Funding arb · Price arb /

TSM

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0032%/8h= +3.5% APRpaid last 24h +0.031%

Price spread now: Lighter RH against Variational Omni+0.001%7-day average +0.038% · you sell dearer than you buy

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

Long on Variational Omni Short on Lighter RH

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.056%+$6 on $10k

Price spread, last 3 days (all we have)+0.101%+$10 · spread now +0.001%, 7d avg +0.038%

Together, before fees+0.158%+ Points / potential airdropVariational Omni: Active · Lighter RH: Points live · farm board+$16 on $10k · with fees, hour by hour

Funding pays, the price is against you. Lighter RH is 0.037% cheaper against Variational Omni than usual: you would sell low and buy high (spread +0.001% now, against its 7-day average of +0.038%). If the spread goes back, that is −$4 on $10k: about 3.8 days of funding at the current rate (+$1 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni TSM	445.20	0	get 0.0000% / 8h	2h 07m	$551K	$85K	—
Short	Lighter RH TSM	445.21	0.0032	get 0.0004% / 1h	7m 32s	$224K	$685K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter RH against Variational Omni. 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 Variational OmnibpFee Lighter RHbpOrdersPrice spread, now +0.001%Rate

Funding earned: $6.72
Price spread: +0.001% → +0.038%: −$3.68
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Lighter RH: 0 bp × 2 orders: $0
Net: $3.04
Costs to cover: 0.000%
Break-even: 3.8 days

Slippage unknown: Variational Omni: RFQ quote, 17 min ago; Lighter RH: live order book, 15 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 Variational Omni RFQ quote, 17 min ago	2.89 bp	doesn't fit	37.1 bp −$371	doesn't fit	doesn't fit
Sell Lighter RH live order book, 15 min ago	2.25 bp	2.8 bp −$3	8.9 bp −$89	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
BloFin TSM-USDT	−0.0009%	8h	445.17	−0.007%	$44K	$105K	20x	as long as short
Aster TSMUSDT	0.0000%	8h	445.09	−0.026%	$82K	$1K	20x	as long as short
Extended TSM-USD	0.0000%	1h	445.06	−0.032%	$2K	$167K	10x	as long as short
Binance TSMUSDT	0.0000%	8h	445.12	−0.019%	$13.1M	$6.9M	20x	as long as short
Bybit TSMUSDT	0.0000%	8h	444.86	−0.077%	$2.0M	$419K	50x	as long as short
OKX TSM-USDT-SWAP	0.0000%	8h	445.01	−0.043%	$4.0M	$3.1M	20x	as long as short
Gate TSM_USDT	0.0000%	8h	444.91	−0.066%	$1.7M	$923K	100x	as long as short
Bitget TSMUSDT	0.0000%	8h	445.10	−0.023%	$1.6M	$1.5M	20x	as long as short
Variational Omni TSMlong	0.0000%	8h	445.20	long leg	$551K	$85K	—
GRVT TSM_USDT_Perp	0.0000%	8h	445.14	−0.015%	$7K	$1.1M	10x	as long as short

Show all 28 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX TSM-USDT	0.0000%	8h	445.12	−0.019%	$1K	$5.4M	10x	as long as short
HTX TSM-USDT	0.0000%	8h	445.16	−0.010%	$9K	$9K	20x	as long as short
Phemex TSMUSDT	0.0000%	8h	445.06	−0.032%	$1.5M	$465K	10x	as long as short
Coinbase International TSM-PERP-INTX	+0.0016%	1h	444.60	−0.136%	$356K	$96K	10x	as long as short
edgeX TSMUSDC	+0.0026%	4h	445.17	−0.006%	$48K	$214K	10x	as long as short
Lighter RH TSMshort	+0.0032%	1h	445.21	+0.001%	$224K	$685K	10x
Vest TSM-USD-PERP	+0.0046%	1h	444.91	−0.066%	—	—	25x	as long as short
tradeXYZ xyz:TSM	+0.0050%	1h	444.74	−0.104%	$10.3M	$2.6M	10x	as long as short
Polymarket Perps TSM-USD	+0.0050%	1h	444.95	−0.057%	$188K	$82K	10x	as long as short
SoDEX TSM-USD	+0.0050%	1h	444.81	−0.088%	$145	$3K	10x	as long as short
Ondo Perps TSM-USD.P	+0.0050%	1h	445.02	−0.041%	$158K	$22K	10x	as long as short
KuCoin TSMUSDTM	+0.0100%	8h	444.72	−0.109%	$269K	$340K	20x	as long as short
Orderly PERP_TSM_USDC_mythos	+0.0100%	8h	445.16	−0.010%	$21	—	10x	as long as short
Aevo TSM-PERP	+0.0104%	1h	445.27	+0.015%	$125	—	10x	as long as short
Phoenix TSM	+0.0180%	1h	444.99	−0.048%	$216K	$5K	10x	as long as short
Injective TSM/USDC PERP	+0.0220%	1h	468.41	+5.213%	$7K	$39K	12x	as long as short
Deribit TSM_USDC-PERPETUAL	+0.0402%	1h	445.18	−0.005%	$4	$61K	10x	as long as short
Lighter TSM	+0.0672%	1h	445.88	+0.152%	$503K	$161K	10x	as long as short