TSM

Alert: funding

Alert: spread

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: Deribit against Lighter−0.154%7-day average — · you buy dearer than you sell

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

Long on Lighter Short on Deribit

What this pair did over the last

the charts below follow

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

Funding pays, the price is against you. Deribit is 0.154% cheaper against Lighter than usual: you would sell low and buy high (spread −0.154% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$15 on $10k: about 14 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	Lighter TSM	448.48	0.0272	pay 0.0034% / 1h	25m 00s	$506K	$167K	10x
Short	Deribit TSM_USDC-PERPETUAL	447.79	0.0309	get 0.0039% / 1h	25m 00s	$4	$32K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Lighter. 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 LighterbpFee DeribitbpOrdersPrice spread, now −0.154%Rate

Funding earned: $7.69
Price spread: −0.154% → 0.000%: −$15.39
Slippage, 4 orders: no order book: not counted
Fee Lighter: 0 bp × 2 orders: $0
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$14.7
Costs to cover: 0.070%
Break-even: 20.4 days

Slippage unknown: Lighter: live order book, 40 min ago; Deribit: no order-book sample. 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 Lighter live order book, 40 min ago	8.38 bp	8.4 bp −$8	12.7 bp −$127	doesn't fit	doesn't fit
Sell Deribit no order-book sample	—	—	—	—	—

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	−0.104%	$48K	$215K	10x	as long as short
Coinbase International TSM-PERP-INTX	−0.0024%	1h	446.95	−0.341%	$358K	$101K	10x	as long as short
Aster TSMUSDT	0.0000%	8h	447.74	−0.166%	$82K	$1K	20x	as long as short
Extended TSM-USD	0.0000%	1h	447.75	−0.163%	$5K	$207K	10x	as long as short
Binance TSMUSDT	0.0000%	8h	447.85	−0.141%	$13.2M	$6.9M	20x	as long as short
Bybit TSMUSDT	0.0000%	8h	447.71	−0.172%	$2.0M	$411K	50x	as long as short
OKX TSM-USDT-SWAP	0.0000%	8h	447.87	−0.136%	$4.0M	$3.0M	20x	as long as short
Gate TSM_USDT	0.0000%	8h	447.62	−0.192%	$1.7M	$922K	100x	as long as short
Variational Omni TSM	0.0000%	8h	447.92	−0.125%	$555K	$84K	—	as long as short
SunX TSM-USDT	0.0000%	8h	447.91	−0.127%	$2K	$4.9M	10x	as long as short

Show 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	−0.118%	$9K	$9K	20x	as long as short
Phemex TSMUSDT	0.0000%	8h	448.01	−0.105%	$1.5M	$454K	10x	as long as short
BloFin TSM-USDT	+0.0020%	8h	447.87	−0.136%	$44K	$102K	20x	as long as short
Bitget TSMUSDT	+0.0028%	8h	447.84	−0.143%	$1.6M	$1.4M	20x	as long as short
Lighter RH TSM	+0.0032%	1h	447.88	−0.134%	$225K	$648K	10x	as long as short
Vest TSM-USD-PERP	+0.0046%	1h	447.76	−0.161%	—	—	25x	as long as short
tradeXYZ xyz:TSM	+0.0050%	1h	447.52	−0.214%	$10.3M	$2.4M	10x	as long as short
Polymarket Perps TSM-USD	+0.0050%	1h	447.72	−0.169%	$197K	$41K	10x	as long as short
SoDEX TSM-USD	+0.0050%	1h	447.50	−0.219%	$146	$3K	10x	as long as short
Ondo Perps TSM-USD.P	+0.0050%	1h	447.44	−0.232%	$158K	$20K	10x	as long as short
GRVT TSM_USDT_Perp	+0.0055%	8h	448.00	−0.106%	$13K	$1.1M	10x	as long as short
KuCoin TSMUSDTM	+0.0100%	8h	447.49	−0.221%	$271K	$312K	20x	as long as short
Orderly PERP_TSM_USDC_mythos	+0.0100%	8h	447.83	−0.145%	$21	—	10x	as long as short
Aevo TSM-PERP	+0.0104%	1h	447.86	−0.139%	$125	—	10x	as long as short
Phoenix TSM	+0.0179%	1h	447.90	−0.129%	$218K	$5K	10x	as long as short
Injective TSM/USDC PERP	+0.0220%	1h	452.64	+0.928%	$7K	$38K	12x	as long as short
Lighter TSMlong	+0.0272%	1h	448.48	long leg	$506K	$167K	10x
Deribit TSM_USDC-PERPETUALshort	+0.0309%	1h	447.79	−0.154%	$4	$32K	10x