Funding arb · Price arb /

TSM

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC+0.0833%/8h= +91.2% APRpaid last 24h −0.063%

Price spread now: Lighter RH against edgeX−0.062%80s7-day average +0.029% · you buy dearer than you sell

Net, funding: paid 7d − costs−$16as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$250.251% of the position

Long on edgeX Short on Lighter RH

What this pair did over the last

the charts below follow

Funding, last 7 days+0.086%+$9 on $10k

Price spread, last 4 days (all we have)+0.117%+$12 · spread now −0.062%, 7d avg +0.029%

Together, before fees+0.204%+ Points / potential airdropedgeX: Active · Lighter RH: Points live · farm board+$20 on $10k · with fees, hour by hour

Funding pays, the price is against you. Lighter RH is 0.091% cheaper against edgeX than usual: you would sell low and buy high (spread −0.062% now, against its 7-day average of +0.029%). If the spread goes back, that is −$9 on $10k: about 9 hours of funding at the current rate (+$25 a day). At the pace of the last 7 days (+0.086% in total) that is about 7.4 days. The two prices were read 80 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.086% in total (about 4.5% 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	edgeX TSMUSDC	442.44	−0.0801	get 0.0400% / 4h	1h 44m	$48K	$217K	10x
Short	Lighter RH TSM	442.17	0.0032	get 0.0004% / 1h	44m 08s	$198K	$687K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter RH against edgeX. 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 edgeXbpFee Lighter RHbpOrdersPrice spread, now −0.062%Rate

Funding earned: $174.85
Price spread: −0.062% → +0.029%: −$9.08
Slippage, 4 orders: −$16.06
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Lighter RH: 0 bp × 2 orders: $0
Net: $140.71
Costs to cover: 0.251%
Break-even: 1.4 days

Slippage from edgeX: live order book, 1 min ago; Lighter RH: live order book, 1 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 edgeX live order book, 1 min ago	5.32 bp	10.0 bp −$10	12.7 bp −$127	doesn't fit	doesn't fit
Sell Lighter RH live order book, 1 min ago	1.81 bp	2.4 bp −$2	8.3 bp −$83	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 TSMUSDClong	−0.0801%	4h	442.44	long leg	$48K	$217K	10x
Coinbase International TSM-PERP-INTX	−0.0056%	1h	441.37	−0.243%	$373K	$109K	10x	as long as short
Aster TSMUSDT	0.0000%	8h	442.28	−0.036%	$82K	$2K	20x	as long as short
Bybit TSMUSDT	0.0000%	8h	441.96	−0.109%	$2.0M	$394K	50x	as long as short
OKX TSM-USDT-SWAP	0.0000%	8h	442.16	−0.064%	$4.1M	$2.8M	20x	as long as short
Gate TSM_USDT	0.0000%	8h	441.99	−0.102%	$1.7M	$1.1M	100x	as long as short
Bitget TSMUSDT	0.0000%	8h	442.22	−0.050%	$1.8M	$1.5M	20x	as long as short
SunX TSM-USDT	0.0000%	8h	442.17	−0.062%	$2K	$3.8M	10x	as long as short
HTX TSM-USDT	0.0000%	8h	442.18	−0.059%	$9K	$8K	20x	as long as short
Phemex TSMUSDT	0.0000%	8h	441.75	−0.157%	$1.5M	$562K	10x	as long as short

Show all 28 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter TSM	+0.0032%	1h	442.20	−0.055%	$498K	$143K	10x	as long as short
Lighter RH TSMshort	+0.0032%	1h	442.17	−0.062%	$198K	$687K	10x
Injective TSM/USDC PERP	+0.0033%	1h	443.95	+0.341%	$6K	$38K	12x	as long as short
Vest TSM-USD-PERP	+0.0046%	1h	441.86	−0.132%	—	$2K	25x	as long as short
Variational Omni TSM	+0.0049%	8h	442.20	−0.054%	$554K	$44K	—	as long as short
tradeXYZ xyz:TSM	+0.0050%	1h	441.79	−0.148%	$10.1M	$2.0M	10x	as long as short
Polymarket Perps TSM-USD	+0.0050%	1h	441.82	−0.141%	$187K	$71K	10x	as long as short
SoDEX TSM-USD	+0.0050%	1h	441.79	−0.148%	$136	$3K	10x	as long as short
Ondo Perps TSM-USD.P	+0.0050%	1h	441.40	−0.236%	$156K	$31K	10x	as long as short
KuCoin TSMUSDTM	+0.0100%	8h	441.86	−0.132%	$269K	$449K	20x	as long as short
Orderly PERP_TSM_USDC_mythos	+0.0100%	8h	442.23	−0.048%	$21	—	10x	as long as short
Aevo TSM-PERP	+0.0104%	1h	442.11	−0.075%	$124	—	10x	as long as short
Extended TSM-USD	+0.0120%	1h	442.07	−0.085%	$1K	$217K	10x	as long as short
Binance TSMUSDT	+0.0123%	8h	442.22	−0.050%	$13.0M	$8.5M	20x	as long as short
BloFin TSM-USDT	+0.0130%	8h	442.20	−0.055%	$45K	$117K	20x	as long as short
Phoenix TSM	+0.0253%	1h	442.43	−0.003%	$210K	$10K	10x	as long as short
Deribit TSM_USDC-PERPETUAL	+0.0316%	1h	442.09	−0.080%	$4	$10K	10x	as long as short
GRVT TSM_USDT_Perp	+0.0411%	8h	442.50	+0.014%	$8K	$1.3M	10x	as long as short