Funding arb · Price arb /

TSM

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0032%/8h= +3.5% APRpaid last 24h +0.020%

Price spread now: Lighter RH against Aster−0.022%7-day average — · you buy dearer than you sell

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

Long on Aster Short on Lighter RH

What this pair did over the last

the charts below follow

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

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropAster: Stage 5 · Lighter RH: Points live · farm boardneeds both histories

Funding pays, the price is against you. Lighter RH is 0.022% cheaper against Aster than usual: you would sell low and buy high (spread −0.022% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$2 on $10k: about 2.3 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	Aster TSMUSDT	439.61	0	get 0.0000% / 8h	58m 24s	$82K	$2K	20x
Short	Lighter RH TSM	439.51	0.0032	get 0.0004% / 1h	58m 24s	$221K	$720K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter RH against Aster. 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 AsterbpFee Lighter RHbpOrdersPrice spread, now −0.022%Rate

Funding earned: $6.72
Price spread: −0.022% → 0.000%: −$2.24
Slippage, 4 orders: no order book: not counted
Fee Aster: 4 bp × 2 orders: −$8
Fee Lighter RH: 0 bp × 2 orders: $0
Net: −$3.52
Costs to cover: 0.080%
Break-even: 10.7 days

Slippage unknown: Aster: no order-book sample; Lighter RH: live order book, 44 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 Aster no order-book sample	—	—	—	—	—
Sell Lighter RH live order book, 44 min ago	2.05 bp	3.2 bp −$3	7.9 bp −$79	doesn't fit	doesn't fit

Aster: 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
Bitget TSMUSDT	−0.0167%	8h	439.85	+0.055%	$1.7M	$1.5M	20x	as long as short
tradeXYZ xyz:TSM	−0.0049%	1h	439.14	−0.107%	$10.1M	$1.8M	10x	as long as short
Aster TSMUSDTlong	0.0000%	8h	439.61	long leg	$82K	$2K	20x
Bybit TSMUSDT	0.0000%	8h	439.45	−0.036%	$2.0M	$400K	50x	as long as short
OKX TSM-USDT-SWAP	0.0000%	8h	439.59	−0.004%	$4.0M	$2.6M	20x	as long as short
Gate TSM_USDT	0.0000%	8h	439.62	+0.003%	$1.7M	$1.1M	100x	as long as short
Variational Omni TSM	0.0000%	8h	439.72	+0.025%	$559K	$38K	—	as long as short
SunX TSM-USDT	0.0000%	8h	439.62	+0.003%	$1K	$4.1M	10x	as long as short
Deribit TSM_USDC-PERPETUAL	0.0000%	1h	439.39	−0.050%	$4	$25K	10x	as long as short
HTX TSM-USDT	0.0000%	8h	439.71	+0.023%	$9K	$8K	20x	as long as short

Show all 28 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex TSMUSDT	0.0000%	8h	440.66	+0.239%	$1.5M	$524K	10x	as long as short
Lighter TSM	+0.0032%	1h	440.17	+0.128%	$496K	$179K	10x	as long as short
Lighter RH TSMshort	+0.0032%	1h	439.51	−0.022%	$221K	$720K	10x
BloFin TSM-USDT	+0.0044%	8h	439.89	+0.064%	$45K	$106K	20x	as long as short
Vest TSM-USD-PERP	+0.0046%	1h	439.36	−0.057%	—	$2K	25x	as long as short
Polymarket Perps TSM-USD	+0.0050%	1h	439.41	−0.045%	$190K	$68K	10x	as long as short
SoDEX TSM-USD	+0.0050%	1h	439.45	−0.036%	$140	$3K	10x	as long as short
Ondo Perps TSM-USD.P	+0.0050%	1h	439.18	−0.097%	$158K	$27K	10x	as long as short
Coinbase International TSM-PERP-INTX	+0.0056%	1h	439.33	−0.063%	$366K	$99K	10x	as long as short
Extended TSM-USD	+0.0064%	1h	439.40	−0.047%	$3K	$145K	10x	as long as short
Binance TSMUSDT	+0.0065%	8h	439.54	−0.016%	$12.9M	$8.0M	20x	as long as short
edgeX TSMUSDC	+0.0066%	4h	439.74	+0.030%	$47K	$217K	10x	as long as short
GRVT TSM_USDT_Perp	+0.0076%	8h	439.82	+0.048%	$6K	$1.3M	10x	as long as short
KuCoin TSMUSDTM	+0.0100%	8h	439.32	−0.066%	$266K	$309K	20x	as long as short
Orderly PERP_TSM_USDC_mythos	+0.0100%	8h	439.47	−0.031%	$21	—	10x	as long as short
Aevo TSM-PERP	+0.0104%	1h	439.50	−0.025%	$123	—	10x	as long as short
Phoenix TSM	+0.0164%	1h	439.57	−0.009%	$214K	$5K	10x	as long as short
Injective TSM/USDC PERP	+0.0220%	1h	444.27	+1.060%	$6K	$38K	12x	as long as short