have)+0.109%+$11 · spread now −0.070%, 7d avg +0.030%
=Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and BloFin is 0.101% cheaper against Phoenix than usual: you would sell low and buy high (−$10 if the spread goes back to its 7-day average of +0.030%). Swap the legs.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Phoenix TSM | 439.73 | 0.0163 | pay 0.0020% / 1h | 26m 32s | $214K | $5K | 10x |
| Short | BloFin TSM-USDT | 439.42 | 0.0043 | get 0.0043% / 8h | 2h 26m | $45K | $103K | 20x |
Phoenix TSM
BloFin TSM-USDTFunding history
latest
Range statsloading…
Price spread between the two exchanges
BloFin 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
- −$25.27
- Price spread: −0.070% → +0.030%
- −$10.07
- Slippage, 4 orders
- −$20.88
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee BloFin: 6 bp × 2 orders
- −$12
- Net
- −$75.22
- Costs to cover
- 0.399%
- Break-even
- never at this rate
Slippage from Phoenix: live order book, 15 min ago; BloFin: live order book, 52 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, 15 min ago | 2.95 bp | 10.4 bp −$10 | 21.3 bp −$213 | doesn't fit | doesn't fit |
| Sell BloFin live order book, 52 min ago | 0.45 bp | 10.0 bp −$10 | 15.5 bp −$155 | 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 | −0.0300% | 4h | 439.84 | +0.025% | $47K | $215K | 10x | as long as short |
| Bitget TSMUSDT | −0.0236% | 8h | 439.53 | −0.045% | $1.7M | $1.6M | 20x | as long as short |
| Aster TSMUSDT | 0.0000% | 8h | 439.66 | −0.015% | $82K | $2K | 20x | as long as short |
| Bybit TSMUSDT | 0.0000% | 8h | 439.33 | −0.091% | $2.0M | $399K | 50x | as long as short |
| OKX TSM-USDT-SWAP | 0.0000% | 8h | 439.37 | −0.082% | $4.0M | $2.5M | 20x | as long as short |
| Gate TSM_USDT | 0.0000% | 8h | 439.40 | −0.075% | $1.7M | $1.1M | 100x | as long as short |
| Variational Omni TSM | 0.0000% | 8h | 439.59 | −0.033% | $547K | $42K | — | as long as short |
| SunX TSM-USDT | 0.0000% | 8h | 439.43 | −0.068% | $1K | $4.2M | 10x | as long as short |
| HTX TSM-USDT | 0.0000% | 8h | 439.69 | −0.009% | $9K | $8K | 20x | as long as short |
| Phemex TSMUSDT | 0.0000% | 8h | 440.67 | +0.214% | $1.5M | $505K | 10x | as long as short |
edgeX TSMUSDC
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 TSM | +0.0032% | 1h | 439.78 | +0.011% | $495K | $138K | 10x | as long as short |
| Lighter RH TSM | +0.0032% | 1h | 439.54 | −0.043% | $219K | $681K | 10x | as long as short |
| BloFin TSM-USDTshort | +0.0043% | 8h | 439.42 | −0.070% | $45K | $103K | 20x | |
| Vest TSM-USD-PERP | +0.0046% | 1h | 439.23 | −0.114% | — | $1K | 25x | as long as short |
| tradeXYZ xyz:TSM | +0.0050% | 1h | 439.23 | −0.114% | $10.2M | $1.8M | 10x | as long as short |
| Polymarket Perps TSM-USD | +0.0050% | 1h | 439.35 | −0.086% | $192K | $63K | 10x | as long as short |
| SoDEX TSM-USD | +0.0050% | 1h | 439.23 | −0.114% | $134 | $3K | 10x | as long as short |
| Ondo Perps TSM-USD.P | +0.0050% | 1h | 438.98 | −0.171% | $158K | $26K | 10x | as long as short |
| Extended TSM-USD | +0.0056% | 1h | 439.41 | −0.072% | $6K | $181K | 10x | as long as short |
| Binance TSMUSDT | +0.0057% | 8h | 439.55 | −0.041% | $12.8M | $7.7M | 20x | as long as short |
| GRVT TSM_USDT_Perp | +0.0058% | 8h | 439.81 | +0.018% | $8K | $1.3M | 10x | as long as short |
| Deribit TSM_USDC-PERPETUAL | +0.0069% | 1h | 439.33 | −0.091% | $4 | $24K | 10x | as long as short |
| Coinbase International TSM-PERP-INTX | +0.0072% | 1h | 439.33 | −0.091% | $366K | $102K | 10x | as long as short |
| KuCoin TSMUSDTM | +0.0100% | 8h | 439.40 | −0.075% | $267K | $309K | 20x | as long as short |
| Orderly PERP_TSM_USDC_mythos | +0.0100% | 8h | 439.38 | −0.080% | $21 | — | 10x | as long as short |
| Aevo TSM-PERP | +0.0104% | 1h | 439.44 | −0.066% | $123 | — | 10x | as long as short |
| Phoenix TSMlong | +0.0163% | 1h | 439.73 | long leg | $214K | $5K | 10x | |
| Injective TSM/USDC PERP | +0.0220% | 1h | 444.65 | +1.119% | $6K | $38K | 12x | as long as short |
Lighter TSM
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
Deribit TSM_USDC-PERPETUAL
Coinbase International TSM-PERP-INTX
KuCoin TSMUSDTM
Orderly PERP_TSM_USDC_mythos
Aevo TSM-PERP
Injective TSM/USDC PERP