Funding arb · Price arb /

TSM

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 20:00 UTC+0.0177%/8hnext payment +$0.22 per $10,000 · paid last 24h +0.056%

Price spread now: Deribit against Lighter−0.141%7-day average — · you buy dearer than you sell

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

Long on Lighter Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 4 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

Funding pays, the price is against you. Deribit is 0.141% cheaper against Lighter than usual: you would sell low and buy high (spread −0.141% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$14 on $10k: about 2.7 days of funding at the current rate (+$5 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter TSM	446.13	0.0224	pay 0.0028% / 1h	21m 25s	$504K	$154K	10x
Short	Deribit TSM_USDC-PERPETUAL	445.50	0.0401	get 0.0050% / 1h	21m 25s	$4	$61K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now −0.141%Rate

Funding earned: $37.25
Price spread: −0.141% → 0.000%: −$14.12
Slippage, 4 orders: no order book: not counted
Fee Lighter: 0 bp × 2 orders: $0
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $16.13
Costs to cover: 0.070%
Break-even: 4.0 days

Slippage unknown: Lighter: live order book, 7 min ago; Deribit: 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 live order book, 7 min ago	8.86 bp	9.1 bp −$9	13.5 bp −$135	doesn't fit	doesn't fit
Sell Deribit no order-book sample	—	—	—	—	—

Deribit: 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
edgeX TSMUSDC	−0.0069%	4h	445.44	−0.156%	$48K	$215K	10x	as long as short
Coinbase International TSM-PERP-INTX	−0.0040%	1h	444.71	−0.318%	$358K	$89K	10x	as long as short
BloFin TSM-USDT	−0.0011%	8h	445.35	−0.175%	$45K	$100K	20x	as long as short
Aster TSMUSDT	0.0000%	8h	445.57	−0.126%	$82K	$1K	20x	as long as short
Extended TSM-USD	0.0000%	1h	445.62	−0.115%	$2K	$167K	10x	as long as short
Binance TSMUSDT	0.0000%	8h	445.65	−0.108%	$13.1M	$6.5M	20x	as long as short
Bybit TSMUSDT	0.0000%	8h	445.38	−0.168%	$2.0M	$378K	50x	as long as short
OKX TSM-USDT-SWAP	0.0000%	8h	445.45	−0.152%	$4.0M	$3.0M	20x	as long as short
Gate TSM_USDT	0.0000%	8h	445.42	−0.159%	$1.7M	$885K	100x	as long as short
Variational Omni TSM	0.0000%	8h	445.48	−0.146%	$557K	$81K	—	as long as short

Show all 28 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT TSM_USDT_Perp	0.0000%	8h	445.46	−0.150%	$10K	$895K	10x	as long as short
SunX TSM-USDT	0.0000%	8h	445.49	−0.143%	$1K	$5.3M	10x	as long as short
HTX TSM-USDT	0.0000%	8h	445.19	−0.211%	$9K	$8K	20x	as long as short
Phemex TSMUSDT	0.0000%	8h	444.89	−0.278%	$1.5M	$439K	10x	as long as short
Lighter RH TSM	+0.0032%	1h	445.62	−0.114%	$206K	$671K	10x	as long as short
Vest TSM-USD-PERP	+0.0046%	1h	445.46	−0.150%	—	—	25x	as long as short
Bitget TSMUSDT	+0.0049%	8h	445.35	−0.175%	$1.6M	$1.5M	20x	as long as short
tradeXYZ xyz:TSM	+0.0050%	1h	445.34	−0.177%	$10.3M	$2.3M	10x	as long as short
Polymarket Perps TSM-USD	+0.0050%	1h	445.35	−0.175%	$188K	$82K	10x	as long as short
SoDEX TSM-USD	+0.0050%	1h	445.08	−0.235%	$151	$3K	10x	as long as short
Ondo Perps TSM-USD.P	+0.0050%	1h	444.96	−0.262%	$158K	$18K	10x	as long as short
KuCoin TSMUSDTM	+0.0100%	8h	445.36	−0.173%	$273K	$319K	20x	as long as short
Orderly PERP_TSM_USDC_mythos	+0.0100%	8h	445.60	−0.119%	$21	—	10x	as long as short
Aevo TSM-PERP	+0.0104%	1h	445.48	−0.145%	$125	—	10x	as long as short
Phoenix TSM	+0.0162%	1h	445.44	−0.155%	$217K	$5K	10x	as long as short
Injective TSM/USDC PERP	+0.0220%	1h	450.01	+0.870%	$7K	$38K	12x	as long as short
Lighter TSMlong	+0.0224%	1h	446.13	long leg	$504K	$154K	10x
Deribit TSM_USDC-PERPETUALshort	+0.0401%	1h	445.50	−0.141%	$4	$61K	10x