Funding you earn now, next payment 01:00 UTC−0.0037%/8h= −4.0% APRnext payment −$0.05 per $10,000 · paid last 24h −0.031%
Price spread now: Lighter against Deribit+0.154%7-day average — · you sell dearer than you buy
to open and closeno order booka leg has no order-book sample
Funding, last 5 days (all we have)—no history yet
+Price spread, last 7 days—no price history on both exchanges yet
=Together, before fees—+ Points / potential airdropLighter: Season 3 · farm boardneeds both histories
The price spread pays, funding is against you. Lighter is 0.154% dearer against Deribit than usual: you sell high and buy low (spread +0.154% now, against zero (this spread has no 7-day history yet)): +$15 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 14 days.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Deribit TSM_USDC-PERPETUAL | 447.79 | 0.0309 | pay 0.0039% / 1h | 24m 51s | $4 | $32K | 10x |
| Short | Lighter TSM | 448.48 | 0.0272 | get 0.0034% / 1h | 24m 51s | $506K | $167K | 10x |
Deribit TSM_USDC-PERPETUAL
Lighter TSMFunding history
latest
Range statsloading…
Price spread between the two exchanges
Lighter against Deribit. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$7.69
- Price spread: +0.154% → 0.000%
- $15.41
- Slippage, 4 orders
- no order book: not counted
- Fee Deribit: 3.5 bp × 2 orders
- −$7
- Fee Lighter: 0 bp × 2 orders
- $0
- Net
- $0.72
- Costs to cover
- 0.070%
- Break-even
- from the start
Slippage unknown: Deribit: no order-book sample; Lighter: live order book, 40 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 Deribit no order-book sample | — | — | — | — | — |
| Sell Lighter live order book, 40 min ago | 8.38 bp | 17.1 bp −$17 | 30.0 bp −$300 | doesn't fit | doesn't fit |
Deribit: 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 | |
|---|---|---|---|---|---|---|---|---|
| edgeX TSMUSDC | −0.0968% | 4h | 448.01 | +0.050% | $48K | $215K | 10x | as long as short |
| Coinbase International TSM-PERP-INTX | −0.0024% | 1h | 446.95 | −0.188% | $358K | $101K | 10x | as long as short |
| Aster TSMUSDT | 0.0000% | 8h | 447.74 | −0.012% | $82K | $1K | 20x | as long as short |
| Extended TSM-USD | 0.0000% | 1h | 447.75 | −0.009% | $5K | $207K | 10x | as long as short |
| Binance TSMUSDT | 0.0000% | 8h | 447.85 | +0.013% | $13.2M | $6.9M | 20x | as long as short |
| Bybit TSMUSDT | 0.0000% | 8h | 447.71 | −0.018% | $2.0M | $411K | 50x | as long as short |
| OKX TSM-USDT-SWAP | 0.0000% | 8h | 447.87 | +0.018% | $4.0M | $3.0M | 20x | as long as short |
| Gate TSM_USDT | 0.0000% | 8h | 447.62 | −0.038% | $1.7M | $922K | 100x | as long as short |
| Variational Omni TSM | 0.0000% | 8h | 447.92 | +0.029% | $555K | $84K | — | as long as short |
| SunX TSM-USDT | 0.0000% | 8h | 447.91 | +0.027% | $2K | $4.9M | 10x | as long as short |
edgeX TSMUSDC
Coinbase International TSM-PERP-INTX
Aster TSMUSDT
Extended TSM-USD
Binance TSMUSDT
Bybit TSMUSDT
OKX TSM-USDT-SWAP
Gate TSM_USDT
Variational Omni TSM
SunX TSM-USDTShow all 28 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| HTX TSM-USDT | 0.0000% | 8h | 447.95 | +0.036% | $9K | $9K | 20x | as long as short |
| Phemex TSMUSDT | 0.0000% | 8h | 448.01 | +0.049% | $1.5M | $454K | 10x | as long as short |
| BloFin TSM-USDT | +0.0020% | 8h | 447.87 | +0.018% | $44K | $102K | 20x | as long as short |
| Bitget TSMUSDT | +0.0028% | 8h | 447.84 | +0.011% | $1.6M | $1.4M | 20x | as long as short |
| Lighter RH TSM | +0.0032% | 1h | 447.88 | +0.020% | $225K | $648K | 10x | as long as short |
| Vest TSM-USD-PERP | +0.0046% | 1h | 447.76 | −0.007% | — | — | 25x | as long as short |
| tradeXYZ xyz:TSM | +0.0050% | 1h | 447.52 | −0.060% | $10.3M | $2.4M | 10x | as long as short |
| Polymarket Perps TSM-USD | +0.0050% | 1h | 447.72 | −0.016% | $197K | $41K | 10x | as long as short |
| SoDEX TSM-USD | +0.0050% | 1h | 447.50 | −0.065% | $146 | $3K | 10x | as long as short |
| Ondo Perps TSM-USD.P | +0.0050% | 1h | 447.44 | −0.078% | $158K | $20K | 10x | as long as short |
| GRVT TSM_USDT_Perp | +0.0055% | 8h | 448.00 | +0.048% | $13K | $1.1M | 10x | as long as short |
| KuCoin TSMUSDTM | +0.0100% | 8h | 447.49 | −0.067% | $271K | $312K | 20x | as long as short |
| Orderly PERP_TSM_USDC_mythos | +0.0100% | 8h | 447.83 | +0.009% | $21 | — | 10x | as long as short |
| Aevo TSM-PERP | +0.0104% | 1h | 447.86 | +0.015% | $125 | — | 10x | as long as short |
| Phoenix TSM | +0.0179% | 1h | 447.90 | +0.025% | $218K | $5K | 10x | as long as short |
| Injective TSM/USDC PERP | +0.0220% | 1h | 452.64 | +1.083% | $7K | $38K | 12x | as long as short |
| Lighter TSMshort | +0.0272% | 1h | 448.48 | +0.154% | $506K | $167K | 10x | |
| Deribit TSM_USDC-PERPETUALlong | +0.0309% | 1h | 447.79 | long leg | $4 | $32K | 10x |
HTX TSM-USDT
Phemex TSMUSDT
BloFin TSM-USDT
Bitget TSMUSDT
Lighter RH TSM
Vest TSM-USD-PERP
tradeXYZ xyz:TSM
Polymarket Perps TSM-USD
SoDEX TSM-USD
Ondo Perps TSM-USD.P
GRVT TSM_USDT_Perp
KuCoin TSMUSDTM
Orderly PERP_TSM_USDC_mythos
Aevo TSM-PERP
Phoenix TSM
Injective TSM/USDC PERP