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+0.014%7-day average +0.048% · you sell dearer than you buy
Net, funding: paid 7d − costs−$48as in the Funding arb table
Net, price: spread back to 7d avg − costs−$33as in the Price arb table
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)−0.295%−$29 · spread now +0.014%, 7d avg +0.048%
=Together, before fees−0.481%+ Points / potential airdropLighter RH: Points live · farm board−$48 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 0.034% cheaper against Phoenix than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of +0.048%). Swap the legs.
| 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 | 51m 20s | $216K | $5K | 10x |
| Short | Lighter RH TSM | 443.83 | 0.0032 | get 0.0004% / 1h | 51m 20s | $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: +0.014% → +0.048%
- −$3.41
- Slippage, 4 orders
- −$22.72
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee Lighter RH: 0 bp × 2 orders
- $0
- Net
- −$71.9
- Costs to cover
- 0.297%
- Break-even
- never at this rate
Slippage from Phoenix: live order book, 6 min ago; Lighter RH: live order book, 11 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, 6 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, 11 min ago | 2.48 bp | 2.6 bp −$3 | 8.2 bp −$82 | doesn't fit | doesn't fit |
TSM on 27 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 | −0.0267% | 4h | 443.83 | +0.013% | $48K | $216K | 10x | as long as short |
| Aster TSMUSDT | 0.0000% | 8h | 444.12 | +0.079% | $82K | $1K | 20x | as long as short |
| Bybit TSMUSDT | 0.0000% | 8h | 443.74 | −0.007% | $2.0M | $391K | 50x | as long as short |
| OKX TSM-USDT-SWAP | 0.0000% | 8h | 443.79 | +0.005% | $4.0M | $2.4M | 20x | as long as short |
| Gate TSM_USDT | 0.0000% | 8h | 443.74 | −0.007% | $1.7M | $932K | 100x | as long as short |
| Bitget TSMUSDT | 0.0000% | 8h | 443.95 | +0.041% | $1.7M | $1.4M | 20x | as long as short |
| Variational Omni TSM | 0.0000% | 8h | 443.57 | −0.045% | $549K | $61K | — | as long as short |
| SunX TSM-USDT | 0.0000% | 8h | 444.03 | +0.059% | $2K | $4.4M | 10x | as long as short |
| HTX TSM-USDT | 0.0000% | 8h | 443.76 | −0.002% | $9K | $9K | 20x | as long as short |
| Phemex TSMUSDT | 0.0000% | 8h | 444.12 | +0.079% | $1.5M | $441K | 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 27 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Lighter RH TSMshort | +0.0032% | 1h | 443.83 | +0.014% | $222K | $644K | 10x | |
| Vest TSM-USD-PERP | +0.0046% | 1h | 443.63 | −0.032% | — | $583 | 25x | as long as short |
| Extended TSM-USD | +0.0048% | 1h | 443.83 | +0.014% | $1K | $197K | 10x | as long as short |
| Binance TSMUSDT | +0.0050% | 8h | 443.97 | +0.045% | $13.1M | $6.8M | 20x | as long as short |
| tradeXYZ xyz:TSM | +0.0050% | 1h | 443.65 | −0.027% | $10.3M | $2.3M | 10x | as long as short |
| Polymarket Perps TSM-USD | +0.0050% | 1h | 443.65 | −0.027% | $196K | $51K | 10x | as long as short |
| SoDEX TSM-USD | +0.0050% | 1h | 443.48 | −0.065% | $137 | $3K | 10x | as long as short |
| Ondo Perps TSM-USD.P | +0.0050% | 1h | 443.41 | −0.081% | $160K | $23K | 10x | as long as short |
| Lighter TSM | +0.0064% | 1h | 444.07 | +0.068% | $501K | $173K | 10x | as long as short |
| KuCoin TSMUSDTM | +0.0100% | 8h | 443.56 | −0.047% | $269K | $320K | 20x | as long as short |
| Orderly PERP_TSM_USDC_mythos | +0.0100% | 8h | 443.90 | +0.029% | $21 | — | 10x | as long as short |
| Aevo TSM-PERP | +0.0104% | 1h | 443.86 | +0.021% | $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 | +0.0202% | 8h | 443.99 | +0.050% | $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 | 447.81 | +0.910% | $7K | $38K | 12x | as long as short |
| Deribit TSM_USDC-PERPETUAL | +0.0223% | 1h | 444.00 | +0.052% | $4 | $24K | 10x | as long as short |
Vest TSM-USD-PERP
Extended TSM-USD
Binance TSMUSDT
tradeXYZ xyz:TSM
Polymarket Perps TSM-USD
SoDEX TSM-USD
Ondo Perps TSM-USD.P
Lighter TSM
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