Funding arb · Price arb /

TSM

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0068%/8h= −7.4% APRpaid last 24h +0.017%

Price spread now: Lighter against Orderly+0.100%7-day average — · you sell dearer than you buy

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

Long on Orderly Short on Lighter

What this pair did over the last

the charts below follow

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

The price spread pays, funding is against you. Lighter is 0.100% dearer against Orderly than usual: you sell high and buy low (spread +0.100% now, against zero (this spread has no 7-day history yet)): +$10 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 4.9 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_TSM_USDC_mythos	439.72	0.0100	pay 0.0100% / 8h	1h 02m	$21	—	10x
Short	Lighter TSM	440.16	0.0032	get 0.0004% / 1h	2m 56s	$496K	$159K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Orderly. 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 OrderlybpFee LighterbpOrdersPrice spread, now +0.100%Rate

Funding earned: −$14.28
Price spread: +0.100% → 0.000%: $10.01
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Lighter: 0 bp × 2 orders: $0
Net: −$10.27
Costs to cover: 0.060%
Break-even: from the start

Slippage unknown: Orderly: no order-book sample; Lighter: live order book, 32 min ago. 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 Orderly no order-book sample	—	—	—	—	—
Sell Lighter live order book, 32 min ago	16.60 bp	24.6 bp −$25	29.1 bp −$291	doesn't fit	doesn't fit

Orderly: 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
Bitget TSMUSDT	−0.0175%	8h	439.86	+0.032%	$1.7M	$1.5M	20x	as long as short
Aster TSMUSDT	0.0000%	8h	439.96	+0.054%	$82K	$2K	20x	as long as short
Bybit TSMUSDT	0.0000%	8h	439.59	−0.030%	$2.0M	$400K	50x	as long as short
OKX TSM-USDT-SWAP	0.0000%	8h	439.80	+0.018%	$4.0M	$2.6M	20x	as long as short
Gate TSM_USDT	0.0000%	8h	439.65	−0.016%	$1.7M	$1.1M	100x	as long as short
Variational Omni TSM	0.0000%	8h	439.85	+0.029%	$559K	$37K	—	as long as short
SunX TSM-USDT	0.0000%	8h	439.79	+0.016%	$1K	$4.1M	10x	as long as short
HTX TSM-USDT	0.0000%	8h	439.62	−0.023%	$9K	$8K	20x	as long as short
Phemex TSMUSDT	0.0000%	8h	440.53	+0.184%	$1.5M	$524K	10x	as long as short
Lighter TSMshort	+0.0032%	1h	440.16	+0.100%	$496K	$159K	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	439.53	−0.043%	$211K	$707K	10x	as long as short
Vest TSM-USD-PERP	+0.0046%	1h	439.48	−0.055%	—	$2K	25x	as long as short
Coinbase International TSM-PERP-INTX	+0.0048%	1h	439.33	−0.089%	$366K	$102K	10x	as long as short
tradeXYZ xyz:TSM	+0.0050%	1h	439.27	−0.102%	$10.2M	$1.7M	10x	as long as short
Polymarket Perps TSM-USD	+0.0050%	1h	439.54	−0.041%	$190K	$68K	10x	as long as short
SoDEX TSM-USD	+0.0050%	1h	439.47	−0.057%	$136	$3K	10x	as long as short
Ondo Perps TSM-USD.P	+0.0050%	1h	439.63	−0.020%	$158K	$28K	10x	as long as short
Extended TSM-USD	+0.0072%	1h	439.63	−0.019%	$3K	$145K	10x	as long as short
Binance TSMUSDT	+0.0075%	8h	439.76	+0.009%	$12.9M	$8.0M	20x	as long as short
GRVT TSM_USDT_Perp	+0.0085%	8h	439.91	+0.043%	$6K	$1.3M	10x	as long as short
BloFin TSM-USDT	+0.0096%	8h	439.80	+0.018%	$45K	$106K	20x	as long as short
KuCoin TSMUSDTM	+0.0100%	8h	439.51	−0.048%	$266K	$309K	20x	as long as short
Orderly PERP_TSM_USDC_mythoslong	+0.0100%	8h	439.72	long leg	$21	—	10x
Aevo TSM-PERP	+0.0104%	1h	439.78	+0.014%	$123	—	10x	as long as short
Phoenix TSM	+0.0164%	1h	439.68	−0.009%	$214K	$5K	10x	as long as short
Deribit TSM_USDC-PERPETUAL	+0.0182%	1h	439.69	−0.007%	$97	$25K	10x	as long as short
Injective TSM/USDC PERP	+0.0220%	1h	444.27	+1.035%	$6K	$38K	12x	as long as short
edgeX TSMUSDC	+0.0270%	4h	439.81	+0.021%	$47K	$217K	10x	as long as short