Funding arb · Price arb /

TSM

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0987%/8h= −108.1% APRpaid last 24h +0.031%

Price spread now: edgeX against Lighter−0.140%7-day average −0.079% · you buy dearer than you sell

Net, funding: paid 7d − costs−$102as in the Funding arb table

Net, price: spread back to 7d avg − costs−$70as in the Price arb table

costs, in and out, $10k−$640.643% of the position

Long on Lighter Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.374%−$37 on $10k

Price spread, last 4 days (all we have)+0.047%+$5 · spread now −0.140%, 7d avg −0.079%

Together, before fees−0.327%+ Points / potential airdropLighter: Season 3 · edgeX: Active · farm board−$33 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$30 a day on $10k at the current rate, and edgeX is 0.061% cheaper against Lighter than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of −0.079%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.374% in total (about -19.5% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made; yellow are the hours one leg has not settled yet: what the other leg paid, plus the unsettled leg at its current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter TSM	442.78	0.0032	pay 0.0004% / 1h	53m 22s	$499K	$143K	10x
Short	edgeX TSMUSDC	442.16	−0.0955	pay 0.0477% / 4h	1h 53m	$48K	$216K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX 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 edgeXbpOrdersPrice spread, now −0.140%Rate

Funding earned: −$207.25
Price spread: −0.140% → −0.079%: −$6.14
Slippage, 4 orders: −$55.28
Fee Lighter: 0 bp × 2 orders: $0
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$277.67
Costs to cover: 0.643%
Break-even: never at this rate

Slippage from Lighter: live order book, 53 min ago; edgeX: live order book, 56 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, 53 min ago	10.34 bp	17.2 bp −$17	21.6 bp −$216	doesn't fit	doesn't fit
Sell edgeX live order book, 56 min ago	5.12 bp	9.8 bp −$10	12.3 bp −$123	doesn't fit	doesn't fit

TSM on 28 exchanges

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 TSMUSDCshort	−0.0955%	4h	442.16	−0.140%	$48K	$216K	10x
Coinbase International TSM-PERP-INTX	−0.0056%	1h	442.09	−0.156%	$373K	$108K	10x	as long as short
Aster TSMUSDT	0.0000%	8h	442.24	−0.122%	$82K	$2K	20x	as long as short
Bybit TSMUSDT	0.0000%	8h	442.43	−0.079%	$2.0M	$395K	50x	as long as short
OKX TSM-USDT-SWAP	0.0000%	8h	442.56	−0.050%	$4.1M	$2.8M	20x	as long as short
Gate TSM_USDT	0.0000%	8h	442.27	−0.115%	$1.7M	$1.1M	100x	as long as short
Bitget TSMUSDT	0.0000%	8h	442.49	−0.065%	$1.8M	$1.5M	20x	as long as short
SunX TSM-USDT	0.0000%	8h	442.60	−0.041%	$2K	$3.8M	10x	as long as short
Deribit TSM_USDC-PERPETUAL	0.0000%	1h	442.36	−0.095%	$4	$10K	10x	as long as short
HTX TSM-USDT	0.0000%	8h	442.49	−0.065%	$9K	$8K	20x	as long as short

Show all 28 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex TSMUSDT	0.0000%	8h	442.02	−0.172%	$1.5M	$559K	10x	as long as short
Variational Omni TSM	+0.0006%	8h	442.40	−0.086%	$554K	$44K	—	as long as short
Lighter TSMlong	+0.0032%	1h	442.78	long leg	$499K	$143K	10x
Lighter RH TSM	+0.0032%	1h	442.83	+0.011%	$199K	$686K	10x	as long as short
Injective TSM/USDC PERP	+0.0033%	1h	443.95	+0.264%	$6K	$38K	12x	as long as short
Vest TSM-USD-PERP	+0.0046%	1h	442.48	−0.068%	—	$2K	25x	as long as short
tradeXYZ xyz:TSM	+0.0050%	1h	442.26	−0.117%	$10.2M	$2.0M	10x	as long as short
Polymarket Perps TSM-USD	+0.0050%	1h	442.31	−0.106%	$187K	$71K	10x	as long as short
SoDEX TSM-USD	+0.0050%	1h	442.20	−0.131%	$136	$3K	10x	as long as short
Ondo Perps TSM-USD.P	+0.0050%	1h	442.38	−0.090%	$156K	$31K	10x	as long as short
BloFin TSM-USDT	+0.0071%	8h	442.39	−0.088%	$45K	$115K	20x	as long as short
Extended TSM-USD	+0.0088%	1h	442.41	−0.083%	$1K	$217K	10x	as long as short
Binance TSMUSDT	+0.0092%	8h	442.56	−0.050%	$13.0M	$8.5M	20x	as long as short
KuCoin TSMUSDTM	+0.0100%	8h	442.15	−0.142%	$268K	$439K	20x	as long as short
Orderly PERP_TSM_USDC_mythos	+0.0100%	8h	442.46	−0.072%	$21	—	10x	as long as short
Aevo TSM-PERP	+0.0104%	1h	442.53	−0.057%	$124	—	10x	as long as short
Phoenix TSM	+0.0253%	1h	442.39	−0.088%	$210K	$10K	10x	as long as short
GRVT TSM_USDT_Perp	+0.0329%	8h	442.44	−0.077%	$8K	$1.3M	10x	as long as short