Funding arb · Price arb /

TSM

RWAall TSM markets

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: Gate against Lighter RH+0.018%7-day average −0.078% · you sell dearer than you buy

Net, funding: paid 7d − costs−$45as in the Funding arb table

Net, price: spread back to 7d avg − costs−$26as in the Price arb table

costs, in and out, $10k−$360.360% of the position

Long on Lighter RH Short on Gate

What this pair did over the last

the charts below follow

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

Price spread, last 4 days (all we have)−0.017%−$2 · spread now +0.018%, 7d avg −0.078%

Together, before fees−0.110%+ Points / potential airdropLighter RH: Points live · farm board−$11 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Gate is 0.097% dearer against Lighter RH than usual: you sell high and buy low (spread +0.018% now, against its 7-day average of −0.078%): +$10 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 10 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter RH TSM	439.24	0.0032	pay 0.0004% / 1h	51m 44s	$221K	$720K	10x
Short	Gate TSM_USDT	439.32	0	get 0.0000% / 8h	51m 44s	$1.7M	$1.1M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now +0.018%Rate

Funding earned: −$6.72
Price spread: +0.018% → −0.078%: $9.66
Slippage, 4 orders: −$21
Fee Lighter RH: 0 bp × 2 orders: $0
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$33.06
Costs to cover: 0.360%
Break-even: never at this rate

Slippage from Lighter RH: live order book, 51 min ago; Gate: live order book, 1 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, 51 min ago	2.05 bp	2.6 bp −$3	16.8 bp −$168	doesn't fit	doesn't fit
Sell Gate live order book, 1 min ago	4.55 bp	17.5 bp −$17	38.5 bp −$385	53.9 bp −$5,393	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	−0.0164%	8h	439.78	+0.123%	$1.7M	$1.5M	20x	as long as short
Aster TSMUSDT	0.0000%	8h	439.44	+0.045%	$82K	$2K	20x	as long as short
Bybit TSMUSDT	0.0000%	8h	439.23	−0.002%	$2.0M	$400K	50x	as long as short
OKX TSM-USDT-SWAP	0.0000%	8h	439.54	+0.068%	$4.0M	$2.6M	20x	as long as short
Gate TSM_USDTshort	0.0000%	8h	439.32	+0.018%	$1.7M	$1.1M	100x
Variational Omni TSM	0.0000%	8h	439.53	+0.066%	$558K	$38K	—	as long as short
SunX TSM-USDT	0.0000%	8h	439.54	+0.068%	$2K	$4.1M	10x	as long as short
HTX TSM-USDT	0.0000%	8h	439.43	+0.043%	$9K	$8K	20x	as long as short
Phemex TSMUSDT	0.0000%	8h	440.50	+0.287%	$1.5M	$525K	10x	as long as short
tradeXYZ xyz:TSM	+0.0013%	1h	439.06	−0.041%	$10.1M	$1.8M	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	439.48	+0.055%	$495K	$185K	10x	as long as short
Lighter RH TSMlong	+0.0032%	1h	439.24	long leg	$221K	$720K	10x
BloFin TSM-USDT	+0.0040%	8h	439.56	+0.073%	$45K	$106K	20x	as long as short
Vest TSM-USD-PERP	+0.0046%	1h	439.27	+0.007%	—	$2K	25x	as long as short
Polymarket Perps TSM-USD	+0.0050%	1h	439.42	+0.041%	$190K	$68K	10x	as long as short
SoDEX TSM-USD	+0.0050%	1h	439.18	−0.014%	$136	$3K	10x	as long as short
Ondo Perps TSM-USD.P	+0.0050%	1h	439.26	+0.005%	$158K	$27K	10x	as long as short
Extended TSM-USD	+0.0056%	1h	439.41	+0.038%	$3K	$146K	10x	as long as short
Coinbase International TSM-PERP-INTX	+0.0056%	1h	439.33	+0.020%	$366K	$99K	10x	as long as short
Binance TSMUSDT	+0.0056%	8h	439.52	+0.064%	$12.8M	$8.0M	20x	as long as short
GRVT TSM_USDT_Perp	+0.0065%	8h	439.68	+0.100%	$6K	$1.3M	10x	as long as short
KuCoin TSMUSDTM	+0.0100%	8h	439.22	−0.005%	$266K	$309K	20x	as long as short
Orderly PERP_TSM_USDC_mythos	+0.0100%	8h	439.39	+0.034%	$21	—	10x	as long as short
Aevo TSM-PERP	+0.0104%	1h	439.54	+0.067%	$123	—	10x	as long as short
Phoenix TSM	+0.0146%	1h	439.40	+0.036%	$214K	$5K	10x	as long as short
Injective TSM/USDC PERP	+0.0220%	1h	444.18	+1.125%	$6K	$38K	12x	as long as short
Deribit TSM_USDC-PERPETUAL	+0.0456%	1h	439.38	+0.032%	$4	$25K	10x	as long as short
edgeX TSMUSDC	+0.0626%	4h	439.50	+0.059%	$47K	$216K	10x	as long as short