Funding you earn now, next payment 10:00 UTC−0.0153%/8h= −16.8% APRpaid last 24h −0.022%
Price spread now: KuCoin against Phoenix−0.027%93s7-day average −0.063% · you buy dearer than you sell
Net, funding: paid 7d − costs−$210as 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−$2032.031% of the position
Funding, last 7 days−0.071%−$7 on $10k
+Price spread, last 4 days (all we have)−0.042%−$4 · spread now −0.027%, 7d avg −0.063%
=The price spread pays, funding is against you. KuCoin is 0.036% dearer against Phoenix than usual: you sell high and buy low (spread −0.027% now, against its 7-day average of −0.063%): +$4 on $10k if it goes back. Holding the pair costs −$5 a day in funding at the current rate, which eats that in about 19 hours. At the pace of the last 7 days (−0.071% in total) that is about 3.5 days. The two prices were read 93 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 | 442.16 | 0.0253 | pay 0.0032% / 1h | 55m 59s | $206K | $14K | 10x |
| Short | KuCoin TSMUSDTM | 442.04 | 0.0100 | get 0.0100% / 8h | 4h 55m | $268K | $497K | 20x |
Phoenix TSM
KuCoin TSMUSDTMFunding history
latest
Range statsloading…
Price spread between the two exchanges
KuCoin 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
- −$32.21
- Price spread: −0.027% → −0.063%
- $3.56
- Slippage, 4 orders
- −$184.13
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee KuCoin: 6 bp × 2 orders
- −$12
- Net
- −$231.79
- Costs to cover
- 2.031%
- Break-even
- never at this rate
Slippage from Phoenix: live order book, 44 min ago; KuCoin: live order book, 39 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, 44 min ago | 3.62 bp | 11.4 bp −$11 | 24.0 bp −$240 | doesn't fit | doesn't fit |
| Sell KuCoin live order book, 39 min ago | 8.04 bp | 46.1 bp −$46 | doesn't fit | doesn't fit | doesn't fit |
TSM on 28 exchanges
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 | −0.0080% | 1h | 441.94 | −0.050% | $373K | $109K | 10x | as long as short |
| edgeX TSMUSDC | −0.0021% | 4h | 442.32 | +0.036% | $48K | $217K | 10x | as long as short |
| Aster TSMUSDT | 0.0000% | 8h | 442.26 | +0.023% | $82K | $2K | 20x | as long as short |
| Bybit TSMUSDT | 0.0000% | 8h | 442.07 | −0.020% | $2.0M | $397K | 50x | as long as short |
| OKX TSM-USDT-SWAP | 0.0000% | 8h | 442.24 | +0.018% | $4.1M | $2.8M | 20x | as long as short |
| Gate TSM_USDT | 0.0000% | 8h | 442.05 | −0.025% | $1.7M | $1.1M | 100x | as long as short |
| Bitget TSMUSDT | 0.0000% | 8h | 442.27 | +0.025% | $1.8M | $1.5M | 20x | as long as short |
| SunX TSM-USDT | 0.0000% | 8h | 442.30 | +0.032% | $2K | $3.7M | 10x | as long as short |
| HTX TSM-USDT | 0.0000% | 8h | 442.06 | −0.023% | $9K | $8K | 20x | as long as short |
| Phemex TSMUSDT | 0.0000% | 8h | 441.77 | −0.088% | $1.5M | $568K | 10x | as long as short |
Coinbase International TSM-PERP-INTX
edgeX TSMUSDC
Aster TSMUSDT
Bybit TSMUSDT
OKX TSM-USDT-SWAP
Gate TSM_USDT
Bitget TSMUSDT
SunX TSM-USDT
HTX TSM-USDT
Phemex TSMUSDTShow all 28 exchanges
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Lighter TSM | +0.0032% | 1h | 442.34 | +0.041% | $498K | $138K | 10x | as long as short |
| Lighter RH TSM | +0.0032% | 1h | 442.39 | +0.052% | $203K | $557K | 10x | as long as short |
| Injective TSM/USDC PERP | +0.0033% | 1h | 446.84 | +1.058% | $7K | $38K | 12x | as long as short |
| Vest TSM-USD-PERP | +0.0046% | 1h | 441.92 | −0.054% | — | $2K | 25x | as long as short |
| tradeXYZ xyz:TSM | +0.0050% | 1h | 441.75 | −0.093% | $10.2M | $2.0M | 10x | as long as short |
| Polymarket Perps TSM-USD | +0.0050% | 1h | 442.00 | −0.036% | $187K | $71K | 10x | as long as short |
| SoDEX TSM-USD | +0.0050% | 1h | 441.82 | −0.077% | $135 | $3K | 10x | as long as short |
| Ondo Perps TSM-USD.P | +0.0050% | 1h | 441.86 | −0.068% | $161K | $36K | 10x | as long as short |
| Variational Omni TSM | +0.0061% | 8h | 442.40 | +0.054% | $550K | $47K | — | as long as short |
| KuCoin TSMUSDTMshort | +0.0100% | 8h | 442.04 | −0.027% | $268K | $497K | 20x | |
| Orderly PERP_TSM_USDC_mythos | +0.0100% | 8h | 442.20 | +0.009% | $21 | — | 10x | as long as short |
| Aevo TSM-PERP | +0.0104% | 1h | 442.18 | +0.005% | $124 | — | 10x | as long as short |
| Binance TSMUSDT | +0.0140% | 8h | 442.22 | +0.013% | $13.2M | $8.9M | 20x | as long as short |
| Extended TSM-USD | +0.0144% | 1h | 442.06 | −0.022% | $6K | $222K | 10x | as long as short |
| BloFin TSM-USDT | +0.0152% | 8h | 442.36 | +0.045% | $46K | $120K | 20x | as long as short |
| Deribit TSM_USDC-PERPETUAL | +0.0180% | 1h | 441.99 | −0.038% | $97 | $9K | 10x | as long as short |
| Phoenix TSMlong | +0.0253% | 1h | 442.16 | long leg | $206K | $14K | 10x | |
| GRVT TSM_USDT_Perp | +0.0351% | 8h | 442.48 | +0.072% | $8K | $1.4M | 10x | as long as short |
Lighter TSM
Lighter RH TSM
Injective TSM/USDC PERP
Vest TSM-USD-PERP
tradeXYZ xyz:TSM
Polymarket Perps TSM-USD
SoDEX TSM-USD
Ondo Perps TSM-USD.P
Variational Omni TSM
Orderly PERP_TSM_USDC_mythos
Aevo TSM-PERP
Binance TSMUSDT
Extended TSM-USD
BloFin TSM-USDT
Deribit TSM_USDC-PERPETUAL
GRVT TSM_USDT_Perp