Funding arb · Price arb /

TSM

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC−0.0280%/8h= −30.7% APRpaid last 24h −0.012%

Price spread now: Aster against Lighter RH−0.071%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Lighter RH Short on Aster

What this pair did over the last

the charts below follow

Funding, last 7 days−0.093%−$9 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropLighter RH: Points live · Aster: Stage 5 · farm boardneeds both histories

Both sides work against this trade now: funding costs −$8 a day on $10k at the current rate, and Aster is 0.071% cheaper against Lighter RH than usual: you would sell low and buy high (−$7 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.093% in total (about -4.8% 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 RH TSM	441.87	0.0280	pay 0.0035% / 1h	8m 39s	$198K	$566K	10x
Short	Aster TSMUSDT	441.56	0	get 0.0000% / 8h	4h 08m	$82K	$2K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against Lighter RH. 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 Lighter RHbpFee AsterbpOrdersPrice spread, now −0.071%Rate

Funding earned: −$58.8
Price spread: −0.071% → 0.000%: −$7.1
Slippage, 4 orders: no order book: not counted
Fee Lighter RH: 0 bp × 2 orders: $0
Fee Aster: 4 bp × 2 orders: −$8
Net: −$73.9
Costs to cover: 0.080%
Break-even: never at this rate

Slippage unknown: Lighter RH: live order book, 32 min ago; Aster: 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 RH live order book, 32 min ago	1.70 bp	3.0 bp −$3	14.2 bp −$142	doesn't fit	doesn't fit
Sell Aster no order-book sample	—	—	—	—	—

Aster: 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 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
Coinbase International TSM-PERP-INTX	−0.0080%	1h	441.19	−0.154%	$372K	$104K	10x	as long as short
Aster TSMUSDTshort	0.0000%	8h	441.56	−0.071%	$82K	$2K	20x
Bybit TSMUSDT	0.0000%	8h	441.33	−0.122%	$2.0M	$353K	50x	as long as short
OKX TSM-USDT-SWAP	0.0000%	8h	441.44	−0.097%	$4.1M	$2.8M	20x	as long as short
Gate TSM_USDT	0.0000%	8h	441.35	−0.118%	$1.7M	$1.1M	100x	as long as short
SunX TSM-USDT	0.0000%	8h	441.78	−0.020%	$1K	$3.6M	10x	as long as short
HTX TSM-USDT	0.0000%	8h	441.74	−0.029%	$9K	$8K	20x	as long as short
Phemex TSMUSDT	0.0000%	8h	441.19	−0.154%	$1.5M	$576K	10x	as long as short
Bitget TSMUSDT	+0.0027%	8h	441.63	−0.054%	$1.8M	$1.5M	20x	as long as short
Lighter TSM	+0.0032%	1h	441.90	+0.007%	$498K	$151K	10x	as long as short

Show all 28 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective TSM/USDC PERP	+0.0033%	1h	446.24	+0.989%	$7K	$38K	12x	as long as short
Vest TSM-USD-PERP	+0.0046%	1h	441.53	−0.077%	—	$2K	25x	as long as short
tradeXYZ xyz:TSM	+0.0050%	1h	441.19	−0.154%	$10.2M	$2.0M	10x	as long as short
Polymarket Perps TSM-USD	+0.0050%	1h	441.52	−0.079%	$189K	$73K	10x	as long as short
SoDEX TSM-USD	+0.0050%	1h	441.37	−0.113%	$132	$3K	10x	as long as short
Ondo Perps TSM-USD.P	+0.0050%	1h	441.08	−0.179%	$160K	$36K	10x	as long as short
Variational Omni TSM	+0.0079%	8h	441.67	−0.046%	$550K	$47K	—	as long as short
KuCoin TSMUSDTM	+0.0100%	8h	441.27	−0.136%	$268K	$542K	20x	as long as short
Orderly PERP_TSM_USDC_mythos	+0.0100%	8h	441.66	−0.048%	$21	—	10x	as long as short
Aevo TSM-PERP	+0.0104%	1h	441.67	−0.044%	$124	—	10x	as long as short
BloFin TSM-USDT	+0.0135%	8h	441.70	−0.038%	$46K	$123K	20x	as long as short
Extended TSM-USD	+0.0136%	1h	441.36	−0.115%	$2K	$227K	10x	as long as short
Binance TSMUSDT	+0.0139%	8h	441.52	−0.079%	$13.2M	$8.9M	20x	as long as short
Phoenix TSM	+0.0217%	1h	441.68	−0.043%	$206K	$14K	10x	as long as short
GRVT TSM_USDT_Perp	+0.0263%	8h	441.68	−0.042%	$12K	$1.4M	10x	as long as short
Lighter RH TSMlong	+0.0280%	1h	441.87	long leg	$198K	$566K	10x
Deribit TSM_USDC-PERPETUAL	+0.0747%	1h	441.63	−0.054%	$4	$9K	10x	as long as short
edgeX TSMUSDC	+0.0775%	4h	441.73	−0.033%	$48K	$215K	10x	as long as short