TSM

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0256%/8h= +28.0% APRnext payment +$0.32 per $10,000 · paid last 24h +0.059%

Price spread now: Lighter against Coinbase International+0.233%7-day average +0.297% · you sell dearer than you buy

Net, funding: paid 7d − costs+$17as in the Funding arb table

Net, price: spread back to 7d avg − costs−$46as in the Price arb table

costs, in and out, $10k−$400.398% of the position

Long on Coinbase International Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.565%+$56 on $10k

Price spread, last 3 days (all we have)−0.149%−$15 · spread now +0.233%, 7d avg +0.297%

Together, before fees+0.415%+ Points / potential airdropLighter: Season 3 · farm board+$42 on $10k · with fees, hour by hour

Funding pays, the price is against you. Lighter is 0.065% cheaper against Coinbase International than usual: you would sell low and buy high (spread +0.233% now, against its 7-day average of +0.297%). If the spread goes back, that is −$6 on $10k: about 20 hours of funding at the current rate (+$8 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International TSM-PERP-INTX	446.95	−0.0024	get 0.0003% / 1h	35m 40s	$358K	$101K	10x
Short	Lighter TSM	447.99	0.0232	get 0.0029% / 1h	35m 40s	$506K	$166K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Coinbase International. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee Coinbase InternationalbpFee LighterbpOrdersPrice spread, now +0.233%Rate

Funding earned: $53.76
Price spread: +0.233% → +0.297%: −$6.47
Slippage, 4 orders: −$29.85
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Lighter: 0 bp × 2 orders: $0
Net: $7.44
Costs to cover: 0.398%
Break-even: 6.0 days

Slippage from Coinbase International: live order book, 37 min ago; Lighter: live order book, 29 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 Coinbase International live order book, 37 min ago	1.57 bp	7.8 bp −$8	13.1 bp −$131	doesn't fit	doesn't fit
Sell Lighter live order book, 29 min ago	8.38 bp	17.1 bp −$17	30.0 bp −$300	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	−0.0459%	4h	447.23	+0.063%	$48K	$216K	10x	as long as short
Coinbase International TSM-PERP-INTXlong	−0.0024%	1h	446.95	long leg	$358K	$101K	10x
BloFin TSM-USDT	−0.0004%	8h	447.44	+0.110%	$45K	$102K	20x	as long as short
Aster TSMUSDT	0.0000%	8h	447.31	+0.080%	$82K	$1K	20x	as long as short
Extended TSM-USD	0.0000%	1h	447.31	+0.080%	$3K	$182K	10x	as long as short
Binance TSMUSDT	0.0000%	8h	447.42	+0.105%	$13.2M	$6.9M	20x	as long as short
Bybit TSMUSDT	0.0000%	8h	447.19	+0.054%	$2.0M	$408K	50x	as long as short
OKX TSM-USDT-SWAP	0.0000%	8h	447.42	+0.105%	$4.0M	$3.0M	20x	as long as short
Gate TSM_USDT	0.0000%	8h	447.14	+0.043%	$1.7M	$906K	100x	as long as short
Variational Omni TSM	0.0000%	8h	447.36	+0.092%	$554K	$84K	—	as long as short

Show all 28 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT TSM_USDT_Perp	0.0000%	8h	447.37	+0.094%	$9K	$1.1M	10x	as long as short
SunX TSM-USDT	0.0000%	8h	447.38	+0.096%	$2K	$5.0M	10x	as long as short
HTX TSM-USDT	0.0000%	8h	447.26	+0.069%	$9K	$8K	20x	as long as short
Phemex TSMUSDT	0.0000%	8h	447.58	+0.141%	$1.5M	$452K	10x	as long as short
Bitget TSMUSDT	+0.0010%	8h	447.39	+0.098%	$1.6M	$1.4M	20x	as long as short
Lighter RH TSM	+0.0032%	1h	447.44	+0.110%	$230K	$637K	10x	as long as short
Vest TSM-USD-PERP	+0.0046%	1h	447.19	+0.054%	—	—	25x	as long as short
tradeXYZ xyz:TSM	+0.0050%	1h	447.10	+0.034%	$10.3M	$2.4M	10x	as long as short
Polymarket Perps TSM-USD	+0.0050%	1h	447.20	+0.056%	$197K	$41K	10x	as long as short
SoDEX TSM-USD	+0.0050%	1h	447.07	+0.027%	$146	$3K	10x	as long as short
Ondo Perps TSM-USD.P	+0.0050%	1h	447.09	+0.031%	$158K	$20K	10x	as long as short
KuCoin TSMUSDTM	+0.0100%	8h	446.97	+0.004%	$272K	$313K	20x	as long as short
Orderly PERP_TSM_USDC_mythos	+0.0100%	8h	447.33	+0.085%	$21	—	10x	as long as short
Aevo TSM-PERP	+0.0104%	1h	447.38	+0.096%	$125	—	10x	as long as short
Phoenix TSM	+0.0179%	1h	447.08	+0.029%	$217K	$5K	10x	as long as short
Injective TSM/USDC PERP	+0.0220%	1h	452.06	+1.143%	$7K	$38K	12x	as long as short
Lighter TSMshort	+0.0232%	1h	447.99	+0.233%	$506K	$166K	10x
Deribit TSM_USDC-PERPETUAL	+0.0399%	1h	447.33	+0.085%	$4	$32K	10x	as long as short