Funding you earn now, next payment 23:00 UTC−0.0239%/8h= −26.2% APRnext payment −$0.30 per $10,000 · paid last 24h −0.054%
Price spread now: Coinbase International against Phoenix−0.058%72s7-day average −0.196% · you buy dearer than you sell
Net, funding: paid 7d − costs−$82as 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−$390.389% of the position
Funding, last 7 days−0.435%−$44 on $10k
+Price spread, last 3 days (all we have)+0.046%+$5 · spread now −0.058%, 7d avg −0.196%
=The price spread pays, funding is against you. Coinbase International is 0.138% dearer against Phoenix than usual: you sell high and buy low (spread −0.058% now, against its 7-day average of −0.196%): +$14 on $10k if it goes back. Holding the pair costs −$7 a day in funding at the current rate, which eats that in about 46 hours. The two prices were read 72 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 | 446.33 | 0.0215 | pay 0.0027% / 1h | 41m 59s | $217K | $5K | 10x |
| Short | Coinbase International TSM-PERP-INTX | 446.07 | −0.0024 | pay 0.0003% / 1h | 41m 59s | $357K | $97K | 10x |
Phoenix TSM
Coinbase International TSM-PERP-INTXFunding history
latest
Range statsloading…
Price spread between the two exchanges
Coinbase International 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
- −$50.22
- Price spread: −0.058% → −0.196%
- $13.8
- Slippage, 4 orders
- −$21.93
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee Coinbase International: 5 bp × 2 orders
- −$10
- Net
- −$75.36
- Costs to cover
- 0.389%
- Break-even
- never at this rate
Slippage from Phoenix: live order book, 30 min ago; Coinbase International: live order book, 36 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, 30 min ago | 2.69 bp | 9.6 bp −$10 | 19.1 bp −$191 | doesn't fit | doesn't fit |
| Sell Coinbase International live order book, 36 min ago | 4.49 bp | 9.5 bp −$9 | 13.8 bp −$138 | 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 | −0.0715% | 4h | 446.47 | +0.031% | $48K | $216K | 10x | as long as short |
| Coinbase International TSM-PERP-INTXshort | −0.0024% | 1h | 446.07 | −0.058% | $357K | $97K | 10x | |
| Aster TSMUSDT | 0.0000% | 8h | 446.32 | −0.001% | $82K | $1K | 20x | as long as short |
| Extended TSM-USD | 0.0000% | 1h | 446.42 | +0.020% | $2K | $167K | 10x | as long as short |
| Binance TSMUSDT | 0.0000% | 8h | 446.50 | +0.038% | $13.2M | $6.8M | 20x | as long as short |
| Bybit TSMUSDT | 0.0000% | 8h | 446.10 | −0.052% | $2.0M | $415K | 50x | as long as short |
| OKX TSM-USDT-SWAP | 0.0000% | 8h | 446.48 | +0.034% | $4.0M | $3.0M | 20x | as long as short |
| Gate TSM_USDT | 0.0000% | 8h | 446.07 | −0.058% | $1.7M | $907K | 100x | as long as short |
| Bitget TSMUSDT | 0.0000% | 8h | 446.46 | +0.029% | $1.6M | $1.5M | 20x | as long as short |
| Variational Omni TSM | 0.0000% | 8h | 446.41 | +0.018% | $553K | $84K | — | as long as short |
edgeX TSMUSDC
Aster TSMUSDT
Extended TSM-USD
Binance TSMUSDT
Bybit 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 | |
|---|---|---|---|---|---|---|---|---|
| GRVT TSM_USDT_Perp | 0.0000% | 8h | 446.49 | +0.036% | $7K | $1.1M | 10x | as long as short |
| SunX TSM-USDT | 0.0000% | 8h | 446.48 | +0.034% | $1K | $5.2M | 10x | as long as short |
| HTX TSM-USDT | 0.0000% | 8h | 446.37 | +0.009% | $9K | $9K | 20x | as long as short |
| Phemex TSMUSDT | 0.0000% | 8h | 444.99 | −0.300% | $1.5M | $456K | 10x | as long as short |
| BloFin TSM-USDT | +0.0002% | 8h | 446.49 | +0.036% | $44K | $102K | 20x | as long as short |
| Lighter RH TSM | +0.0032% | 1h | 446.51 | +0.040% | $231K | $585K | 10x | as long as short |
| Vest TSM-USD-PERP | +0.0046% | 1h | 446.20 | −0.029% | — | — | 25x | as long as short |
| tradeXYZ xyz:TSM | +0.0050% | 1h | 446.10 | −0.052% | $10.3M | $2.4M | 10x | as long as short |
| Polymarket Perps TSM-USD | +0.0050% | 1h | 446.24 | −0.020% | $196K | $90K | 10x | as long as short |
| SoDEX TSM-USD | +0.0050% | 1h | 446.13 | −0.045% | $145 | $3K | 10x | as long as short |
| Ondo Perps TSM-USD.P | +0.0050% | 1h | 445.95 | −0.085% | $159K | $22K | 10x | as long as short |
| KuCoin TSMUSDTM | +0.0100% | 8h | 445.99 | −0.076% | $270K | $323K | 20x | as long as short |
| Orderly PERP_TSM_USDC_mythos | +0.0100% | 8h | 446.40 | +0.016% | $21 | — | 10x | as long as short |
| Aevo TSM-PERP | +0.0104% | 1h | 446.45 | +0.028% | $125 | — | 10x | as long as short |
| Phoenix TSMlong | +0.0215% | 1h | 446.33 | long leg | $217K | $5K | 10x | |
| Injective TSM/USDC PERP | +0.0220% | 1h | 450.72 | +0.984% | $7K | $38K | 12x | as long as short |
| Lighter TSM | +0.0328% | 1h | 446.94 | +0.137% | $504K | $166K | 10x | as long as short |
| Deribit TSM_USDC-PERPETUAL | +0.0378% | 1h | 446.37 | +0.009% | $4 | $61K | 10x | as long as short |
GRVT TSM_USDT_Perp
SunX TSM-USDT
HTX TSM-USDT
Phemex TSMUSDT
BloFin TSM-USDT
Lighter RH TSM
Vest TSM-USD-PERP
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
Injective TSM/USDC PERP
Lighter TSM
Deribit TSM_USDC-PERPETUAL