Funding arb · Price arb /

TSM

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0032%/8h= −3.5% APRpaid last 24h −0.024%

Price spread now: Phemex against Lighter RH+0.038%7-day average −0.020% · you sell dearer than you buy

Net, funding: paid 7d − costs−$70as in the Funding arb table

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

costs, in and out, $10k−$610.606% of the position

Long on Lighter RH Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.093%−$9 on $10k

Price spread, last 3 days (all we have)−0.078%−$8 · spread now +0.038%, 7d avg −0.020%

Together, before fees−0.171%+ Points / potential airdropLighter RH: Points live · farm board−$17 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phemex is 0.058% dearer against Lighter RH than usual: you sell high and buy low (spread +0.038% now, against its 7-day average of −0.020%): +$6 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 6.1 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter RH TSM	443.64	0.0032	pay 0.0004% / 1h	49m 04s	$222K	$644K	10x
Short	Phemex TSMUSDT	443.81	0	get 0.0000% / 8h	5h 49m	$1.5M	$441K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Lighter RH. 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 Lighter RHbpFee PhemexbpOrdersPrice spread, now +0.038%Rate

Funding earned: −$6.72
Price spread: +0.038% → −0.020%: $5.81
Slippage, 4 orders: −$48.59
Fee Lighter RH: 0 bp × 2 orders: $0
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$61.5
Costs to cover: 0.606%
Break-even: never at this rate

Slippage from Lighter RH: live order book, 13 min ago; Phemex: live order book, 4 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 RH live order book, 13 min ago	2.48 bp	2.8 bp −$3	15.1 bp −$151	doesn't fit	doesn't fit
Sell Phemex live order book, 4 min ago	2.03 bp	29.5 bp −$30	doesn't fit	doesn't fit	doesn't fit

TSM on 27 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	−0.0267%	4h	443.83	+0.042%	$48K	$216K	10x	as long as short
Aster TSMUSDT	0.0000%	8h	443.81	+0.039%	$81K	$1K	20x	as long as short
Bybit TSMUSDT	0.0000%	8h	443.44	−0.045%	$2.0M	$391K	50x	as long as short
OKX TSM-USDT-SWAP	0.0000%	8h	443.50	−0.032%	$4.0M	$2.4M	20x	as long as short
Gate TSM_USDT	0.0000%	8h	443.53	−0.025%	$1.7M	$948K	100x	as long as short
Bitget TSMUSDT	0.0000%	8h	443.84	+0.045%	$1.7M	$1.4M	20x	as long as short
Variational Omni TSM	0.0000%	8h	443.88	+0.054%	$550K	$61K	—	as long as short
SunX TSM-USDT	0.0000%	8h	443.75	+0.025%	$2K	$4.4M	10x	as long as short
HTX TSM-USDT	0.0000%	8h	443.76	+0.027%	$9K	$9K	20x	as long as short
Phemex TSMUSDTshort	0.0000%	8h	443.81	+0.038%	$1.5M	$441K	10x

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter TSM	+0.0032%	1h	444.03	+0.088%	$501K	$173K	10x	as long as short
Lighter RH TSMlong	+0.0032%	1h	443.64	long leg	$222K	$644K	10x
Vest TSM-USD-PERP	+0.0046%	1h	443.45	−0.043%	—	$583	25x	as long as short
Binance TSMUSDT	+0.0047%	8h	443.71	+0.017%	$13.0M	$6.8M	20x	as long as short
Extended TSM-USD	+0.0048%	1h	443.62	−0.005%	$1K	$197K	10x	as long as short
tradeXYZ xyz:TSM	+0.0050%	1h	443.22	−0.095%	$10.2M	$2.3M	10x	as long as short
Polymarket Perps TSM-USD	+0.0050%	1h	443.49	−0.034%	$196K	$51K	10x	as long as short
SoDEX TSM-USD	+0.0050%	1h	443.32	−0.072%	$137	$3K	10x	as long as short
Ondo Perps TSM-USD.P	+0.0050%	1h	443.41	−0.052%	$160K	$23K	10x	as long as short
KuCoin TSMUSDTM	+0.0100%	8h	443.24	−0.090%	$268K	$319K	20x	as long as short
Orderly PERP_TSM_USDC_mythos	+0.0100%	8h	443.67	+0.007%	$21	—	10x	as long as short
Aevo TSM-PERP	+0.0104%	1h	443.67	+0.007%	$124	—	10x	as long as short
Coinbase International TSM-PERP-INTX	+0.0152%	1h	443.28	−0.081%	$370K	$107K	10x	as long as short
GRVT TSM_USDT_Perp	+0.0187%	8h	443.91	+0.061%	$8K	$1.1M	10x	as long as short
Phoenix TSM	+0.0217%	1h	443.77	+0.029%	$216K	$5K	10x	as long as short
Injective TSM/USDC PERP	+0.0220%	1h	447.81	+0.940%	$7K	$38K	12x	as long as short
Deribit TSM_USDC-PERPETUAL	+0.0336%	1h	443.62	−0.005%	$4	$24K	10x	as long as short