Funding arb · Price arb /

TSM

RWAall TSM markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0440%/8h= −48.2% APRpaid last 24h −0.051%

Price spread now: Binance against Lighter−0.136%7-day average −0.080% · you buy dearer than you sell

Net, funding: paid 7d − costs−$95as in the Funding arb table

Net, price: spread back to 7d avg − costs−$35as in the Price arb table

costs, in and out, $10k−$290.294% of the position

Long on Lighter Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−0.655%−$65 on $10k

Price spread, last 2 days (all we have)+0.014%+$1 · spread now −0.136%, 7d avg −0.080%

Together, before fees−0.640%+ Points / potential airdropLighter: Season 3 · farm board−$64 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$13 a day on $10k at the current rate, and Binance is 0.055% cheaper against Lighter than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of −0.080%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter TSM	446.55	0.0440	pay 0.0055% / 1h	25m 20s	$504K	$167K	10x
Short	Binance TSMUSDT	445.94	0	get 0.0000% / 8h	1h 25m	$13.1M	$6.9M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Lighter. 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 LighterbpFee BinancebpOrdersPrice spread, now −0.136%Rate

Funding earned: −$92.4
Price spread: −0.136% → −0.080%: −$5.51
Slippage, 4 orders: −$19.44
Fee Lighter: 0 bp × 2 orders: $0
Fee Binance: 5 bp × 2 orders: −$10
Net: −$127.35
Costs to cover: 0.294%
Break-even: never at this rate

Slippage from Lighter: live order book, 50 min ago; Binance: live order book, 15 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 Lighter live order book, 50 min ago	0.11 bp	12.4 bp −$12	16.9 bp −$169	doesn't fit	doesn't fit
Sell Binance live order book, 15 min ago	0.11 bp	6.6 bp −$7	16.3 bp −$163	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
BloFin TSM-USDT	−0.0021%	8h	445.96	−0.132%	$44K	$105K	20x	as long as short
Aster TSMUSDT	0.0000%	8h	445.70	−0.189%	$82K	$1K	20x	as long as short
Extended TSM-USD	0.0000%	1h	445.87	−0.152%	$2K	$167K	10x	as long as short
Binance TSMUSDTshort	0.0000%	8h	445.94	−0.136%	$13.1M	$6.9M	20x
Bybit TSMUSDT	0.0000%	8h	445.67	−0.197%	$2.0M	$421K	50x	as long as short
OKX TSM-USDT-SWAP	0.0000%	8h	445.83	−0.161%	$4.0M	$3.1M	20x	as long as short
Gate TSM_USDT	0.0000%	8h	445.62	−0.208%	$1.7M	$922K	100x	as long as short
Bitget TSMUSDT	0.0000%	8h	445.90	−0.146%	$1.6M	$1.5M	20x	as long as short
Variational Omni TSM	0.0000%	8h	445.92	−0.141%	$552K	$85K	—	as long as short
GRVT TSM_USDT_Perp	0.0000%	8h	445.82	−0.164%	$15K	$1.1M	10x	as long as short

Show all 28 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX TSM-USDT	0.0000%	8h	445.95	−0.134%	$2K	$5.4M	10x	as long as short
HTX TSM-USDT	0.0000%	8h	445.76	−0.177%	$9K	$9K	20x	as long as short
Phemex TSMUSDT	0.0000%	8h	445.22	−0.298%	$1.5M	$470K	10x	as long as short
Coinbase International TSM-PERP-INTX	+0.0008%	1h	444.60	−0.437%	$356K	$96K	10x	as long as short
Lighter RH TSM	+0.0032%	1h	446.03	−0.116%	$226K	$599K	10x	as long as short
Vest TSM-USD-PERP	+0.0046%	1h	445.77	−0.175%	—	—	25x	as long as short
tradeXYZ xyz:TSM	+0.0050%	1h	445.78	−0.172%	$10.3M	$2.6M	10x	as long as short
Polymarket Perps TSM-USD	+0.0050%	1h	445.78	−0.172%	$196K	$91K	10x	as long as short
SoDEX TSM-USD	+0.0050%	1h	445.68	−0.195%	$147	$3K	10x	as long as short
Ondo Perps TSM-USD.P	+0.0050%	1h	445.78	−0.172%	$159K	$22K	10x	as long as short
edgeX TSMUSDC	+0.0058%	4h	445.72	−0.185%	$48K	$214K	10x	as long as short
KuCoin TSMUSDTM	+0.0100%	8h	445.47	−0.242%	$271K	$335K	20x	as long as short
Orderly PERP_TSM_USDC_mythos	+0.0100%	8h	445.83	−0.161%	$21	—	10x	as long as short
Aevo TSM-PERP	+0.0104%	1h	445.96	−0.132%	$125	—	10x	as long as short
Deribit TSM_USDC-PERPETUAL	+0.0131%	1h	445.85	−0.157%	$4	$61K	10x	as long as short
Phoenix TSM	+0.0162%	1h	445.82	−0.163%	$217K	$5K	10x	as long as short
Injective TSM/USDC PERP	+0.0220%	1h	449.91	+0.752%	$7K	$38K	12x	as long as short
Lighter TSMlong	+0.0440%	1h	446.55	long leg	$504K	$167K	10x