Funding arb · Price arb /

TSM

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0032%/8h= −3.5% APRpaid last 24h −0.020%

Price spread now: Variational Omni against Lighter RH+0.001%7-day average −0.031% · you sell dearer than you buy

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

Long on Lighter RH Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.060%−$6 on $10k

Price spread, last 4 days (all we have)−0.070%−$7 · spread now +0.001%, 7d avg −0.031%

Together, before fees−0.130%+ Points / potential airdropLighter RH: Points live · Variational Omni: Active · farm board−$13 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Variational Omni is 0.032% dearer against Lighter RH than usual: you sell high and buy low (spread +0.001% now, against its 7-day average of −0.031%): +$3 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 3.3 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter RH TSM	439.41	0.0032	pay 0.0004% / 1h	26m 33s	$224K	$684K	10x
Short	Variational Omni TSM	439.41	0	get 0.0000% / 8h	1h 26m	$557K	$37K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni 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 Variational OmnibpOrdersPrice spread, now +0.001%Rate

Funding earned: −$6.72
Price spread: +0.001% → −0.031%: $3.19
Slippage, 4 orders: no order book: not counted
Fee Lighter RH: 0 bp × 2 orders: $0
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$3.53
Costs to cover: 0.000%
Break-even: from the start

Slippage unknown: Lighter RH: live order book, 16 min ago; Variational Omni: RFQ quote, 17 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 Lighter RH live order book, 16 min ago	2.05 bp	2.6 bp −$3	16.8 bp −$168	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 17 min ago	2.90 bp	doesn't fit	23.9 bp −$239	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
edgeX TSMUSDC	−0.0750%	4h	439.46	+0.011%	$47K	$215K	10x	as long as short
Bitget TSMUSDT	−0.0231%	8h	439.55	+0.032%	$1.7M	$1.5M	20x	as long as short
Aster TSMUSDT	0.0000%	8h	439.44	+0.008%	$82K	$2K	20x	as long as short
Bybit TSMUSDT	0.0000%	8h	439.27	−0.032%	$2.0M	$398K	50x	as long as short
OKX TSM-USDT-SWAP	0.0000%	8h	439.45	+0.009%	$4.0M	$2.6M	20x	as long as short
Gate TSM_USDT	0.0000%	8h	439.31	−0.023%	$1.7M	$1.1M	100x	as long as short
Variational Omni TSMshort	0.0000%	8h	439.41	+0.001%	$557K	$37K	—
SunX TSM-USDT	0.0000%	8h	439.60	+0.043%	$1K	$4.1M	10x	as long as short
HTX TSM-USDT	0.0000%	8h	439.32	−0.020%	$9K	$8K	20x	as long as short
Phemex TSMUSDT	0.0000%	8h	440.68	+0.289%	$1.5M	$517K	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	439.56	+0.034%	$495K	$137K	10x	as long as short
Lighter RH TSMlong	+0.0032%	1h	439.41	long leg	$224K	$684K	10x
Vest TSM-USD-PERP	+0.0046%	1h	439.14	−0.061%	—	$1K	25x	as long as short
Coinbase International TSM-PERP-INTX	+0.0048%	1h	439.33	−0.018%	$366K	$102K	10x	as long as short
tradeXYZ xyz:TSM	+0.0050%	1h	439.17	−0.055%	$10.2M	$1.7M	10x	as long as short
Polymarket Perps TSM-USD	+0.0050%	1h	439.21	−0.046%	$189K	$68K	10x	as long as short
SoDEX TSM-USD	+0.0050%	1h	439.14	−0.061%	$136	$3K	10x	as long as short
Ondo Perps TSM-USD.P	+0.0050%	1h	438.99	−0.096%	$157K	$27K	10x	as long as short
Binance TSMUSDT	+0.0080%	8h	439.56	+0.034%	$12.9M	$7.9M	20x	as long as short
Extended TSM-USD	+0.0080%	1h	439.46	+0.011%	$3K	$155K	10x	as long as short
GRVT TSM_USDT_Perp	+0.0088%	8h	439.40	−0.002%	$14K	$1.3M	10x	as long as short
BloFin TSM-USDT	+0.0095%	8h	439.63	+0.050%	$45K	$106K	20x	as long as short
KuCoin TSMUSDTM	+0.0100%	8h	439.08	−0.075%	$267K	$310K	20x	as long as short
Orderly PERP_TSM_USDC_mythos	+0.0100%	8h	439.51	+0.023%	$21	—	10x	as long as short
Aevo TSM-PERP	+0.0104%	1h	439.56	+0.034%	$123	—	10x	as long as short
Phoenix TSM	+0.0164%	1h	439.25	−0.036%	$214K	$5K	10x	as long as short
Injective TSM/USDC PERP	+0.0220%	1h	444.27	+1.106%	$6K	$38K	12x	as long as short
Deribit TSM_USDC-PERPETUAL	+0.0638%	1h	439.43	+0.005%	$4	$25K	10x	as long as short