Funding arb · Price arb /

TSM

RWAall TSM markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0032%/8h= +3.5% APRpaid last 24h +0.047%

Price spread now: Lighter against OKX+0.020%7-day average +0.119% · you sell dearer than you buy

Net, funding: paid 7d − costs−$17as in the Funding arb table

Net, price: spread back to 7d avg − costs−$66as in the Price arb table

costs, in and out, $10k−$560.561% of the position

Long on OKX Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.395%+$40 on $10k

Price spread, last 4 days (all we have)+0.088%+$9 · spread now +0.020%, 7d avg +0.119%

Together, before fees+0.483%+ Points / potential airdropLighter: Season 3 · farm board+$48 on $10k · with fees, hour by hour

Funding pays, the price is against you. Lighter is 0.098% cheaper against OKX than usual: you would sell low and buy high (spread +0.020% now, against its 7-day average of +0.119%). If the spread goes back, that is −$10 on $10k: about 10 days of funding at the current rate (+$1 a day). At the pace of the last 7 days (+0.395% in total) that is about 42 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX TSM-USDT-SWAP	439.58	0	get 0.0000% / 8h	1h 40m	$4.0M	$2.6M	20x
Short	Lighter TSM	439.67	0.0032	get 0.0004% / 1h	40m 33s	$495K	$137K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against OKX. 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 OKXbpFee LighterbpOrdersPrice spread, now +0.020%Rate

Funding earned: $6.72
Price spread: +0.020% → +0.119%: −$9.85
Slippage, 4 orders: −$46.08
Fee OKX: 5 bp × 2 orders: −$10
Fee Lighter: 0 bp × 2 orders: $0
Net: −$59.2
Costs to cover: 0.561%
Break-even: 68.7 days

Slippage from OKX: live order book, 2 min ago; Lighter: live order book, 60 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 OKX live order book, 2 min ago	0.91 bp	10.1 bp −$10	26.4 bp −$264	doesn't fit	doesn't fit
Sell Lighter live order book, 60 min ago	13.16 bp	22.9 bp −$23	27.5 bp −$275	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
Bitget TSMUSDT	−0.0211%	8h	439.69	+0.025%	$1.7M	$1.5M	20x	as long as short
Aster TSMUSDT	0.0000%	8h	439.55	−0.006%	$82K	$2K	20x	as long as short
Bybit TSMUSDT	0.0000%	8h	439.44	−0.032%	$2.0M	$396K	50x	as long as short
OKX TSM-USDT-SWAPlong	0.0000%	8h	439.58	long leg	$4.0M	$2.6M	20x
Gate TSM_USDT	0.0000%	8h	439.47	−0.025%	$1.7M	$1.1M	100x	as long as short
Variational Omni TSM	0.0000%	8h	439.56	−0.005%	$556K	$36K	—	as long as short
SunX TSM-USDT	0.0000%	8h	439.54	−0.009%	$2K	$4.1M	10x	as long as short
HTX TSM-USDT	0.0000%	8h	439.22	−0.082%	$9K	$8K	20x	as long as short
Phemex TSMUSDT	0.0000%	8h	440.74	+0.264%	$1.5M	$514K	10x	as long as short
Lighter TSMshort	+0.0032%	1h	439.67	+0.020%	$495K	$137K	10x

Show all 28 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH TSM	+0.0032%	1h	439.49	−0.020%	$224K	$684K	10x	as long as short
Vest TSM-USD-PERP	+0.0046%	1h	439.25	−0.075%	—	$1K	25x	as long as short
Coinbase International TSM-PERP-INTX	+0.0048%	1h	439.33	−0.057%	$366K	$102K	10x	as long as short
tradeXYZ xyz:TSM	+0.0050%	1h	439.24	−0.077%	$10.2M	$1.8M	10x	as long as short
Polymarket Perps TSM-USD	+0.0050%	1h	439.35	−0.052%	$192K	$63K	10x	as long as short
SoDEX TSM-USD	+0.0050%	1h	439.12	−0.105%	$134	$3K	10x	as long as short
Ondo Perps TSM-USD.P	+0.0050%	1h	439.12	−0.105%	$157K	$27K	10x	as long as short
Extended TSM-USD	+0.0064%	1h	439.60	+0.004%	$3K	$181K	10x	as long as short
Binance TSMUSDT	+0.0067%	8h	439.66	+0.019%	$12.9M	$7.8M	20x	as long as short
GRVT TSM_USDT_Perp	+0.0073%	8h	439.60	+0.005%	$4K	$1.3M	10x	as long as short
BloFin TSM-USDT	+0.0077%	8h	439.74	+0.036%	$45K	$105K	20x	as long as short
KuCoin TSMUSDTM	+0.0100%	8h	439.28	−0.068%	$267K	$310K	20x	as long as short
Orderly PERP_TSM_USDC_mythos	+0.0100%	8h	439.54	−0.009%	$21	—	10x	as long as short
Aevo TSM-PERP	+0.0104%	1h	439.57	−0.001%	$123	—	10x	as long as short
Phoenix TSM	+0.0164%	1h	439.43	−0.034%	$214K	$5K	10x	as long as short
Injective TSM/USDC PERP	+0.0220%	1h	444.69	+1.162%	$6K	$38K	12x	as long as short
edgeX TSMUSDC	+0.0243%	4h	439.65	+0.015%	$47K	$217K	10x	as long as short
Deribit TSM_USDC-PERPETUAL	+0.0501%	1h	439.47	−0.025%	$4	$25K	10x	as long as short