Funding arb · Price arb /

TSM

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0032%/8h= +3.5% APRpaid last 24h +0.022%

Price spread now: Lighter RH against Variational Omni−0.004%7-day average +0.032% · you buy dearer than you sell

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

Long on Variational Omni Short on Lighter RH

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.059%+$6 on $10k

Price spread, last 4 days (all we have)+0.090%+$9 · spread now −0.004%, 7d avg +0.032%

Together, before fees+0.149%+ Points / potential airdropVariational Omni: Active · Lighter RH: Points live · farm board+$15 on $10k · with fees, hour by hour

Funding pays, the price is against you. Lighter RH is 0.036% cheaper against Variational Omni than usual: you would sell low and buy high (spread −0.004% now, against its 7-day average of +0.032%). If the spread goes back, that is −$4 on $10k: about 3.8 days of funding at the current rate (+$1 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni TSM	441.07	0	get 0.0000% / 8h	2h 44m	$546K	$40K	—
Short	Lighter RH TSM	441.05	0.0032	get 0.0004% / 1h	44m 46s	$220K	$679K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter RH 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 Lighter RHbpOrdersPrice spread, now −0.004%Rate

Funding earned: $6.72
Price spread: −0.004% → +0.032%: −$3.61
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Lighter RH: 0 bp × 2 orders: $0
Net: $3.11
Costs to cover: 0.000%
Break-even: 3.8 days

Slippage unknown: Variational Omni: RFQ quote, 4 min ago; Lighter RH: live order book, 3 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, 4 min ago	2.15 bp	doesn't fit	33.7 bp −$337	doesn't fit	doesn't fit
Sell Lighter RH live order book, 3 min ago	2.27 bp	2.8 bp −$3	9.2 bp −$92	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
Bitget TSMUSDT	−0.0167%	8h	441.03	−0.009%	$1.7M	$1.5M	20x	as long as short
edgeX TSMUSDC	−0.0080%	4h	441.06	−0.001%	$48K	$217K	10x	as long as short
Aster TSMUSDT	0.0000%	8h	441.03	−0.010%	$82K	$2K	20x	as long as short
Bybit TSMUSDT	0.0000%	8h	440.84	−0.052%	$2.0M	$396K	50x	as long as short
OKX TSM-USDT-SWAP	0.0000%	8h	441.00	−0.015%	$4.0M	$2.5M	20x	as long as short
Gate TSM_USDT	0.0000%	8h	440.92	−0.034%	$1.7M	$1.1M	100x	as long as short
Variational Omni TSMlong	0.0000%	8h	441.07	long leg	$546K	$40K	—
SunX TSM-USDT	0.0000%	8h	441.18	+0.025%	$2K	$4.2M	10x	as long as short
HTX TSM-USDT	0.0000%	8h	441.78	+0.161%	$9K	$8K	20x	as long as short
Phemex TSMUSDT	0.0000%	8h	441.27	+0.046%	$1.5M	$495K	10x	as long as short

Show all 28 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter TSM	+0.0032%	1h	441.03	−0.009%	$497K	$137K	10x	as long as short
Lighter RH TSMshort	+0.0032%	1h	441.05	−0.004%	$220K	$679K	10x
Vest TSM-USD-PERP	+0.0046%	1h	440.75	−0.072%	—	$583	25x	as long as short
tradeXYZ xyz:TSM	+0.0050%	1h	440.76	−0.070%	$10.2M	$1.9M	10x	as long as short
Polymarket Perps TSM-USD	+0.0050%	1h	440.82	−0.056%	$192K	$63K	10x	as long as short
SoDEX TSM-USD	+0.0050%	1h	440.72	−0.079%	$134	$3K	10x	as long as short
Ondo Perps TSM-USD.P	+0.0050%	1h	440.83	−0.054%	$157K	$23K	10x	as long as short
GRVT TSM_USDT_Perp	+0.0054%	8h	440.98	−0.020%	$8K	$1.3M	10x	as long as short
Extended TSM-USD	+0.0056%	1h	441.05	−0.003%	$6K	$196K	10x	as long as short
Binance TSMUSDT	+0.0056%	8h	441.17	+0.023%	$12.9M	$7.6M	20x	as long as short
BloFin TSM-USDT	+0.0065%	8h	441.24	+0.039%	$45K	$102K	20x	as long as short
Coinbase International TSM-PERP-INTX	+0.0072%	1h	440.03	−0.235%	$367K	$102K	10x	as long as short
KuCoin TSMUSDTM	+0.0100%	8h	440.64	−0.097%	$268K	$310K	20x	as long as short
Orderly PERP_TSM_USDC_mythos	+0.0100%	8h	441.09	+0.005%	$21	—	10x	as long as short
Aevo TSM-PERP	+0.0104%	1h	441.15	+0.018%	$124	—	10x	as long as short
Phoenix TSM	+0.0163%	1h	441.03	−0.009%	$214K	$5K	10x	as long as short
Injective TSM/USDC PERP	+0.0220%	1h	445.50	+1.005%	$6K	$38K	12x	as long as short
Deribit TSM_USDC-PERPETUAL	+0.0385%	1h	441.02	−0.011%	$97	$24K	10x	as long as short