Funding arb · Price arb /

TSM

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0032%/8h= −3.5% APRpaid last 24h −0.047%

Price spread now: Gate against Lighter−0.061%7-day average −0.135% · you buy dearer than you sell

Net, funding: paid 7d − costs−$102as in the Funding arb table

Net, price: spread back to 7d avg − costs−$55as in the Price arb table

costs, in and out, $10k−$630.628% of the position

Long on Lighter Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.395%−$40 on $10k

Price spread, last 4 days (all we have)−0.068%−$7 · spread now −0.061%, 7d avg −0.135%

Together, before fees−0.463%+ Points / potential airdropLighter: Season 3 · farm board−$46 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Gate is 0.074% dearer against Lighter than usual: you sell high and buy low (spread −0.061% now, against its 7-day average of −0.135%): +$7 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 7.7 days. At the pace of the last 7 days (−0.395% in total) that is about 31 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter TSM	439.66	0.0032	pay 0.0004% / 1h	41m 47s	$495K	$137K	10x
Short	Gate TSM_USDT	439.39	0	get 0.0000% / 8h	1h 41m	$1.7M	$1.1M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.061%Rate

Funding earned: −$6.72
Price spread: −0.061% → −0.135%: $7.39
Slippage, 4 orders: −$47.83
Fee Lighter: 0 bp × 2 orders: $0
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$62.16
Costs to cover: 0.628%
Break-even: never at this rate

Slippage from Lighter: live order book, 58 min ago; Gate: 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 Lighter live order book, 58 min ago	13.16 bp	13.2 bp −$13	17.3 bp −$173	doesn't fit	doesn't fit
Sell Gate live order book, 1 min ago	2.62 bp	13.4 bp −$13	36.4 bp −$364	52.8 bp −$5,275	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
Bitget TSMUSDT	−0.0205%	8h	439.69	+0.007%	$1.7M	$1.5M	20x	as long as short
Aster TSMUSDT	0.0000%	8h	439.58	−0.017%	$82K	$2K	20x	as long as short
Bybit TSMUSDT	0.0000%	8h	439.39	−0.061%	$2.0M	$396K	50x	as long as short
OKX TSM-USDT-SWAP	0.0000%	8h	439.45	−0.048%	$4.0M	$2.6M	20x	as long as short
Gate TSM_USDTshort	0.0000%	8h	439.39	−0.061%	$1.7M	$1.1M	100x
Variational Omni TSM	0.0000%	8h	439.56	−0.023%	$557K	$36K	—	as long as short
SunX TSM-USDT	0.0000%	8h	439.54	−0.027%	$2K	$4.1M	10x	as long as short
HTX TSM-USDT	0.0000%	8h	439.22	−0.100%	$9K	$8K	20x	as long as short
Phemex TSMUSDT	0.0000%	8h	440.67	+0.230%	$1.5M	$514K	10x	as long as short
Lighter TSMlong	+0.0032%	1h	439.66	long leg	$495K	$137K	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	439.41	−0.057%	$224K	$684K	10x	as long as short
Vest TSM-USD-PERP	+0.0046%	1h	439.20	−0.105%	—	$1K	25x	as long as short
Coinbase International TSM-PERP-INTX	+0.0048%	1h	439.33	−0.075%	$366K	$102K	10x	as long as short
tradeXYZ xyz:TSM	+0.0050%	1h	439.10	−0.127%	$10.2M	$1.8M	10x	as long as short
Polymarket Perps TSM-USD	+0.0050%	1h	439.31	−0.080%	$192K	$63K	10x	as long as short
SoDEX TSM-USD	+0.0050%	1h	439.14	−0.118%	$134	$3K	10x	as long as short
Ondo Perps TSM-USD.P	+0.0050%	1h	439.12	−0.123%	$157K	$27K	10x	as long as short
BloFin TSM-USDT	+0.0061%	8h	439.84	+0.041%	$45K	$105K	20x	as long as short
Extended TSM-USD	+0.0064%	1h	439.43	−0.053%	$3K	$181K	10x	as long as short
Binance TSMUSDT	+0.0068%	8h	439.50	−0.037%	$12.9M	$7.8M	20x	as long as short
GRVT TSM_USDT_Perp	+0.0072%	8h	439.77	+0.025%	$4K	$1.3M	10x	as long as short
KuCoin TSMUSDTM	+0.0100%	8h	439.27	−0.089%	$266K	$310K	20x	as long as short
Orderly PERP_TSM_USDC_mythos	+0.0100%	8h	439.48	−0.041%	$21	—	10x	as long as short
Aevo TSM-PERP	+0.0104%	1h	439.55	−0.024%	$123	—	10x	as long as short
Phoenix TSM	+0.0164%	1h	439.47	−0.043%	$214K	$5K	10x	as long as short
Injective TSM/USDC PERP	+0.0220%	1h	444.69	+1.144%	$6K	$38K	12x	as long as short
edgeX TSMUSDC	+0.0243%	4h	439.65	−0.003%	$47K	$217K	10x	as long as short
Deribit TSM_USDC-PERPETUAL	+0.0410%	1h	439.45	−0.048%	$4	$25K	10x	as long as short