Funding you earn now, next payment 00:00 UTC−0.0280%/8h= −30.7% APRnext payment −$0.35 per $10,000 · paid last 24h +0.041%
Price spread now: Deribit against Lighter−0.174%7-day average — · you buy dearer than you sell
to open and closeno order booka leg has no order-book sample
Funding, last 5 days (all we have)—no history yet
+Price spread, last 7 days—no price history on both exchanges yet
=Together, before fees—+ Points / potential airdropLighter: Season 3 · farm boardneeds both histories
Both sides work against this trade now: funding costs −$8 a day on $10k at the current rate, and Deribit is 0.174% cheaper against Lighter than usual: you would sell low and buy high (−$17 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Lighter TSM | 447.19 | 0.0280 | pay 0.0035% / 1h | 24m 46s | $505K | $166K | 10x |
| Short | Deribit TSM_USDC-PERPETUAL | 446.41 | 0 | get 0.0000% / 1h | 24m 46s | $4 | $61K | 10x |
Lighter TSM
Deribit TSM_USDC-PERPETUALFunding history
latest
Range statsloading…
Price spread between the two exchanges
Deribit against Lighter. 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
- −$58.8
- Price spread: −0.174% → 0.000%
- −$17.44
- Slippage, 4 orders
- no order book: not counted
- Fee Lighter: 0 bp × 2 orders
- $0
- Fee Deribit: 3.5 bp × 2 orders
- −$7
- Net
- −$83.24
- Costs to cover
- 0.070%
- Break-even
- never at this rate
Slippage unknown: Lighter: live order book, 45 min ago; Deribit: no order-book sample. Net counts fees only.
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, 45 min ago | 8.28 bp | 8.3 bp −$8 | 12.6 bp −$126 | doesn't fit | doesn't fit |
| Sell Deribit no order-book sample | — | — | — | — | — |
Deribit: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.
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 | |
|---|---|---|---|---|---|---|---|---|
| Coinbase International TSM-PERP-INTX | −0.0024% | 1h | 446.18 | −0.226% | $357K | $97K | 10x | as long as short |
| Aster TSMUSDT | 0.0000% | 8h | 446.50 | −0.153% | $82K | $1K | 20x | as long as short |
| Extended TSM-USD | 0.0000% | 1h | 446.58 | −0.135% | $2K | $167K | 10x | as long as short |
| Binance TSMUSDT | 0.0000% | 8h | 446.67 | −0.116% | $13.2M | $6.7M | 20x | as long as short |
| Bybit TSMUSDT | 0.0000% | 8h | 446.37 | −0.183% | $2.0M | $415K | 50x | as long as short |
| OKX TSM-USDT-SWAP | 0.0000% | 8h | 446.76 | −0.096% | $4.0M | $2.9M | 20x | as long as short |
| Gate TSM_USDT | 0.0000% | 8h | 446.24 | −0.212% | $1.7M | $908K | 100x | as long as short |
| Bitget TSMUSDT | 0.0000% | 8h | 446.61 | −0.130% | $1.6M | $1.5M | 20x | as long as short |
| Variational Omni TSM | 0.0000% | 8h | 446.47 | −0.161% | $553K | $84K | — | as long as short |
| GRVT TSM_USDT_Perp | 0.0000% | 8h | 446.47 | −0.160% | $7K | $1.1M | 10x | as long as short |
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 TSM
GRVT TSM_USDT_PerpShow all 28 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| SunX TSM-USDT | 0.0000% | 8h | 446.51 | −0.152% | $2K | $5.1M | 10x | as long as short |
| Deribit TSM_USDC-PERPETUALshort | 0.0000% | 1h | 446.41 | −0.174% | $4 | $61K | 10x | |
| HTX TSM-USDT | 0.0000% | 8h | 446.49 | −0.157% | $9K | $9K | 20x | as long as short |
| Phemex TSMUSDT | 0.0000% | 8h | 445.04 | −0.481% | $1.5M | $452K | 10x | as long as short |
| BloFin TSM-USDT | +0.0023% | 8h | 446.53 | −0.148% | $44K | $102K | 20x | as long as short |
| Lighter RH TSM | +0.0032% | 1h | 446.82 | −0.083% | $225K | $591K | 10x | as long as short |
| Vest TSM-USD-PERP | +0.0046% | 1h | 446.44 | −0.168% | — | — | 25x | as long as short |
| tradeXYZ xyz:TSM | +0.0050% | 1h | 446.40 | −0.177% | $10.3M | $2.4M | 10x | as long as short |
| Polymarket Perps TSM-USD | +0.0050% | 1h | 446.28 | −0.203% | $196K | $90K | 10x | as long as short |
| SoDEX TSM-USD | +0.0050% | 1h | 446.23 | −0.215% | $145 | $3K | 10x | as long as short |
| Ondo Perps TSM-USD.P | +0.0050% | 1h | 446.40 | −0.177% | $159K | $22K | 10x | as long as short |
| KuCoin TSMUSDTM | +0.0100% | 8h | 446.13 | −0.237% | $271K | $321K | 20x | as long as short |
| Orderly PERP_TSM_USDC_mythos | +0.0100% | 8h | 446.47 | −0.161% | $21 | — | 10x | as long as short |
| Aevo TSM-PERP | +0.0104% | 1h | 446.49 | −0.157% | $125 | — | 10x | as long as short |
| Phoenix TSM | +0.0215% | 1h | 446.54 | −0.145% | $217K | $5K | 10x | as long as short |
| Injective TSM/USDC PERP | +0.0220% | 1h | 450.72 | +0.789% | $7K | $38K | 12x | as long as short |
| Lighter TSMlong | +0.0280% | 1h | 447.19 | long leg | $505K | $166K | 10x | |
| edgeX TSMUSDC | +0.0598% | 4h | 446.44 | −0.168% | $48K | $214K | 10x | as long as short |
SunX TSM-USDT
HTX TSM-USDT
Phemex TSMUSDT
BloFin TSM-USDT
Lighter RH TSM
Vest TSM-USD-PERP
tradeXYZ xyz:TSM
Polymarket Perps TSM-USD
SoDEX TSM-USD
Ondo Perps TSM-USD.P
KuCoin TSMUSDTM
Orderly PERP_TSM_USDC_mythos
Aevo TSM-PERP
Phoenix TSM
Injective TSM/USDC PERP
edgeX TSMUSDC