Funding arb · Price arb /

TSM

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0672%/8h= +73.6% APRpaid last 24h +0.038%

Price spread now: edgeX against Lighter RH+0.103%7-day average −0.036% · you sell dearer than you buy

Net, funding: paid 7d − costs−$46as in the Funding arb table

Net, price: spread back to 7d avg − costs−$12as in the Price arb table

costs, in and out, $10k−$250.255% of the position

Long on Lighter RH Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.203%−$20 on $10k

Price spread, last 4 days (all we have)−0.084%−$8 · spread now +0.103%, 7d avg −0.036%

Together, before fees−0.287%+ Points / potential airdropLighter RH: Points live · edgeX: Active · farm board−$29 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$20 a day on $10k at the current rate, and edgeX is 0.139% dearer against Lighter RH than usual: you sell high and buy low: +$14 more if the spread goes back to its 7-day average of −0.036%. Mind the row above: over the last 7 days funding on this pair cost −0.203%, so the current rate has only just turned in your favour.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.203% in total (about -10.6% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter RH TSM	444.30	0.0032	pay 0.0004% / 1h	35m 02s	$222K	$630K	10x
Short	edgeX TSMUSDC	444.76	0.0704	get 0.0352% / 4h	2h 35m	$48K	$216K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX against Lighter RH. 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 Lighter RHbpFee edgeXbpOrdersPrice spread, now +0.103%Rate

Funding earned: $141.07
Price spread: +0.103% → −0.036%: $13.85
Slippage, 4 orders: −$16.48
Fee Lighter RH: 0 bp × 2 orders: $0
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: $129.44
Costs to cover: 0.255%
Break-even: 0.6 days

Slippage from Lighter RH: live order book, 32 min ago; edgeX: live order book, 32 min ago.

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 RH live order book, 32 min ago	2.35 bp	2.8 bp −$3	16.9 bp −$169	doesn't fit	doesn't fit
Sell edgeX live order book, 32 min ago	5.36 bp	10.0 bp −$10	12.7 bp −$127	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
Aster TSMUSDT	0.0000%	8h	444.36	+0.013%	$82K	$1K	20x	as long as short
Bybit TSMUSDT	0.0000%	8h	443.67	−0.142%	$2.0M	$402K	50x	as long as short
OKX TSM-USDT-SWAP	0.0000%	8h	443.88	−0.095%	$4.0M	$2.5M	20x	as long as short
Gate TSM_USDT	0.0000%	8h	444.22	−0.018%	$1.7M	$916K	100x	as long as short
Bitget TSMUSDT	0.0000%	8h	444.21	−0.020%	$1.7M	$1.4M	20x	as long as short
Variational Omni TSM	0.0000%	8h	444.77	+0.106%	$551K	$82K	—	as long as short
SunX TSM-USDT	0.0000%	8h	444.38	+0.018%	$1K	$4.7M	10x	as long as short
HTX TSM-USDT	0.0000%	8h	444.60	+0.068%	$9K	$9K	20x	as long as short
Phemex TSMUSDT	0.0000%	8h	444.41	+0.025%	$1.5M	$453K	10x	as long as short
Binance TSMUSDT	+0.0007%	8h	444.24	−0.014%	$13.0M	$7.0M	20x	as long as short

Show all 28 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended TSM-USD	+0.0008%	1h	444.26	−0.010%	$5K	$196K	10x	as long as short
Coinbase International TSM-PERP-INTX	+0.0016%	1h	444.22	−0.018%	$366K	$102K	10x	as long as short
BloFin TSM-USDT	+0.0017%	8h	445.69	+0.313%	$45K	$99K	20x	as long as short
Lighter RH TSMlong	+0.0032%	1h	444.30	long leg	$222K	$630K	10x
Vest TSM-USD-PERP	+0.0046%	1h	444.09	−0.047%	—	$583	25x	as long as short
tradeXYZ xyz:TSM	+0.0050%	1h	443.73	−0.128%	$10.2M	$2.3M	10x	as long as short
SoDEX TSM-USD	+0.0050%	1h	444.09	−0.047%	$142	$3K	10x	as long as short
Ondo Perps TSM-USD.P	+0.0050%	1h	444.42	+0.027%	$160K	$25K	10x	as long as short
Polymarket Perps TSM-USD	+0.0054%	1h	444.41	+0.025%	$200K	$45K	10x	as long as short
GRVT TSM_USDT_Perp	+0.0066%	8h	444.89	+0.133%	$17K	$1.1M	10x	as long as short
KuCoin TSMUSDTM	+0.0100%	8h	444.09	−0.047%	$269K	$316K	20x	as long as short
Orderly PERP_TSM_USDC_mythos	+0.0100%	8h	444.28	−0.005%	$21	—	10x	as long as short
Aevo TSM-PERP	+0.0104%	1h	444.21	−0.019%	$124	—	10x	as long as short
Phoenix TSM	+0.0179%	1h	444.44	+0.032%	$216K	$5K	10x	as long as short
Injective TSM/USDC PERP	+0.0220%	1h	450.67	+1.434%	$7K	$38K	12x	as long as short
Lighter TSM	+0.0416%	1h	444.64	+0.077%	$502K	$170K	10x	as long as short
edgeX TSMUSDCshort	+0.0704%	4h	444.76	+0.103%	$48K	$216K	10x
Deribit TSM_USDC-PERPETUAL	+0.0787%	1h	444.19	−0.025%	$4	$23K	10x	as long as short