Funding arb · Price arb /

TSM

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0032%/8h= +3.5% APRpaid last 24h +0.047%

Price spread now: Lighter against SunX−0.064%7-day average +0.083% · you buy dearer than you sell

Net, funding: paid 7d − costs−$242as in the Funding arb table

Net, price: spread back to 7d avg − costs−$296as in the Price arb table

costs, in and out, $10k−$2812.812% of the position

Long on SunX Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.391%+$39 on $10k

Price spread, last 4 days (all we have)+0.095%+$9 · spread now −0.064%, 7d avg +0.083%

Together, before fees+0.486%+ Points / potential airdropLighter: Season 3 · farm board+$49 on $10k · with fees, hour by hour

Funding pays, the price is against you. Lighter is 0.146% cheaper against SunX than usual: you would sell low and buy high (spread −0.064% now, against its 7-day average of +0.083%). If the spread goes back, that is −$15 on $10k: about 15 days of funding at the current rate (+$1 a day). At the pace of the last 7 days (+0.391% in total) that is about 2.6 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX TSM-USDT	440.27	0	get 0.0000% / 8h	10m 19s	$2K	$4.0M	10x
Short	Lighter TSM	439.99	0.0032	get 0.0004% / 1h	10m 19s	$495K	$190K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against SunX. 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 SunXbpFee LighterbpOrdersPrice spread, now −0.064%Rate

Funding earned: $6.72
Price spread: −0.064% → +0.083%: −$14.62
Slippage, 4 orders: −$273.21
Fee SunX: 4 bp × 2 orders: −$8
Fee Lighter: 0 bp × 2 orders: $0
Net: −$289.11
Costs to cover: 2.812%
Break-even: 308.2 days

Slippage from SunX: live order book, 8 min ago; Lighter: live order book, 20 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 SunX live order book, 8 min ago	44.75 bp	123.2 bp −$123	doesn't fit	doesn't fit	doesn't fit
Sell Lighter live order book, 20 min ago	11.59 bp	17.0 bp −$17	21.2 bp −$212	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	−0.0043%	8h	440.06	−0.048%	$1.7M	$1.5M	20x	as long as short
Aster TSMUSDT	0.0000%	8h	440.16	−0.024%	$82K	$2K	20x	as long as short
Bybit TSMUSDT	0.0000%	8h	439.99	−0.064%	$2.0M	$400K	50x	as long as short
OKX TSM-USDT-SWAP	0.0000%	8h	440.04	−0.052%	$4.0M	$2.6M	20x	as long as short
Gate TSM_USDT	0.0000%	8h	439.98	−0.066%	$1.7M	$1.1M	100x	as long as short
Variational Omni TSM	0.0000%	8h	440.07	−0.045%	$559K	$38K	—	as long as short
SunX TSM-USDTlong	0.0000%	8h	440.27	long leg	$2K	$4.0M	10x
HTX TSM-USDT	0.0000%	8h	440.14	−0.030%	$9K	$8K	20x	as long as short
Phemex TSMUSDT	0.0000%	8h	440.76	+0.111%	$1.5M	$522K	10x	as long as short
Lighter TSMshort	+0.0032%	1h	439.99	−0.064%	$495K	$190K	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	439.90	−0.084%	$222K	$725K	10x	as long as short
Vest TSM-USD-PERP	+0.0046%	1h	439.86	−0.093%	—	$2K	25x	as long as short
BloFin TSM-USDT	+0.0049%	8h	440.36	+0.020%	$45K	$107K	20x	as long as short
tradeXYZ xyz:TSM	+0.0050%	1h	439.77	−0.114%	$10.1M	$1.8M	10x	as long as short
Polymarket Perps TSM-USD	+0.0050%	1h	439.89	−0.086%	$190K	$68K	10x	as long as short
SoDEX TSM-USD	+0.0050%	1h	439.77	−0.114%	$135	$3K	10x	as long as short
Ondo Perps TSM-USD.P	+0.0050%	1h	439.93	−0.077%	$157K	$28K	10x	as long as short
Coinbase International TSM-PERP-INTX	+0.0056%	1h	439.33	−0.214%	$366K	$97K	10x	as long as short
Binance TSMUSDT	+0.0061%	8h	440.16	−0.025%	$12.9M	$7.9M	20x	as long as short
Extended TSM-USD	+0.0064%	1h	440.05	−0.049%	$3K	$219K	10x	as long as short
GRVT TSM_USDT_Perp	+0.0078%	8h	440.24	−0.007%	$15K	$1.3M	10x	as long as short
KuCoin TSMUSDTM	+0.0100%	8h	439.76	−0.116%	$266K	$310K	20x	as long as short
Orderly PERP_TSM_USDC_mythos	+0.0100%	8h	440.16	−0.025%	$21	—	10x	as long as short
Aevo TSM-PERP	+0.0104%	1h	440.16	−0.025%	$123	—	10x	as long as short
Deribit TSM_USDC-PERPETUAL	+0.0114%	1h	440.08	−0.043%	$4	$25K	10x	as long as short
Phoenix TSM	+0.0146%	1h	439.85	−0.095%	$214K	$5K	10x	as long as short
Injective TSM/USDC PERP	+0.0220%	1h	444.02	+0.852%	$6K	$38K	12x	as long as short
edgeX TSMUSDC	+0.0873%	4h	440.19	−0.019%	$47K	$217K	10x	as long as short