Funding arb · Price arb /

TSM

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0032%/8h= −3.5% APRpaid last 24h −0.047%

Price spread now: Bybit against Lighter−0.073%7-day average −0.117% · you buy dearer than you sell

Net, funding: paid 7d − costs−$110as in the Funding arb table

Net, price: spread back to 7d avg − costs−$68as in the Price arb table

costs, in and out, $10k−$720.720% of the position

Long on Lighter Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.384%−$38 on $10k

Price spread, last 4 days (all we have)−0.030%−$3 · spread now −0.073%, 7d avg −0.117%

Together, before fees−0.413%+ Points / potential airdropLighter: Season 3 · farm board−$41 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bybit is 0.044% dearer against Lighter than usual: you sell high and buy low (spread −0.073% now, against its 7-day average of −0.117%): +$4 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 4.6 days. At the pace of the last 7 days (−0.384% in total) that is about 19 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter TSM	439.70	0.0032	pay 0.0004% / 1h	38m 53s	$496K	$188K	10x
Short	Bybit TSMUSDT	439.38	0	get 0.0000% / 8h	38m 53s	$2.0M	$400K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.073%Rate

Funding earned: −$6.72
Price spread: −0.073% → −0.117%: $4.42
Slippage, 4 orders: −$60.96
Fee Lighter: 0 bp × 2 orders: $0
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$74.26
Costs to cover: 0.720%
Break-even: never at this rate

Slippage from Lighter: live order book, 56 min ago; Bybit: live order book, 3 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, 56 min ago	16.60 bp	16.8 bp −$17	21.0 bp −$210	doesn't fit	doesn't fit
Sell Bybit live order book, 3 min ago	1.93 bp	16.0 bp −$16	76.1 bp −$761	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
Bitget TSMUSDT	−0.0155%	8h	439.74	+0.009%	$1.7M	$1.5M	20x	as long as short
Aster TSMUSDT	0.0000%	8h	441.32	+0.369%	$82K	$2K	20x	as long as short
Bybit TSMUSDTshort	0.0000%	8h	439.38	−0.073%	$2.0M	$400K	50x
OKX TSM-USDT-SWAP	0.0000%	8h	439.72	+0.005%	$4.0M	$2.6M	20x	as long as short
Gate TSM_USDT	0.0000%	8h	439.64	−0.014%	$1.7M	$1.1M	100x	as long as short
Variational Omni TSM	0.0000%	8h	439.82	+0.028%	$558K	$38K	—	as long as short
SunX TSM-USDT	0.0000%	8h	439.74	+0.009%	$1K	$4.1M	10x	as long as short
HTX TSM-USDT	0.0000%	8h	439.57	−0.030%	$9K	$8K	20x	as long as short
Phemex TSMUSDT	0.0000%	8h	440.78	+0.246%	$1.5M	$528K	10x	as long as short
Lighter TSMlong	+0.0032%	1h	439.70	long leg	$496K	$188K	10x

Show all 28 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH TSM	+0.0032%	1h	439.47	−0.052%	$221K	$720K	10x	as long as short
Vest TSM-USD-PERP	+0.0046%	1h	439.39	−0.071%	—	$2K	25x	as long as short
BloFin TSM-USDT	+0.0046%	8h	439.77	+0.016%	$45K	$106K	20x	as long as short
tradeXYZ xyz:TSM	+0.0050%	1h	439.17	−0.121%	$10.1M	$1.8M	10x	as long as short
Polymarket Perps TSM-USD	+0.0050%	1h	439.54	−0.036%	$190K	$68K	10x	as long as short
SoDEX TSM-USD	+0.0050%	1h	439.23	−0.107%	$135	$3K	10x	as long as short
Ondo Perps TSM-USD.P	+0.0050%	1h	439.55	−0.034%	$158K	$27K	10x	as long as short
Coinbase International TSM-PERP-INTX	+0.0056%	1h	439.33	−0.084%	$366K	$97K	10x	as long as short
Binance TSMUSDT	+0.0063%	8h	439.80	+0.023%	$12.8M	$8.0M	20x	as long as short
Extended TSM-USD	+0.0064%	1h	439.68	−0.004%	$8K	$186K	10x	as long as short
GRVT TSM_USDT_Perp	+0.0070%	8h	439.78	+0.017%	$6K	$1.3M	10x	as long as short
KuCoin TSMUSDTM	+0.0100%	8h	439.40	−0.068%	$266K	$309K	20x	as long as short
Orderly PERP_TSM_USDC_mythos	+0.0100%	8h	439.66	−0.009%	$21	—	10x	as long as short
Aevo TSM-PERP	+0.0104%	1h	439.65	−0.011%	$123	—	10x	as long as short
Phoenix TSM	+0.0146%	1h	439.59	−0.025%	$214K	$5K	10x	as long as short
Injective TSM/USDC PERP	+0.0220%	1h	444.02	+0.982%	$6K	$38K	12x	as long as short
edgeX TSMUSDC	+0.0331%	4h	439.75	+0.012%	$47K	$216K	10x	as long as short
Deribit TSM_USDC-PERPETUAL	+0.0592%	1h	439.58	−0.027%	$4	$25K	10x	as long as short