Funding you earn now, next payment 04:00 UTC−0.0199%/8h= −21.8% APRpaid last 24h −0.061%
Price spread now: Phemex against Phoenix+0.093%7-day average +0.031% · you sell dearer than you buy
Net, funding: paid 7d − costs−$115as in the Funding arb table
Net, price: spread back to 7d avg − costs−$80as in the Price arb table
costs, in and out, $10k−$870.866% of the position
Funding, last 7 days−0.281%−$28 on $10k
+Price spread, last 4 days (all we have)−0.063%−$6 · spread now +0.093%, 7d avg +0.031%
=The price spread pays, funding is against you. Phemex is 0.062% dearer against Phoenix than usual: you sell high and buy low (spread +0.093% now, against its 7-day average of +0.031%): +$6 on $10k if it goes back. Holding the pair costs −$6 a day in funding at the current rate, which eats that in about 25 hours.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Phoenix TSM | 440.27 | 0.0199 | pay 0.0025% / 1h | 6m 23s | $214K | $5K | 10x |
| Short | Phemex TSMUSDT | 440.68 | 0 | get 0.0000% / 8h | 3h 06m | $1.5M | $488K | 10x |
Phoenix TSM
Phemex TSMUSDTFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phemex 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
- −$41.86
- Price spread: +0.093% → +0.031%
- $6.2
- Slippage, 4 orders
- −$67.56
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee Phemex: 6 bp × 2 orders
- −$12
- Net
- −$122.23
- Costs to cover
- 0.866%
- Break-even
- never at this rate
Slippage from Phoenix: live order book, 41 min ago; Phemex: live order book, 1 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, 41 min ago | 2.49 bp | 9.4 bp −$9 | 18.8 bp −$188 | doesn't fit | doesn't fit |
| Sell Phemex live order book, 1 min ago | 0.79 bp | 32.7 bp −$33 | doesn't fit | 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 | −0.0980% | 4h | 440.31 | +0.008% | $47K | $216K | 10x | as long as short |
| Bitget TSMUSDT | −0.0222% | 8h | 440.55 | +0.064% | $1.8M | $1.5M | 20x | as long as short |
| Aster TSMUSDT | 0.0000% | 8h | 440.55 | +0.064% | $82K | $2K | 20x | as long as short |
| Bybit TSMUSDT | 0.0000% | 8h | 440.22 | −0.011% | $2.0M | $389K | 50x | as long as short |
| OKX TSM-USDT-SWAP | 0.0000% | 8h | 440.50 | +0.052% | $4.0M | $2.5M | 20x | as long as short |
| Gate TSM_USDT | 0.0000% | 8h | 440.32 | +0.011% | $1.7M | $1.1M | 100x | as long as short |
| Variational Omni TSM | 0.0000% | 8h | 440.48 | +0.047% | $546K | $40K | — | as long as short |
| SunX TSM-USDT | 0.0000% | 8h | 440.55 | +0.064% | $1K | $4.2M | 10x | as long as short |
| HTX TSM-USDT | 0.0000% | 8h | 440.28 | +0.002% | $9K | $8K | 20x | as long as short |
| Phemex TSMUSDTshort | 0.0000% | 8h | 440.68 | +0.093% | $1.5M | $488K | 10x |
edgeX TSMUSDC
Bitget TSMUSDT
Aster TSMUSDT
Bybit TSMUSDT
OKX TSM-USDT-SWAP
Gate TSM_USDT
Variational Omni TSM
SunX TSM-USDT
HTX TSM-USDTShow all 28 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Lighter TSM | +0.0032% | 1h | 440.33 | +0.014% | $496K | $176K | 10x | as long as short |
| Lighter RH TSM | +0.0032% | 1h | 440.47 | +0.045% | $219K | $677K | 10x | as long as short |
| Vest TSM-USD-PERP | +0.0046% | 1h | 440.02 | −0.057% | — | $583 | 25x | as long as short |
| tradeXYZ xyz:TSM | +0.0050% | 1h | 440.08 | −0.043% | $10.2M | $2.0M | 10x | as long as short |
| Polymarket Perps TSM-USD | +0.0050% | 1h | 440.20 | −0.016% | $192K | $60K | 10x | as long as short |
| SoDEX TSM-USD | +0.0050% | 1h | 440.02 | −0.057% | $140 | $3K | 10x | as long as short |
| Ondo Perps TSM-USD.P | +0.0050% | 1h | 440.11 | −0.036% | $156K | $23K | 10x | as long as short |
| Binance TSMUSDT | +0.0063% | 8h | 440.56 | +0.065% | $12.9M | $7.5M | 20x | as long as short |
| Extended TSM-USD | +0.0064% | 1h | 440.42 | +0.035% | $5K | $188K | 10x | as long as short |
| GRVT TSM_USDT_Perp | +0.0071% | 8h | 440.39 | +0.026% | $10K | $1.3M | 10x | as long as short |
| BloFin TSM-USDT | +0.0084% | 8h | 440.38 | +0.025% | $45K | $101K | 20x | as long as short |
| Coinbase International TSM-PERP-INTX | +0.0088% | 1h | 440.03 | −0.055% | $367K | $102K | 10x | as long as short |
| KuCoin TSMUSDTM | +0.0100% | 8h | 440.12 | −0.034% | $267K | $311K | 20x | as long as short |
| Orderly PERP_TSM_USDC_mythos | +0.0100% | 8h | 440.47 | +0.045% | $21 | — | 10x | as long as short |
| Aevo TSM-PERP | +0.0104% | 1h | 440.42 | +0.033% | $123 | — | 10x | as long as short |
| Phoenix TSMlong | +0.0199% | 1h | 440.27 | long leg | $214K | $5K | 10x | |
| Injective TSM/USDC PERP | +0.0220% | 1h | 445.19 | +1.117% | $6K | $38K | 12x | as long as short |
| Deribit TSM_USDC-PERPETUAL | +0.0409% | 1h | 440.43 | +0.036% | $4 | $24K | 10x | 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
Binance TSMUSDT
Extended TSM-USD
GRVT TSM_USDT_Perp
BloFin TSM-USDT
Coinbase International TSM-PERP-INTX
KuCoin TSMUSDTM
Orderly PERP_TSM_USDC_mythos
Aevo TSM-PERP
Injective TSM/USDC PERP
Deribit TSM_USDC-PERPETUAL