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: Lighter against Variational Omni+0.025%7-day average +0.082% · 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

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.105%+$11 on $10k

Price spread, last 4 days (all we have)+0.038%+$4 · spread now +0.025%, 7d avg +0.082%

Together, before fees+0.143%+ Points / potential airdropVariational Omni: Active · Lighter: Season 3 · farm board+$14 on $10k · with fees, hour by hour

Funding pays, the price is against you. Lighter is 0.057% cheaper against Variational Omni than usual: you would sell low and buy high (spread +0.025% now, against its 7-day average of +0.082%). If the spread goes back, that is −$6 on $10k: about 5.9 days of funding at the current rate (+$1 a day). At the pace of the last 4 days (+0.105% in total) that is about 47 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni TSM	439.56	0	get 0.0000% / 8h	1h 43m	$557K	$36K	—
Short	Lighter TSM	439.67	0.0032	get 0.0004% / 1h	43m 53s	$495K	$137K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now +0.025%Rate

Funding earned: $6.72
Price spread: +0.025% → +0.082%: −$5.69
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Lighter: 0 bp × 2 orders: $0
Net: $1.03
Costs to cover: 0.000%
Break-even: 5.9 days

Slippage unknown: Variational Omni: RFQ quote, 65 min ago; Lighter: live order book, 56 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, 65 min ago	2.15 bp	doesn't fit	33.7 bp −$337	doesn't fit	doesn't fit
Sell Lighter live order book, 56 min ago	13.16 bp	22.9 bp −$23	27.5 bp −$275	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
edgeX TSMUSDC	−0.0356%	4h	439.66	+0.024%	$47K	$217K	10x	as long as short
Bitget TSMUSDT	−0.0200%	8h	439.69	+0.030%	$1.7M	$1.5M	20x	as long as short
Aster TSMUSDT	0.0000%	8h	439.64	+0.019%	$82K	$2K	20x	as long as short
Bybit TSMUSDT	0.0000%	8h	439.47	−0.020%	$2.0M	$396K	50x	as long as short
OKX TSM-USDT-SWAP	0.0000%	8h	439.63	+0.016%	$4.0M	$2.6M	20x	as long as short
Gate TSM_USDT	0.0000%	8h	439.48	−0.018%	$1.7M	$1.1M	100x	as long as short
Variational Omni TSMlong	0.0000%	8h	439.56	long leg	$557K	$36K	—
SunX TSM-USDT	0.0000%	8h	439.70	+0.032%	$1K	$4.2M	10x	as long as short
HTX TSM-USDT	0.0000%	8h	439.68	+0.028%	$9K	$8K	20x	as long as short
Phemex TSMUSDT	0.0000%	8h	440.76	+0.273%	$1.5M	$514K	10x	as long as short

Show all 28 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter TSMshort	+0.0032%	1h	439.67	+0.025%	$495K	$137K	10x
Lighter RH TSM	+0.0032%	1h	439.53	−0.006%	$224K	$684K	10x	as long as short
BloFin TSM-USDT	+0.0043%	8h	439.68	+0.028%	$45K	$105K	20x	as long as short
Vest TSM-USD-PERP	+0.0046%	1h	439.29	−0.061%	—	$1K	25x	as long as short
Coinbase International TSM-PERP-INTX	+0.0048%	1h	439.33	−0.052%	$366K	$102K	10x	as long as short
tradeXYZ xyz:TSM	+0.0050%	1h	439.22	−0.077%	$10.2M	$1.8M	10x	as long as short
Polymarket Perps TSM-USD	+0.0050%	1h	439.42	−0.031%	$192K	$63K	10x	as long as short
SoDEX TSM-USD	+0.0050%	1h	439.19	−0.084%	$134	$3K	10x	as long as short
Ondo Perps TSM-USD.P	+0.0050%	1h	439.12	−0.100%	$157K	$27K	10x	as long as short
Extended TSM-USD	+0.0064%	1h	439.60	+0.011%	$5K	$179K	10x	as long as short
Binance TSMUSDT	+0.0068%	8h	439.70	+0.032%	$12.9M	$7.9M	20x	as long as short
GRVT TSM_USDT_Perp	+0.0072%	8h	439.77	+0.048%	$4K	$1.3M	10x	as long as short
KuCoin TSMUSDTM	+0.0100%	8h	439.36	−0.045%	$266K	$310K	20x	as long as short
Orderly PERP_TSM_USDC_mythos	+0.0100%	8h	439.63	+0.016%	$21	—	10x	as long as short
Aevo TSM-PERP	+0.0104%	1h	439.48	−0.018%	$123	—	10x	as long as short
Phoenix TSM	+0.0164%	1h	439.47	−0.020%	$214K	$5K	10x	as long as short
Injective TSM/USDC PERP	+0.0220%	1h	444.69	+1.168%	$6K	$38K	12x	as long as short
Deribit TSM_USDC-PERPETUAL	+0.0661%	1h	439.56	0.000%	$4	$25K	10x	as long as short