Funding you earn now, next payment 23:00 UTC+0.0165%/8h= +18.1% APRnext payment +$0.21 per $10,000 · paid last 24h +0.032%
Price spread now: Phoenix against Polymarket Perps+0.020%59s7-day average +0.055% · you sell dearer than you buy
Net, funding: paid 7d − costs−$19as 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−$340.343% of the position
Funding, last 7 days+0.152%+$15 on $10k
+Price spread, last 3 days (all we have)+0.005%$0 · spread now +0.020%, 7d avg +0.055%
=Funding pays, the price is against you. Phoenix is 0.035% cheaper against Polymarket Perps than usual: you would sell low and buy high (spread +0.020% now, against its 7-day average of +0.055%). If the spread goes back, that is −$4 on $10k: about 17 hours of funding at the current rate (+$5 a day). At the pace of the last 7 days (+0.152% in total) that is about 39 hours. The two prices were read 59 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 | Polymarket Perps TSM-USD | 446.24 | 0.0050 | pay 0.0006% / 1h | 41m 43s | $196K | $90K | 10x |
| Short | Phoenix TSM | 446.33 | 0.0215 | get 0.0027% / 1h | 41m 43s | $217K | $5K | 10x |
Polymarket Perps TSM-USD
Phoenix TSMFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phoenix against Polymarket Perps. 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
- $34.68
- Price spread: +0.020% → +0.055%
- −$3.52
- Slippage, 4 orders
- −$19.25
- Fee Polymarket Perps: 4 bp × 2 orders
- −$8
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Net
- −$3.08
- Costs to cover
- 0.343%
- Break-even
- 7.6 days
Slippage from Polymarket Perps: live order book, 35 min ago; Phoenix: live order book, 31 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 Polymarket Perps live order book, 35 min ago | 2.36 bp | 8.6 bp −$9 | 10.3 bp −$103 | 11.6 bp −$1,163 | doesn't fit |
| Sell Phoenix live order book, 31 min ago | 2.69 bp | 9.6 bp −$10 | 19.1 bp −$191 | 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 | +0.051% | $48K | $216K | 10x | as long as short |
| Coinbase International TSM-PERP-INTX | −0.0024% | 1h | 446.07 | −0.038% | $357K | $97K | 10x | as long as short |
| Aster TSMUSDT | 0.0000% | 8h | 446.32 | +0.018% | $82K | $1K | 20x | as long as short |
| Extended TSM-USD | 0.0000% | 1h | 446.42 | +0.040% | $2K | $167K | 10x | as long as short |
| Binance TSMUSDT | 0.0000% | 8h | 446.49 | +0.057% | $13.2M | $6.8M | 20x | as long as short |
| Bybit TSMUSDT | 0.0000% | 8h | 446.09 | −0.034% | $2.0M | $415K | 50x | as long as short |
| OKX TSM-USDT-SWAP | 0.0000% | 8h | 446.50 | +0.058% | $4.0M | $3.0M | 20x | as long as short |
| Gate TSM_USDT | 0.0000% | 8h | 446.07 | −0.038% | $1.7M | $907K | 100x | as long as short |
| Bitget TSMUSDT | 0.0000% | 8h | 446.45 | +0.047% | $1.6M | $1.5M | 20x | as long as short |
| Variational Omni TSM | 0.0000% | 8h | 446.41 | +0.038% | $553K | $84K | — | as long as short |
edgeX TSMUSDC
Coinbase International TSM-PERP-INTX
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 | +0.056% | $7K | $1.1M | 10x | as long as short |
| SunX TSM-USDT | 0.0000% | 8h | 446.48 | +0.054% | $1K | $5.2M | 10x | as long as short |
| HTX TSM-USDT | 0.0000% | 8h | 446.37 | +0.029% | $9K | $9K | 20x | as long as short |
| Phemex TSMUSDT | 0.0000% | 8h | 444.99 | −0.280% | $1.5M | $456K | 10x | as long as short |
| BloFin TSM-USDT | +0.0002% | 8h | 446.49 | +0.056% | $44K | $102K | 20x | as long as short |
| Lighter RH TSM | +0.0032% | 1h | 446.51 | +0.061% | $231K | $585K | 10x | as long as short |
| Vest TSM-USD-PERP | +0.0046% | 1h | 446.20 | −0.009% | — | — | 25x | as long as short |
| tradeXYZ xyz:TSM | +0.0050% | 1h | 446.09 | −0.034% | $10.3M | $2.4M | 10x | as long as short |
| Polymarket Perps TSM-USDlong | +0.0050% | 1h | 446.24 | long leg | $196K | $90K | 10x | |
| SoDEX TSM-USD | +0.0050% | 1h | 446.13 | −0.025% | $145 | $3K | 10x | as long as short |
| Ondo Perps TSM-USD.P | +0.0050% | 1h | 445.95 | −0.065% | $159K | $22K | 10x | as long as short |
| KuCoin TSMUSDTM | +0.0100% | 8h | 445.99 | −0.056% | $270K | $323K | 20x | as long as short |
| Orderly PERP_TSM_USDC_mythos | +0.0100% | 8h | 446.40 | +0.036% | $21 | — | 10x | as long as short |
| Aevo TSM-PERP | +0.0104% | 1h | 446.45 | +0.048% | $125 | — | 10x | as long as short |
| Phoenix TSMshort | +0.0215% | 1h | 446.33 | +0.020% | $217K | $5K | 10x | |
| Injective TSM/USDC PERP | +0.0220% | 1h | 450.72 | +1.004% | $7K | $38K | 12x | as long as short |
| Lighter TSM | +0.0328% | 1h | 446.93 | +0.155% | $504K | $166K | 10x | as long as short |
| Deribit TSM_USDC-PERPETUAL | +0.0378% | 1h | 446.37 | +0.029% | $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
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